.2

WOORI FINANCIAL GROUP INC.

SEPARATE 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
Separate Interim Financial Statements
Separate Interim Statements of Financial Position			4
Separate Interim Statements of Comprehensive Income			5
Separate Interim Statements of Changes in Equity			6
Separate Interim Statements of Cash Flows			7
Notes to the Separate Interim Financial Statements			8-37

Independent Auditor’s 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 separate interim financial statements of Woori Financial Group Inc. (the “Company”), which comprise the condensed separate interim statement of financial position as of March 31, 2026, the condensed separate interim statement 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 separate 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 separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Review Responsibility

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

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

Conclusion

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

 

- 1 -

Other Matters

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

The separate statement of financial position of the Company as of December 31, 2025, and the related separate 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 their report thereon, dated March 4, 2026, expressed an unqualified opinion. The accompanying separate statement of financial position of the Company 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.

/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 separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

 

- 2 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS

ENDED MARCH 31, 2026 AND 2025

The accompanying separate 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

WOORI FINANCIAL GROUP INC.

SEPARATE 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 5 and 26)			1,485,933				489,321
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 6 and 8)			551,861				558,162
Loans and other financial assets at amortized cost (Notes 4, 7, 8 and 26)			867,389				707,142
Investments in subsidiaries (Notes 9 and 26)			25,599,124				25,597,495
Premises and equipment			3,861				4,763
Intangible assets			3,086				2,961
Net defined benefit asset (Note 13)			440				2,108
Current tax assets			34,247				26,295
Deferred tax assets			6,743				5,810
Other assets (Note 10)			430				315
Total assets			28,553,114				27,394,372
LIABILITIES
Debentures (Notes 4, 8 and 11)			2,717,637				2,667,525
Provisions (Note 12)			1,559				1,897
Current tax liabilities			708,717				673,217
Other financial liabilities (Notes 4, 8, 14 and 26)			681,374				95,822
Other liabilities (Note 14)			3,563				5,967
Total liabilities			4,112,850				3,444,428
EQUITY (Note 15)
Capital stock			3,802,676				3,802,676
Hybrid securities			3,710,228				3,710,228
Capital surplus			8,120,236				8,120,236
Other equity			(103,329	)			2,607
Retained earnings			8,910,453				8,314,197
Total equity			24,440,264				23,949,944
Total liabilities and equity			28,553,114				27,394,372

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

 

- 4 -

WOORI FINANCIAL GROUP INC.

SEPARATE 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			2,990				8,610
Interest expense			(18,881	)			(16,813	)
Net interest income (Notes 17 and 26)			(15,891	)			(8,203	)
Fees and commissions income			443				459
Fees and commissions expense			(7,460	)			(5,240	)
Net fees and commissions loss (Notes 18 and 26)			(7,017	)			(4,781	)
Dividend income (Notes 19 and 26)			1,243,373				1,429,225
Provision of impairment losses due to credit loss (Notes 20 and 26)			(655	)			(404	)
General and administrative expenses (Notes 21 and 26)			(23,859	)			(18,421	)
Operating income			1,195,951				1,397,416
Non-operating income(expense) (Note 22)			—				(6	)
Net income before income tax expense			1,195,951				1,397,410
Income tax expense (Note 23)			(1,008	)			(1,345	)
Net income			1,194,943				1,396,065
Net gain (loss) on valuation of equity securities at FVTOCI (Note 15)			(4,569	)			2,686
Remeasurement loss related to defined benefit plan (Notes 13 and 15)			(549	)			(960	)
Items that will not be reclassified to profit or loss:			(5,118	)			1,726
Other comprehensive Income(loss), net of tax			(5,118	)			1,726
Total comprehensive income			1,189,825				1,397,791
Earnings per share (Notes 15 and 24)
Basic and diluted earnings per share (Unit: In Korean Won)			1,577				1,828

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

 

- 5 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CHANGES IN EQUITY

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

 

		Capital stock				Capital surplus				Hybrid securities				Other equity				Retained earnings				Total equity
		(Korean Won in millions)
January 01, 2025			3,802,676				11,120,236				3,810,225				(1,189	)			5,420,783				24,152,731
Total comprehensive income
Net income			—				—				—				—				1,396,065				1,396,065
Net gain on valuation of equity securities at FVTOCI			—				—				—				2,686				—				2,686
Remeasurement loss related to defined benefit plan			—				—				—				(960	)			—				(960	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(490,075	)			(490,075	)
Dividends to hybrid securities			—				—				—				—				(39,506	)			(39,506	)
Redemption of hybrid securities			—				—				(399,092	)			(908	)			—				(400,000	)
Transfer of redemption loss of hybrid securities to retained earnings			—				—				—				2,456				(2,456	)			—
Acquisition of treasury stocks			—				—				—				(25,641	)			—				(25,641	)
Transfer to retained earnings			—				(3,000,000	)			—				—				3,000,000				—
March 31, 2025 (Unaudited)			3,802,676				8,120,236				3,411,133				(23,556	)			9,284,811				24,595,300
January 01, 2026			3,802,676				8,120,236				3,710,228				2,607				8,314,197				23,949,944
Total comprehensive income
Net income			—				—				—				—				1,194,943				1,194,943
Net loss on valuation of equity securities at FVTOCI			—				—				—				(4,569	)			—				(4,569	)
Remeasurement loss related to defined benefit plan			—				—				—				(549	)			—				(549	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(557,431	)			(557,431	)
Dividends to hybrid securities			—				—				—				—				(39,034	)			(39,034	)
Transfer of redemption loss of hybrid securities to retained earnings			—				—				—				2,222				(2,222	)			—
Acquisition of treasury stocks			—				—				—				(103,040	)			—				(103,040	)
March 31, 2026 (Unaudited)			3,802,676				8,120,236				3,710,228				(103,329	)			8,910,453				24,440,264

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

 

- 6 -

WOORI FINANCIAL GROUP INC.

SEPARATE 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			1,194,943				1,396,065
Adjustments to net income:
Income tax expense			1,008				1,345
Interest income			(2,990	)			(8,610	)
Interest expense			18,881				16,813
Dividend income			(1,243,373	)			(1,429,225	)
			(1,226,474	)			(1,419,677	)
Adjustments for profit/loss items not involving cash flows:
Provision of impairment losses due to credit loss			655				404
Retirement benefit			1,963				2,022
Depreciation and amortization			1,087				1,465
Gain on disposal of premises and equipment, intangible assets and other assets			—				(4	)
			3,705				3,887
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost			(27,750	)			(6,728	)
Other assets			(114	)			(62	)
Net defined benefit liability			(1,053	)			(1,125	)
Other financial liabilities			21,942				(1,191	)
Other liabilities			(2,405	)			1,751
			(9,380	)			(7,355	)
Interest income received			2,244				9,090
Interest expense paid			(18,474	)			(14,965	)
Dividends received			1,243,427				1,429,283
Income tax paid			(1,004	)			(983	)
Net cash provided by operating activities			1,188,987				1,395,345
Cash flows from investing activities:
Net Increase on other investment assets			(96,960	)			(409,326	)
Acquisition of investments in subsidiaries			(1,629	)			—
Acquisition of premises and equipment			(303	)			(42	)
Acquisition of intangible assets			(295	)			(311	)
			(99,187	)			(409,679	)
Cash flows from financing activities:
Issuance of debentures			129,713				399,248
Redemption of debentures			(80,000	)			—
Redemption of hybrid securities			—				(400,000	)
Acquisition of treasury stocks			(103,040	)			(20,673	)
Redemption of lease liabilities			(827	)			(789	)
Dividends paid to hybrid securities			(39,034	)			(39,506	)
			(93,188	)			(61,720	)
Net increase in cash and cash equivalents			996,612				923,946
Cash and cash equivalents, beginning of the period			489,321				1,185,912
Cash and cash equivalents, end of the period (Note 5)			1,485,933				2,109,858

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

 

- 7 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE 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 the “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, Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,802,676 million Won. The 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 from the 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 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 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 Company paid 598,391 million Won in cash and 42,103,377 new shares of the Company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary Woori Bank on September 10, 2019. On the same date, the 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 Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) In addition, as of March 31, 2023, the Company acquired an additional 28.1% interests in Woori Asset Trust Co. (excluding treasury stock, 21.3% when including treasury stock).

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74.0% when including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired an additional 13.3% interests in Woori Financial Capital Co., Ltd. (excluding treasury stock, 12.9% in the case of including treasury stock), and as of May 24, 2021, the Company additionally acquired treasury stock(3.6%) which Woori Financial Capital possessed.

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

As of August 10, 2021, the Company paid 5,792,866 new shares of the Company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the 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, Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies, was established (100% stock, 200 billion Won in stock payments) and incorporated as a subsidiary.

 

- 8 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

As of March 23, 2023, the Company acquired 53.9% interests in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.) (excluding treasury stock, 52.0% in the case of including treasury stock). In addition, as of May 30, 2023, the Company additionally acquired treasury stock held by Woori Venture Partners Co., Ltd. (3.5%).

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

As of January 29, 2024, the Company owned interest (77.5%) of Woori Asset Management Corp, as a result of merger with Woori Asset Management Corp (surviving company) and Woori Global Asset Management Co., Ltd. (dissolution company), which was liquidated. As of March 29, 2024, the Company acquired residual interest(22.5%) of Woori Asset Management Corp, to make it a wholly owned subsidiary.

On March 25, 2024, the Company participated in the capital increase 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 Company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.. Afterward, the Company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd. as of November 19, 2024.

On August 1, 2024, The 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 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 Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary.

On November 28, 2025, the Company acquired minority interests (0.2%) of Woori Investment Securities Co., Ltd. As of December 19, 2025, the Company additionally acquired treasury stock (0.1%) and minority interests (0.2%) which Woori Investment Securities Co., Ltd. possessed.

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.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The Company’s financial statements are condensed interim financial statements prepared in accordance with Korean IFRS 1034, Interim Financial Reporting for some of periods in which the annual separate financial statements belong. They are also separate financial statements prepared in accordance with Korean IFRS 1027 Separate Financial Statements. It is necessary to use the Company’s annual separate financial statements for the year ended December 31, 2025 for understanding of the accompanying condensed interim financial statements. The accompanying condensed 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 Company since the end of the previous annual reporting period.

 

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

 

- 9 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

1)

Amendments to K-IFRS 1109 ‘Financial Instruments’, K-IFRS 1107 ‘Financial Instruments: Disclosures’

K-IFRS 1109 ‘Financial Instruments’ and K-IFRS 1107 ‘Financial Instruments: Disclosures’ have been amended to respond to recent questions arising in practice, and to include new requirements. The principal amendments are as follows, and 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)

 

2)

Annual Improvements to K-IFRS

Annual Improvements to K-IFRS should be applied for annual periods beginning on or after January 1, 2026. The amendments do not have a significant impact on the financial statements.

 

-

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

 

-

K-IFRS 1107 ‘Financial Instruments: Disclosures’: Gain or loss on derecognition, and implementation guidance

 

-

K-IFRS 1109 ‘Financial Instruments’: Derecognition of lease liabilities and definition of transaction price

 

-

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

 

-

K-IFRS 1007 ‘Statement of Cash Flows’: Cost method

 

3)

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-IFRSs that have been issued and published since January 1, 2026 but have not yet reached the effective date are as follows:

 

1)

Enactment 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 Company 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.

 

- 10 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

-

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.

To classify income and expenses into categories, the Company is required to assess its main business activities. If the Company’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 Company’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 Company’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, and the income tax effects of each reconciling item.

 

-

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.

 

- 11 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE 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 Company, as its mandatory effective date has not yet been reached. The Company 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 Company 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 condensed interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2025, except for the one described below.

 

1)

Income tax expense

Income tax expense for the interim period is recognized based on the weighted average annual income tax rate expected for the expected gross annual profit. The estimated average annual tax rate is applied to the pre-tax income.

 

2)

Application of the revaluation model to land

The Company has changed its accounting policy for the subsequent measurement of land, which is classified as property, plant and equipment, from the historical cost model to the revaluation model, as management believes that the revaluation model provides more reliable and more relevant information regarding the fair value of land. Accordingly, the accounting policy has been changed effective from the current quarter.

In accordance with K-IFRS 1016 ‘Property, Plant and Equipment’, when an entity applies the revaluation model as an accounting policy for an asset for the first time, retrospective application is not required. Therefore, the Company has not restated the comparative financial statements for prior periods. As the Company does not hold any land as of the end of the current period, there is no impact arising from this change in accounting policy.

 

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The management shall make judgements, estimates and assumptions that affect the application of accounting policies and assets, liabilities, revenues and expenses in preparing condensed interim financial statements. Therefore, the actual results may differ from these estimates.

The important judgements by the management excluding the estimation methods used to determine corporate income tax expense and the application of revaluation model on accounting policies and the main sources of estimation uncertainty for preparing condensed interim financial statements are identical to ones used in the Company’s annual separate financial statements for the year ended December 31, 2025.

 

- 12 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

4.	RISK MANAGEMENT

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Department analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer (“CRO”) and the Risk Management Department are operated as risk management organizations. The board of directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company’s management strategy and by determining the Company’s acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company’s risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

 

(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 Company’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

 

1)

Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

 

2)

Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

 

				March 31, 2026				December 31, 2025
Loans and other financial assets at amortized cost		Banks			678,642				649,783
		Corporates			188,747				57,359
		Total			867,389				707,142

 

- 13 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

a)

Credit risk exposure by geographical areas

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

 

		March 31, 2026				December 31, 2025
		Korea				Korea
Loans and other financial assets at amortized cost			867,389				707,142

 

b)

Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are finance and insurance, 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

Finance and insurance

Others

Total

Loans and other financial assets at amortized cost

866,243

1,146

867,389

 

December 31, 2025

Finance and insurance

Others

Total

Loans and other financial assets at amortized cost

706,348

794

707,142

 

3)

Credit risk exposure

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

 

		March 31, 2026
		Stage 1								Stage 2								Stage 3				Total				Loss allowance				Total, net
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)
Loans and other financial assets at amortized cost			868,044				—				—				—				—				868,044				(655	)			867,389
Banks			678,642				—				—				—				—				678,642				—				678,642
Corporates			189,402				—				—				—				—				189,402				(655	)			188,747
General business			189,402				—				—				—				—				189,402				(655	)			188,747
Total			868,044				—				—				—				—				868,044				(655	)			867,389

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

 

		December 31, 2025
		Stage 1								Stage 2								Stage 3				Total				Loss allowance				Total, net
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)
Loans and other financial assets at amortized cost			707,142				—				—				—				—				707,142				—				707,142
Banks			649,783				—				—				—				—				649,783				—				649,783
Corporates			57,359				—				—				—				—				57,359				—				57,359
General business			57,359				—				—				—				—				57,359				—				57,359
Total			707,142				—				—				—				—				707,142				—				707,142

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

 

- 14 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE 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, and the Company’s main market risk is interest rate risk.

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates.

 

(3)	Liquidity risk

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

 

1)

Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the maturity of assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

 

2)

Maturity analysis of non-derivative financial liabilities

Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities 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
Debentures			178,457				326,023				274,245				261,636				1,752,989				60,379				2,853,729
Lease liabilities			812				801				798				145				242				—				2,798
Other financial liabilities(*)			605,583				52,747				6,626				—				13,663				—				678,619
Total			784,852				379,571				281,669				261,781				1,766,894				60,379				3,535,146

(*) It does not include lease liabilities.

 

		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
Debentures			98,273				177,479				324,852				273,257				1,883,466				60,703				2,818,030
Lease liabilities			810				793				786				788				338				—				3,515
Other financial liabilities(*)			21,255				52,318				1,760				268				16,722				—				92,323
Total			120,338				230,590				327,398				274,313				1,900,526				60,703				2,913,868

 

(*)	It does not include lease liabilities.

 

3)

Maturity analysis of derivative financial liabilities

There are no derivative financial liabilities measured at fair value through profit or loss as of March 31, 2026 and December 31, 2025.

 

- 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

5.	CASH AND CASH EQUIVALENTS

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

 

		March 31, 2026				December 31, 2025
Demand deposits			576,933				24,321
Fixed deposits			909,000				465,000
Total			1,485,933				489,321

 

6.	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):

 

		Issuer		March 31, 2026				December 31, 2025
Hybrid securities		Woori Card Co., Ltd.			353,405				359,023
		Woori Financial Capital Co., Ltd.			198,456				199,139
		Total			551,861				558,162

 

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

 

Purpose of acquisition		Issuer		March 31, 2026				December 31, 2025
Investment for political purpose		Woori Card Co., Ltd.			353,405				359,023
		Woori Financial Capital Co., Ltd.			198,456				199,139
		Total			551,861				558,162

 

7.	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			96,308				—
Other financial assets			771,081				707,142
Total			867,389				707,142

 

(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			96,960				—
Loss allowance			(652	)			—
Total			96,308				—

 

- 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

(3)	Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

 

1)

Allowance for credit losses

 

		For the three-month period ended March 31, 2026
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			—				—				—				—
Provision of allowance for credit loss			(652	)			—				—				(652	)
Ending balance			(652	)			—				—				(652	)

 

		For the three-month period ended March 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(56	)			—				—				(56	)
Provision of allowance for credit loss			(403	)			—				—				(403	)
Ending balance			(459	)			—				—				(459	)

 

2)

Gross carrying amount

 

		For the three-month period ended March 31, 2026
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			—				—				—				—
Net increase (decrease)			96,960				—				—				96,960
Ending balance			96,960				—				—				96,960

 

		For the three-month period ended March 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			100,000				—				—				100,000
Net increase (decrease)			409,327				—				—				409,327
Ending balance			509,327				—				—				509,327

 

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

 

		March 31, 2026				December 31, 2025
Receivables			766,222				701,643
Accrued income			2,735				3,387
Lease deposits			2,127				2,112
Loss allowance			(3	)			—
Total			771,081				707,142

 

(5)	Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

 

1)

Allowance for credit losses

 

		For the three-month period ended March 31, 2026
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			—				—				—				—
Provision of allowance for credit loss			(3	)			—				—				(3	)
Ending balance			(3	)			—				—				(3	)

 

		For the three-month period ended March 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			—				—				—				—
Provision of allowance for credit loss			(1	)			—				—				(1	)
Ending balance			(1	)			—				—				(1	)

 

- 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND 2025 (UNAUDITED)

 

2)

Gross carrying amount

 

		For the three-month period ended March 31, 2026
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			707,142				—				—				707,142
Net increase (decrease)			63,942				—				—				63,942
Ending balance			771,084				—				—				771,084

 

		For the three-month period ended March 31, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			104,487				—				—				104,487
Net increase (decrease)			138,167				—				—				138,167
Ending balance			242,654				—				—				242,654

 

8.	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

 

(1)	The fair value hierarchy

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions 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 Company 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 Company’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 derivatives traded in OTC but not required significant judgment.

 

•

Level 3— fair value measurements are those derived from valuation techniques 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 Company’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.

 

(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 FVTOCI

Hybrid securities

—

—

551,861

551,861

 

- 18 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE 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 FVTOCI

Hybrid securities

—

—

558,162

558,162

Financial assets measured at FVTPL and financial assets measured at FVTOCI 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 Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

 

		Valuation methods		Input variables
Hybrid securities		The fair value is measured using the Hull and White model and the Monte Carlo Simulations.		YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

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

 

		Fair value measurement technique		Type		Significant unobservable inputs		Range		Impact of changes in significant unobservable inputs on fair value measurement
Hybrid securities		Hull and White, Monte Carlo Simulation		Hybrid securities related		Estimated volatility of interest rate, Discount rate		Estimated volatility of interest rate 0.61% Discount rate 3.32% ~ 7.10%		Variation of fair value increases as estimated volatility of interest rate increases.

The fair value of financial assets classified as level 3 uses external valuation figures.

 

(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				Other comprehensive income(*)				Purchases/ Issuances				Disposals/ Settlements				Transfer to or out of Level 3				Ending balance
Financial assets:
Financial assets at FVTOCI
Hybrid securities			558,162				—				(6,301	)			—				—				—				551,861

 

(*)	Among the amounts recognized in other comprehensive income, the loss related to assets and liabilities that are still held as of March 31, 2026 amounts to 6,301 million Won.

 

For the three-month period ended March 31, 2025

Beginning balance

Net Income

Other comprehensive income e(*)

Purchases/ Issuances

Disposals/ Settlements

Transfer to or out of Level 3

Ending balance

Financial assets:

Financial assets at FVTOCI

Hybrid securities

553,518

—

3,650

—

—

—

557,168

 

(*)	Among the amounts recognized in other comprehensive income, the gain related to assets and liabilities that are still held as of March 31, 2025 amounts to 3,650 million Won.

 

- 19 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE 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 on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility(Unit: Korean Won in millions):

 

March 31, 2026

Net income

Other comprehensive income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

—

12,025

(11,674

)

 

(*)	Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

 

December 31, 2025

Net income

Other comprehensive income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

—

13,482

(13,065

)

 

(*)	Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

 

(5)

Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows, and fair value information for cash and cash equivalents is not included, as their carrying amounts represent a reasonable approximation of fair value (Unit: Korean Won in millions):

 

		March 31, 2026
		Fair value																Carrying amount
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans and other financial assets at amortized cost (*1)			—				—				867,389				867,389				867,389
Financial liabilities:
Debentures			—				2,659,170				—				2,659,170				2,717,637
Other financial liabilities (*1)(*2)			—				—				678,620				678,620				678,620

 

(*1)	The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

(*2)	It does not include lease liabilities.

 

		December 31, 2025
		Fair value																Carrying amount
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans and other financial assets at amortized cost (*1)			—				—				707,142				707,142				707,142
Financial liabilities:
Debentures			—				2,636,297				—				2,636,297				2,667,525
Other financial liabilities (*1)(*2)			—				—				92,323				92,323				92,323

 

(*1)	The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

(*2)	It does not include lease liabilities.

 

- 20 -