KEP 6-K 2026 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

under the Securities Exchange Act of 1934

For the Month of June 2026

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

QUARTERLY BUSINESS REPORT

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

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

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

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

I.	Company Overview
1.	Name of the company: Korea Electric Power Corporation (“KEPCO”)
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2.	Information of the company
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(Address) 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Phone number) 82-61-345-4218

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

3.	Major businesses

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

•	development of electric power resources;
•	generation, transmission, transformation and distribution of electricity and other related activities;<br>
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•	research and development of technology related to the businesses mentioned above;
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•	overseas business related to the businesses mentioned above;
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•	investment or contributions related to the businesses mentioned above;
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•	development and operation of certain real estate holdings; and
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•	other businesses entrusted by the government.
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Businesses operated by KEPCO’s major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering & Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF), other overseas businesses and investments related to the businesses mentioned above.

4.	Consolidated subsidiaries
		(As of March 31, 2026)
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Listed		Unlisted		Total
2		167		169
5.	Major changes in management
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There is no change in management from January 1, 2026 to March 31, 2026.

6.	Changes in major shareholders

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

7.	Information regarding KEPCO shares
A.	Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)
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B.	Total number of issued shares: 641,964,077
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(Total number of authorized shares for issuance: 1,200,000,000)

C.	Dividends: Dividend payments for fiscal year 2025 was Won 1,542 per share and Won 989.9billion as a total.<br>
II.	Business Overview
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1.	Consolidated financial results by segment for a three-month period ended March 31, 2025 and 2026<br>
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(In billions of Won)

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

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

Note:

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

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

									(In Won per kWh)
Business sector				Company		January toMarch 2025			January to<br>March 2026
Electricity sold		Residential		KEPCO			158.02			159.59
		Commercial					172.90			173.00
		Educational					139.19			139.35
		Industrial					182.80			183.65
		Agricultural					86.34			90.19
		Street lighting					154.57			154.31
		Overnight usage					112.17			112.26
Electricity from nuclear generation		Nuclear Generation		KHNP			82.98			94.15
Electricity from thermal generation		Thermal generation		KOSEP			138.76			126.22
				KOMIPO			164.60			140.66
				KOWEPO			163.88			136.14
				KOSPO			185.54			151.08
				EWP			159.51			134.83
3.	Power purchase from generation subsidiaries for a three-month period ended March 31, 2026<br>
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Company		Volume<br>(GWh)			Expense<br>(In billions of Won)
---	---	---	---	---	---	---
KHNP			38,772			3,653
KOSEP			8,964			1,129
KOMIPO			10,445			1,466
KOWEPO			9,492			1,287
KOSPO			9,313			1,400
EWP			9,541			1,284
Others			56,529			7,601
Closing adjustment			—			1,410

Total			143,057			19,230

4.	Intellectual property as of March 31, 2026
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		Patents				Utility models				Designs				Trademarks				Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
KEPCO			5,905				35				135				57				6,132
Generation subsidiaries			4,555				42				93				269				4,959

Total		****	10,460	****		****	77	****		****	228	****		****	326	****		****	11,091	****

III.	Financial Information
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1.	Condensed consolidated financial results as of and for a three-month period ended March 31, 2025 and 2026<br>
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(In billions of Won)

Consolidated statements of<br><br><br>comprehensive income							Consolidated statements of<br><br><br>financial position
	January toMarch 2025		January toMarch 2026		Change			December 31,2025		March 31,2026		Change
Sales		24,224		24,398		174	Total assets		254,927		257,788		2,861
Operating profit (loss)		3,754		3,784		30	Total liabilities		205,605		206,378		773
Net income (loss)		2,362		2,519		157	Total equity		49,323		51,410		2,087
2.	Condensed separate financial results as of and for a three-month period ended March 31, 2025 and 2026<br>
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(In billions of Won)

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

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

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

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

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

Number of meetings		Number of agendas		Classification
				Resolutions		Reports
6		18		14		4
*	The audit committee held 3 meetings with 17 agenda (of which, 8 were approved as proposed and 9 were accepted<br>as reported).
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3.	Major activities of the Board of Directors for a three-month period ended March 31, 2026
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Date		Agenda		Results		Type
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January 23, 2026		Approval of amendment to the Rules on Employment		Approved as<br>proposed		Resolution
January 29, 2026		Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia		Deferred		Resolution
January 30, 2026		Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia		Approved as<br>proposed		Resolution
February 26, 2026		Approval of the maximum aggregate amount of remuneration for directors in 2026		Approved as<br>proposed		Resolution
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		Approval of amendment to the Articles of Incorporation		Approved as<br>proposed		Resolution
		Approval to call for the annual general meeting of shareholders for the fiscal year 2025		Approved as<br>proposed		Resolution
		Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		Approved as<br> proposed		Resolution
		Approval of consolidated and separate financial statements for the fiscal year 2025		Approved as<br>proposed		Resolution
		Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters		Approved as<br> proposed		Resolution
		Approval of amendment to the Management Performance Agreement		Approved as<br>proposed		Resolution
		Report on internal control over financial reporting for the fiscal year 2025		Accepted as<br>reported		Report
		Report on the evaluation of internal control over financial reporting for the fiscal year 2025		Accepted as<br>reported		Report
		Report on audit results for 2025		Accepted as<br>reported		Report
March 12, 2026		Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation		Approved as<br>proposed		Resolution
		Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		Approved as<br>proposed		Resolution
March 27, 2026		Approval of amendments to Operational Regulations of ESG Committee		Approved as<br>proposed		Resolution
		Approval of contribution to Korea Institute of Energy Technology in 2026		Approved as<br>amended		Resolution
		Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project		Accepted as<br>reported		Report

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

Date	Agenda	Han,<br>Jin-<br>Hyun			Kim,Jong-<br>Woon			Kim,Jun-Ki			Kim,Sung-<br>Eun			Lee,Sung-<br>Ho			Cho,Seong-<br>Jin			Kang,Hoon			Lee,Heung-Ryul
January 23, 2026	Approval of amendment to the Rules on Employment		For			For			For			For			For			For			For			For
January 29, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia		Deferred			Absent			Deferred			Absent			Deferred			Deferred			Deferred			Deferred
January 30, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia		For			For			For			Absent			For			For			For			For
February 26, 2026	Approval of the maximum aggregate amount of remuneration for directors in 2026		For			For			For			For			For			For			For			For
	Approval of amendment to the Articles of Incorporation		For			For			For			For			For			For			For			For
	Approval to call for the annual general meeting of shareholders for the fiscal year 2025		For			For			For			For			For			For			For			For
	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		For			For			For			For			For			For			For			For
	Approval of consolidated and separate financial statements for the fiscal year 2025		For			For			For			For			Absent			For			For			For
	Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters		For			For			For			For			For			For			For			For
	Approval of amendment to the Management Performance Agreement		For			For			For			For			For			For			For			For
	Report on internal control over financial reporting for the fiscal year 2025		Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2025		Agenda for Report
	Report on audit results for 2025		Agenda for Report
March 12, 2026	Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation		For			For			For			For			For			For			For			For
March 27, 2026	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		For			For			For			Absent			Absent			For			For			For
	Approval of amendments to Operational Regulations of ESG Committee		For			For			For			Absent			Absent			For			For			For
	Approval of contribution to Korea Institute of Energy Technology in 2026		For			For			For			Absent			Absent			For			For			For
	Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project		Agenda for Report

Attendance Rate		****	100	%	****	83	%	****	100	%	****	50	%	****	83	%	****	100	%	****	100	%	****	100	%

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

Date	Agenda	Kim,Dong-Cheol			Jun,Young-Sang			Oh,Heung-Bok			Jung,Chi-Gyo			Ahn,Jung-Eun			Seo,Chul-Soo
January 23, 2026	Approval of amendment to the Rules on Employment		For			For			For			For			Absent			For
January 29, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia		Deferred			Deferred			Deferred			Deferred			Deferred			Deferred
January 30, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia		For			Against			For			For			For			For
February 26, 2026	Approval of the maximum aggregate amount of remuneration for directors in 2026		For			For			For			For			For			For
	Approval of amendment to the Articles of Incorporation		For			For			For			For			For			For
	Approval to call for the annual general meeting of shareholders for the fiscal year 2025		For			For			For			For			For			For
	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		For			For			For			For			For			For
	Approval of consolidated and separate financial statements for the fiscal year 2025		For			For			For			For			For			For
	Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters		For			For			For			For			For			For
	Approval of amendment to the Management Performance Agreement		For			For			For			For			For			For
	Report on internal control over financial reporting for the fiscal year 2025		Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2025		Agenda for Report
	Report on audit results for 2025		Agenda for Report
March 12, 2026	Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation		For			For			For			For			For			For
March 27, 2026	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders		For			For			For			For			For			For
	Approval of amendments to Operational Regulations of ESG Committee		For			For			For			For			For			For
	Approval of contribution to Korea Institute of Energy Technology in 2026		Abstention			For			For			For			For			For
	Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project		Agenda for Report

Attendance Rate		****	100	%	****	100	%	****	100	%	****	100	%	****	83	%	****	100	%

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

Date		Agenda	Results	Type
January 22, 2026		Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
		Approval of annual audit plans for 2026	Approved as proposed	Resolution
		Approval of amendments to guidelines of internal audit regulations	Approved as proposed	Resolution
		Approval of amendments to guidelines for demanding disciplinary measures	Approved as proposed	Resolution
		Amendments to the standards for voluntary reporting of drunk driving and audit processing	Approved as proposed	Resolution
		Report on independence of independent auditors	Accepted as reported	Report
		Report on audit education plans in 2026	Accepted as reported	Report
		Report on audit results for December of 2025	Accepted as reported	Report
February 25, 2026		Approval of the consolidated and separate financial statements and business report for the fiscal year 2025	Approved as proposed	Resolution
		Report on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report
		Report on the evaluation on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report
		Report on the progress of the year-end financial statement audit by the independent auditor for the<br>fiscal year 2025	Accepted as reported	Report
		Report on audit results for 2025	Accepted as reported	Report
March 13, 2026		Approval of amendments to guideline for parctice for KEPCO executives and staff members	Approved as proposed	Resolution
		Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
		Report on audit results by the independent auditor for the fiscal year 2025	Accepted as reported	Report
		Report on audit results for January and February of 2026	Accepted as reported	Report
*	The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the<br>entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.
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Attendance Status of the Audit Committee for a three-month period ended March 31, 2026

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

Attendance Rate		0%	100%	100%

V. Shareholder’s Meetings

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

Type	Agenda	Results
Annual General Meeting held on March 25, 2026	Approval of the consolidated and separate financial statements for the fiscal year 2025	Approved as proposed
	Approval of the maximum aggregate amount of remuneration for directors in 2026	Approved as proposed
	Approval of amendment to the Articles of Incorporation	Approved as proposed

VI. Shareholders

List of shareholders as of March 31, 2026


Government of the Republic of Korea			1	116,841,794	18.20
Korea Development Bank			1	211,235,264	32.90
Subtotal 2				328,077,058	51.10
National Pension Service			1	46,005,483	7.17
Public<br> <br>(Non-Koreans)		Common Shares	2,179	125,318,232	19.52
		American depositary shares (ADS)	1	14,564,475	2.27
Public (Koreans)			910,047	127,998,829	19.94
Total			912,230	641,964,077	100.00
•	Percentages are based on issued shares of common stock.
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•	All of our shareholder have equal voting rights.
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•	Citibank, N.A. is our depositary bank and each ADS represents one-half of<br>one share of our common stock.
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VII. Directors and employees as of and for a three-month period ended March 31, 2026 (KEPCO on aseparate basis)

Employees

(In thousands of Won)

Type	Number of employees									Average<br>continuousservice year			Total<br>salaries			Averagesalaries<br>per person
	Regular			Non-regular			Total
Male		17,006			106			17,112			15.0			414,042,027			23,926
Female		5,204			97			5,301			14.6			112,102,111			20,957
Total	****	22,210	****	****	203	****	****	22,413	****	****	14.9	****	****	526,144,138	****	****	23,225	****

VIII. Other Information Necessary for the Protection of Investors

Pending legal proceedings as of March 31, 2026

(In billions of Won)

Type		Numberof lawsuits			Amountclaimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants			710			819
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs			252			527

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

Sanctions by Law Enforcement and Judicial Authorities

Prosecution<br><br><br>Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
	Position	Tenure
June 30, 2021	CEO(Former)	4yrs	Prosecution with detention	The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act	In the progress in the district court
April 9, 2024	The head of a power plant(Former)	29yrs	Prosecution with detention	Occupational embezzlement, The Criminal Act	In the progress in the high court
January 3, 2025	KHNP		Prosecution with detention	Nuclear Safety Act(Vicarious Liability Provision)	In the progress in the district court
September 18, 2025	KHNP		Administrative Fine<br> <br>(4 million<br>Won)	The Act on the Protection and Investigation of Buried Cultural Heritage<br><br><br>(Vicarious Liability Provision)	Fine Payment

Sanctions by Administrative Authorities

Date	Subject	Sanctions	Grounds and Applicable Laws	Proceedings
January 15, 2025	KHNP HANBIT Nuclear Power Site	Administrative Fine<br> <br>(10 million<br>Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
January 15, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine<br> <br>(8 million<br>Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14<br><br><br>(Book and Records)	Fine Payment
March 6, 2025	KHNP	Corrective Action	Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1)<br><br><br>Prohibition of unfair contractual terms	Implementation<br>of Corrective<br>Actions to<br>prevent<br>recurrence
June 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine<br> <br>(0.25 million<br>Won)	Groundwater Act<br> <br>Article 9<br><br><br>Failure to conduct a geotechnical investigation	Fine Payment
June 26, 2025	KHNP	Administrative Fine<br> <br>(144 million<br>Won)	Nuclear Safety Act<br> <br>Article 70 and 119<br><br><br>The Enforcement Decree of Nuclear Safety ACT<br> <br>Article 107 and<br>178	Fine Payment
July 10, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine<br> <br>(8 million<br>Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
December 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine<br> <br>(12 million<br>Won)	Nuclear Safety Act<br> <br>Article 25	Fine Payment
January 2, 2026	KHNP HANUL Nuclear Power Site	Penalty Surcharge<br> <br>(10.5 billion<br>Won)	Nuclear Safety Act<br> <br>Article 20, 21 and<br>26	Surcharge<br>Payment

Sanctions **** as of September 30, 2025(KEPCO KDN)

Date		Sanction<br><br><br>Authorities		Resolution Number		Case Name		Proceedings
Febrary 20, 2025		Korea Fair Trade Commission		Resolution2025-029		Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO		Corrective Actions and fine(39 million Won)

SIGNATURES

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

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

Date: June 16, 2026

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

March 31, 2026 and 2025

(Unaudited)

with the independent auditors’ review report

TABLE OF CONTENTS

		Page
Independent auditors’ review report
Condensed consolidated interim statements of financial<br>position			1
Condensed consolidated interim statements of comprehensive<br>income			3
Condensed consolidated interim statements of changes in<br>equity			5
Condensed consolidated interim statements of cash flows			7
Notes to the condensed consolidated interim financial<br>statements			9

Independent Auditors’ Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Reviewed Financial Statements

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

Management’s Responsibility

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

Auditors’ Review Responsibility

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

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

Conclusion

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

Other Matters

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

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

LOGO

Seoul, Korea

May 15, 2026

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

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

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

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

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

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

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

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

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

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

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

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

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

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

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

			4,053,578	4,053,578

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

			30,080,199	28,500,584

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

			16,126,347	15,615,780

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

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

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

			24,398,487		24,223,984

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

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

Gross profit			4,500,216		4,467,040
Selling and administrative expenses	25,35,42,46		(716,047	)	(713,433	)

Operating profit	4		3,784,169		3,753,607
Other income	36		156,635		92,807
Other expenses	36		(78,040	)	(19,878	)
Other gains, net	37		11,704		98,572
Finance income	5,12,38		1,297,079		413,301
Finance expenses	5,12,39		(2,078,485	)	(1,231,655	)
Profit (loss) related to associates, joint ventures and subsidiaries	4,16,17
Share of profit of associates and joint ventures			379,566		318,456
Gain on disposal of investments in associates and joint ventures			23		41
Share of loss of associates and joint ventures			(76,542	)	(193,377	)
Loss on impairment of investments in associates and joint ventures			(1,077	)	—

			301,970		125,120

Profit before income tax			3,395,032		3,231,874
Income tax expense	40		(876,025	)	(870,166	)

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

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

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

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

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

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

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

		~~W~~	2,519,007	2,361,708

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

		~~W~~	3,140,086	2,204,170

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

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

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

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

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows

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

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

		5,256,992		5,985,983

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

	~~W~~	1,330,351		40,472

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

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

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

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

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

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

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

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

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

March 31, 2026 and 2025 (unaudited)

1.	Reporting Entity (Description of the controlling company)

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

As of March 31, 2026, KEPCO’s share capital amounts to ~~W~~3,209,820 million and KEPCO’s shareholders are as follows:


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

		641,964,077	100.00	%

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

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

2.	Basis of Preparation
(1)	Statement of compliance
---	---

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

(2)	Basis of measurement

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

•	financial instruments at fair value through profit or loss;
•	financial instruments at fair value through other comprehensive income;
---	---
•	derivative financial instruments are measured at fair value; and
---	---
•	liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit<br>obligations less the fair value of plan assets.
---	---
(3)	Functional and presentation currency
---	---

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued
(4)	Use of estimates and judgments
---	---

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

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

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

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

(i)	Useful lives of property, plant and equipment, intangible assets other than goodwill and estimations on<br>provision for decommissioning costs.

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

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

(ii)	Deferred tax

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

(iii)	Valuations of financial instruments at fair values

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued
(4)	Use of estimates and judgments, continued
---	---
(iii)	Valuations of financial instruments at fair values, Continued
---	---

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

(iv)	Defined employee benefit liabilities

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

(v)	Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the estimated volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized as of March 31, 2026 and 2025 are ~~W~~2,118,690 million and ~~W~~2,004,454 million, respectively.

(vi)	Construction contracts

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

(vii)	Impairment of non-financial assets other than goodwill<br>

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued
(5)	Changes in accounting policies
---	---

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

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

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

•	Clarification of the requirements for recognition and derecognition of financial assets and financial<br>liabilities. In particular, although a financial liability is derecognized on its settlement date, the amendments introduce an accounting policy option that permits an entity to derecognize a financial liability that is settled through an electronic<br>payment system before the settlement date, provided that specified criteria are met;
•	Additional guidance for assessing the contractual cash flow characteristics of financial assets with ESG and<br>other similar features;
---	---
•	Clarification of what constitutes a non-recourse feature and of the<br>characteristics of contractually linked instruments; and
---	---
•	Introduction of disclosure requirements for financial instruments with contingent features and additional<br>disclosure requirements for equity instruments measured at fair value through other comprehensive income (FVOCI).
---	---

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

Annual Improvements to KIFRS Accounting Standards - Volume 11

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

•	KIFRS 1101, “First-time Adoption of Korean International Financial Reporting Standards”: Application<br>of hedge accounting by a first-time adopter;
•	KIFRS 1107, “Financial Instruments: Disclosures”: Gain or loss on derecognition and implementation<br>guidance;
---	---
•	KIFRS 1109, “Financial Instruments”: Derecognition accounting for lease liabilities and the<br>definition of transaction price;
---	---
•	KIFRS 1110, “Consolidated Financial Statements”: Determination of a “de facto” agent; and<br>
---	---
•	KIFRS 1007, “Statement of Cash Flows”: Cost method.
---	---

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

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

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

•	Clarification of the application of the “own-use”<br>requirements to contracts within the scope of the amendments;
•	Amendments to the requirements for designating the hedged item in a cash flow hedge relationship for contracts<br>within the scope of the amendments; and
---	---
•	Introduction of new disclosure requirements to enable investors to understand the impact of such contracts on the<br>entity’s financial performance and cash flows.
---	---

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued
(6)	New accounting standards and interpretations not yet adopted
---	---

KIFRS 1118, “Presentation and Disclosure in Financial Statements”

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

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

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

•	The Group has not yet completed the design and assessment of the changes to its processes and controls; and<br>
•	The new accounting policies are subject to change until the Group issues its first annual financial statements<br>that include the date of initial application of this standard.
---	---

① Structure of the statement of profit or loss

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

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

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

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

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

② Management-defined Performance Measures (MPMs)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued
(6)	New accounting standards and interpretations not yet adopted, continued
---	---

③ Principles of aggregation and disaggregation

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

④ Amendments to other standards

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

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

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

3.	Material Accounting Policies

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information
(1)	Segment determination and explanation of the measurements
---	---

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(2)	The financial information of the segments for each of the three-month periods ended March 31, 2026 and2025, respectively, is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three-month period endedMarch 31, 2026
Segment		Total<br>segment<br>revenue			Intersegment<br>revenue			Revenue<br>from<br>external<br>customers			Operating<br>profit (loss)			Depreciation<br>and<br>amortization			Interest<br>income			Interest<br>expense			Profit (loss) related toassociates, jointventures andsubsidiaries
Transmission and distribution		~~W~~	23,709,159			475,796			23,233,363			2,086,729			1,170,931			22,727			603,374			229,391
Electric power generation (Nuclear)			3,916,388			3,649,885			266,503			1,462,503			1,097,758			16,430			205,675			(1,469	)
Electric power generation (Non-nuclear)			7,157,046			6,587,548			569,498			260,181			1,040,472			9,688			170,308			73,954
Plant maintenance & engineering service			787,381			631,048			156,333			73,917			41,832			6,204			1,604			94
Others			581,523			408,733			172,790			27,421			59,405			56,877			70,301			—
Consolidation adjustments			(11,753,010	)		(11,753,010	)		—			(126,582	)		(40,105	)		(14,971	)		(21,536	)		—

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(3)	The information related to segment assets and segment liabilities as of March 31, 2026 andDecember 31, 2025 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Segment		Segment<br>assets				Investments inassociates and<br>joint ventures			Acquisition of<br>non-current assets				Segmentliabilities
Transmission and distribution		~~W~~	146,011,326				9,097,212			2,118,183				117,207,063
Electric power generation (Nuclear)			78,116,705				228,542			973,480				51,370,675
Electric power generation (Non-nuclear)			61,404,076				4,706,895			864,649				35,707,963
Plant maintenance & engineering service			4,462,224				1,835			39,905				1,555,388
Others			17,793,762				—			33,809				7,075,517
Consolidation adjustments			(50,000,112	)			—			131,467				(6,538,700	)

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(4)	Geographic information
---	---

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

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

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

(*1)	Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.<br>
---	---
(*2)	The amounts exclude financial assets, deferred tax assets and defined benefit assets.
---	---
(5)	Information on significant customers
---	---

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments
(1)	The classification of financial assets as of March 31, 2026 and December 31, 2025 is as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial assets atfair value throughprofit or loss				Financial assetsat fair valuethrough othercomprehensiveincome			Financial assetsat amortized cost			Derivative assets(applying hedgeaccounting)			Total
Current assets
Cash and cash equivalents		~~W~~	—				—			2,014,211			—			2,014,211
Current financial assets
Current financial assets at fair value through profit or loss			2,960,497				—			—			—			2,960,497
Current financial assets at amortized cost			—				—			22,051			—			22,051
Current derivative assets			928,724				—			—			167,929			1,096,653
Loans			—				—			109,797			—			109,797
Other financial assets and others			—				—			1,078,321			—			1,078,321
Trade and other receivables			—				—			11,680,232			—			11,680,232

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued
(1)	The classification of financial assets as of March 31, 2026 and December 31, 2025 is as follows,continued:
---	---
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial assets atfair value throughprofit or loss				Financial assetsat fair valuethrough othercomprehensiveincome			Financial assetsat amortized cost			Derivative assets(applying hedgeaccounting)			Total
Current assets
Cash and cash equivalents		~~W~~	—				—			2,240,811			—			2,240,811
Current financial assets
Current financial assets at fair value through profit or loss			1,299,027				—			—			—			1,299,027
Current financial assets at amortized cost			—				—			21,663			—			21,663
Current derivative assets			492,028				—			—			344,204			836,232
Loans			—				—			95,598			—			95,598
Other financial assets			—				—			1,997,644			—			1,997,644
Trade and other receivables			—				—			12,618,480			—			12,618,480

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued
(2)	The classification of financial liabilities as of March 31, 2026 and December 31, 2025 is asfollows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial liabilities at<br>fair value through<br>profit or loss				Financial liabilitiesrecognized atamortized cost			Derivative liabilities(applying hedgeaccounting)			Total
Current liabilities
Borrowings		~~W~~	—				18,794,901			—			18,794,901
Debt securities			—				29,475,648			—			29,475,648
Derivative liabilities			44,281				—			—			44,281
Trade and other payables			—				10,047,033			—			10,047,033

			44,281				58,317,582			—			58,361,863

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

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

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

In millions of won		As of December 31, 2025
		Financial liabilities atfair value through<br>profit or loss				Financial liabilitiesrecognized atamortized cost			Derivative liabilities(applying hedgeaccounting)			Total
Current liabilities
Borrowings		~~W~~	—				18,721,522			—			18,721,522
Debt securities			—				27,165,448			—			27,165,448
Derivative liabilities			52,119				—			—			52,119
Trade and other payables			—				8,621,671			—			8,621,671

			52,119				54,508,641			—			54,560,760

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

5. Classification of Financial Instruments, Continued

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

6.	Restricted Deposits

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

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

			~~W~~	1,780,629	1,724,324

7.	Cash and Cash Equivalents
---	---

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

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

	~~W~~	2,014,211	2,240,811

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables
(1)	Trade and other receivables as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Grossamount				Allowance for<br>doubtful accounts				Present value<br>discount				Bookvalue
Current assets
Trade receivables		~~W~~	10,634,847				(199,656	)			—				10,435,191
Other receivables			1,293,957				(44,309	)			(4,607	)			1,245,041

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

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

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

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

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

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables, Continued
(2)	Other receivables as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Grossamount				Allowance for<br>doubtful accounts				Present valuediscount				Bookvalue
Current assets
Non-trade receivables		~~W~~	646,299				(37,669	)			(968	)			607,662
Accrued income			79,768				—				—				79,768
Deposits			273,775				—				(3,639	)			270,136
Finance lease receivables (*1)			102,583				(5,347	)			—				97,236
Others			191,532				(1,293	)			—				190,239

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

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

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

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

(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~ 129,523 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~ 815,384 million.
---	---
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Grossamount				Allowance for<br>doubtful accounts				Present valuediscount				Bookvalue
Current assets
Non-trade receivables		~~W~~	478,822				(36,074	)			(474	)			442,274
Accrued income			43,123				—				—				43,123
Deposits			268,090				—				(3,207	)			264,883
Finance lease receivables (*1)			104,600				(5,048	)			—				99,552
Others			145,044				(1,293	)			—				143,751

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

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

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

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

(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~ 113,272 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~ 818,800 million.
---	---
(3)	Trade and other receivables are classified as financial assets at amortized cost and are measured using the<br>effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However, once trade receivables are overdue, the Group imposes a monthly<br>interest rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers whose contracts have been cancelled due to delinquent payments.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables, Continued
(4)	The aging analysis of trade receivables as of March 31, 2026 and December 31, 2025 is as follows:
---	---
In millions of won		As of<br>March 31, 2026				As of<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Trade receivables not overdue		~~W~~	11,346,415				12,472,407

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

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

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

		~~W~~	11,357,397				12,485,804

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

(5)	Changes in the allowance for doubtful accounts for the three-month period ended March 31, 2026 and forthe year ended December 31, 2025 are as follows:
In millions of won		For the three-month period ended<br>March 31, 2026								For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Trade receivables				Other receivables				Trade receivables				Other receivables
Beginning balance		~~W~~	280,314				160,894				260,774				140,168
Bad debts expense			16,149				—				84,625				8,155
Write-off			(6,902	)			(224	)			(37,639	)			(14,675	)
Reversal			(267	)			(25,513	)			(2,223	)			(4,101	)
Others			3,988				626				(25,223	)			31,347

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

9.	Financial Assets at Fair Value through Profit or Loss

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

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

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income
(1)	Changes in financial assets at fair value through other comprehensive income for the three-month periodended March 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Acquisition			Disposal			Valuation			Others			Ending<br>balance
Equity securities
Listed		~~W~~	517,251				—			—			71,023			1			588,275
Unlisted			363,128				—			—			(190	)		233			363,171

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

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

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

Current financial assets at fair value through other comprehensive income		~~W~~	—				—			—			—			—			—
Non-current financial assets at fair value through other<br>comprehensive income			885,173				—			—			70,833			234			956,240
In millions of won		For the year ended December 31, 2025
		Beginningbalance				Acquisition			Disposal			Valuation			Others			Ending<br>balance
Equity securities
Listed		~~W~~	360,096				—			(3,091	)		160,245			1			517,251
Unlisted			309,709				—			(10	)		52,343			1,086			363,128

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of March 31, 2026 andDecember 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Shares<br>(in shares)			Ownership			Acquisition cost				Book value			Fair value
Listed
Korea District Heating Corp.			2,264,068			19.55	%	~~W~~	173,201				163,466			163,466
KG Mobility Co., Ltd.			12,205			0.01	%		428				41			41
SM Korea Line Corp.			180			0.00	%		1				—			—
Namkwang Engineering & Construction Co., Ltd.			121			0.00	%		15				1			1
Bumyang Construction Co., Ltd.			35			0.00	%		2				—			—
ELCOMTEC Co., Ltd.			32,875			0.04	%		217				23			23
PAN Ocean Co., Ltd.			1,492			0.00	%		14				7			7
Codes Combine Co., Ltd.			291			0.00	%		1				1			1
PT Almatri Resources Indonesia			480,000,000			1.60	%		65,028				110,341			110,341
Denison Mines Corp.			58,284,000			7.46	%		84,134				312,186			312,186
Paladin Energy			10,760			0.01	%		41				130			130
KS Industry Co., Ltd			1,457			0.01	%		38				2			2
Vitzrosys Co., Ltd.			399			0.00	%		2				—			—
EMnI Co., Ltd.			628			0.00	%		25				1			1
Vissem electronics, Co., Ltd.			301			0.00	%		11				2			2
KC Industry Co., Ltd.			139			0.00	%		6				—			—
Ihsung CNI Co., Ltd.			142,860			4.43	%		1,500				716			716
Aone Alform Co., Ltd.			2,672			0.04	%		19				3			3
Kodaco Co., Ltd.			131,698			0.85	%		1,317				1,354			1,354
QAID Co., Ltd. (formerly Winia Aid Co., Ltd.)			147			0.00	%		1				1			1

									326,001				588,275			588,275

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

									349,636				363,171			363,171

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of March 31, 2026 andDecember 31, 2025 are as follows, continued:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Shares(in shares)			Ownership			Acquisition cost				Book value			Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.			—			—		~~W~~	491				—			—
Ino Platech Co., Ltd.			—			—			1,080				1,278			1,278
Daebon Tech Co., Ltd.			—			—			3,000				3,516			3,516

									4,571				4,794			4,794

								~~W~~	680,208				956,240			956,240

(*1)	The Group used initial cost as their fair value because there was not enough information to determine fair<br>value, and the range of the estimated fair value is wide.
---	---
(*2)	The Group has estimated the fair value of Set Holding by using the income approach and has recognized the<br>difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the three-month period ended March 31, 2026.
---	---
(*3)	The Group acquired shares in the entity through conversion of investments performed in accordance with<br>corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the<br>corporate rehabilitation procedures are completed.
---	---
(*4)	BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the<br>suspension of delisting decision and others before the prior year.
---	---
(*5)	The entity entered corporate rehabilitation procedures before the prior year. The Group classified the<br>investment in the entity as financial assets at fair value through other comprehensive income, as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed. As of March 31, 2026,<br>the liquidation process is in progress, and the book value of the investment has been measured at zero, considering its recoverability.
---	---
(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount<br>and the recoverable amount, due to the discontinuation of its operations.
---	---
(*7)	Equity securities, acquired through<br>debt-for-equity swaps of electricity rate bonds and others, consist of 519 companies including Hwan Young Steel Co., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of March 31, 2026 andDecember 31, 2025 are as follows, continued:
---	---
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Shares<br>(in shares)			Ownership			Acquisition cost				Book value			Fair value
Listed
Korea District Heating Corp.			2,264,068			19.55	%	~~W~~	173,201				218,255			218,255
KG Mobility Co., Ltd.			12,205			0.01	%		428				43			43
SM Korea Line Corp.			180			0.00	%		1				—			—
Namkwang Engineering & Construction Co., Ltd.			46			0.00	%		15				—			—
Bumyang Construction Co., Ltd.			35			0.00	%		2				—			—
ELCOMTEC Co., Ltd.			32,875			0.04	%		217				26			26
PAN Ocean Co., Ltd.			1,492			0.00	%		14				6			6
Codes Combine Co., Ltd.			291			0.00	%		1				1			1
PT Almatri Resources Indonesia			480,000,000			1.60	%		65,028				74,369			74,369
Denison Mines Corp.			58,284,000			7.46	%		84,134				222,278			222,278
Paladin Energy			10,760			0.01	%		41				98			98
KS Industry Co., Ltd			1,457			0.01	%		38				1			1
Vitzrosys Co., Ltd.			399			0.00	%		2				—			—
EMnI Co., Ltd.			628			0.00	%		25				1			1
Vissem electronics, Co., Ltd.			301			0.00	%		11				2			2
KC Industry Co., Ltd.			139			0.00	%		6				—			—
Ihsung CNI Co., Ltd.			142,860			4.43	%		1,500				813			813
Aone Alform Co., Ltd.			2,672			0.04	%		19				3			3
Kodaco Co., Ltd.			131,698			0.85	%		1,317				1,354			1,354
QAID Co., Ltd. (formerly Winia Aid Co., Ltd.)			129			0.00	%		1				1			1

									326,001				517,251			517,251

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

									349,588				363,128			363,128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of March 31, 2026 andDecember 31, 2025 are as follows, continued:
---	---
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Shares(in shares)			Ownership			Acquisition cost				Book value			Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.			—			—		~~W~~	491				—			—
Ino Platech Co., Ltd.			—			—			1,080				1,278			1,278
Daebon Tech Co., Ltd.			—			—			3,000				3,516			3,516

									4,571				4,794			4,794

								~~W~~	680,160				885,173			885,173

(*1)	The Group used initial cost as their fair value because there was not enough information to determine fair<br>value, and the range of the estimated fair value is wide.
---	---
(*2)	The Group has estimated the fair value of Set Holding by using the income approach and has recognized the<br>difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2025.
---	---
(*3)	The Group acquired shares in the entity through conversion of investments performed in accordance with<br>corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the<br>corporate rehabilitation procedures are completed.
---	---
(*4)	BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the<br>suspension of delisting decision and others before the prior year.
---	---
(*5)	The entity entered corporate rehabilitation procedures during the prior year. The Group classified the<br>investment in the entity as financial assets at fair value through other comprehensive income, as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed. As of December 31,<br>2025, the liquidation process is in progress, and the book value of the investment has been measured at zero, considering its recoverability.
---	---
(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount<br>and the recoverable amount, due to the discontinuation of its operations.
---	---
(*7)	Equity securities, acquired through<br>debt-for-equity swaps of electricity rate bonds and others, consist of 506 companies including Hwan Young Steel Co., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

11.	Financial Assets at Amortized Cost

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

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

	~~W~~	30,967		30,967

Current	~~W~~	22,051		22,051
Non-current		8,916		8,916
In millions of won	As of December 31, 2025
	Financial assets<br>at amortized cost		Book<br>value
Government bonds	~~W~~	1,423		1,423
Others		29,694		29,694

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

Non-current		9,454		9,454

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

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

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

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

(*1)	In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint<br>venture of the Group, the performance obligation as of March 31, 2026 which amounts to ~~W~~23,494 million (~~W~~23,494 million as of December 31, 2025) to the underwriter of the bonds was recorded as<br>other derivative liabilities.
---	---
(*2)	The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its<br>associate, Hyundai Green Power Co., Ltd., as other derivatives assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative<br>liabilities.
---	---
(*3)	The Group recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of<br>its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivative assets.
---	---
(*4)	The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its<br>joint venture, Wadi Noor Solar Power, as other derivative liabilities.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.	Derivatives, Continued
(2)	Currency forward contracts which are not designated as hedging instruments as of March 31, 2026 are asfollows:
---	---

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12. Derivatives, Continued

(3)	Currency swap contracts which are not designated as hedging instruments as of March 31, 2026 are asfollows:

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of March 31, 2026 are asfollows, continued:
---	---

In millions of won and thousands of foreign currencies except contract exchange rateinformation

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.	Derivatives, Continued
(4)	Currency swap contracts which are designated as hedging instruments as of March 31, 2026 are asfollows:
---	---

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.	Derivatives, Continued
(5)	Interest rate swap contracts which are not designated as hedging instruments as of March 31, 2026 areas follows:
---	---

In millions of won and thousands of foreign currencies

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

All values are in US Dollars.

(*1)	Depending on the counterparty exercising the right, the contract may be early settled on the same date every<br>year from June 15, 2023.
(*2)	1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M<br>CMT+0.35% is applied thereafter.
---	---
(*3)	1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M<br>CMT+0.35% is applied thereafter.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

12.	Derivatives, Continued
(6)	Interest rate swap contracts which are designated as hedging instruments as of March 31, 2026 are asfollows:
---	---

In thousands of foreign currencies

Counterparty								Contract interest rate per annum
		Contract year			Contract<br>amount			Pay			Receive
Export-Import Bank of Korea			2015~2031		USD	11,021			2.67	%		SOFR + 0.43%
ING Bank			2015~2031		USD	27,178			2.67	%		SOFR + 0.43%
BNP Paribas			2015~2031		USD	28,994			2.67	%		SOFR + 0.43%
BNP Paribas			2009~2027		USD	22,923			4.16	%		6M USD Synthetic Libor
KFW			2009~2027		USD	22,923			4.16	%		6M USD Synthetic Libor
Export-Import Bank of Korea			2016~2036		USD	51,095			3.00	%		6M USD Synthetic Libor
SMTB			2025~2036		JPY	3,557,580			1.82	%		6M TIBOR + 0.55%
(7)	Gains and losses on valuation and transaction of derivatives for each of the three-month periods endedMarch 31, 2026 and 2025 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):
---	---
In millions of won		Net income effects ofvaluation gain (loss)							Net income effects oftransaction gain (loss)						Accumulated other<br>*comprehensive income (loss) (1)**
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three-month periodended March 31,2026				For the three-month periodended March 31,2025			For the three-month periodended March 31,2026			For the three-month periodended March 31,2025			For the three-month periodended March 31,2026			For the three-month periodended March 31,2025
Currency forward		~~W~~	4,045				3,334			22,021			(9,669	)		—			—
Currency swap			882,093				47,822			86,209			45,653			15,281			22,574
Interest rate swap			62,971				(22,503	)		(5,635	)		(792	)		800			(2,673	)
Other derivatives(*2)			—				8,355			—			9,489			—			—

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

(*1)	For each of the three-month periods ended March 31, 2026 and 2025, the net gain on valuation of<br>derivatives applying cash flow hedge accounting of ~~W~~ 9,050 million and ~~W~~ 10,463 million, net of tax, is included in other comprehensive income, respectively.
---	---
(*2)	The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations<br>in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the year ended December 31, 2025, and the Group recognized a gain on valuation of derivative<br>instruments of ~~W~~8,355 million and a gain on transaction of derivative instruments of ~~W~~9,479 million for the three-month period ended March 31, 2025.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

13.	Loans and Other Financial Instruments
(1)	Loans and other financial instruments as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026								As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Current				Non-current				Current				Non-current
Loans		~~W~~	115,905				944,197				101,773				992,012
Less: allowance for doubtful accounts			(5,156	)			(68,573	)			(5,191	)			(66,807	)
Less: present value discount			(952	)			(36,264	)			(984	)			(34,275	)

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

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

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

(2)	Loans as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Face value				Allowance fordoubtful accounts				Present value discount				Carryingvalue
Short-term loans
Loans for tuition		~~W~~	33,693				(5,156	)			(952	)			27,585
Loans for housing			42,783				—				—				42,783
Other loans			39,429				—				—				39,429

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

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

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

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

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

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

13.	Loans and Other Financial Instruments, Continued
(3)	Changes in the allowance for doubtful accounts of loans for the three-month period ended March 31, 2026and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended<br>March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	71,998				71,994
Bad debt expense (Reversal of bad debt allowance)			(56	)			(3,455	)
Write-off			—				(447	)
Others			1,787				3,906

Ending balance		~~W~~	73,729				71,998

(4)	Long-term and short-term financial instruments as of March 31, 2026 and December 31, 2025 are asfollows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Current				Non-current			Current			Non-current
Time deposits		~~W~~	677,019				136,694			1,602,572			155,487
CD			80,862				—			40,000			—
Others			320,440				763,153			355,072			729,000

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

14.	Inventories

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

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

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

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

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

The reversal of the allowance for loss on inventory valuation included in cost of sales for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 amounts to ~~W~~1,038 million and ~~W~~6,477 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 were ~~W~~1,038 million and ~~W~~4,944 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

15.	Non-Financial Assets

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

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

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

(*)	Details of others as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Current				Non-current			Current			Non-current
Greenhouse gas emissions rights		~~W~~	167,841				—			107,550			—
Other quick assets			176,677				178,616			205,548			142,124

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as follows, continued:
---	---
(*1)	Considering treasury stocks, the effective percentage of ownership is 51.24%.
---	---
(*2)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the<br>consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.
---	---
(*3)	As of March 31, 2026, the annual reporting period of all subsidiaries ends on December 31, except for<br>Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.
---	---
(*4)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the<br>consolidated financial statements as the Group has control over the board of directors under the shareholders’ agreement.
---	---
(*5)	Excluding preferred stocks, the percentage of ownership with voting rights is 100%.
---	---
(*6)	The ownership interest changed due to a disproportionate capital reduction with consideration during the year<br>ended December 31, 2025.
---	---
(2)	There were no subsidiaries newly included in or excluded from the scope of consolidation during thethree-month period ended March 31, 2026.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2026
Subsidiaries		Total<br>assets				Total<br>liabilities			Sales			Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd.		~~W~~	78,116,705				51,370,675			3,916,388			1,013,201
Korea South-East Power Co., Ltd.			11,718,449				6,198,195			1,426,959			(35,326	)
Korea Midland Power Co., Ltd.			13,582,795				9,104,770			1,540,213			13,887
Korea Western Power Co., Ltd.			12,614,642				8,008,299			1,352,923			24,446
Korea Southern Power Co., Ltd.			11,901,040				6,641,461			1,466,085			76,674
Korea East-West Power Co., Ltd.			11,587,150				5,755,238			1,370,866			100,597
KEPCO Engineering & Construction Company, Inc.			877,517				289,020			113,334			14,102
KEPCO Plant Service & Engineering Co., Ltd.			1,710,426				409,337			342,177			30,028
KEPCO Nuclear Fuel Co., Ltd.			1,187,794				670,999			174,822			26,361
KEPCO KDN Co., Ltd.			694,241				186,032			157,048			(2,956	)
KEPCO International HongKong Ltd.			153,719				—			—			1,820
KEPCO International Philippines Inc.			14,224				5			—			102
KEPCO Gansu International Ltd.			7,603				416			—			661
KEPCO Philippines Holdings Inc.			187,081				1,116			—			(443	)
KEPCO Philippines Corporation			3,082				3			—			31
KEPCO Ilijan Corporation			32,446				342			—			(256	)
KEPCO Neimenggu International Ltd.			232,666				148			—			(161	)
KEPCO Shanxi International Ltd.			822,451				369,328			—			74
KOMIPO Global Pte Ltd.			421,608				3,070			—			7,314
KEPCO Netherlands B.V.			151,452				69			—			(15	)
KEPCO Australia Pty., Ltd.			394				173			—			(22	)
KOSEP Australia Pty., Ltd.			59,161				1,226			—			(173	)
KOMIPO Australia Pty., Ltd.			60,658				4,794			7,122			(1,981	)
KOWEPO Australia Pty., Ltd.			50,555				14			—			1,639
KOSPO Australia Pty., Ltd.			41,295				14			—			1,542
KEPCO Middle East Holding Company			147,021				149,643			—			(320	)
Qatrana Electric Power Company			565,897				181,935			7,346			5,719
KHNP Canada Energy Ltd.			337,377				36,089			—			47
KEPCO Bylong Australia Pty., Ltd.			51,025				599,250			—			7,267
Korea Waterbury Uranium Limited Partnership			25,005				77			—			(31	)
KEPCO Holdings de Mexico			551				3,333			—			(41	)
KST Electric Power Company, S.A.P.I. de C.V.			670,873				530,230			19,574			1,543
KEPCO Energy Service Company			3,462				2,347			2,876			17
KEPCO Netherlands S3 B.V.			63,383				66			—			723
PT. KOMIPO Pembangkitan Jawa Bali			24,823				5,145			9,106			5,495
PT. Cirebon Power Service			4,236				1,337			2,649			5
KOWEPO International Corporation			—				11			—			—
KOSPO Jordan LLC			36,788				14,255			18,950			3,954
EWP America Inc. (*1)			67,299				3,111			6,781			3,682
KNF Canada Energy Limited			2,685				37			—			(16	)
EWP Barbados 1 SRL			509,442				724			—			3,523
Gyeonggi Green Energy Co., Ltd.			253,555				328,683			25,759			(4,718	)
PT. Tanggamus Electric Power			221,668				130,916			2,374			2,928
Gyeongju Wind Power Co., Ltd.			85,515				34,229			6,090			2,385
KOMIPO America Inc. (*2)			613,504				290,818			3,648			2,178
PT. EWP Indonesia			110,738				34			—			2,025
KEPCO Netherlands J3 B.V.			168,638				5,909			—			886
Korea Offshore Wind Power Co., Ltd.			345,043				129,040			11,688			2,570
Global One Pioneer B.V.			1,853,067				113			—			35,232
Global Energy Pioneer B.V.			419				113			—			(9	)
Mira Power Limited			410,946				256,415			331			4,589
KOSEP Material Co., Ltd.			7,716				682			1,159			161
KEPCO KPS Philippines Corp.			6,954				1,260			862			(975	)
KOSPO Chile SpA			202,943				92,732			—			(685	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2026
Subsidiaries		Total<br>assets				Total<br>liabilities			Sales			Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.		~~W~~	5,886				2,340			121			(13	)
Fujeij Wind Power Company			254,771				157,088			—			5,663
KOSPO Youngnam Power Co., Ltd.			357,553				244,100			96,759			5,348
Chitose Solar Power Plant LLC			87,251				79,627			2,981			224
KEPCO ES Co., Ltd.			338,186				26,611			2,153			1,832
KEPCO Solar Co., Ltd.			244,091				31,963			5,350			1,316
KOSPO Power Services Ltda.			16,935				13,193			4,138			1,411
Energy New Industry Specialized Investment Private Investment Trust (*3)			521,334				2,380			6,837			(5,184	)
KOEN Bylong Pty., Ltd.			19				217			—			—
KOMIPO Bylong Pty., Ltd.			20				220			—			(7	)
KOWEPO Bylong Pty., Ltd.			19				219			—			—
KOSPO Bylong Pty., Ltd.			11				332			—			(40	)
EWP Bylong Pty., Ltd.			19				22			—			—
KOWEPO Lao International			13,322				522			3,094			612
KEPCO Mangilao Holdings LLC			102,429				52,593			216			(45	)
Mangilao Investment LLC			218,422				17,224			—			3,361
KEPCO Mangilao Solar, LLC			224,652				781			4,197			613
Jeju Hanlim Offshore Wind Co., Ltd.			638,826				555,241			23,222			7,530
PT. Siborpa Eco Power			21,277				7,074			—			(15	)
PT. Korea Energy Indonesia			8,153				5,407			4,429			2,473
KOLAT SpA			54,602				411			835			95
KEPCO California, LLC			53,604				7,736			351			(75	)
KEPCO Mojave Holdings, LLC			95,890				91,783			—			(1,177	)
Incheon Fuel Cell Co., Ltd.			211,181				217,097			16,867			(1,480	)
KOEN Service Co., Ltd.			8,657				4,993			10,044			19
KOMIPO Service Co., Ltd.			11,608				5,456			11,258			1,064
KOWEPO Service Co., Ltd.			8,609				6,136			10,799			(969	)
KOSPO Service Co., Ltd.			8,008				4,751			8,783			100
EWP Service Co., Ltd.			6,907				4,175			7,714			261
PT. KOMIPO Energy Indonesia			5,450				157			1,351			860
KNF partners Co., Ltd.			2,759				846			1,344			(89	)
KOSPO USA Inc.			899,798				514			—			(310	)
KOSPO Niles LLC			470,327				1,320			24			123,578
Tamra Offshore Wind Power Co., Ltd.			104,980				62,560			4,579			1,084
KEPCO MCS Co., Ltd.			59,415				58,622			62,559			(6,215	)
KEPCO FMS Co., Ltd.			25,604				24,938			28,736			(1,755	)
Firstkeepers Co., Ltd.			30,893				15,761			26,410			1,648
Secutec Co., Ltd.			18,264				11,273			20,061			(348	)
SE Green Energy Co., Ltd.			111,129				82,532			9,416			504
Mangilao Intermediate Holdings LLC			222,403				126,088			—			(1,361	)
KEPCO CSC Co., Ltd.			18,169				9,847			11,611			669
KOAK Power Limited			17,028				210			—			(78	)
KOMIPO Europe B.V.			93,074				124			323			(898	)
Haenanum Energy Fund			7,416				12			—			(9	)
Paju Ecoenergy Co., Ltd.			59,992				2,346			3,244			(339	)
Guam Ukudu Power LLC			947,124				830,809			13,704			(28,004	)
K-SOLAR SHINAN Co., Ltd.			264,216				246,524			7,980			73

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2026
Subsidiaries		Total<br>assets				Total<br>liabilities			Sales			Profit (loss)<br>for the period
KPS Partners Co., Ltd.		~~W~~	4,498				2,248			4,016			282
KEPCO E&C Service Co., Ltd.			10,303				1,892			4,145			295
Moha solar Co., Ltd.			25,039				26,388			—			8
Ogiri Solar Power Co., Ltd.			1,049				22			—			(4	)
KHNP USA LLC			61,643				676			317			76
KOMIPO Vanphong Power Service LLC			37,207				1,574			8,040			3,584
Energy Innovation Fund I			43,486				1,419			—			(238	)
KHNP Chile SpA			4,796				3,609			—			(19	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,377				1,218			40			17
Yeong Yang Corporation Co., Ltd.			1,355				1,208			40			17
SolarVader Co., Ltd.			1,367				1,211			40			18
Yeong Yang Innovation Co., Ltd.			1,349				1,208			36			13
Yeong Yang Horus Photovoltaic Co., Ltd.			1,329				1,208			34			12
Yeong Yang Solar Management Co., Ltd.			1,378				1,211			43			21
LSG Hydro Power Limited			332				10			—			(42	)
KOEN Bio Co., Ltd.			1,483				1,063			495			(27	)
KOMIPO Iberian Solar Group, S.L.U.			80,891				77,506			—			1,037
Jeongam Wind Power Co., Ltd.			68,087				58,173			2,389			397
KOWEPO Europe B.V.			54				4,192			—			(40	)
Yeongdeok Sunrise Wind Power Co., Ltd.			109,659				84,572			4,861			2,015
KA Power Limited			6,644				3,403			—			(54	)
Western Power Changgi Solar Co., Ltd.			39,129				32,068			2,236			716
EWP Australia Pty., Ltd.			57,064				727			352			(1,492	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			374,624				268,089			5,570			(2,169	)
Digital Innovation Growth Fund			9,292				42			—			(40	)
KEPCO Holding Company			213,640				208,965			—			867
KEPCO for Maintenance Company			4,883				459			1,610			8
KOSPO Trumbull LLC			492,304				7			—			31
Changjuk Wind Power Co., Ltd.			26,788				2,642			2,125			1,370
Chile Solar JV SpA			88,226				72,436			2,875			116
KEPCO KPS South Africa Pty., Ltd.			20,365				10,937			10,809			395
KOWEPO Holding Limited			33,413				12,412			—			(96	)
KOSPO Rutile, LLC			53,980				214			484			594
KEPCO Yona America LLC			—				—			—			—
KEPCO SADAWI - FZCO			382				37			—			(27	)
EWP Yona America LLC			—				—			—			—
KOMIPO Middle East Energy L.L.C-FZ			1,399				407			—			(5	)
Nuclear Energy Industry Growth Fund II			7,027				25			—			5
(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation,<br>California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.
---	---
(*2)	Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity<br>Holdings, LLC and CVS Equity Holdings, LLC.
---	---
(*3)	Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6<br>other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.
---	---
(*4)	Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries<br>including Columboola Solar Farm Nominees Pty., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Subsidiaries		Total<br>assets				Total<br>liabilities			Sales			Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd.		~~W~~	76,378,365				49,741,461			15,346,722			1,579,701
Korea South-East Power Co., Ltd.			12,476,339				6,456,780			6,509,651			290,916
Korea Midland Power Co., Ltd.			13,811,313				8,879,106			5,652,535			253,721
Korea Western Power Co., Ltd.			12,912,790				7,923,730			5,464,991			140,365
Korea Southern Power Co., Ltd.			12,392,402				6,686,458			6,100,647			338,992
Korea East-West Power Co., Ltd.			11,759,627				5,449,839			4,983,146			433,932
KEPCO Engineering & Construction Company, Inc.			883,518				258,552			518,768			85,368
KEPCO Plant Service & Engineering Co., Ltd.			1,687,760				350,731			1,545,256			123,796
KEPCO Nuclear Fuel Co., Ltd.			1,077,308				558,433			488,251			50,601
KEPCO KDN Co., Ltd.			721,868				178,913			773,511			54,656
KEPCO International HongKong Ltd.			143,964				—			—			6,256
KEPCO International Philippines Inc.			13,382				1			—			64
KEPCO Gansu International Ltd.			8,347				1,046			—			(58	)
KEPCO Philippines Holdings Inc.			224,385				321			—			63,550
KEPCO Philippines Corporation			2,987				4			—			120
KEPCO Ilijan Corporation			30,998				201			—			(2,228	)
KEPCO Neimenggu International Ltd.			220,764				119			—			(266	)
KEPCO Shanxi International Ltd.			779,800				350,253			—			(5,502	)
KOMIPO Global Pte Ltd.			393,031				3,992			—			9,259
KEPCO Netherlands B.V.			143,789				57			—			2,936
KEPCO Australia Pty., Ltd.			389				174			—			(22	)
KOSEP Australia Pty., Ltd.			57,023				1,117			19,672			7,192
KOMIPO Australia Pty., Ltd.			58,960				5,264			25,387			9,358
KOWEPO Australia Pty., Ltd.			100,454				38			17,109			4,864
KOSPO Australia Pty., Ltd.			42,150				5,311			17,109			3,666
KEPCO Middle East Holding Company			138,608				138,829			—			(7,010	)
Qatrana Electric Power Company			528,581				170,136			30,432			22,596
KHNP Canada Energy Ltd.			247,213				24,175			—			316
KEPCO Bylong Australia Pty., Ltd.			47,486				562,939			—			17,442
Korea Waterbury Uranium Limited Partnership			25,002				64			—			(122	)
KEPCO Holdings de Mexico			1,366				3,986			—			154
KST Electric Power Company, S.A.P.I. de C.V.			629,930				498,093			91,552			16,287
KEPCO Energy Service Company			4,733				3,683			15,711			328
KEPCO Netherlands S3 B.V.			77,919				18,595			—			1,706
PT. KOMIPO Pembangkitan Jawa Bali			17,032				3,540			21,982			1,074
PT. Cirebon Power Service			3,724				980			10,612			674
KOWEPO International Corporation			—				11			—			—
KOSPO Jordan LLC			43,705				26,213			14,446			3,446
EWP America Inc. (*1)			60,246				2,993			25,064			11,990
KNF Canada Energy Limited			2,445				32			—			(70	)
EWP Barbados 1 SRL			479,658				777			—			17,314
Gyeonggi Green Energy Co., Ltd.			236,006				306,417			71,149			(3,822	)
PT. Tanggamus Electric Power			213,263				129,988			3,876			7,737
Gyeongju Wind Power Co., Ltd.			84,225				33,877			16,636			3,889
KOMIPO America Inc. (*2)			594,895				286,998			25,586			14,841
PT. EWP Indonesia			103,086				48			—			7,007
KEPCO Netherlands J3 B.V.			173,301				19,880			—			(1,183	)
Korea Offshore Wind Power Co., Ltd.			342,516				129,083			43,562			8,209
Global One Pioneer B.V.			1,755,583				99			—			(261	)
Global Energy Pioneer B.V.			398				99			—			(184	)
Mira Power Limited			404,476				262,983			2,651			33,464
KOSEP Material Co., Ltd.			7,596				555			5,453			1,583
KEPCO KPS Philippines Corp.			7,853				1,326			8,123			967
KOSPO Chile SpA			191,746				86,580			—			5,074

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Subsidiaries		Total<br>assets				Total<br>liabilities			Sales			Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.		~~W~~	5,882				2,323			559			39
Fujeij Wind Power Company			232,988				146,500			—			15,343
KOSPO Youngnam Power Co., Ltd.			330,664				220,060			315,616			3,322
Chitose Solar Power Plant LLC			84,332				77,481			15,122			2,674
KEPCO ES Co., Ltd.			336,045				23,142			9,516			6,320
KEPCO Solar Co., Ltd.			243,087				28,763			23,412			7,023
KOSPO Power Services Ltda.			12,674				10,361			16,919			403
Energy New Industry Specialized Investment Private Investment Trust (*3)			543,694				5,879			—			49,341
KOEN Bylong Pty., Ltd.			17				201			—			(18	)
KOMIPO Bylong Pty., Ltd.			18				197			—			(8	)
KOWEPO Bylong Pty., Ltd.			18				203			—			(24	)
KOSPO Bylong Pty., Ltd.			193				453			—			(24	)
EWP Bylong Pty., Ltd.			18				21			—			(4	)
KOWEPO Lao International			21,202				1,085			12,712			5,021
KEPCO Mangilao Holdings LLC			97,123				49,828			844			1,764
Mangilao Investment LLC			208,610				19,622			—			(19,432	)
KEPCO Mangilao Solar, LLC			213,916				741			17,346			2,961
Jeju Hanlim Offshore Wind Co., Ltd.			633,525				555,268			80,467			12,289
PT. Siborpa Eco Power			17,564				4,083			—			(62	)
PT. Korea Energy Indonesia			8,462				5,142			8,227			760
KOLAT SpA			53,759				377			2,963			1,061
KEPCO California, LLC			50,809				7,248			672			(518	)
KEPCO Mojave Holdings, LLC			95,077				88,595			—			(4,491	)
Incheon Fuel Cell Co., Ltd.			212,662				217,098			75,963			(20,384	)
KOEN Service Co., Ltd.			8,055				4,959			41,138			171
KOMIPO Service Co., Ltd.			11,114				6,010			40,652			1,560
KOWEPO Service Co., Ltd.			10,223				6,762			44,485			271
KOSPO Service Co., Ltd.			7,875				4,718			34,049			593
EWP Service Co., Ltd.			7,234				4,462			29,819			1,296
PT. KOMIPO Energy Indonesia			5,855				1,616			5,425			1,421
KNF partners Co., Ltd.			3,222				1,220			7,416			429
KOSPO USA Inc.			853,452				509			—			(5,976	)
KOSPO Niles LLC			353,430				1,077			532			33,255
Tamra Offshore Wind Power Co., Ltd.			102,795				64,577			16,720			281
KEPCO MCS Co., Ltd.			63,700				54,752			280,479			(19,492	)
KEPCO FMS Co., Ltd.			23,883				21,889			117,234			220
Firstkeepers Co., Ltd.			27,337				14,052			102,366			4,563
Secutec Co., Ltd.			18,000				12,273			81,175			431
SE Green Energy Co., Ltd.			120,726				92,633			38,335			(407	)
Mangilao Intermediate Holdings LLC			212,243				119,591			—			(8,057	)
KEPCO CSC Co., Ltd.			20,227				12,573			50,773			2,084
KOAK Power Limited			16,089				126			—			(170	)
KOMIPO Europe B.V.			91,488				89			1,214			(3,124	)
Haenanum Energy Fund			7,416				3			951			902
Paju Ecoenergy Co., Ltd.			60,776				2,791			16,199			1,477
Guam Ukudu Power LLC			922,687				793,769			31,801			(34,266	)
K-SOLAR SHINAN Co., Ltd.			265,222				248,630			33,441			746

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Subsidiaries		Total<br>assets				Total<br>liabilities			Sales			Profit (loss)<br>for the period
KPS Partners Co., Ltd.		~~W~~	4,300				2,422			14,787			238
KEPCO E&C Service Co., Ltd.			10,278				2,208			16,789			1,321
Moha solar Co., Ltd.			25,401				26,861			—			985
Ogiri Solar Power Co., Ltd.			1,052				21			—			(22	)
KHNP USA LLC			59,782				391			1,244			157
KOMIPO Vanphong Power Service LLC			35,596				5,201			30,289			7,091
Energy Innovation Fund I			43,596				1,194			—			(790	)
KHNP Chile SpA			4,650				3,433			—			(48	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,379				1,237			208			44
Yeong Yang Corporation Co., Ltd.			1,356				1,227			204			40
SolarVader Co., Ltd.			1,368				1,230			206			42
Yeong Yang Innovation Co., Ltd.			1,356				1,227			200			36
Yeong Yang Horus Photovoltaic Co., Ltd.			1,337				1,228			192			28
Yeong Yang Solar Management Co., Ltd.			1,376				1,230			213			49
LSG Hydro Power Limited			350				4			—			(250	)
KOEN Bio Co., Ltd.			1,371				925			1,872			(35	)
KOMIPO Iberian Solar Group, S.L.U.			76,791				74,519			—			(6,552	)
Jeongam Wind Power Co., Ltd.			68,826				59,308			8,189			(1,084	)
KOWEPO Europe B.V.			51				4,036			—			(145	)
Yeongdeok Sunrise Wind Power Co., Ltd.			109,860				84,334			11,908			(617	)
KA Power Limited			6,373				3,258			—			(31	)
Western Power Changgi Solar Co., Ltd.			38,918				32,572			6,485			(109	)
EWP Australia Pty., Ltd.			54,134				461			—			(16,420	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			348,779				247,899			12,210			(22,288	)
Digital Innovation Growth Fund			9,506				215			—			1,650
KEPCO Holding Company			201,433				197,847			—			(56	)
KEPCO for Maintenance Company			4,522				1,307			8,920			3,889
KOSPO Trumbull LLC			466,732				—			—			359
Changjuk Wind Power Co., Ltd.			25,394				2,618			6,921			657
Chile Solar JV SpA			91,608				73,301			8,079			2,419
KEPCO KPS South Africa Pty., Ltd.			18,991				10,106			30,900			1,979
KOWEPO Holding Limited			21,077				1,072			—			11,875
KOSPO Rutile, LLC			50,508				112			373			557
KEPCO Yona America LLC			—				—			—			—
KEPCO SADAWI - FZCO			389				—			—			(83	)
EWP Yona America LLC			—				—			—			—
KOMIPO Middle East Energy L.L.C-FZ			1,327				380			—			(7	)
Nuclear Energy Industry Growth Fund II			7,004				7			—			(3	)
(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation,<br>California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.
---	---
(*2)	Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity<br>Holdings, LLC and CVS Equity Holdings, LLC.
---	---
(*3)	Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6<br>other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.
---	---
(*4)	Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries<br>including Columboola Solar Farm Nominees Pty., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of March 31, 2026 are asfollows:
---	---
Company		Nature and extent of any significantrestrictions
---	---	---
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than ~~W~~10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require<br>unanimous consent of all directors of the entity.
KOSPO Youngnam Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the<br>financial management priority of the contract. The Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than ~~W~~20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require<br>unanimous consent of all directors of the entity.
Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.		Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial<br>institutions is obtained. The Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.
Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.
Guam Ukudu Power LLC		Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group’s equity interest in the subsidiary may not<br>be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.
Mira Power Limited		The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
Chile Solar JV SpA		The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
K-SOLAR SHINAN Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five<br>years have elapsed after the commencement of the operation.
Western Power Changgi Solar Co., Ltd.		Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the<br>Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of March 31, 2026 are asfollows, continued:
---	---
Company		Nature and extent of any significantrestrictions
---	---	---
Chitose Solar Power Plant LLC		Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of<br>paid-in capital cannot either increase, be written off or decrease.
Mangilao Intermediate Holdings LLC		Changes or termination of the O&M contract may not be made without the prior written consent of the majority of the lenders, and dividends can be paid only after repayment of the loan is completed.
Fujeij Wind Power Company		Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule without the lender’s prior written consent is restricted. In addition, capital acquisition and new share issuance other than<br>dividends payment to investors are restricted.
Qatrana Electric Power Company		Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.
KST Electric Power Company, S.A.P.I. de C.V.		Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are<br>restricted.
(5)	As of March 31, 2026, the Group has following commitments unrecognized in relation to its subsidiariesas per its shareholders’ agreements:
---	---
Company		Unrecognized commitments
---	---	---
Jeongam Wind Power Co., Ltd.		When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value.
Changjuk Wind Power Co., Ltd.		When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has a right to purchase the shares at fair<br>value after consulting with the parties on the timing and size of the acquisition, taking into account financial conditions, business conditions, and other circumstances.
Columboola Solar Farm Hold Co Pty., Ltd.		The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16.	Consolidated Subsidiaries, Continued
(6)	Details of non-controlling interests prior to intra-companyeliminations as of and for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2026
Description		KEPCO IlijanCorporation			KEPCO PlantService &EngineeringCo., Ltd.			KEPCOEngineering &<br>ConstructionCompany, Inc.			Others			Total
Percentage of ownership			49.00	%		49.00	%		48.76	%
Current assets		~~W~~	31,684			1,012,083			535,744			1,499,416			3,078,927
Non-current assets			762			698,343			341,773			4,595,235			5,636,113
Current liabilities			(342	)		(404,214	)		(284,667	)		(1,168,957	)		(1,858,180	)
Non-current liabilities			—			(5,123	)		(4,353	)		(2,644,869	)		(2,654,345	)
Net assets			32,104			1,301,089			588,497			2,280,825			4,202,515
Book value of non-controlling interests			15,731			637,534			286,951			209,735			1,149,951
Sales			—			342,177			113,334			360,659			816,170
Profit for the period			(256	)		30,028			14,102			64,456			108,330
Profit for the period attributable to<br><br><br>non-controlling interests			(125	)		14,714			6,876			4,796			26,261
Cash flows from operating activities			(184	)		(10,147	)		(26,668	)		249,810			212,811
Cash flows from investing activities			—			(55,116	)		18,599			(19,097	)		(55,614	)
Cash flows from financing activities before dividends to<br>non-controlling interests			—			(6,978	)		(236	)		(91,938	)		(99,152	)
Dividends to non-controlling interests			—			—			—			—			—
Effect of exchange rate fluctuation			1,612			1,101			59			11,379			14,151
Net increase (decrease) in cash and cash equivalents			1,428			(71,140	)		(8,246	)		150,154			72,196
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Description		KEPCO IlijanCorporation			KEPCO PlantService &EngineeringCo., Ltd.			KEPCOEngineering &<br>ConstructionCompany, Inc.			Others			Total
Percentage of ownership			49.00	%		49.00	%		48.76	%
Current assets		~~W~~	30,284			987,560			540,208			1,285,167			2,843,219
Non-current assets			714			700,200			343,310			4,508,792			5,553,016
Current liabilities			(201	)		(344,162	)		(253,981	)		(1,025,572	)		(1,623,916	)
Non-current liabilities			—			(6,569	)		(4,571	)		(2,594,928	)		(2,606,068	)
Net assets			30,797			1,337,029			624,966			2,173,459			4,166,251
Book value of non-controlling interests			15,091			655,144			304,734			178,033			1,153,002
Sales			—			1,545,256			518,768			1,157,679			3,221,703
Profit for the period			(2,228	)		123,796			85,368			108,860			315,796
Profit for the period attributable to<br><br><br>non-controlling interests			(1,092	)		60,660			41,625			20,545			121,738
Cash flows from operating activities			(1,752	)		136,753			26,999			378,589			540,589
Cash flows from investing activities			22			30,866			(7,722	)		(111,354	)		(88,188	)
Cash flows from financing activities before dividends to<br>non-controlling interests			(24,464	)		(70,264	)		(20,479	)		(202,212	)		(317,419	)
Dividends to non-controlling interests			—			(54,441	)		(18,530	)		(9,342	)		(82,313	)
Effect of exchange rate fluctuation			(1,603	)		(670	)		(35	)		(4,794	)		(7,102	)
Net increase (decrease) in cash and cash equivalents			(27,797	)		42,244			(19,767	)		50,887			45,567

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

16. Consolidated Subsidiaries, Continued

(7)	Changes in goodwill
(i)	Details of goodwill as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---	---
Acquisition cost		~~W~~	101,919				101,885
Less: accumulated impairment			(2,582	)			(2,582	)

Carrying book value		~~W~~	99,337				99,303

(ii)	Changes in goodwill for the three-month period ended March 31, 2026 and for the year ended<br>December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three-month period ended March 31, 2026
		Beginning			Increase			Decrease			Impairment			Others			Ending
Acquisition cost		~~W~~	101,885			—			—			—			34			101,919
Less: accumulated impairment			(2,582	)		—			—			—			—			(2,582	)

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

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

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

(8)	Disposals of subsidiaries
---	---

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures
(1)	Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are asfollows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Investees		Key operation activities		Location				Percentage<br>of ownership			Acquisitioncost				Book<br>value
<Associates>
Korea Gas Corporation (*1)		Importing and wholesaling LNG			Korea				20.47	%	~~W~~	94,500				2,406,208
Hyundai Green Power Co., Ltd.		Power generation equipment consignment and operation service			Korea				29.00	%		88,885				83,069
Korea Power Exchange (*2)		Management of power market and others			Korea				100.00	%		127,839				268,950
Daeryun Power Co., Ltd.(*3)		Power generation			Korea				6.85	%		46,373				36,784
SPC Power Corporation (*4)		Power generation			Philippines				38.00	%		20,635				112,188
Gemeng International Energy Co., Ltd.		Power generation			China				42.00	%		516,007				902,188
PT. Cirebon Electric Power		Power generation			Indonesia				27.50	%		40,365				172,607
PT Wampu Electric Power		Power generation			Indonesia				46.00	%		21,292				36,687
PT. Bayan Resources TBK		Resources development			Indonesia				20.00	%		615,860				812,682
S-Power Co., Ltd.		Power generation			Korea				49.00	%		132,300				208,221
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		Power generation			Laos				25.00	%		87,426				74,693
Goseong Green Power Co., Ltd.		Power generation			Korea				29.00	%		262,740				283,990
Gangneung Eco Power Co., Ltd.		Power generation			Korea				29.00	%		261,000				229,768
Shin Pyeongtaek Power Co., Ltd.(*16)		Power generation			Korea				48.60	%		72,000				141,606
Dongducheon Dream Power Co., Ltd. (*5)		Power generation			Korea				33.61	%		148,105				107,200
GS Donghae Electric Power Co., Ltd.		Power generation			Korea				34.00	%		204,000				290,835
Nepal Water & Energy Development Company<br><br><br>Private Limited (*6, 19)		Construction and operation of utility plant			Nepal				55.67	%		110,332				185,290
Indeck Niles Development, LLC		Holding company			USA				50.00	%		249,274				249,157
Saemangeum Sebit Power Plant Co., Ltd. (*7)		Power generation			Korea				55.14	%		21,037				37,858
PT. Cirebon Energi Prasarana (*8)		Power generation			Indonesia				10.00	%		26,710				101,435
Sinan Ui Offshore Wind Power Co., Ltd.		Power generation			Korea				31.40	%		96,100				96,100
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)												259,509				330,480

												3,502,289				7,167,996

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Investees		Key operation activities		Location		Percentage<br>of ownership			Acquisitioncost				Book<br>value
<Joint ventures>
Naepo Green Energy Co., Ltd.(*17)		Power generation		Korea			29.20	%	~~W~~	29,200				65,673
OneEnergy Asia Limited		Power generation		Vietnam			40.00	%		296,872				531,419
Prime Swedish Holding AB		Holding company		Sweden			45.00	%		35,410				38,732
Namyangju Combined Heat and Power Co., Ltd. (*14)		Generating and distributing vapor and hot/cold water		Korea			70.10	%		149,313				146,939
Trumbull Development Partners, LLC (*15)		Holding company		USA			56.23	%		442,880				482,194
Grove Energy Capital IV, LLC (*18)		Holding company		USA			16.00	%		58,900				56,734
Others (Dangjin Eco Power Co., Ltd. and 95 others)										681,868				687,049

										5,015,393				6,866,488

									~~W~~	8,517,682				14,034,484

(*1)	The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.
---	---
(*2)	The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to<br>make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The<br>Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
---	---
(*3)	The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by<br>virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.
---	---
(*4)	The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or<br>proceeds of sales are not specified as of March 31, 2026.
---	---
(*5)	The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred<br>stock into ordinary stock.
---	---
(*6)	The effective percentage of ownership is more than 50% but the Group does not hold control over the entity<br>according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
---	---
(*7)	The effective percentage of ownership is more than 50% but the Group does not hold control over relevant<br>business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
---	---
(*8)	The effective percentage of ownership is less than 20%. However, the entity is classified as an associate<br>because the Group exercises significant influence over the critical decisions related to finance and operation.
---	---
(*9)	The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
---	---
(*10)	The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement,<br>all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.<br>
---	---
(*11)	The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*12)	The nominal percentage of ownership in Daegu Green Power Co., Ltd. is 29.00%. The Group’s effective<br>percentage of ownership is 54.24%, considering the interest of financial investors among the shareholders’ equity as a liability component. In addition, the entity is classified as a joint venture, considering the minimum voting rights<br>required by the board of directors for critical financial and operating policy decisions under the shareholders’ joint agreement.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are asfollows, continued:
---	---
(*13)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture because decisions on relevant activities require the unanimous consent of all parties.
---	---
(*14)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.
---	---
(*15)	Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint<br>venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.
---	---
(*16)	The nominal percentage of ownership in Shin Pyeongtaek Power Co., Ltd. is 48.6%, while the effective percentage<br>of ownership, considering the redeemable convertible preferred stock, is 40%.
---	---
(*17)	Although the Group holds less than 50% of the equity interest, the investee has been classified as a joint<br>venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.
---	---
(*18)	Although the Group’s effective percentage of ownership is less than 50%, the entity is classified as a<br>joint venture because decisions on relevant activities require the unanimous consent of all parties.
---	---
(*19)	The Group’s ownership interest was changed during the three-month period ended March 31, 2026, as a<br>result of a disproportionate capital contribution by a financial investor.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees		Key operation activities		Location				Percentage<br>of ownership			Acquisitioncost				Book<br>value
<Associates>
Korea Gas Corporation (*1)		Importing and wholesaling LNG			Korea				20.47	%	~~W~~	94,500				2,283,535
Hyundai Green Power Co., Ltd.		Power generation equipment consignment and operation service			Korea				29.00	%		88,885				86,549
Korea Power Exchange (*2)		Management of power market and others			Korea				100.00	%		127,839				262,069
Daeryun Power Co., Ltd.(*3)		Power generation			Korea				6.85	%		46,373				34,475
SPC Power Corporation (*4)		Power generation			Philippines				38.00	%		20,635				107,067
Gemeng International Energy Co., Ltd.		Power generation			China				42.00	%		516,007				812,292
PT. Cirebon Electric Power		Power generation			Indonesia				27.50	%		40,365				162,112
PT Wampu Electric Power		Power generation			Indonesia				46.00	%		21,292				36,516
PT. Bayan Resources TBK		Resources development			Indonesia				20.00	%		615,860				731,714
S-Power Co., Ltd.		Power generation			Korea				49.00	%		132,300				200,335
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		Power generation			Laos				25.00	%		87,426				65,612
Goseong Green Power Co., Ltd.		Power generation			Korea				29.00	%		262,740				276,085
Gangneung Eco Power Co., Ltd.		Power generation			Korea				29.00	%		261,000				227,683
Shin Pyeongtaek Power Co., Ltd.(*16)		Power generation			Korea				48.60	%		72,000				148,586
Dongducheon Dream Power Co., Ltd. (*5)		Power generation			Korea				33.61	%		148,105				102,321
GS Donghae Electric Power Co., Ltd.		Power generation			Korea				34.00	%		204,000				286,796
Nepal Water & Energy Development Company Private Limited (*6, 18)		Construction and operation of utility plant			Nepal				66.10	%		110,332				192,705
Indeck Niles Development, LLC		Holding company			USA				50.00	%		249,274				363,675
Saemangeum Sebit Power Plant Co., Ltd. (*7)		Power generation			Korea				55.14	%		21,037				37,662
PT. Cirebon Energi Prasarana (*8)		Power generation			Indonesia				10.00	%		26,710				94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)												261,969				339,662

												3,408,649				6,851,456

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees		Key operation activities		Location			Percentage<br>of ownership			Acquisitioncost				Book<br>value
<Joint ventures>
Naepo Green Energy Co., Ltd.(*17)		Power generation			Korea			29.20	%	~~W~~	29,200				59,242
OneEnergy Asia Limited		Power generation			Vietnam			40.00	%		296,872				494,403
Prime Swedish Holding AB		Holding company			Sweden			45.00	%		35,410				38,664
Namyangju Combined Heat and Power Co., Ltd. (*14)		Generating and distributing vapor and hot/cold water			Korea			70.10	%		149,313				147,146
Trumbull Development Partners, LLC (*15)		Holding company			USA			56.23	%		415,467				439,268
Others (Dangjin Eco Power Co., Ltd. and 95 others)											703,432				721,921

											4,950,644				6,512,332

										~~W~~	8,359,293				13,363,788

(*1)	The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.
---	---
(*2)	The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to<br>make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The<br>Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
---	---
(*3)	The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by<br>virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.
---	---
(*4)	The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or<br>proceeds of sales are not specified as of December 31, 2025.
---	---
(*5)	The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred<br>stock into ordinary stock.
---	---
(*6)	The effective percentage of ownership is more than 50% but the Group does not hold control over the entity<br>according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
---	---
(*7)	The effective percentage of ownership is more than 50% but the Group does not hold control over relevant<br>business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
---	---
(*8)	The effective percentage of ownership is less than 20%. However, the entity is classified as an associate<br>because the Group exercises significant influence over the critical decisions related to finance and operation.
---	---
(*9)	The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
---	---
(*10)	The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement,<br>all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.<br>
---	---
(*11)	The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*12)	The nominal percentage of ownership in Daegu Green Power Co., Ltd. is 29.00%. The Group’s effective<br>percentage of ownership is 54.24%, considering the interest of financial investors among the shareholders’ equity as a liability component. In addition, the entity is classified as a joint venture, considering the minimum voting rights<br>required by the board of directors for critical financial and operating policy decisions under the shareholders’ joint agreement.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2026 and December 31, 2025 are asfollows, continued:
---	---
(*13)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture because decisions on relevant activities require the unanimous consent of all parties.
---	---
(*14)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.
---	---
(*15)	Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint<br>venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.
---	---
(*16)	The nominal percentage of ownership in Shin Pyeongtaek Power Co., Ltd. is 48.6%, while the effective percentage<br>of ownership, considering the redeemable convertible preferred stock, is 40%.
---	---
(*17)	Although the Group holds less than 50% of the equity interest, the investee has been classified as a joint<br>venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.
---	---
(*18)	During the period ended December 31, 2025, the Company’s ownership interest in the entity changed due<br>to a disproportionate capital increase by the financial investors.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(2)	The fair values of investments in associates which are actively traded in an open market as ofMarch 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
Investees		As of March 31,<br>2026				As of December 31,<br>2025
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		~~W~~	169,416				98,511
Korea Gas Corporation			660,555				742,770
SPC Power Corporation			141,570				134,901
PT. Bayan Resources TBK			6,845,850				8,959,467

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026and for the year ended December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three-month period endedMarch 31, 2026
Investees		Beginningbalance				Acquisition			Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehen-sive income(loss)			Others			Endingbalance
<Associates>
Korea Gas Corporation		~~W~~	2,283,535				—			—			(21,811	)		118,837			24,924			723			2,406,208
Hyundai Green Power Co., Ltd.			86,549				—			—			(3,555	)		75			—			—			83,069
Korea Power Exchange			262,069				—			—			—			6,881			—			—			268,950
Daeryun Power Co., Ltd.			34,475				—			—			—			2,310			—			(1	)		36,784
SPC Power Corporation			107,067				—			—			—			2,734			2,387			—			112,188
Gemeng International Energy Co., Ltd.			812,292				—			—			—			31,663			58,233			—			902,188
PT. Cirebon Electric Power			162,112				—			—			—			1,574			8,921			—			172,607
PT Wampu Electric Power			36,516				—			—			(2,022	)		254			1,939			—			36,687
PT. Bayan Resources TBK			731,714				—			—			—			38,783			42,214			(29	)		812,682
S-Power Co., Ltd.			200,335				—			—			—			7,886			—			—			208,221
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.			65,612				—			—			—			5,693			3,388			—			74,693
Goseong Green Power Co., Ltd.			276,085				—			—			—			7,905			—			—			283,990
Gangneung Eco Power Co., Ltd.			227,683				—			—			—			2,085			—			—			229,768
Shin Pyeongtaek Power Co., Ltd.			148,586				—			—			(8,000	)		1,020			—			—			141,606
Dongducheon Dream Power Co., Ltd.			102,321				—			—			—			4,879			—			—			107,200
GS Donghae Electric Power Co., Ltd.			286,796				—			—			—			4,039			—			—			290,835
Nepal Water & Energy Development Company Private Limited			192,705				—			—			—			(17,766	)		10,351			—			185,290
Indeck Niles Development, LLC			363,675				—			—			(134,354	)		18,907			918			11			249,157
Saemangeum Sebit Power Plant Co., Ltd.			37,662				—			—			—			196			—			—			37,858
PT. Cirebon Energi Prasarana			94,005				—			—			—			1,575			5,855			—			101,435
Sinan Ui Offshore Wind Power Co., Ltd.			—				96,100			—			—			—			—			—			96,100
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)			339,662				—			(2,459	)		(18,807	)		5,470			6,986			(372	)		330,480

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026and for the year ended December 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three-month period endedMarch 31, 2026
Investees		Beginningbalance				Acquisition			Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehen-sive income(loss)			Others			Endingbalance
<Joint ventures>
Naepo Green Energy Co., Ltd.		~~W~~	59,242				—			—			(11,972	)		18,403			—			—			65,673
OneEnergy Asia Limited			494,403				—			—			—			8,692			28,324			—			531,419
Prime Swedish Holding AB			38,664				—			—			—			(966	)		1,034			—			38,732
Namyangju Combined Heat and Power Co., Ltd.			147,146				—			—			—			(207	)		—			—			146,939
Trumbull Development Partners, LLC			439,268				27,413			—			—			(10,955	)		26,468			—			482,194
Grove Energy Capital IV, LLC			—				58,900			—			—			(3,157	)		991			—			56,734
Others (Dangjin Eco Power Co., Ltd. and 95 others)			721,921				9,053			(1,715	)		(15,117	)		(1,994	)		10,773			(35,872	)		687,049

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026and for the year ended December 31, 2025 are as follows, continued:
---	---
In millions of won ****
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees		Beginningbalance				Acquisition			Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehen-sive income(loss)			Others			Endingbalance
<Associates>
Korea Gas Corporation		~~W~~	2,289,304				—			—			(27,500	)		28,811			(5,964	)		(1,116	)		2,283,535
Hyundai Green Power Co., Ltd.			87,393				—			—			(3,555	)		2,678			—			33			86,549
Korea Power Exchange			273,962				—			—			—			(5,173	)		—			(6,720	)		262,069
Daeryun Power Co., Ltd.			31,093				—			—			—			3,381			—			1			34,475
SPC Power Corporation			107,574				—			—			(16,876	)		20,767			(4,398	)		—			107,067
Gemeng International Energy Co., Ltd.			728,338				—			—			(19,510	)		87,732			15,732			—			812,292
PT. Cirebon Electric Power			157,530				—			—			—			8,270			(3,688	)		—			162,112
PT Wampu Electric Power			39,268				—			—			(3,928	)		1,699			(523	)		—			36,516
PT. Bayan Resources TBK			717,376				—			—			(109,528	)		142,742			(18,784	)		(92	)		731,714
S-Power Co., Ltd.			180,372				—			—			—			19,962			1			—			200,335
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.			73,065				—			—			—			(4,845	)		(2,608	)		—			65,612
Goseong Green Power Co., Ltd.			284,542				—			—			—			(8,457	)		—			—			276,085
Gangneung Eco Power Co., Ltd.			241,814				—			—			—			(14,131	)		—			—			227,683
Shin Pyeongtaek Power Co., Ltd.			139,059				—			—			—			9,523			—			4			148,586
Dongducheon Dream Power Co., Ltd.			91,351				—			—			—			10,975			—			(5	)		102,321
GS Donghae Electric Power Co., Ltd.			279,432				—			—			(12,029	)		19,675			—			(282	)		286,796
Nepal Water & Energy Development Company Private Limited			170,955				—			—			—			25,028			(3,278	)		—			192,705
Indeck Niles Development, LLC			370,970				—			—			(37,126	)		60,484			(30,653	)		—			363,675
Saemangeum Sebit Power Plant Co., Ltd.			37,110				—			—			—			552			—			—			37,662
PT. Cirebon Energi Prasarana			96,846				—			—			—			3,341			(6,182	)		—			94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)			307,400				15,109			(1,791	)		(15,384	)		32,434			11			1,883			339,662

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026and for the year ended December 31, 2025 are as follows, continued:
---	---
In millions of won ****
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees		Beginningbalance				Acquisition			Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehen-sive income(loss)			Others			Endingbalance
<Joint ventures>
Naepo Green Energy Co., Ltd.		~~W~~	48,031				—			—			(13,432	)		24,643			—			—			59,242
OneEnergy Asia Limited			465,349				38,861			—			—			26,030			(35,837	)		—			494,403
Prime Swedish Holding AB			37,559				—			—			(203	)		(2,301	)		3,609			—			38,664
Namyangju Combined Heat and Power Co., Ltd.			51,768				95,336			—			—			36			6			—			147,146
Trumbull Development Partners, LLC			355,379				110,631			—			—			(11,696	)		(15,046	)		—			439,268
Others (Dangjin Eco Power Co., Ltd. and 98 others)			692,781				52,542			(11,708	)		(18,271	)		19,587			(23,183	)		10,173			721,921

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for the three-month periodended March 31, 2026 and for the year ended December 31, 2025 is as follows:
---	---
In millions of won ****
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2026
Investees		Total assets				Totalliabilities			Sales			Profit(loss) for<br>the period
<Associates>
Korea Gas Corporation		~~W~~	53,636,449				42,271,503			11,802,205			548,328
Hyundai Green Power Co., Ltd.			647,579				258,927			26,219			2,447
Korea Power Exchange			354,990				86,040			34,294			7,222
Daeryun Power Co., Ltd.			1,154,897				605,945			157,184			31,490
SPC Power Corporation			307,945				12,712			10,443			7,291
Gemeng International Energy Co., Ltd.			8,953,624				5,821,716			804,156			59,546
PT. Cirebon Electric Power			744,680				117,018			76,089			5,724
PT Wampu Electric Power			189,907				110,152			746			552
PT. Bayan Resources TBK			5,114,583				934,079			1,203,849			279,539
S-Power Co., Ltd.			679,406				252,547			178,269			16,038
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.			1,587,685				1,145,567			52,631			13,631
Goseong Green Power Co., Ltd.			4,869,586				3,854,971			319,869			27,566
Gangneung Eco Power Co., Ltd.			5,340,918				4,678,100			178,722			(11,515	)
Shin Pyeongtaek Power Co., Ltd.			1,017,829				639,625			132,954			2,136
Dongducheon Dream Power Co., Ltd.			1,328,071				976,806			257,712			11,100
GS Donghae Electric Power Co., Ltd.			1,807,724				952,328			135,820			11,877
Nepal Water & Energy Development Company Private Limited			904,979				573,393			10,236			(9,676	)
Indeck Niles Development, LLC			1,275,083				991,302			—			38,550
Saemangeum Sebit Power Plant Co., Ltd.			142,099				73,600			5,135			357
PT. Cirebon Energi Prasarana			3,739,814				2,725,466			135,724			15,748
Sinan Ui Offshore Wind Power Co., Ltd.			330,268				29,325			—			—
<Joint ventures>
Shuweihat Asia Power Investment B.V.			181,285				184			—			(15	)
KEPCO SPC Power Corporation			230,438				24,523			36,562			644
Datang Chifeng Renewable Power Co., Ltd.			883,505				308,275			32,828			7,515
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			193,259				59,393			8,295			1,499
Rabigh Electricity Company			2,565,726				1,704,789			90,691			10,784
Jamaica Public Service Company Limited			2,902,025				1,847,257			352,280			9,371
Amman Asia Electric Power Company			784,685				291,767			14,802			9,613
Chun-cheon Energy Co., Ltd.			515,232				388,928			96,455			2,962
Nghi Son 2 Power LLC			4,436,329				3,194,120			221,178			34,673
Kelar S.A.			717,669				467,160			28,855			4,986
PT. Tanjung Power Indonesia			756,245				454,290			28,363			5,851
Barakah One Company			46,301,163				37,946,132			4,437,406			6,645
Daegu Green Power Co., Ltd.			470,420				371,185			81,727			4,238
Yeonggwang Wind Power Co., Ltd.			208,437				144,143			8,719			2,572
South Jamaica Power Company Limited			538,627				278,063			75,621			5,932
RE Holiday Holdings LLC			341,698				178,108			19,860			(13,922	)
RE Pioneer Holdings LLC			259,675				161,287			13,476			(12,590	)
RE Barren Ridge 1 Holdings LLC			212,930				99,251			15,854			(3,775	)
Solar Philippines Calatagan Corporation			169,442				47,145			5,839			3,791
PT Barito Wahana Tenaga			808,208				—			—			47,160
Cheongna Energy Co., Ltd.			504,263				353,265			70,402			19,474
Naepo Green Energy Co., Ltd.			777,733				564,610			115,304			32,808
OneEnergy Asia Limited			3,880,955				2,616,189			81,857			21,679
Prime Swedish Holding AB			151,633				69,305			3,033			(2,148	)
Namyangju Combined Heat and Power Co., Ltd.			211,655				2,316			—			(295	)
Trumbull Development Partners, LLC			1,944,994				1,182,830			54,065			(19,178	)
Grove Energy Capital IV, LLC			216,145				681			(18,197	)		(19,723	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for the three-month periodended March 31, 2026 and for the year ended December 31, 2025 is as follows, continued:
---	---
In millions of won ****
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Investees		Total assets				Totalliabilities			Sales			Profit (loss) for<br>the period
<Associates>
Korea Gas Corporation		~~W~~	53,627,847				42,828,922			35,727,336			132,251
Hyundai Green Power Co., Ltd.			656,989				256,336			111,887			9,787
Korea Power Exchange			350,477				88,408			126,117			2,817
Daeryun Power Co., Ltd.			1,102,566				587,322			393,540			48,372
SPC Power Corporation			313,540				31,783			73,796			55,063
Gemeng International Energy Co., Ltd.			8,504,351				5,688,462			3,149,333			222,146
PT. Cirebon Electric Power			724,772				135,272			304,258			30,071
PT Wampu Electric Power			190,896				111,514			19,113			3,694
PT. Bayan Resources TBK			4,842,617				1,149,228			4,874,768			1,118,309
S-Power Co., Ltd.			664,275				253,454			660,755			40,452
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.			1,533,443				1,127,607			213,673			(23,055	)
Goseong Green Power Co., Ltd.			4,953,795				3,966,676			1,307,686			(17,519	)
Gangneung Eco Power Co., Ltd.			5,413,851				4,752,300			932,084			(27,205	)
Shin Pyeongtaek Power Co., Ltd.			1,021,409				625,341			697,349			22,149
Dongducheon Dream Power Co., Ltd.			1,266,052				928,870			1,123,208			31,456
GS Donghae Electric Power Co., Ltd.			1,794,220				950,702			544,701			57,866
Nepal Water & Energy Development Company Private Limited			868,222				578,041			146,768			25,127
Indeck Niles Development, LLC			1,208,801				685,577			456,748			123,823
Saemangeum Sebit Power Plant Co., Ltd.			143,281				75,139			20,428			1,003
PT. Cirebon Energi Prasarana			3,650,107				2,710,061			525,647			33,411
<Joint ventures>
Shuweihat Asia Power Investment B.V.			167,992				177			—			(405	)
KEPCO SPC Power Corporation			234,570				35,498			159,381			10,392
Datang Chifeng Renewable Power Co., Ltd.			827,575				297,251			111,688			13,150
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			179,775				56,023			27,350			986
Rabigh Electricity Company			2,473,573				1,667,517			367,680			66,776
Jamaica Public Service Company Limited			2,903,070				1,910,042			1,530,704			41,735
Amman Asia Electric Power Company			758,903				300,985			30,651			29,223
Chun-cheon Energy Co., Ltd.			499,150				375,580			363,995			325
Nghi Son 2 Power LLC			4,243,607				3,110,208			824,849			87,686
Kelar S.A.			678,813				448,065			114,267			15,295
PT. Tanjung Power Indonesia			695,407				414,774			105,871			20,516
Barakah One Company			45,516,321				37,236,879			2,373,596			171,548
Daegu Green Power Co., Ltd.			450,953				356,158			258,151			1,309
Yeonggwang Wind Power Co., Ltd.			210,262				147,728			31,232			7,664
South Jamaica Power Company Limited			522,505				279,114			287,408			22,842
RE Holiday Holdings LLC			334,702				173,439			16,417			(7,622	)
RE Pioneer Holdings LLC			251,486				153,824			14,708			(7,711	)
RE Barren Ridge 1 Holdings LLC			206,966				97,315			12,685			(1,673	)
Solar Philippines Calatagan Corporation			162,588				46,665			22,752			11,978
PT Barito Wahana Tenaga			737,706				—			—			100,948
Cheongna Energy Co., Ltd.			495,919				364,410			160,101			43,278
Naepo Green Energy Co., Ltd.			759,180				568,084			427,122			80,207
OneEnergy Asia Limited			3,529,252				2,357,026			139,025			61,186
Prime Swedish Holding AB			151,330				69,152			10,691			(5,114	)
Namyangju Combined Heat and Power Co., Ltd.			211,193				1,559			—			51
Trumbull Development Partners, LLC			1,812,101				1,121,329			10,137			(20,709	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of March 31, 2026 and December 31, 2025 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets		Investment<br>differential			Intercompany<br>transaction			Others			Book value
<Associates>
Korea Gas Corporation	~~W~~	11,364,946			21.66	%		2,461,647		—			—			(55,439	)		2,406,208
Hyundai Green Power Co., Ltd.		388,652			29.00	%		112,709		—			—			(29,640	)		83,069
Korea Power Exchange		268,950			100.00	%		268,950		—			—			—			268,950
Daeryun Power Co., Ltd.		548,952			6.85	%		37,604		—			—			(820	)		36,784
SPC Power Corporation		295,233			38.00	%		112,188		—			—			—			112,188
Gemeng International Energy Co., Ltd.		3,131,908			42.00	%		1,315,402		—			—			(413,214	)		902,188
PT. Cirebon Electric Power		627,662			27.50	%		172,607		—			—			—			172,607
PT Wampu Electric Power		79,755			46.00	%		36,687		—			—			—			36,687
PT. Bayan Resources TBK		4,180,504			20.00	%		836,101		52,961			—			(76,380	)		812,682
S-Power Co., Ltd.		426,859			49.00	%		209,161		(940	)		—			—			208,221
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		442,118			25.00	%		110,530		305			(895	)		(35,247	)		74,693
Goseong Green Power Co., Ltd.		1,014,615			29.00	%		294,238		—			(10,248	)		—			283,990
Gangneung Eco Power Co., Ltd.		662,818			29.00	%		192,217		44,798			(7,247	)		—			229,768
Shin Pyeongtaek Power Co., Ltd.		378,204			40.00	%		151,282		3,559			(13,235	)		—			141,606
Dongducheon Dream Power Co., Ltd.		351,265			34.01	%		119,465		1,757			(1,440	)		(12,582	)		107,200
GS Donghae Electric Power Co., Ltd.		855,396			34.00	%		290,835		—			—			—			290,835
Nepal Water & Energy Development Company Private Limited		331,586			55.67	%		184,585		705			—			—			185,290
Indeck Niles Development, LLC		283,781			50.00	%		141,891		102,643			—			4,623			249,157
Saemangeum Sebit Power Plant Co., Ltd.		68,499			55.00	%		37,676		182			—			—			37,858
PT. Cirebon Energi Prasarana		1,014,348			10.00	%		101,435		—			—			—			101,435
Sinan Ui Offshore Wind Power Co., Ltd.		300,943			31.40	%		94,496		—			—			1,604			96,100
<Joint ventures>
Shuweihat Asia Power Investment B.V.		181,101			49.00	%		88,741		—			—			—			88,741
KEPCO SPC Power Corporation		205,915			60.00	%		123,549		—			—			—			123,549
Datang Chifeng Renewable Power Co., Ltd.		575,230			40.00	%		230,092		—			—			—			230,092
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		133,866			40.00	%		53,546		—			—			—			53,546
Rabigh Electricity Company		860,937			40.00	%		344,375		—			(34,578	)		(805	)		308,992
Jamaica Public Service Company Limited		1,054,768			40.00	%		421,907		29,357			—			(13,466	)		437,798
Amman Asia Electric Power Company		492,918			60.00	%		295,751		—			—			—			295,751
Chun-cheon Energy Co., Ltd.		126,304			29.90	%		37,765		3			—			(248	)		37,520
Nghi Son 2 Power LLC		1,242,209			50.00	%		621,104		—			—			—			621,104
Kelar S.A.		250,509			65.00	%		162,830		3,489			—			—			166,319
PT. Tanjung Power Indonesia		301,955			35.00	%		105,684		—			—			—			105,684
Barakah One Company		8,355,031			18.00	%		1,503,906		—			198,521			—			1,702,427
Daegu Green Power Co., Ltd.		99,235			54.24	%		53,825		84			—			(20,381	)		33,528
Yeonggwang Wind Power Co., Ltd.		64,294			46.00	%		29,576		492			—			—			30,068
South Jamaica Power Company Limited		260,564			20.00	%		52,112		—			—			(3	)		52,109
RE Holiday Holdings LLC		163,590			50.00	%		81,795		—			—			—			81,795
RE Pioneer Holdings LLC		98,388			50.00	%		49,194		—			—			—			49,194
RE Barren Ridge 1 Holdings LLC		113,679			50.00	%		56,840		—			—			—			56,840
Solar Philippines Calatagan Corporation		122,297			38.00	%		46,473		—			—			11,196			57,669
PT Barito Wahana Tenaga		808,208			30.61	%		247,411		—			—			—			247,411
Cheongna Energy Co., Ltd.		150,998			50.10	%		75,649		3,137			(1,175	)		—			77,611
Naepo Green Energy Co., Ltd.		213,123			29.20	%		62,231		—			—			3,442			65,673
OneEnergy Asia Limited		1,264,766			40.00	%		505,907		25,512			—			—			531,419
Prime Swedish Holding AB		82,328			45.00	%		37,048		1,684			—			—			38,732
Namyangju Combined Heat and Power Co., Ltd.		209,339			70.10	%		146,747		192			—			—			146,939
Trumbull Development Partners, LLC		762,164			56.23	%		428,565		53,629			—			—			482,194
Grove Energy Capital IV, LLC		215,464			16.00	%		34,474		22,260			—			—			56,734
(*)	The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks<br>and others.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of March 31, 2026 and December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets		Investment<br>differential		Intercompany<br>transaction			Others			Book value
<Associates>
Korea Gas Corporation	~~W~~	10,798,925			21.66	%		2,339,047		—		—			(55,512	)		2,283,535
Hyundai Green Power Co., Ltd.		400,653			29.00	%		116,189		—		—			(29,640	)		86,549
Korea Power Exchange		262,069			100.00	%		262,069		—		—			—			262,069
Daeryun Power Co., Ltd.		515,244			6.85	%		35,295		—		—			(820	)		34,475
SPC Power Corporation		281,757			38.00	%		107,067		—		—			—			107,067
Gemeng International Energy Co., Ltd.		2,815,889			42.00	%		1,182,674		—		—			(370,382	)		812,292
PT. Cirebon Electric Power		589,500			27.50	%		162,112		—		—			—			162,112
PT Wampu Electric Power		79,382			46.00	%		36,516		—		—			—			36,516
PT. Bayan Resources TBK		3,693,389			20.00	%		738,678		69,416		—			(76,380	)		731,714
S-Power Co., Ltd.		410,821			49.00	%		201,302		—		(967	)		—			200,335
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		405,836			25.00	%		101,459		305		(905	)		(35,247	)		65,612
Goseong Green Power Co., Ltd.		987,119			29.00	%		286,264		—		(10,179	)		—			276,085
Gangneung Eco Power Co., Ltd.		661,551			29.00	%		191,850		45,212		(9,379	)		—			227,683
Shin Pyeongtaek Power Co., Ltd.		396,068			40.00	%		158,428		3,559		(13,401	)		—			148,586
Dongducheon Dream Power Co., Ltd.		337,182			34.01	%		114,675		1,757		(1,529	)		(12,582	)		102,321
GS Donghae Electric Power Co., Ltd.		843,518			34.00	%		286,796		—		—			—			286,796
Nepal Water & Energy Development Company Private Limited		290,181			66.12	%		191,868		837		—			—			192,705
Indeck Niles Development, LLC		523,224			50.00	%		261,613		97,643		—			4,419			363,675
Saemangeum Sebit Power Plant Co., Ltd.		68,142			55.00	%		37,480		182		—			—			37,662
PT. Cirebon Energi Prasarana		940,046			10.00	%		94,005		—		—			—			94,005
<Joint ventures>
Shuweihat Asia Power Investment B.V.		167,815			49.00	%		82,230		—		—			—			82,230
KEPCO SPC Power Corporation		199,072			60.00	%		119,443		—		—			—			119,443
Datang Chifeng Renewable Power Co., Ltd.		530,324			40.00	%		212,130		—		—			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		123,752			40.00	%		49,501		—		—			—			49,501
Rabigh Electricity Company		806,056			40.00	%		322,423		—		(35,813	)		(805	)		285,805
Jamaica Public Service Company Limited		993,028			40.00	%		397,211		29,357		—			(14,291	)		412,277
Amman Asia Electric Power Company		457,918			60.00	%		274,751		—		—			—			274,751
Chun-cheon Energy Co., Ltd.		123,570			29.90	%		36,948		3		—			(248	)		36,703
Nghi Son 2 Power LLC		1,133,399			50.00	%		566,700		—		—			—			566,700
Kelar S.A.		230,748			65.00	%		149,986		3,308		—			—			153,294
PT. Tanjung Power Indonesia		280,633			35.00	%		98,221		—		—			—			98,221
Barakah One Company		8,279,442			18.00	%		1,490,300		—		182,207			—			1,672,507
Daegu Green Power Co., Ltd.		94,795			54.24	%		51,416		84		—			(20,381	)		31,119
Yeonggwang Wind Power Co., Ltd.		62,534			46.00	%		28,766		492		—			—			29,258
South Jamaica Power Company Limited		243,391			20.00	%		48,678		—		—			(3	)		48,675
RE Holiday Holdings LLC		161,263			50.00	%		80,631		—		—			—			80,631
RE Pioneer Holdings LLC		97,662			50.00	%		48,831		—		—			—			48,831
RE Barren Ridge 1 Holdings LLC		109,651			50.00	%		54,825		—		—			—			54,825
Solar Philippines Calatagan Corporation		115,923			38.00	%		44,050		—		—			17,063			61,113
PT Barito Wahana Tenaga		737,706			30.61	%		225,828		—		—			—			225,828
Cheongna Energy Co., Ltd.		131,509			50.10	%		65,886		3,137		(1,177	)		—			67,846
Naepo Green Energy Co., Ltd.		191,096			29.20	%		55,800		—		—			3,442			59,242
OneEnergy Asia Limited		1,172,226			40.00	%		468,891		25,512		—			—			494,403
Prime Swedish Holding AB		82,178			45.00	%		36,980		1,684		—			—			38,664
Namyangju Combined Heat and Power Co., Ltd.		209,634			70.10	%		146,953		193		—			—			147,146
Trumbull Development Partners, LLC		690,772			56.23	%		388,421		50,847		—			—			439,268
(*)	The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks<br>and others.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(6)	The share of losses of associates and joint ventures that has not been recognized due to the discontinuationof loss recognition as of March 31, 2026 and December 31, 2025 is as follows:
---	---
In millions of won		As of March 31, 2026						As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
		Unrecognizedequity interest			Accumulated<br>unrecognizedequity interest			Unrecognizedequity interest			Accumulated<br>unrecognizedequity interest
Boim Combined Heat and Power Generation Co., Ltd.		~~W~~	(2,938	)		28,179			2,394			31,117
Samcheok Eco Materials Co., Ltd.			(27	)		5,294			(5	)		5,321
Barakah One Company			—			—			(174,713	)		—
KAPES, Inc.			944			11,752			6,877			10,808
ITR Co., Ltd.			16			17			(14	)		1
SEP Co., Ltd.			—			15			—			15
Noeul Green Energy Co., Ltd.			(526	)		1,875			(1,434	)		2,401
PlatformN. Co., Ltd.			—			20			2			20
KEPCO KPS CARABAO Corp.			5			181			(68	)		176
Bitsolar Energy Co., Ltd.			69			1,689			356			1,620
Green Energy Electricity Generation Co., Ltd.			—			—			(396	)		—
O2&B Global Co., Ltd.			2			22			14			20
Pulau Indah O&M Sdn. Bhd.			—			—			(1	)		—
Foresight Iberian Solar Group Holding, S.L. (*2)			(382	)		9,420			5,407			9,802
Green Radiation Co., Ltd.,			—			—			(11	)		—
Hoenggye Renewable Energy Co., Ltd.,			—			—			(266	)		—
CapMan Lynx SCA, SICAR (*1)			—			—			(31,090	)		—
G.GURU Co., Ltd.			1			3			2			2
International Offshore Power Transmission Holding Company Limited			(76	)		—			76			76
Jeju Gimnyeong Wind Power Co., Ltd.			(76	)		—			76			76
Korea Energy Data Co., Ltd.			(8	)		—			8			8
Wadi Noor Solar Power Company SAOC			5,568			6,279			711			711
Jaeun Resident Wind Power Plant Co., Ltd.			(390	)		369			759			759
Lucy Equity Holdings, LLC			6,725			10,263			3,538			3,538
Remal First Holding Company			(508	)		7,024			7,532			7,532
Naseem First Holding Company			(1,099	)		7,071			8,170			8,170
KNOC Nigerian East Oil Co., Ltd. (*2)			758			14,605			(333	)		13,847
KNOC Nigerian West Oil Co., Ltd. (*2)			707			13,439			(306	)		12,732
Siraj AlTaqa AlNazifa			195			195			—			—
Luluah SKY Energy Holding Ltd.			37			37			—			—
(*1)	Liquidated during the prior period.
---	---
(*2)	Further share of losses exceeding the carrying amount of the investment is recognized against other long-term<br>interests, such as loans, that in substance form part of the net investment in the entity.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of March 31, 2026, shareholders’ agreements on investments in associates and joint venturesthat may cause future economic resource or cash outflows are as follows:
---	---
(i)	Taebaek Wind Power Co., Ltd.
---	---

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

(ii)	Pyeongchang Wind Power Co., Ltd.

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

(iii)	Daeryun Power Co., Ltd.

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

(iv)	Daegu Green Power Co., Ltd.

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

(v)	Yeonggwang Wind Power Co., Ltd.

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

(vi)	Omisan Wind Power Co., Ltd.

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

(vii)	Geumsungsan Wind Power Co., Ltd.

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

(viii)	Seokmun Green Energy

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

(ix)	Taebaek Guinemi Wind Power Co., Ltd.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of March 31, 2026, shareholders’ agreements on investments in associates and joint venturesthat may cause future economic resource or cash outflows are as follows, continued:
---	---
(x)	HORANG ENERGY Inc.
---	---

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

(xi)	Namyangju Combined Heat and Power Co., Ltd.

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

(xii)	Jeongeup Green Power Co., Ltd.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates and joint ventures as of as ofMarch 31, 2026 are as follows:
---	---
Company		Nature and extent of any significantrestrictions
---	---	---
Daegu Green Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of<br>financial institutions.
Pyeongchang Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or<br>partially transferred without prior written consent of the financial institutions.
Daeryun Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial<br>institutions.
KNH Solar Co., Ltd.		Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.
Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Naepo Green Energy Co., Ltd.		Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior<br>consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary<br>due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.
Solaseado Solar Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other<br>stakeholders including shareholders and financial institutions.
Samcheok Eco Materials Co., Ltd.		Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.
Taebaek Guinemi Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the<br>financial institutions.
Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Diego de Almagro Solar SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar I SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Kelar S.A.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
GS Donghae Electric Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.
Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written<br>consent of financial institutions is obtained.
Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31,2026 are as follows, continued:
---	---
Company		Nature and extent of any significantrestrictions
---	---	---
Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and<br>interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Daesan Green Energy Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Taebaek Gadeoksan Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests<br>on subordinated loans can only be paid when prior written consent of financial institutions is obtained.
Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Omisan Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Shares cannot be wholly or<br>partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, or Unison Co., Ltd. shall not transfer their shares to<br>others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party become less than 10% of outstanding shares after the transfer, it also<br>requires the written consent from the other party.
Yangyang Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Busan Industrial Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Geumsungsan Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the<br>third party in a way not permitted in the financial documents without prior written consent of an agent bank.
KPE green energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Cheongju Eco Park Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial<br>institutions is obtained.
Goheung New Energy Co., Ltd.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is<br>obtained.
Seokmun Green Energy		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Trumbull Asset Management, LLC		Shares cannot be either wholly or partially transferred without the consent of the stakeholders.
HORANG ENERGY Inc.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be<br>transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.
Yanggu Floating Photovoltaic Power Plant Inc.		Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is<br>obtained.
Hoenggye Renewable Energy Co., Ltd.		Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.
Dongducheon Dream Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the<br>financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31,2026 are as follows, continued:
---	---
Company		Nature and extent of any significantrestrictions
---	---	---
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.
Shin Pyeongtaek Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Seoroseoro Sunny Power Plant Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Anjwa Smart Farm & Solar City Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Muan Solar Park Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
YuDang Solar Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Haemodum Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or<br>partially transferred without prior written consent of the financial institutions.
Cheongna Energy Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the<br>financial institutions.
Hapcheon Floating Photovoltaic Power Plant Inc.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Yeongwol Eco Wind Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Gurae Resident Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Gunsan Land Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially<br>transferred without prior written consent of the financial institutions. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.
Eumseong Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or<br>partially transferred without prior written consent of the financial institutions.
PungBack Wind Farm Corporation		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Seobusambo highway photovoltaics Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31,2026 are as follows, continued:
---	---
Company		Nature and extent of any significantrestrictions
---	---	---
Haman Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent<br>of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior<br>written consent of the financial institutions.
Jeongeup Green Power Co., Ltd.		Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan<br>principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity’s stocks may not<br>be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.
Nepal Water & Energy Development<br><br><br>Company Private Limited		The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.
Goseong Green Power Co., Ltd.		Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.
Gangneung Eco Power Co., Ltd.		Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.
S-Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.
South Jamaica Power Company Limited		Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Rutile BESS Holdings, LLC		Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.
Kumyang Eco Park Co., Ltd.		Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.
HyChangwon Fuel Cell. Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot<br>transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.
Roof One Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Amaala Sustainable Company for Energy LLC		Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.
Namjeju Bitdream Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Cheonwang Green Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haetbyeotgil Solar Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Luluah SKY Energy Holding Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

18.	Property, Plant and Equipment
(1)	Property, plant and equipment as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Acquisition cost				Government<br>grants			Accumulated<br>depreciation			Accumulatedimpairment<br>losses			Book<br>value
Land		~~W~~	14,946,946				(27,391	)		—			(33,153	)		14,886,402
Buildings			27,896,182				(37,108	)		(14,039,966	)		(7,120	)		13,811,988
Structures			94,155,259				(147,037	)		(41,267,752	)		(18,678	)		52,721,792
Machinery			128,107,392				(91,921	)		(71,754,123	)		(546,125	)		55,715,223
Ships			17,870				—			(9,665	)		—			8,205
Vehicles			551,554				(2,588	)		(415,792	)		(164	)		133,010
Equipment			2,689,310				(1,394	)		(2,237,899	)		(904	)		449,113
Tools			1,507,294				(929	)		(1,321,990	)		(1	)		184,374
Construction-in-progress			37,951,934				(234,123	)		—			(22,795	)		37,695,016
Right-of-use<br>assets			5,483,776				—			(2,897,321	)		(27	)		2,586,428
Asset retirement costs			18,430,423				—			(9,414,103	)		(146,423	)		8,869,897
Others			18,870,918				—			(16,386,840	)		(156	)		2,483,922

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for the three-month period ended March 31, 2026 and for theyear ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance			Acquisition			Disposal			Depreciation			Impairment			Others			Ending<br>balance
Land		~~W~~	14,836,356			346			(134	)		—			(826	)		78,051			14,913,793
(Government grants)			(27,392	)		—			1			—			—			—			(27,391	)
Buildings			13,758,585			11,272			(1,469	)		(251,415	)		—			332,123			13,849,096
(Government grants)			(38,077	)		—			—			970			—			(1	)		(37,108	)
Structures			52,769,365			3,996			(58,241	)		(767,170	)		—			920,879			52,868,829
(Government grants)			(149,558	)		—			100			2,426			—			(5	)		(147,037	)
Machinery			55,633,598			117,916			(42,786	)		(1,590,769	)		—			1,689,185			55,807,144
(Government grants)			(94,337	)		—			28			3,405			—			(1,017	)		(91,921	)
Ships			8,671			—			—			(466	)		—			—			8,205
Vehicles			135,735			1,288			(3	)		(15,747	)		—			14,325			135,598
(Government grants)			(2,683	)		—			2			336			—			(243	)		(2,588	)
Equipment			449,578			25,776			(24	)		(53,437	)		1			28,613			450,507
(Government grants)			(1,868	)		—			—			537			—			(63	)		(1,394	)
Tools			189,284			5,287			(12	)		(20,379	)		—			11,123			185,303
(Government grants)			(982	)		—			—			113			—			(60	)		(929	)
Construction-in-progress			36,756,713			3,902,907			(23	)		—			—			(2,730,458	)		37,929,139
(Government grants)			(230,573	)		1,093			—			—			—			(4,643	)		(234,123	)
Right-of-use<br>assets			2,631,937			55,770			(9,789	)		(113,433	)		—			21,943			2,586,428
Asset retirement costs			8,898,110			—			—			(286,161	)		—			257,948			8,869,897
Others			2,229,076			1,894			—			(239,494	)		—			492,446			2,483,922

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for the three-month period ended March 31, 2026 and for theyear ended December 31, 2025 are as follows, continued:
---	---
In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance			Acquisition			Disposal			Depreciation			Impairment			Others			Ending<br>balance
Land		~~W~~	14,548,055			3,397			(14,757	)		—			—			299,661			14,836,356
(Government grants)			(27,403	)		—			11			—			—			—			(27,392	)
Buildings			13,397,461			29,671			(27,419	)		(1,008,638	)		(16	)		1,367,526			13,758,585
(Government grants)			(41,718	)		—			4			3,937			—			(300	)		(38,077	)
Structures			51,792,939			8,593			(304,274	)		(3,015,461	)		—			4,287,568			52,769,365
(Government grants)			(149,737	)		—			687			9,552			—			(10,060	)		(149,558	)
Machinery			56,955,731			477,443			(238,182	)		(6,371,551	)		(14,246	)		4,824,403			55,633,598
(Government grants)			(105,546	)		—			384			15,011			—			(4,186	)		(94,337	)
Ships			10,534			—			—			(1,863	)		—			—			8,671
Vehicles			81,451			5,482			(108	)		(49,732	)		—			98,642			135,735
(Government grants)			(2,745	)		—			6			1,309			—			(1,253	)		(2,683	)
Equipment			438,096			88,890			(166	)		(212,174	)		—			134,932			449,578
(Government grants)			(3,915	)		—			—			2,119			—			(72	)		(1,868	)
Tools			173,736			36,172			(48	)		(78,791	)		—			58,215			189,284
(Government grants)			(1,306	)		—			—			437			—			(113	)		(982	)
Construction-in-progress			31,284,358			15,728,954			(65	)		—			—			(10,256,534	)		36,756,713
(Government grants)			(223,566	)		4,685			—			—			—			(11,692	)		(230,573	)
Right-of-use<br>assets			3,046,396			100,430			(5,876	)		(477,663	)		—			(31,350	)		2,631,937
Asset retirement costs			9,748,444			—			—			(1,437,687	)		—			587,353			8,898,110
Others			2,061,498			2,849			—			(1,007,904	)		—			1,172,633			2,229,076

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

(3)	For the three-month period ended March 31, 2026, the Group’s subsidiaries including Korea<br>Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, ~~W~~58,552 million (~~W~~331 million for the three-month<br>period ended March 31, 2025) was recognized as revenue and ~~W~~ 73,641 million (~~W~~669 million for the three-month period ended March 31, 2025) was recognized as cost of sales in profit or loss,<br>respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

19.	Investment Properties
(1)	Investment properties as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Acquisition cost				Government grants			Accumulateddepreciation			Book<br>value
Land		~~W~~	185,294				—			—			185,294
Buildings			24,631				(21	)		(14,794	)		9,816

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

In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Acquisition cost				Government grants			Accumulateddepreciation			Book<br>value
Land		~~W~~	218,041				—			—			218,041
Buildings			38,311				(22	)		(17,558	)		20,731

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

(2)	Changes in investment properties for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning balance			Disposal			Depreciation			Others			Ending balance
Land		~~W~~	218,041			—			—			(32,747	)		185,294
Buildings			20,753			—			(256	)		(10,660	)		9,837
(Government grants)			(22	)		—			—			1			(21	)

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

19.	Investment Properties, Continued
(3)	Income and expenses related to investment properties for each of the three-month periods endedMarch 31, 2026 and 2025 are as follows:
---	---
In millions of won		For the three-month period<br>ended March 31, 2026			For the three-month period<br>ended March 31, 2025
---	---	---	---	---	---	---	---
Rental income		~~W~~	3,135			2,784
Operating and maintenance expenses related to rental income			(262	)		(201	)

		~~W~~	2,873			2,583

(4)	Fair values of investment properties as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Book value				Fair value			Book value			Fair value
Land		~~W~~	185,294				313,582			218,041			363,922
Buildings			9,816				10,168			20,731			24,126

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

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

(5)	All of the Group’s investment properties are held under freehold interests.****

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

20.	Construction Contracts
(1)	Changes in the total contract amount in which revenue is not yet recognized for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning<br>balance				*Increase (decrease) ()**			Recognized as<br>revenue			Ending balance
Nuclear power plant construction in overseas and others		~~W~~	34,187,761				1,425,209			(225,278	)		35,387,692
(*)	For the three-month period ended March 31, 2026, the increased balance of contracts from new orders is<br>~~W~~1,426,013 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~804 million.
---	---
In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning<br>balance				*Increase (decrease) ()**			Recognized as<br>revenue			Ending balance
Nuclear power plant construction in overseas and others		~~W~~	6,136,773				28,724,681			(673,693	)		34,187,761
(*)	For the year ended December 31, 2025, the increased balance of contracts from new orders is<br>~~W~~29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~993,479 million.
---	---
(2)	Accumulated earned revenue, expense and others related to the Group’s construction contracts inprogress as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Accumulated<br>earned revenue				Accumulated<br>expense			Accumulated<br>profit			Unearned<br>advance receipts
Nuclear power plant construction in overseas and others		~~W~~	24,162,486				25,729,583			(1,567,097	)		102,441
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Accumulated<br>earned revenue				Accumulated<br>expense			Accumulated<br>Profit (loss)			Unearned<br>advance receipts
Nuclear power plant construction in overseas and others		~~W~~	23,954,612				25,468,062			(1,513,450	)		102,359

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

20.	Construction Contracts, Continued
(3)	The gross amounts due from customers recognized as contract assets and due to customers recognized ascontract liabilities for contract works as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Contract assets<br>*(1)**				Contract liabilities<br>*(2)**			Contract assets<br>*(1)**			Contract liabilities<br>*(2)**
Nuclear power plant construction in overseas and others		~~W~~	651,060				345,822			538,057			363,521
(*1)	Included in trade and other receivables, net, in the consolidated statements of financial position.<br>
---	---
(*2)	Included in non-financial liabilities as advance received in the<br>consolidated statements of financial position. The revenue recognized for the three-month period ended March 31, 2026 from the amounts included in contract liabilities at the end of the prior year was ~~W~~95,247 million.<br>
---	---
(4)	The contracts with customers state that the disclosure of information related to UAE and Egypt Eldaba nuclear<br>power plant construction projects such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the customers. The customers did not agree to disclose such information. Accordingly, the Group did not<br>disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in<br>the notes to the consolidated financial statements.
---	---
		Contract date			Completiondate
---	---	---	---	---	---	---
Egypt Eldaba nuclear power plant construction projects			August 25, 2022			April 8, 2029
Construction of Retubing and Refurbishment for Cernavoda NPP Unit1 Refurbishment Project in<br>Romania			December 19, 2024			June 30, 2030
Dukovany nuclear power plant construction projects (Units 5 and 6) in the Czech Republic<br>(*)			June 17, 2025			—
(*)	The completion date of the Dukovany New Nuclear Power Plant (Units 5 and 6) Project is exempt from disclosure<br>pursuant to the laws of the Czech Republic.
---	---
(5)	The Group is in discussion with the contracting parties about the prolongation costs and liquidated<br>damages for the UAE nuclear power plant project. As of March 31, 2026, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

20.	Construction Contracts, Continued
(6)	The operating segment information related to the contracts for which the Group recognizes revenue based onthe percentage-of-completion on a cost-based input method for the three-month period ended March 31, 2026 is as follows:
---	---
In millions of won	For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Effect from changes in accounting estimates																Contract assets from<br>construction contracts				Trade receivables from<br>construction contracts
	Expected<br>loss onconstructioncontracts			The effecton profit orloss ofchanges inestimates ofcontractrevenue andcontractcosts			Amountsrecognized incurrent<br>profit or loss			Amounts to berecognized infuture profitor loss			Changes inestimated totalcontract costs		Revenue<br>recognized fromperformance<br>obligationssatisfied inprevious periods		Gross		Allowance<br>for doubtful<br>accounts		Gross		Allowance<br>for doubtful<br>accounts
Transmission and distribution	~~W~~	19,951			(117,990	)		(118,016	)		26			111,851		—		296,178		—		—		—
Electric power generation (Nuclear)		1,394,587			909,999			44,762			865,237			317,680		—		271,487		—		130,907		—
Plant maintenance & engineering Service and others		3,000			(247,498	)		(416	)		(247,082	)		260,447		7,539		75,978		6		34,497		5,617
Others		—			—			—			—			—		—		7,417		—		17,676		50

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

21.	Intangible Assets other than Goodwill
(1)	Intangible assets as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Acquisitioncost				Governmentgrants			Accumulatedamortization			Accumulatedimpairmentlosses			Book<br>value
Software		~~W~~	1,251,149				(707	)		(1,083,812	)		(1,134	)		165,496
Copyrights, patents rights and other industrial rights			57,571				—			(42,761	)		—			14,810
Mining rights			673,351				—			(18,292	)		(645,800	)		9,259
Development expenditures			1,036,890				(467	)		(972,427	)		—			63,996
Intangible assets under development			108,977				(5,538	)		—			—			103,439
Usage rights of donated assets and others			622,651				—			(473,816	)		(136	)		148,699
Leasehold rights			28,185				—			(26,144	)		(538	)		1,503
Greenhouse gas emissions rights			109,496				—			—			—			109,496
Others			640,360				(112	)		(219,783	)		(12,223	)		408,242

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

21.	Intangible Assets other than Goodwill, Continued
(2)	Changes in intangible assets for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance			Acquisition			Disposal			Amortization			Impairment			Others			Endingbalance
Software		~~W~~	172,905			5,108			—			(21,136	)		(1,115	)		10,441			166,203
(Government grants)			(804	)		—			—			111			—			(14	)		(707	)
Copyrights, patents rights and other industrial rights			14,932			25			—			(520	)		—			373			14,810
Mining rights			8,688			807			—			(777	)		—			541			9,259
Development expenditures			68,569			—			—			(7,467	)		—			3,361			64,463
(Government grants)			(540	)		—			—			73			—			—			(467	)
Intangible assets under development			125,687			15,466			—			—			—			(32,176	)		108,977
(Government grants)			(5,044	)		—			—			—			—			(494	)		(5,538	)
Usage rights of donated assets and others			131,241			—			—			(3,521	)		—			20,979			148,699
Leasehold rights			1,688			—			—			(185	)		—			—			1,503
Greenhouse gas emissions rights			108,300			1,169			—			27			—			—			109,496
Others			375,809			11,373			—			(5,982	)		—			27,154			408,354
(Government grants)			(136	)		—			—			24			—			—			(112	)

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

21.	Intangible Assets other than Goodwill, Continued
(3)	Significant specific intangible assets as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won and thousands of Australian dollars
---	---	---	---	---	---	---	---	---
As of March 31, 2026
Type		Description		Currency	Amount			Remaining useful lives
Software		S/4HANA ERP license		KRW		2,443		1 years and 8 months
Mining rights		Mining rights of Bylong mine		AUD		—		— (*)
Usage rights of donated assets and others		Sejong Haengbogdosi sharing charge		KRW		3,025		8 months
		Right of use electricity and gas supply facility (Community district of Songdo)		KRW		4,481		4 years and 3 months
Others		Occupancy and use of public waters		KRW		58,625		10 years and 10 month
		Greenhouse gas emissions rights		KRW		109,496		—
		Business rights		KRW		172,434		—
(*)	The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia<br>Pty., Ltd. had recognized impairment losses in full.
---	---
In millions of won and thousands of Australian dollars
---	---	---	---	---	---	---	---	---
As of December 31,2025
Type		Description		Currency	Amount			Remaining useful lives
Software		S/4HANA ERP license		KRW		2,810		1 years and 11 months
Mining rights		Mining rights of Bylong mine		AUD		—		— (*)
Usage rights of donated assets and others		Sejong Haengbogdosi sharing charge		KRW		4,159		11 months
		Right of use electricity and gas supply facility (Community district of Songdo)		KRW		4,745		4 years and 6 months
Others		Occupancy and use of public waters		KRW		59,977		11 years and 1 month
		Greenhouse gas emissions rights		KRW		108,300		—
		Business rights		KRW		143,216		24 years and 11 months
(*)	The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia<br>Pty., Ltd. had recognized impairment losses in full.
---	---
(4)	For each of the three-month periods ended March 31, 2026 and 2025, the Group recognized research<br>and development expenses of ~~W~~607,182 million and ~~W~~175,955 million, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

22.	Trade and Other Payables

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

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

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

(*)	Details of others as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Current				Non-current			Current			Non-current
Advance received from local governments		~~W~~	—				2,689			—			2,689
Others			23				7,523			24			7,510

		~~W~~	23				10,212			24			10,199

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

			48,270,549				45,886,970

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

			79,940,598				83,882,322

		~~W~~	128,211,147				129,769,292

(2)	Repayment schedules of borrowings and debt securities as of March 31, 2026 and December 31, 2025are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
As of March 31, 2026
Type		Borrowings				Debt Securities
Less than 1 year		~~W~~	18,796,851				29,485,761
1~ 5 years			1,212,832				56,200,498
More than 5 years			2,141,032				20,587,314

		~~W~~	22,150,715				106,273,573

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

		~~W~~	22,040,837				107,943,593

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.	Borrowings and Debt Securities, Continued
(3)	Short-term borrowings as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Type		Creditor		Interest rate (%)		Maturity				Foreign<br>currency			Local<br>currency
Local short-term borrowings		Yuanta Securities Co., Ltd. and others		2.75 ~ 4.99			2026.04.03<br>~2026.12.31				—		~~W~~	6,543,353
Local short-term borrowings		Nonghyup Bank and others		3M CD + 0.62 ~ 0.80<br>4.33			2026.05.27<br>~2026.07.11				—			2,609,200
Local short-term borrowings		Korea Development Bank		Short-term loan base interest rate<br>+ 0.99			2027.02.24				—			30,000
Local short-term borrowings		Export-Import Bank of Korea		2.97 ~ 3.30			2026.09.18<br>~2026.12.29				—			30,000
Foreign short-term borrowings		Hana Bank and others		SOFR(1M)<br><br><br>+ 0.40 ~ 0.90			2026.08.11			USD	49,275			74,573
Foreign short-term borrowings		DBS		Compounded SOFR<br>+ 0.78			2029.10.14			SAR	216,159			87,173

Local bank overdraft		Nonghyup Bank		3.40			2026.04.09				—			150,000

													~~W~~	9,524,299

In millions of won and thousands of foreign currencies
As of December 31, 2025
Type		Creditor		Interest rate (%)		Maturity				Foreign<br>currency			Local<br>currency
Local short-term borrowings		Yuanta Securities Co., Ltd. and others		2.82 ~ 3.65			2026.01.02<br>~2026.05.18				—		~~W~~	7,018,433
Local short-term borrowings		Nonghyup Bank and others		3M CD + 0.62 ~ 0.80			2026.05.27<br>~2026.07.11				—			2,600,000
Local short-term borrowings		Korea Development Bank		Short-term loan base interest rate<br>+ 1.03			2026.02.24				—			30,000
Local short-term borrowings		Export-Import Bank of Korea		2.97 ~ 3.30			2026.09.18<br>~2026.12.29				—			30,000
Foreign short-term borrowings		Hana Bank and others		SOFR(1M)<br><br><br>+ 0.40 ~ 0.90			2026.08.11<br>~2026.11.25			USD	49,165			70,547
Local bank overdraft		Nonghyup Bank		3.26			2026.01.08				—			183,300
Local bank overdraft		Hana Bank		1yr bank debenture<br><br><br>rate+1.07			2026.10.31				—			47,140

													~~W~~	9,979,420

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won ****
---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Type				Interest rate (%)		Maturity		Foreign<br>currency			Local<br>currency
Local long-term borrowings
Korea Development Bank		Others		0.50		2026~2044			—		~~W~~	1,019
		Facility		4.60~4.94		2028~2042			—			45,556
		Facility		CB rate+0.90		2029			—			6,962
Hana Bank and others		Commercial Paper		3M CD + 0.25~1.20		2026~2030			—			8,950,000
		Facility		4.60		2028			—			3,244
		Facility		3yr KTB rate-1.25		2026~2028			—			1,661
Export-Import Bank of Korea		Project loans		1.00		2026			—			1,473
		Facility		1.32		2027~2028			—			44,000
		Operating funds		3M bank debenture<br>rate+0.66		2026			—			50,000
Korea Energy Agency		Development of power<br> <br>resources		3yr KTB rate-2.25<br> <br>1.75		2028			—			6,257
		Project loans		—		2033			—			1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—			9,739
		Others		3.95		2034			—			60,306
		Others		Standard overdraft<br>rate+1.00		2034			—			60,306
Kookmin Bank		Facility		4.58~4.93<br> <br>3M CD+1.79		2030~2037			—			159,227
Woori Bank		Facility		3M CD+1.90<br> <br>Standard overdraft<br>rate+1.60<br><br><br>4.93		2034~2042			—			91,850
IBK		Facility		4.00~5.80		2042~2044			—			30,690
Nonghyup Bank		Facility		4.58~4.68		2030~2041			—			39,093
Others		Facility		3.30~6.80		2028~2042			—			756,806
		Facility		CB rate+1.10<br> <br>1.75~4.68		2028~2041			—			19,426
		Others		4.40~7.90		2038~2039			—			79,184
		Others		2.10~5.41		2031~2034			—			49,817

											~~W~~	10,467,813

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of March 31, 2026 and December 31, 2025 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies ****
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2026
Type				Interest rate (%)		Maturity				Foreign<br>currency			Local<br>currency
Foreign long-term borrowings
Korea Energy Agency		Project loans		—			2026				8,744	~~W~~	13,233
Export-Import Bank of Korea and others		Direct Loan and others		Fixed + compound SOFR<br>1.80~3.20			2036				65,616		99,303
		Direct Loan and others		6M Synthetic Libor<br>+2.25~3.70			2027				32,621		49,368
		Facility		TermSOFR(3M)+<br>26.161bps(adj)+197.5bps			2028				83,147		125,835
		Facility		SOFR+0.43~1.83			2029~2031				122,183		184,912
		Facility		SOFR+0.78			2029				SAR 301,909		121,754
POSCO E&C and others		Shareholder’s Loan		8.00			2026				3,978		6,021
		Shareholder’s Loan		8.00			2031				6,845		10,359
NH-Amundi		Syndicated Loan		8.00			2032				646,685		6,122
SMTB		Syndicated Loan		((0.55%+TIBOR<br> 6M)×40%)<br>+(1.8225%×60%)			2036				5,608,572		53,098
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V		Senior borrowing		3.90			2029				36,284		62,894
MUFGBank and others		Facility		SOFR(3M)+1.60<br>SOFR(6M)+CAS+5.00<br>5.08~5.53			2026~2049				694,956		1,051,746
Hanwha US Solar Private Fund 1 and others		Facility		6.00			2038				61,026		92,356
Shinhan Bank		Facility		1M BBSY+1.40~2.25			2026				AUD 223,638		231,671
Nonghyup Bank and others		Facility		10.40			2039				32,993		49,931

														2,158,603

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

													~~W~~	3,312,646

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

														~~W~~	9,893,978

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

														2,167,439

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

													~~W~~	3,274,774

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.	Borrowings and Debt Securities, Continued
(5)	Local debt securities as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Issue date				Maturity				Interest rate (%)			As of March 31, 2026			As of December 31, 2025
Electricity Bonds			2012.03.27<br> <br>~2026.03.17				2026.04.04<br> <br>~2052.04.21				1.48~5.69		~~W~~	57,380,000			59,850,000
Corporate Bonds (*)			2009.10.16<br> <br>~2026.02.13				2026.04.08<br> <br>~2054.06.28				1.29~10.00			30,917,353			29,957,353
Corporate Bonds			2021.05.26<br> <br>~2023.12.28				2041.05.25<br> <br>~2043.09.15				1.75~3.78			41,577			41,578

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

													~~W~~	65,597,414			67,996,951

(*)	Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds,<br>amounting to ~~W~~1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption<br>date.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
March 31, 2026
Type		Issue date		Maturity		Interest rate (%)		Foreign<br>currency				Local currency
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95			278,701		~~W~~	421,786
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			314,717			476,293
FY-04		2004.04.23		2034.04.23		5.13			286,920			434,225
FY-14		2014.07.30		2029.07.30		3.57			100,000			151,340
FY-17		2017.07.25		2027.07.25		3.13			300,000			454,020
FY-17		2017.10.30		2037.10.30		1.70			40,000			69,335
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000			71,235
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000			318,698
FY-19		2019.07.19		2027.07.19		0.05			CHF 100,000			189,163
FY-19		2019.12.19		2037.12.31		3.30~5.70			310,682			470,186
FY-21		2021.04.27		2026.04.27		1.25			500,000			756,700
FY-21		2021.08.09		2026.08.09		1.25			300,000			454,020
FY-21		2021.09.24		2026.09.24		1.13			300,000			454,020
FY-22		2022.04.21		2027.04.21		3.63			300,000			454,020
FY-22		2022.06.14		2027.06.14		4.00			300,000			454,020
FY-22		2022.07.27		2027.07.27		4.25			700,000			1,059,380
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			800,000			1,210,720
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000			453,903
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000			200,297
FY-23		2023.07.12		2028.07.12		4.88			350,000			529,690
FY-23		2023.07.18		2028.07.18		5.00			500,000			756,700
FY-23		2023.07.31		2026.07.31		5.38			1,000,000			1,513,400
FY-23		2023.09.21		2026.09.21		5.38			300,000			454,020
FY-24		2024.01.31		2027.01.31		4.88			1,200,000			1,816,080
FY-24		2024.07.29		2029.07.29		4.63			500,000			756,700
FY-25		2025.02.13		2028.02.13		4.75			400,000			605,360
FY-25		2025.03.05		2028.03.05		4.10			HKD 1,166,000			225,213
FY-25		2025.07.30		2030.07.30		SOFR+0.79			500,000			756,700
FY-25		2025.11.04		2031.05.04		4.00			300,000			454,020
FY-25		2025.11.12		2028.11.12		Compounded Daily<br>SOFR+0.62			600,000			908,040
FY-25		2025.11.12		2030.11.12		4.13			400,000			605,359

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

												~~W~~	11,030,538

All values are in US Dollars.

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of March 31, 2026 and December 31, 2025 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
December 31, 2025
Type		Issue date		Maturity		Interest rate (%)		Foreign<br>currency				Local<br>currency
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95			278,701		~~W~~	399,908
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			314,717			451,587
FY-04		2004.04.23		2034.04.23		5.13			286,920			411,702
FY-14		2014.07.30		2029.07.30		3.57			100,000			143,490
FY-17		2017.07.25		2027.07.25		3.13			300,000			430,470
FY-17		2017.10.30		2037.10.30		1.70			40,000			67,429
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000			70,187
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000			304,277
FY-19		2019.07.19		2027.07.19		0.05			CHF 100,000			181,197
FY-19		2019.12.19		2037.12.31		3.30~5.70			310,682			445,798
FY-20		2020.08.03		2026.02.03		0.61			300,000			430,470
FY-21		2021.01.27		2026.01.27		0.75			450,000			645,705
FY-21		2021.04.27		2026.04.27		1.25			500,000			717,450
FY-21		2021.08.09		2026.08.09		1.25			300,000			430,470
FY-21		2021.09.24		2026.09.24		1.13			300,000			430,470
FY-22		2022.04.21		2027.04.21		3.63			300,000			430,470
FY-22		2022.06.14		2027.06.14		4.00			300,000			430,470
FY-22		2022.07.27		2027.07.27		4.25			700,000			1,004,430
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			800,000			1,147,920
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000			433,364
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000			191,233
FY-23		2023.07.12		2028.07.12		4.88			350,000			502,215
FY-23		2023.07.18		2028.07.18		5.00			500,000			717,450
FY-23		2023.07.31		2026.07.31		5.38			1,000,000			1,434,900
FY-23		2023.09.21		2026.09.21		5.38			300,000			430,470
FY-24		2024.01.31		2027.01.31		4.88			1,200,000			1,721,880
FY-24		2024.07.29		2029.07.29		4.63			500,000			717,450
FY-25		2025.02.13		2028.02.13		4.75			400,000			573,960
FY-25		2025.03.05		2028.03.05		4.10			HKD 1,166,000			215,022
FY-25		2025.07.30		2030.07.30		SOFR+0.79			500,000			717,450
FY-25		2025.11.04		2031.05.04		4.00			300,000			430,470
FY-25		2025.11.12		2028.11.12		Compounded Daily<br>SOFR+0.62			600,000			860,939
FY-25		2025.11.12		2030.11.12		4.13			400,000			573,959

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

												~~W~~	12,610,597

All values are in US Dollars.

(7)	Changes in borrowings and debt securities for each of the three-month periods ended March 31, 2026 and2025 are as follows:
In millions of won		For the three-month period<br>ended March 31, 2026									For the three-month period<br>ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Borrowings			Debt<br>Securities			Total			Borrowings			Debt<br>Securities			Total
Beginning balance		~~W~~	21,996,296			107,772,996			129,769,292			20,659,381			111,874,019			132,533,400
Cash flow			(115,815	)		(2,500,420	)		(2,616,235	)		206,872			538,688			745,560
Effect of exchange rate fluctuations			225,693			830,400			1,056,093			(3,806	)		(16,914	)		(20,720	)
Others			1,373			624			1,997			(25,855	)		2,564			(23,291	)

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

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.	Lease
1)	Group as a lessee
---	---
(1)	Lease contracts
---	---

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized ~~W~~57,081 million and ~~W~~21,003 million respectively, as expense for each of the three-month periods ended March 31, 2026 and 2025. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than ~~W~~5 million), and recognized ~~W~~916 million and ~~W~~836 million respectively, as expense for each of the three-month periods ended March 31, 2026 and 2025. The Group has lease contracts for various items such as consecutive voyage charter contracts, real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2)	Right-of-use assets as ofMarch 31, 2026 and December 31, 2025 are as follows:
In millions of won		As of March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Acquisition<br>Cost				Accumulated<br>depreciation				Accumulatedimpairmentlosses				Book<br>value
Land		~~W~~	1,029,390				(414,545	)			—				614,845
Buildings			232,675				(127,375	)			(27	)			105,273
Structures			55,320				(15,973	)			—				39,347
Machinery			56,562				(35,118	)			—				21,444
Ships			3,658,096				(2,140,137	)			—				1,517,959
Vehicles			63,552				(41,520	)			—				22,032
Others			388,181				(122,653	)			—				265,528

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

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

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

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

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.	Lease, Continued
1)	Group as a lessee, continued
---	---
(3)	Changes in right-of-useassets for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Increase			Depreciation			Decrease			Others			Endingbalance
Land		~~W~~	624,976				9,972			(14,827	)		(8,907	)		3,631			614,845
Buildings			93,641				17,346			(10,651	)		(882	)		5,819			105,273
Structures			39,185				9			(3,309	)		—			3,462			39,347
Machinery			22,676				249			(1,584	)		—			103			21,444
Ships			1,564,289				21,698			(73,698	)		—			5,670			1,517,959
Vehicles			24,746				562			(3,613	)		—			337			22,032
Others			262,424				5,934			(5,751	)		—			2,921			265,528

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

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

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

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.	Lease, Continued
1)	Group as a lessee, continued
---	---
(4)	Lease liabilities as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---	---
Less than 1 year		~~W~~	546,477				526,324
1 ~ 5 years			1,659,199				1,614,003
More than 5 years			1,336,773				1,407,310

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

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

(5)	Details of the liquidity classification of lease liabilities as of March 31, 2026 and December 31,2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Current lease liabilities		~~W~~	529,536				510,105
Non-current lease liabilities			2,637,588				2,640,775

		~~W~~	3,167,124				3,150,880

(6)	Changes in lease liabilities for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Increase			Decrease			Interestexpenses			*Others ()**			Ending balance
Lease liabilities		~~W~~	3,150,880				53,156			(174,782	)		17,433			120,437			3,167,124
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---
In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Increase			Decrease			Interestexpenses			*Others ()**			Ending balance
Lease liabilities		~~W~~	3,699,456				90,362			(626,586	)		76,935			(89,287	)		3,150,880
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.	Lease, Continued
1)	Group as a lessee, continued
---	---
(7)	Details of expense relating to lease contracts as lessee for each of the three-month periods endedMarch 31, 2026 and 2025 are as follows:
---	---
In millions of won		For the three-month period<br>ended March 31, 2026				For the three-month period<br>ended March 31, 2025
---	---	---	---	---	---	---	---
Depreciation of<br>right-of-use assets		~~W~~	113,433				127,011
Interest expenses of lease liabilities			17,433				20,821
Lease expenses for short-term leases			57,081				21,003
Lease expenses for leases of low-value assets			916				836
Variable lease payments			5,163				3,710

		~~W~~	194,026				173,381

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

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.	Lease, Continued
2)	Group as a lessor
---	---
(1)	Finance lease contracts
---	---

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

(2)	Profits and losses related to finance leases for each of the three-month periods ended March 31, 2026and 2025 are as follows:
In millions of won		For the three-month period ended<br>March 31, 2026				For the three-month period ended<br>March 31, 2025
---	---	---	---	---	---	---	---
Finance income on the net investment in the lease		~~W~~	30,785				29,829
(3)	The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease paymentsto the net investment in the lease as of March 31, 2026 and December 31, 2025 is as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---	---
Less than 1 year		~~W~~	232,106				217,872
1 ~ 2 years			214,694				206,023
2 ~ 3 years			202,022				194,195
3 ~ 4 years			205,090				184,626
4 ~ 5 years			183,721				187,851
More than 5 years			1,241,672				1,218,793

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

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

(*)	Including the present value of unguaranteed residual value amounting to ~~W~~36,733 million<br>and ~~W~~34,047 million, as of March 31, 2026 and December 31, 2025, respectively.
---	---

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

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

24.	Lease, Continued
2)	Group as a lessor, continued
---	---
(4)	Changes in the allowance for doubtful accounts of finance lease receivables for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month periodended March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	7,002				5,255
Bad debt expense			44				1,977
Write-off			—				(230	)
Reversal			—				—

Ending balance		~~W~~	7,046				7,002

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

25.	Employment Benefits
(1)	Employment benefit obligations as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Net defined benefit asset		~~W~~	130,637				104,344
Net defined benefit obligations			1,157,422				1,380,352
Other long-term employee benefit obligations			24,414				1,500
(2)	Principal assumptions used for actuarial valuation as of March 31, 2026 and December 31, 2025 areas follows:
---	---
		As of March 31, 2026			As of December 31, 2025
---	---	---	---	---	---	---
Discount rate			3.90% ~ 5.87%			3.38% ~ 5.44%
Future salary and benefit levels			4.83	%		4.83%
Weighted average duration			9.36 years			9.65 years
(3)	Details of expense relating to defined benefit plans for each of the three-month periods endedMarch 31, 2026 and 2025 are as follows:
---	---
In millions of won		For the three-month period<br>ended March 31, 2026				For the three-month periodended March 31, 2025
---	---	---	---	---	---	---	---	---
Current service cost		~~W~~	111,226				112,868
Interest cost			45,571				40,947
Expected return on plan assets			(33,242	)			(29,331	)

		~~W~~	123,555				124,484

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

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

	~~W~~	123,555	124,484

In addition, for each of the three-month periods ended March 31, 2026 and 2025, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows: ~~W~~28,319 million and ~~W~~22,696 million as cost of sales; ~~W~~4,830 million and ~~W~~ 4,160 million as selling and administrative expenses; and ~~W~~4,970 million and ~~W~~4,131 million as construction-in-progress and others.

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

25.	Employment Benefits, Continued
(4)	Details of defined benefit obligations as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---	---
Present value of defined benefit obligation from funded plans		~~W~~	4,653,250				4,978,795
Fair value of plan assets			(3,626,465	)			(3,702,787	)

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

(5)	Changes in the present value of defined benefit obligations for the three-month period ended March 31,2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period<br>ended March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	4,978,795				4,960,645
Current service cost			111,226				486,139
Interest cost			45,571				173,362
Remeasurement component			(116,068	)			32,568
Actual payments			(366,338	)			(673,863	)
Others			64				(56	)

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

(6)	Changes in the fair value of plan assets for the three-month period ended March 31, 2026 and for theyear ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month period<br>ended March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	3,702,787				3,551,233
Expected return			33,242				124,639
Remeasurement component			(7,209	)			(12,236	)
Contributions by the employers			620				350,970
Actual payments			(102,975	)			(311,819	)

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

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

25.	Employment Benefits, Continued
(7)	Details of the fair value of plan assets as of March 31, 2026 and December 31, 2025 are asfollows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Equity instruments		~~W~~	992				879
Debt instruments			516,789				527,278
Bank deposits			244,523				275,590
Others (*)			2,864,161				2,899,040

		~~W~~	3,626,465				3,702,787

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

For **** the three-month period ended March 31, 2026 and for the year ended December 31, 2025, actual returns on plan assets amounted to ~~W~~26,033 million and ~~W~~112,403 million, respectively.

(8)	Remeasurement components recognized in other comprehensive income (loss) for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won		For the three-month periodended March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Actuarial loss (gain) from changes in financial assumptions		~~W~~	(178,911	)			(172,587	)
Actuarial loss from experience adjustments, etc.			62,843				205,155
Expected loss			7,209				12,236

		~~W~~	(108,859	)			44,804

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

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

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

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

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

(*1)	As of March 31, 2026 and December 31, 2025, the Group recognized reimbursement assets of<br>~~W~~ 34,552 million and ~~W~~ 46,069 million, respectively, in connection with the provisions for support projects for areas adjacent to transmission and substation facilities.
---	---
(*2)	The Company recognized provisions for onerous contracts for those construction contracts where the total<br>estimated contract costs exceed the total contract revenue. Detailed information regarding construction contracts is described in Note 20.
---	---

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

26.	Provisions, Continued
(2)	Changes in provisions for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Increase inprovision			Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits		~~W~~	1,145,049				275,996			(194,802	)		—			—			1,226,243
Litigation
Litigation provisions			352,327				10,810			(2,041	)		(1,819	)		—			359,277
Decommissioning cost
Nuclear plants			24,176,897				177,788			(18,833	)		—			—			24,335,852
Spent fuel			2,745,344				257,904			(103,408	)		—			—			2,899,840
Radioactive waste			1,772,045				38,126			(4,370	)		—			—			1,805,801
PCBs			14,073				114			(3,250	)		—			—			10,937
Other recovery provisions			55,843				451			—			—			475			56,769
Others
Power plant regional support program			132,818				60,107			(9,443	)		—			—			183,482
Transmission regional support program			344,824				985			(42,300	)		—			—			303,509
Provisions for financial guarantee			50,709				(977	)		(2,276	)		(1,092	)		276			46,640
Provisions for RPS			—				310,858			(279,771	)		—			(80	)		31,007
Provisions for greenhouse gas emissions obligations			151,187				12,418			(163	)		(2,239	)		—			161,203
Provision for onerous contracts			1,449,693				8,659			—			(40,815	)		—			1,417,537
Provision for defects liability			112,196				7,387			(13,138	)		(29	)		—			106,416
Provision for product warranties			977				2			(4	)		(15	)		—			960
Others			529,961				50,776			(7,126	)		(767	)		(263	)		572,581

		~~W~~	33,033,943				1,211,404			(680,925	)		(46,776	)		408			33,518,054

In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Increase inprovision			Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits		~~W~~	1,093,625				1,364,058			(1,301,555	)		(11,079	)		—			1,145,049
Litigation
Litigation provisions			488,421				44,700			(167,170	)		(13,638	)		14			352,327
Decommissioning cost
Nuclear plants			23,272,373				1,005,286			(63,355	)		(37,407	)		—			24,176,897
Spent fuel			2,923,745				578,601			(411,377	)		(345,625	)		—			2,745,344
Radioactive waste			1,761,791				108,910			(56,879	)		(41,777	)		—			1,772,045
PCBs			39,389				1,144			(19,958	)		(6,502	)		—			14,073
Other recovery provisions			50,407				18,963			(1,290	)		(280	)		(11,957	)		55,843
Others
Power plant regional support program			130,256				59,769			(57,207	)		—			—			132,818
Transmission regional support program			302,631				212,701			(170,508	)		—			—			344,824
Provisions for financial guarantee			30,924				45,864			(22,553	)		(3,347	)		(179	)		50,709
Provisions for RPS			—				1,107,704			(1,101,002	)		(6,702	)		—			—
Provisions for greenhouse gas emissions obligations			156,463				247,135			(241,024	)		(7,204	)		(4,183	)		151,187
Provision for onerous contracts			1,767				1,448,691			—			(765	)		—			1,449,693
Provision for defects liability			121,402				30,329			(39,416	)		(119	)		—			112,196
Provision for product warranties			967				50			(9	)		(28	)		(3	)		977
Others			256,844				278,428			(5,195	)		—			(116	)		529,961

		~~W~~	30,631,005				6,552,333			(3,658,498	)		(474,473	)		(16,424	)		33,033,943

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

27.	Government Grants
(1)	Government grants as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Land		~~W~~	27,391				27,392
Buildings			37,108				38,077
Structures			147,037				149,558
Machinery			91,921				94,337
Vehicles			2,588				2,683
Equipment			1,394				1,868
Tools			929				982
Construction-in-progress			234,123				230,573
Investment properties			21				22
Software			707				804
Development expenditures			467				540
Intangible assets under development			5,538				5,044
Other intangible assets			112				136

		~~W~~	549,336				552,016

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

27.	Government Grants, Continued
(2)	Changes in government grants for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Receipt			Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue			Others			Endingbalance
Cash		~~W~~	—				5,321			—			—			—			62			(5,383	)		—
Land			27,392				—			—			—			(1	)		—			—			27,391
Buildings			38,077				—			—			(970	)		—			—			1			37,108
Structures			149,558				—			—			(2,426	)		(100	)		—			5			147,037
Machinery			94,337				—			—			(3,405	)		(28	)		—			1,017			91,921
Vehicles			2,683				—			—			(336	)		(2	)		—			243			2,588
Equipment			1,868				—			—			(537	)		—			—			63			1,394
Tools			982				—			—			(113	)		—			—			60			929
Construction-in-progress			230,573				—			(1,093	)		—			—			—			4,643			234,123
Investment properties			22				—			—			—			—			—			(1	)		21
Software			804				—			—			(111	)		—			—			14			707
Development expenditures			540				—			—			(73	)		—			—			—			467
Intangible assets under development			5,044				—			—			—			—			—			494			5,538
Other intangible assets			136				—			—			(24	)		—			—			—			112

		~~W~~	552,016				5,321			(1,093	)		(7,995	)		(131	)		62			1,156			549,336

In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Receipt			Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue			Others			Endingbalance
Cash		~~W~~	—				25,019			—			—			—			224			(25,243	)		—
Land			27,403				—			—			—			(11	)		—			—			27,392
Buildings			41,718				—			—			(3,937	)		(4	)		—			300			38,077
Structures			149,737				—			—			(9,552	)		(687	)		—			10,060			149,558
Machinery			105,546				—			—			(15,011	)		(384	)		—			4,186			94,337
Vehicles			2,745				—			—			(1,309	)		(6	)		—			1,253			2,683
Equipment			3,915				—			—			(2,119	)		—			—			72			1,868
Tools			1,306				—			—			(437	)		—			—			113			982
Construction-in-progress			223,566				—			(4,685	)		—			—			—			11,692			230,573
Investment properties			22				—			—			—			—			—			—			22
Software			844				—			—			(342	)		—			—			302			804
Development expenditures			939				—			—			(496	)		—			—			97			540
Intangible assets under development			3,473				—			—			—			—			—			1,571			5,044
Other intangible assets			229				—			—			(93	)		—			—			—			136

		~~W~~	561,443				25,019			(4,685	)		(33,296	)		(1,092	)		224			4,403			552,016

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

28.	Deferred Revenue

Changes in deferred revenues for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are asfollows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won		For the three-month periodended March 31, 2026
Beginning balance		~~W~~	14,099,143		13,652,565
Increase			595,841		1,308,338
Recognized as revenue			(225,821	)	(861,760	)

Ending balance		~~W~~	14,469,163		14,099,143

29.	Non-financial Liabilities
---	---

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

In millions of won	As of March 31, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advance received	~~W~~	3,681,172		447,840		3,742,661		423,445
Unearned revenue		55,473		15,333		56,306		18,364
Deferred revenue		834,337		13,634,826		826,003		13,273,140
Withholdings		353,085		1,024		300,016		1,024
Others		2,066,768		10,891		1,880,185		10,186

	~~W~~	6,990,835		14,109,914		6,805,171		13,726,159

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

30.	Contributed Capital
(1)	Details of share capital as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		As of March 31, 2026
		Shares<br>authorized<br>(in shares)			Shares issued<br>(in shares)			Par value<br>per share<br>(in won)				*Owned bygovernment ()**			Owned byothers			Total
Common shares			1,200,000,000			641,964,077		~~W~~	5,000				1,640,385			1,569,435			3,209,820
(*)	Korea Development Bank’s interest of ~~W~~1,056,176 million is included.<br>
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		As of December 31, 2025
		Shares<br>authorized<br>(in shares)			Shares issued<br>(in shares)			Par value<br>per share<br>(in won)				*Owned bygovernment ()**			Owned byothers			Total
Common shares			1,200,000,000			641,964,077		~~W~~	5,000				1,640,385			1,569,435			3,209,820
(*)	Korea Development Bank’s interest of ~~W~~1,056,176 million is included.<br>
---	---
(2)	Details in the number of floating capital stock for the three-month period ended March 31, 2026 and forthe year ended December 31, 2025 are as follows:
---	---
Number of shares		For the three-month periodended March 31, 2026			For the year endedDecember 31, 2025
---	---	---	---	---	---	---
Beginning balance			641,964,077			641,964,077

Ending balance			641,964,077			641,964,077

(3)	Details of share premium as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Share premium		~~W~~	843,758				843,758

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

31.	Retained Earnings and Dividends Paid
(1)	Details of retained earnings as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Legal reserve (*)		~~W~~	1,604,910				1,604,910
Voluntary reserves			6,807,034				567,469
Retained earnings before appropriations			21,668,255				26,328,205

Retained earnings		~~W~~	30,080,199				28,500,584

(*)	The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of<br>net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to<br>paid-in capital or offset against accumulated deficit by the resolution of the shareholders.
---	---
(2)	Details of voluntary reserves as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Reserve for business expansion		~~W~~	6,807,034				567,469

		~~W~~	6,807,034				567,469

(3)	Changes in retained earnings for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month periodended March 31, 2026				For the year endedDecember 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	28,500,584				20,128,247
Profit for the year attributed to owners of the controlling company			2,492,746				8,544,918
Changes in equity method retained earnings			10,500				(5,944	)
Remeasurements of defined benefit liability, net of tax			66,278				(29,899	)
Dividend paid			(989,909	)			(136,738	)

Ending balance		~~W~~	30,080,199				28,500,584

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

31.	Retained Earnings and Dividends Paid, Continued
(4)	Dividends paid for the three-month period ended March 31, 2026 and for the year ended December 31,2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Number of<br>shares issued<br>(in shares)			Number of<br>treasury stocks<br>(in shares)			Number of<br>shares eligible for<br>dividends (inshares)			Dividends paid<br>per share<br>(in won)				Dividends<br>paid
Common shares			641,964,077			—			641,964,077		~~W~~	1,542				989,909
In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Number of<br>shares issued<br>(in shares)			Number of<br>treasury stocks<br>(in shares)			Number of<br>shares eligible for<br>dividends (inshares)			Dividends paid<br>per share<br>(in won)				Dividends<br>paid
Common shares			641,964,077			—			641,964,077		~~W~~	213				136,738
(5)	Changes in retained earnings of investments in associates and joint ventures for the three-month periodended March 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month periodended March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	(23,364	)			(17,420	)
Changes			10,500				(5,944	)

Ending balance		~~W~~	(12,864	)			(23,364	)

(6)	Changes in remeasurement components related to defined benefit liability for the three-month period endedMarch 31, 2026 and for the year ended December 31, 2025 are as follows:
---	---
In millions of won		For the three-month periodended March 31, 2026				For the year ended<br>December 31, 2025
---	---	---	---	---	---	---	---	---
Beginning balance		~~W~~	8,027				(95,694	)
Changes			104,147				(47,266	)
Income tax effect			(37,869	)			17,367
Transfer to reserve for business expansion			18,393				133,620

Ending balance		~~W~~	92,698				8,027

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

32.	Hybrid Bonds

2nd hybrid bond was redeemed during the year ended December 31, 2025. Accordingly, there are no outstanding hybrid bonds classified as non-controlling interests as of March 31, 2026 and December 31, 2025.

33.	Other Components of Equity
(1)	Other components of equity as of March 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---
Other capital surplus		~~W~~	1,566,635				1,566,635
Accumulated other comprehensive income			1,851,127				1,340,560
Other equity			12,708,585				12,708,585

		~~W~~	16,126,347				15,615,780

(2)	Changes in other capital surplus for the three-month period ended March 31, 2026 and for the year endedDecember 31, 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026										For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Gains ondisposal of<br>treasury<br>stocks				Others			Total			Gains on<br>disposal of<br>treasury<br>stocks			Others			Total
Beginning balance		~~W~~	387,524				1,179,111			1,566,635			387,524			1,213,288			1,600,812
Additional paid-in capital of subsidiaries			—				—			—			—			(855	)		(855	)
Equity transaction within the consolidated entity			—				—			—			—			(33,322	)		(33,322	)

Ending balance		~~W~~	387,524				1,179,111			1,566,635			387,524			1,179,111			1,566,635

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

33.	Other Components of Equity, Continued
(3)	Changes in accumulated other comprehensive income (loss) for each of the three-month periods endedMarch 31, 2026 and 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial assets at<br>fair value through<br>other<br>comprehensive<br>income<br>valuationreserve				Shares of othercomprehensive<br>income of<br>investments in<br>associates and jointventures			Reserve for<br>overseas operations<br>translation credit			Reserve for<br>gain onvaluation of<br>derivatives			Total
Beginning balance		~~W~~	224,645				1,340,165			(236,978	)		12,728			1,340,560
Changes in the unrealized fair value of financial assets at FVOCI, net of tax			61,569				—			—			—			61,569
Shares of other comprehensive income of associates and joint ventures, net of tax			—				384,917			—			—			384,917
Foreign currency translation of foreign operations, net of tax			—				—			55,098			—			55,098
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax			—				—			—			8,983			8,983

Ending balance		~~W~~	286,214				1,725,082			(181,880	)		21,711			1,851,127

In millions of won		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial assets at<br>fair value through<br>other<br>comprehensive<br>income<br>valuationreserve				Shares of othercomprehensive<br>income of<br>investments in<br>associates and jointventures			Reserve for<br>overseas operations<br>translation credit			Reserve for<br>gain (loss) onvaluation of<br>derivatives			Total
Beginning balance		~~W~~	80,757				1,597,958			(231,946	)		(22,755	)		1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax			143,888				—			—			—			143,888
Shares of other comprehensive loss of associates and joint ventures, net of tax			—				(257,793	)		—			—			(257,793	)
Foreign currency translation of foreign operations, net of tax			—				—			(5,032	)		—			(5,032	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax			—				—			—			35,483			35,483

Ending balance		~~W~~	224,645				1,340,165			(236,978	)		12,728			1,340,560

(4)	Other equity as of March 31, 2026 and December 31, 2025 is as follows:
---	---
In millions of won		As of March 31, 2026				As of December 31, 2025
---	---	---	---	---	---	---	---	---
Statutory revaluation reserve		~~W~~	12,708,704				12,708,704
Changes in other equity			(119	)			(119	)

		~~W~~	12,708,585				12,708,585

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

34.	Sales

Details of sales for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

In millions of won	For the three-month period ended March 31, 2026						For the three-month period ended March 31, 2025
	Domestic		Overseas		Total		Domestic		Overseas		Total

[Type of goods and services]
Sales of goods	~~W~~	23,658,861		116,064		23,774,925		23,699,567		109,882		23,809,449
Electricity		23,223,279		—		23,223,279		23,211,200		—		23,211,200
Heat supply		152,777		—		152,777		186,688		—		186,688
Others		282,805		116,064		398,869		301,679		109,882		411,561
Sales related to rendering of services		74,620		97,843		172,463		86,590		60,102		146,692
Sales related to construction services		44,504		180,774		225,278		19,256		36,941		56,197
Revenue related to transfer of assets from customers		225,821		—		225,821		211,646		—		211,646

	~~W~~	24,003,806		394,681		24,398,487		24,017,059		206,925		24,223,984

[Timing of revenue recognition]
Performance obligations satisfied at a point in time	~~W~~	23,658,861		116,064		23,774,925		23,699,567		109,882		23,809,449
Performance obligations satisfied over time		344,945		278,617		623,562		317,492		97,043		414,535

	~~W~~	24,003,806		394,681		24,398,487		24,017,059		206,925		24,223,984

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

35.	Selling and Administrative Expenses

Selling and administrative expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

In millions of won	For the three-monthperiod ended March 31,2026
Salaries	~~W~~	293,159	285,729
Retirement benefit expense		27,372	28,107
Welfare and benefit expense		41,245	32,824
Insurance expense		13,115	7,716
Depreciation		60,549	57,511
Amortization of intangible assets		20,205	22,318
Bad debt expense		15,882	17,373
Commission		106,195	106,007
Advertising expense		10,284	10,484
Training expense		2,126	1,986
Vehicle maintenance expense		1,961	2,038
Publishing expense		683	711
Business development expense		760	708
Rent expense		12,556	11,772
Telecommunication expense		2,991	2,838
Transportation expense		354	245
Taxes and dues		9,780	10,151
Expendable supplies expense		2,505	1,852
Water, light and heating expense		4,418	4,625
Repairs and maintenance expense		16,736	29,061
Ordinary development expense		33,026	43,600
Travel expense		5,828	4,907
Clothing expense		444	546
Survey and analysis expense		197	186
Membership fee		569	633
Others		33,107	29,505

	~~W~~	716,047	713,433

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

36.	Other Income and Expenses
(1)	Other income for each of the three-month periods ended March 31, 2026 and 2025 are as follows:
---	---
In millions of won		For the three-monthperiod ended<br>March 31,<br>2026				For the three-monthperiod endedMarch 31,<br>2025
---	---	---	---	---	---	---	---
Reversal of other provisions		~~W~~	2,231				3,113
Reversal of other allowance for bad debt			25,569				6,500
Gains on government grants			62				47
Gains on assets contributed			2,823				181
Gains on liabilities exempted			52				280
Compensation and reparations revenue			25,643				20,207
Revenue from foundation fund			11				154
Rental income			52,855				52,849
Others			47,389				9,476

		~~W~~	156,635				92,807

(2)	Other expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:
---	---
In millions of won		For thethree-monthperiodendedMarch 31,2026				For thethree-monthperiodendedMarch 31,2025
---	---	---	---	---	---	---	---
Compensation and indemnification expense		~~W~~	—				1
Accretion expenses of other provisions			47				440
Depreciation expenses on investment properties			256				195
Depreciation expenses on idle assets			901				904
Other bad debt expense			—				2
Donations			73,072				12,111
Others			3,764				6,225

		~~W~~	78,040				19,878

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

37.	Other Gains (Losses)

Composition of other gains (losses) for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

In millions of won	For the three-monthperiod ended March 31,2026
Other gains
Gains on disposal of property, plant and equipment	~~W~~	1,701		5,363
Reversal of impairment loss on property, plant and equipment		1		—
Gains on foreign currency translation		40,783		4,162
Gains on foreign currency transactions		20,086		44,613
Gains on insurance proceeds		800		—
Others		99,987		172,464
Other losses
Losses on disposal of property, plant and equipment		(19,949	)	(37,158	)
Losses on disposal of intangible assets		—		(13	)
Loss on impairment of property, plant and equipment		(825	)	—
Loss on impairment of intangible assets		(1,115	)	—
Losses on foreign currency translation		(26,924	)	(10,082	)
Losses on foreign currency transactions		(40,662	)	(19,688	)
Others		(62,179	)	(61,089	)

	~~W~~	11,704		98,572

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

38.	Finance Income

Finance income for each of the three-month periods ended March 31, 2026 and 2025 is as follows:

In millions of won	For the three-monthperiod ended March 31,2026
Interest income	~~W~~	96,955	111,988
Dividend income		20,075	13,551
Gains on disposal of financial assets		15,046	10,564
Gains on valuation of financial assets at fair value through profit or loss		16,321	14,609
Gains on valuation of derivatives		953,611	80,809
Gains on transaction of derivatives		114,267	79,130
Gains on foreign currency translation		75,535	61,897
Gains on foreign currency transactions		4,488	39,923
Others		781	830

	~~W~~	1,297,079	413,301

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

39.	Finance Expenses

Finance expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

In millions of won
	For the three-month<br>period ended<br>March 31, 2026			For the three-month<br>period ended<br>March 31, 2025
Interest expense	~~W~~	1,029,726			1,117,124
Losses on disposal of financial assets		1			735
Losses on valuation of financial assets at fair value through profit or loss		13,990			215
Losses on valuation of derivatives		4,502			43,801
Losses on transaction of derivatives		11,672			34,449
Losses on foreign currency translation		1,003,912			29,490
Losses on foreign currency transactions		17,222			2,515
Others		(2,540	)		3,326

	~~W~~	2,078,485			1,231,655

Capitalization rates for each of the three-month periods ended March 31, 2026 and 2025 are 2.26%~3.65% and 2.33%~3.26%, respectively.

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

40.	Income Taxes
(1)	Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and<br>liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for each of the three-month periods ended March 31, 2026 and 2025 is 25.80% and<br>26.92%, respectively.
---	---
(2)	Pillar two model rules
---	---

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the three-month period ended March 31, 2026 in relation with the additional Pillar Two income taxes amounts to ~~W~~1,679 million (~~W~~733 million for the three-month period ended March 31, 2025). The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

41.	Assets Held-for-Sale

Although the Group entered into a contract to sell the site of the Majang Materials Center during the year ended December 31, 2025, the asset was not classified as assets held-for-sale as of March 31, 2026, as it was not considered highly probable that the sale would be completed within one year.

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

42.	Expenses Classified by Nature

Expenses classified by nature for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

In millions of won	For the three-month period ended March 31, 2026
	Selling andadministrativeexpenses		Cost of sales		Total
Raw materials used	~~W~~	—		5,061,081		5,061,081
Power purchase		—		8,720,277		8,720,277
Salaries		293,159		1,179,789		1,472,948
Retirement benefit expense		27,372		117,226		144,598
Welfare and benefit expense		41,245		153,977		195,222
Insurance expense		13,115		41,114		54,229
Depreciation		60,549		3,269,234		3,329,783
Amortization of intangible assets		20,205		19,148		39,353
Bad debt expense		15,882		—		15,882
Commission		106,195		78,035		184,230
Advertising expense		10,284		1,756		12,040
Training expense		2,126		3,239		5,365
Vehicle maintenance expense		1,961		1,920		3,881
Publishing expense		683		630		1,313
Business promotion expense		760		600		1,360
Rent expense		12,556		45,922		58,478
Telecommunication expense		2,991		2,389		5,380
Transportation expense		354		16,521		16,875
Taxes and dues		9,780		109,013		118,793
Expendable supplies expense		2,505		11,341		13,846
Water, light and heating expense		4,418		10,635		15,053
Repairs and maintenance expense		16,736		590,446		607,182
Ordinary development expense		33,026		122,539		155,565
Travel expense		5,828		17,664		23,492
Clothing expense		444		696		1,140
Survey and analysis expense		197		867		1,064
Membership fee		569		1,582		2,151
Others		33,107		320,630		353,737

	~~W~~	716,047		19,898,271		20,614,318

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

42.	Expenses Classified by Nature, Continued

Expenses classified by nature for each of the three-month periods ended March 31,2026 and 2025 are as follows, continued:

In millions of won	For the three-month period ended March 31, 2025
	Selling andadministrativeexpenses		Cost of sales		Total
Raw materials used	~~W~~	—		4,702,200		4,702,200
Power purchase		—		8,756,833		8,756,833
Salaries		285,729		1,118,182		1,403,911
Retirement benefit expense		28,107		111,192		139,299
Welfare and benefit expense		32,824		127,975		160,799
Insurance expense		7,716		33,654		41,370
Depreciation		57,511		3,434,552		3,492,063
Amortization of intangible assets		22,318		17,981		40,299
Bad debt expense		17,373		—		17,373
Commission		106,007		69,294		175,301
Advertising expense		10,484		1,544		12,028
Training expense		1,986		3,263		5,249
Vehicle maintenance expense		2,038		2,059		4,097
Publishing expense		711		573		1,284
Business promotion expense		708		621		1,329
Rent expense		11,772		28,338		40,110
Telecommunication expense		2,838		2,477		5,315
Transportation expense		245		20,350		20,595
Taxes and dues		10,151		111,387		121,538
Expendable supplies expense		1,852		9,359		11,211
Water, light and heating expense		4,625		8,624		13,249
Repairs and maintenance expense		29,061		527,881		556,942
Ordinary development expense		43,600		132,355		175,955
Travel expense		4,907		17,423		22,330
Clothing expense		546		541		1,087
Survey and analysis expense		186		877		1,063
Membership fee		633		5,736		6,369
Others		29,505		511,673		541,178

	~~W~~	713,433		19,756,944		20,470,377

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

43.	Earnings Per Share
(1)	Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are asfollows:
---	---
In won
---	---	---	---	---	---	---	---
Type		For the three-monthperiod ended<br>March 31, 2026				For the three-monthperiod ended<br>March 31, 2025
Basic earnings per share		~~W~~	3,883				3,627
(2)	Profits for the periods and the weighted average number of common shares used in the calculation of basicearnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as follows:
---	---
In millions of won except number of shares
---	---	---	---	---	---	---	---
Type		For the three-monthperiod ended<br>March 31, 2026				For the three-monthperiod ended<br>March 31, 2025
Profit attributable to controlling interest		~~W~~	2,492,746				2,328,246
Profit used in the calculation of total basic earnings per share			2,492,746				2,328,246
Weighted average number of common shares			641,964,077				641,964,077
(3)	The weighted average number of common shares used in the calculation of basic earnings per share for each ofthe three-month periods ended March 31, 2026 and 2025 is as follows:
---	---
In number of shares
---	---	---	---	---	---	---
Type		For the three-monthperiod ended<br>March 31, 2026			For the three-monthperiod ended<br>March 31, 2025
The number of common shares issued at beginning of the year			641,964,077			641,964,077
Weighted average number of common shares			641,964,077			641,964,077
(4)	There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings pershare for each of the three-month periods ended March 31, 2026 and 2025.
---	---

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, managed, and reported in accordance with the Group’s established basic policy for risk management.

(1)	Capital risk management

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.

Details of the Group’s capital management accounts as of March 31, 2026 and December 31, 2025 are as follows:

In millions of won		As of March 31, 2026
Total borrowings and debt securities		~~W~~	128,211,147		129,769,292
Cash and cash equivalents			2,014,211		2,240,811

Net borrowings and debt securities			126,196,936		127,528,481

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

Debt to equity ratio			245.47	%	258.56	%
(2)	Financial risk management
---	---

The Group is exposed to various risks related to its financial instruments, such as market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i)	Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

①	Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

②	Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis. Trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectible amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis is recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of March 31, 2026 and December 31, 2025 are as follows:

In millions of won		As of March 31, 2026
Cash and cash equivalents		~~W~~	2,014,211	2,240,811
Financial assets at fair value through profit or loss (*1)			3,478,581	1,800,539
Derivative assets (trading)			2,343,601	1,548,015
Financial assets at fair value through other comprehensive income (debt securities)			4,794	4,794
Financial assets at amortized cost			30,967	31,117
Loans			949,157	986,528
Long-term/short-term financial instruments			1,978,168	2,882,131
Derivative assets (applying hedge accounting)			406,977	487,535
Trade and other receivables			14,965,227	15,742,665
Financial guarantee contracts (*2)			4,377,197	4,091,813
(*1)	Equity investments held by the Group are excluded.
---	---
(*2)	Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.<br>
---	---

For the three-month period ended March 31, 2026, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii)	Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---
(iii)	Sensitivity analysis
---	---

Significant assets and liabilities with uncertainties in underlying assumptions.

①	Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of March 31, 2026 and December 31, 2025 is as follows:

In millions of won		As of March 31, 2026						As of December 31,2025
Type	Accounts	1%p Increase			1%p<br>Decrease			1%p<br>Increase			1%p<br>Decrease
Future salary<br>increases	Increase (decrease) in defined benefit obligation	~~W~~	434,022			(390,612	)		460,237			(412,611	)
Discount rate	Increase (decrease) in defined benefit obligation		(385,784	)		450,633			(427,236	)		491,119

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for each of the three-month periods ended March 31, 2026 and 2025 are ~~W~~ 9,075 million and ~~W~~ 8,283 million, respectively.

②	Provisions

The underlying assumptions to estimate provisions as of March 31, 2026 and December 31, 2025 are as follows:

Accounts	Type
PCBs	Inflation rate	3.29	%	3.29	%
	Discount rate	3.24	%	3.24	%
Nuclear plants	Inflation rate	2.04	%	2.04	%
	Discount rate	2.89	%	2.89	%
Spent fuel	Inflation rate	2.04	%	2.04	%
	Discount rate	2.47	%	2.47	%
Radioactive waste	Inflation rate	2.45	%	2.45	%
	Discount rate	4.03	%	4.03	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of March 31, 2026 and December 31, 2025 is as follows:

In millions of won		As of March 31, 2026						As of December 31,2025
Type	Accounts	0.1%p<br>Increase			0.1%p<br>Decrease			0.1%p<br>Increase			0.1%p<br>Decrease
Discount rate	PCBs	~~W~~	(14)			14			(17	)		17
	Nuclear plants		(476,280	)		493,043			(478,760	)		495,645
	Spent fuel		(155,329	)		166,350			(147,517	)		157,989
	Radioactive waste		(13,526	)		14,841			(13,625	)		14,951
Inflation rate	PCBs		14			(14	)		17			(17	)
	Nuclear plants		527,699			(510,409	)		523,954			(506,787	)
	Spent fuel		166,915			(156,115	)		158,525			(148,263	)
	Radioactive waste		15,168			(13,869	)		14,868			(13,625	)

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---

Management judgment effected by uncertainties in underlying assumptions.

①	Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of March 31, 2026 and December 31, 2025 are as follows:

In thousands of foreign currencies	Assets				Liabilities
Type	As of March 31, 2026		As of December 31, 2025		As of March 31, 2026		As of December 31, 2025
AED		47,297		51,617		2,599		4,927
AUD		44		49		—		—
BDT		2,247		2,251		—		—
BWP		725		726		—		—
EGP		1,180,101		759,561		—		—
CAD		577		579		—		—
CHF		—		—		99,971		99,946
DOP		1,831		6,378		—		—
		162,181		89,734		41,849		44,482
		75		90		—		—
HKD		—		—		6,292,804		6,286,899
IDR		67,346,368		37,788,922		339,905		49,014,235
		1,193,821		1,175,785		142,316		161,578
JOD		901		646		455		433
		989,129		60,443		1,613,895		746,066
KZT		—		1,485		—		—
MGA		6,696,596		7,038,637		—		577,908
MMK		188,021		188,021		—		—
MYR		1,202		2,805		—		—
PHP		62,953		71,400		—		—
PKR		58,058,328		64,839,210		10,418		10,418
RON		1,272		748		—		—
SAR		1,327		1,069		—		—
SEK		—		—		449,361		449,349
SGD		371		1,783		—		—
		1,375,841		1,356,230		12,745,492		13,851,077
UYU		120,131		93,414		1,328		1,285
VND		1,973,610		772,198		—		—
ZAR		33,757		84,167		—		—

All values are in Euros.

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of March 31, 2026 and December 31, 2025 is as follows:

In millions of won		As of March 31, 2026					As of December 31, 2025
Type		10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax		~~W~~	(1,806,874	)		1,806,874		(1,885,349	)		1,885,349
Increase (decrease) of shareholder’s equity (*)			(1,806,874	)		1,806,874		(1,885,349	)		1,885,349
(*)	The effect on the shareholder’s equity excludes the impact of income taxes.
---	---

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of March 31, 2026 and December 31, 2025.

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement are consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of March 31, 2026, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

②	Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of March 31, 2026 and December 31, 2025 are as follows:

In millions of won<br><br><br>Type	As of March 31,2026
Short-term borrowings	~~W~~	2,800,946	2,747,687
Long-term borrowings		11,362,025	10,787,203
Debt securities		1,706,317	1,619,967

	~~W~~	15,869,288	15,154,857

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 is as follows:

In millions of won		For the three-month period<br>ended March 31, 2026					For the year ended<br>December 31, 2025
Type		1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax		~~W~~	(39,673	)		39,673		(151,549	)		151,549
Increase (decrease) of shareholder’s equity (*)			(39,673	)		39,673		(151,549	)		151,549
(*)	The effect on the shareholder’s equity excludes the impact of income taxes.
---	---

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---
③	Electricity rates risk
---	---

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for each of the three-month periods ended March 31, 2026 and 2025 is as follows:

In millions of won		For the three-month periodended March 31, 2026					For the three-month periodended March 31, 2025
Type		1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax		~~W~~	232,233		(232,233	)		232,112		(232,112	)
Increase (decrease) of shareholder’s equity (*)			232,233		(232,233	)		232,112		(232,112	)
(*)	The effect on the shareholder’s equity excludes the impact of income taxes.
---	---
(iv)	Liquidity risk
---	---

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, for large-scale capital investments, the Group minimizes liquidity risk by aligning the funding maturity through the use of internally generated funds or long-term borrowings.

The expected maturities of non-derivative financial liabilities as of March 31, 2026 and December 31, 2025 in detail are as follows:

In millions of won		As of March 31, 2026
Type		Less than 1<br>year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings		~~W~~	20,059,500		531,948		817,903		2,778,378		24,187,729
Debt securities			31,466,420		25,302,702		36,604,482		26,622,082		119,995,686
Lease liabilities			546,477		478,671		1,180,528		1,336,773		3,542,449
Trade and other payables (*1)			9,517,497		274,920		380,874		739,571		10,912,862
Financial guarantee contracts (*2)			4,377,197		—		—		—		4,377,197

		~~W~~	65,967,091		26,588,241		38,983,787		31,476,804		163,015,923

(*1)	Excludes lease liabilities.
---	---
(*2)	The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a<br>financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of March 31, 2026, the Group has recognized ~~W~~46,640 million as a provision for financial guarantee contracts.<br>
---	---

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type		Less than 1<br>year				1~2 Years			2~5 Years			More than<br>5 years			Total
Borrowings		~~W~~	20,100,531				597,717			792,513			2,512,018			24,002,779
Debt securities			29,172,320				28,897,889			37,383,870			24,539,981			119,994,060
Lease liabilities			526,324				473,319			1,140,684			1,407,310			3,547,637
Trade and other payables (*1)			8,111,566				343,906			618,231			425,896			9,499,599
Financial guarantee contracts (*2)			4,091,813				—			—			—			4,091,813

		~~W~~	62,002,554				30,312,831			39,935,298			28,885,205			161,135,888

(*1)	Excludes lease liabilities.
---	---
(*2)	The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a<br>financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized ~~W~~50,709 million as a provision for financial guarantee<br>contracts.
---	---

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of March 31, 2026 and December 31, 2025 in detail are as follows:

In millions of won		As of March 31, 2026
Type		Less than 1<br>year				1~5 Years			More than<br>5 years			*Other ()**			Total
Cash and cash equivalents		~~W~~	2,014,211				—			—			—			2,014,211
Financial assets at fair value through other comprehensive income			—				—			—			956,240			956,240
Financial assets at amortized cost			22,051				8,916			—			—			30,967
Loans and receivables			110,750				393,671			344,879			137,073			986,373
Long-term/short-term financial Instruments			1,078,321				13,957			9,162			876,728			1,978,168
Financial assets at fair value through profit or loss			2,968,246				341,565			706,515			444,485			4,460,811
Trade and other receivables			11,894,855				2,133,663			4,923,550			33			18,952,101

		~~W~~	18,088,434				2,891,772			5,984,106			2,414,559			29,378,871

In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type		Less than 1<br>year				1~5 Years			More than<br>5 years			*Other ()**			Total
Cash and cash equivalents		~~W~~	2,240,811				—			—			—			2,240,811
Financial assets at fair value through other comprehensive income			—				—			—			885,173			885,173
Financial assets at amortized cost			21,663				9,454			—			—			31,117
Loans and receivables			96,582				420,903			344,853			159,449			1,021,787
Long-term/short-term financial Instruments			1,997,644				19,423			—			865,064			2,882,131
Financial assets at fair value through profit or loss			1,309,159				325,496			681,967			487,841			2,804,463
Trade and other receivables			12,840,965				2,063,420			4,768,062			—			19,672,447

		~~W~~	18,506,824				2,838,696			5,794,882			2,397,527			29,537,929

(*)	The maturities cannot be presently determined.
---	---

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of March 31, 2026 and December 31, 2025 are as follows:

In millions of won		As of March 31, 2026
Type		Less than<br>1 year			1~2 Years			2~5 Years			More than<br>5 years			Total
Net settlement
- Trading		~~W~~	—			—			—			—			—
Gross settlement
- Trading and others			(46,091	)		(18,245	)		(3	)		(53,027	)		(117,366	)
- Hedging			—			—			—			(133	)		(133	)

		~~W~~	(46,091	)		(18,245	)		(3	)		(53,160	)		(117,499	)

In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type		Less than<br>1 year			1~2 Years			2~5 Years			More than<br>5 years			Total
Net settlement
- Trading		~~W~~	—			—			—			—			—
Gross settlement
- Trading and others			(53,973	)		(14,327	)		(10,395	)		(89,024	)		(167,719	)
- Hedging			—			—			—			(126	)		(126	)

		~~W~~	(53,973	)		(14,327	)		(10,395	)		(89,150	)		(167,845	)

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(3)	Fair value risk
---	---

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

(i)	Fair values and book values of financial assets and liabilities as of March 31, 2026 and December 31,<br>2025 are as follows:
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type		Book value				Fair value			Book value			Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income		~~W~~	956,240				956,240			885,173			885,173
Derivative assets (trading)			2,343,601				2,343,601			1,548,015			1,548,015
Derivative assets (applying hedge accounting)			406,977				406,977			487,535			487,535
Financial assets at fair value through profit or loss			3,658,808				3,658,808			1,995,226			1,995,226

		~~W~~	7,365,626				7,365,626			4,915,949			4,915,949

Assets carried at amortized cost
Financial assets at amortized cost		~~W~~	30,967				30,967			31,117			31,117
Loans and receivables			949,157				949,157			986,528			986,528
Trade and other receivables			14,965,227				14,965,227			15,742,665			15,742,665
Long-term financial instruments			899,847				899,847			884,487			884,487
Short-term financial instruments			1,078,321				1,078,321			1,997,644			1,997,644
Cash and cash equivalents			2,014,211				2,014,211			2,240,811			2,240,811

		~~W~~	19,937,730				19,937,730			21,883,252			21,883,252

Liabilities recognized at fair value
Derivative liabilities (trading)		~~W~~	118,298				118,298			165,373			165,373
Derivative liabilities (applying hedge accounting)			133				133			126			126

		~~W~~	118,431				118,431			165,499			165,499

Liabilities carried at amortized cost
Secured borrowings		~~W~~	1,276,921				1,276,921			1,245,289			1,245,289
Unsecured bond			106,103,600				103,963,065			107,772,996			106,751,304
Lease liabilities			3,167,124				3,167,124			3,150,880			3,150,880
Unsecured borrowings			20,680,626				20,630,183			20,520,567			20,473,189
Trade and other payables (*)			10,912,862				10,912,862			9,499,599			9,499,599
Overdraft			150,000				150,000			230,440			230,440

		~~W~~	142,291,133				140,100,155			142,419,771			141,350,701

(*)	Excludes lease liabilities.
---	---

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(3)	Fair value risk, continued
---	---
(ii)	Interest rates used for determining fair value
---	---

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of March 31, 2026 and December 31, 2025 are as follows:

Type		As of March 31, 2026	As of December 31, 2025
Derivatives		0.00% ~ 5.02%	0.00% ~ 4.88%
Borrowings and debt securities		0.42% ~ 5.66%	0.33% ~ 5.50%
Leases		0.00% ~ 17.60%	0.00% ~ 17.37%
(iii)	Fair value hierarchy
---	---

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

Level 1:		Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2:		Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3:		Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of March 31, 2026 and December 31, 2025 are as follows:

In millions of won		As of March 31, 2026
Type		Level 1				Level 2			Level 3			Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		~~W~~	588,275				—			367,965			956,240
Derivative assets			—				2,647,708			102,870			2,750,578
Financial assets at fair value through profit or loss			—				3,652,228			6,580			3,658,808

		~~W~~	588,275				6,299,936			477,415			7,365,626

Financial liabilities at fair value
Derivative liabilities		~~W~~	—				26,106			92,325			118,431
In millions of won		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type		Level 1				Level 2			Level 3			Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		~~W~~	517,251				—			367,922			885,173
Derivative assets			—				1,937,554			97,996			2,035,550
Financial assets at fair value through profit or loss			—				1,988,813			6,413			1,995,226

		~~W~~	517,251				3,926,367			472,331			4,915,949

Financial liabilities at fair value
Derivative liabilities		~~W~~	—				75,185			90,314			165,499

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

44.	Risk Management, Continued
(3)	Fair value risk, continued
---	---

Changes in financial assets and liabilities which are classified as level 3 for the three-month period ended March 31, 2026 and for the year ended December 31, 2025 are as follows:

In millions of won	For the three-month period ended March 31, 2026
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation			Disposal			Foreigncurrencytranslation andothers			Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss<br>Cooperative	~~W~~	6,413		—		—		167			—			—			6,580
Financial assets at fair value through other comprehensive income Unlisted securities		363,128		—		—		(190	)		—			233			363,171
Debt securities		4,794		—		—		—			—			—			4,794
Derivatives Others		97,996		—		—		—			—			4,874			102,870
Financial liabilities at fair value
Derivatives Others		90,314		—		—		—			—			2,010			92,324
In millions of won	For the year ended December 31, 2025
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation			Disposal			Foreigncurrencytranslation andothers			Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	~~W~~	6,872		—		—		(459	)		—			—			6,413
Financial assets at fair value through other comprehensive income Unlisted securities		309,709		—		—		52,343			(10	)		1,086			363,128
Debt securities		5,045		—		—		(251	)		—			—			4,794
Derivatives Others		—		7,496		129,359		8,293			(53,373	)		6,221			97,996
Financial liabilities at fair value
Derivatives Others		—		3		170,244		(11,282	)		(67,752	)		(899	)		90,314

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

45.	Service Concession Arrangements
(1)	Hydroelectric Power Generation at Semangka, Indonesia
---	---
(i)	Significant terms and concession period of the arrangement
---	---

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 ~ 2048) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

(ii)	Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii)	Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

(iv)	The Group’s expected future collections of service concession arrangements as of March 31, 2026 are<br>as follows:
In millions of won
---	---	---	---	---
Type		Amounts
Less than 1 year		~~W~~	34,947
1 ~ 2 years			34,947
2 ~ 3 years			34,947
Over 3 years			520,951

		~~W~~	625,792

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

45.	Service Concession Arrangements, Continued
(2)	Pakistan Gulpur Hydropower Project
---	---
(i)	Significant terms and concession period of the arrangement
---	---

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 ~ 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii)	Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)	Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

(iv)	The Group’s expected future collections of service concession arrangements as of March 31, 2026 are<br>as follows:
In millions of won
---	---	---	---	---
Type		Amounts
Less than 1 year		~~W~~	83,392
1 ~ 2 years			83,392
2 ~ 3 years			83,392
Over 3 years			863,307

		~~W~~	1,113,483

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

45.	Service Concession Arrangements, Continued
(3)	Guam Ukudu Combined thermal power plant Project
---	---
(i)	Significant terms and concession period of the arrangement
---	---

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

(ii)	Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)	Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

(iv)	The Group’s expected future collections of service concession arrangements as of March 31, 2026 are<br>as follows:
In millions of won
---	---	---	---	---
Type		Amounts
Less than 1 year		~~W~~	121,280
1 ~ 2 years			122,381
2 ~ 3 years			118,314
Over 3 years			2,918,870

		~~W~~	3,280,845

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties
(1)	The Group’s related parties as of March 31, 2026 are as follows:
---	---
Type		Related party
---	---	---
Parent		Republic of Korea government
Subsidiaries<br><br><br>(169 subsidiaries)		Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO<br>Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co.,<br>Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO<br>Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding<br>Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF<br>Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO<br>America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP<br>Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd.,<br>KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC,<br>KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co.,<br>Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd.,<br>Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus<br>Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara<br>Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings,<br>LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI<br>Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull<br>LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New<br>Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy<br>Industry Growth Fund

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(1)	The Group’s related parties as of March 31, 2026 are as follows, continued:
---	---
Type		Related party
---	---	---
Associates<br><br><br>(108 entities)<br><br><br>(*1)		Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung<br>Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun<br>Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co.,<br>Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara<br>Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co.,<br>Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles<br>Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd.,<br>SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd.,<br>Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co.,<br>Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon<br>Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology<br>Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy<br>Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI<br>Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd.,<br>Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund, Sinan Ui Offshore Wind Power Co., Ltd.
Joint ventures<br><br><br>(123 entities)<br><br><br>(*1)		Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd.,<br>Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang<br>Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation &<br>Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung<br>Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company<br>Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan<br>Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar<br>Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind<br>Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for<br>East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating<br>Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding,<br>S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd.,<br>Gunsan Land Solar Co., Ltd., International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway<br>photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for<br>Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage<br>LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd.,<br>Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC, Grove Energy Capital IV, LLC
Others<br><br><br>(1 entity)		Korea Development Bank
(*1)	Subsidiaries of associates and joint ventures are included.
---	---

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(2)	Transactions between the Group and its subsidiaries are eliminated during the consolidation and are notdisclosed in notes.
---	---
(3)	The related party transactions for each of the three-month periods ended March 31, 2026 and 2025 are asfollows:
---	---

<Sales and Others>

In millions of won			Sales and others
Company name	Transaction type		March 31, 2026		March 31, 2025
<Associates>
Korea Gas Corporation		Electricity sales	~~W~~	51,987		77,808
Goseong Green Power Co., Ltd.		Electricity Sales		148,321		130,326
Dongducheon Dream Power Co., Ltd.		Electricity sales		3,087		3,000
S-Power Co., Ltd.		Service		622		597
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		15,612		6,152
GS Donghae Electric Power Co., Ltd.		Electricity sales		2,777		14,680
Indeck Niles Development, LLC		Dividend		134,354		—
Korea Electric Power Industrial Development Co., Ltd.		Service		23,443		5,101
Daeryun Power Co., Ltd.		Electricity sales		—		1,112
Gangneung Eco Power Co., Ltd.		Fuel sales		72,365		137,167
Korea Power Exchange		Service		6,851		7,557
Chuncheon Green Energy Co., Ltd.		Electricity sales		5,798		5,531
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		5,720		3,175
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		3,275		3,492
Yeongyang Wind Power Corporation II		Fee and commision		2,405		—
KPE Green Energy Co., Ltd.		Electricity Sales		3		3
Gangwon Wind Power Co., Ltd.		Electricity sales		1,462		1,448
Bitgoel Eco Energy Co., Ltd.		Service		294		1,210
Go deok Clean Energy Co., Ltd.		Electricity sales		673		683
Noeul Green Energy Co., Ltd.		Electricity sales		1,706		2,097
Muan Solar Park Co., Ltd.		Electricity sales		1,395		1,476
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales		1,156		247
Others (Hyundai Eco Energy Co., Ltd., and 53 others)		Electricity sales		18,243		17,254
<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		752		241
Daegu Green Power Co., Ltd.		Electricity sales		421		511
Daesan Green Energy Co., Ltd.		Electricity sales		73		40
Solaseado Solar Power Co., Ltd.		Electricity sales		6,248		455
Naepo Green Energy Co., Ltd.		Electricity sales		12,807		14,266
Amman Asia Electric Power Company		Service		11,322		6,212
Cheongju Eco Park Co., Ltd.		Electricity sales		4		5
Seokmun Energy Co., Ltd.		Service		762		627
Yeonggwang Wind Power Co., Ltd.		Electricity sales		312		314
Cheongna Energy Co., Ltd.		Others		8,483		19,455
Boim Combined Heat and Power Generation Co., Ltd.		Service		3,529		400
Goheung New Energy Co., Ltd.		Electricity sales		3,125		62
Yeongam Solar Power Co., Ltd.		Electricity sales		1,307		134
Eumseong Eco Park Co., Ltd.		Electricity sales		5		5
Kelar S.A.		Service		5,396		5,567
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		515		508
Yangyang Wind Power Co., Ltd.		Electricity sales		37		37
Samsu Wind Power Co., Ltd.		Electricity sales		203		121
Omisan Wind Power Co., Ltd.		Electricity sales		129		137
Others (Bitsolar Energy Co., Ltd. and 55 others)		Electricity sales		86,395		90,771
<Others>
Korea Development Bank		Electricity sales		1,362		1,716
		Interest income		1,724		1,400

			~~W~~	646,460		563,100

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(3)	The related party transactions for each of the three-month periods ended March 31, 2026 and 2025 are asfollows, continued:
---	---

<Purchase and Others>

In millions of won			Sales and others
Company name	Transaction type		March 31, 2026		March 31, 2025
<Associates>
Korea Gas Corporation		Electricity sales	~~W~~	1,464,921		1,489,030
Goseong Green Power Co., Ltd.		Electricity Sales		318,200		273,261
Dongducheon Dream Power Co., Ltd.		Electricity sales		257,762		348,507
S-Power Co., Ltd.		Service		162,179		177,565
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		133,099		219,586
GS Donghae Electric Power Co., Ltd.		Electricity sales		133,492		121,939
Korea Electric Power Industrial Development Co., Ltd.		Service		83,337		73,771
Daeryun Power Co., Ltd.		Electricity sales		98,387		93,872
Gangneung Eco Power Co., Ltd.		Fuel sales		64		4,372
Korea Power Exchange		Service		15,225		128,198
Chuncheon Green Energy Co., Ltd.		Electricity sales		13,100		13,855
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		8,779		9,094
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		8,463		12,466
PT. Bayan Resources TBK		Dividend		10,262		29,584
Yeongyang Wind Power Corporation II		Fee and commision		7,832		7,370
KPE Green Energy Co., Ltd.		Electricity Sales		9,864		10,374
Gangwon Wind Power Co., Ltd.		Electricity sales		6,129		8,429
Bitgoel Eco Energy Co., Ltd.		Service		7,051		6,737
Go deok Clean Energy Co., Ltd.		Electricity sales		5,932		4,224
Noeul Green Energy Co., Ltd.		Electricity sales		4,745		5,281
Muan Solar Park Co., Ltd.		Electricity sales		4,832		4,435
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales		5,069		4,472
Others (Hyundai Eco Energy Co., Ltd. and 53 others)		Electricity sales		61,387		47,994
<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		96,483		105,924
Daegu Green Power Co., Ltd.		Electricity sales		78,052		82,295
Daesan Green Energy Co., Ltd.		Electricity sales		41,267		44,138
Solaseado Solar Power Co., Ltd.		Electricity sales		8,634		8,034
Cheongju Eco Park Co., Ltd.		Electricity sales		11,176		9,698
Seokmun Energy Co., Ltd.		Service		9,326		14,210
Yeonggwang Wind Power Co., Ltd.		Electricity sales		8,784		7,894
Cheongna Energy Co., Ltd.		Others		63		63
Seokmun Green Energy		Electricity sales		6,600		7,355
Boim Combined Heat and Power Generation Co., Ltd.		Service		2,853		940
Goheung New Energy Co., Ltd		Electricity sales		3,226		2,514
Yeongam Solar Power Co., Ltd.		Electricity sales		4,353		7,488
Eumseong Eco Park Co., Ltd.		Electricity sales		5,396		5,960
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		4,786		3,723
Yangyang Wind Power Co., Ltd.		Electricity sales		4,197		2,297
Samsu Wind Power Co., Ltd.		Electricity sales		3,956		3,438
Omisan Wind Power Co., Ltd.		Electricity sales		3,751		—
Others (Bitsolar Energy Co., Ltd. and 55 others)		Electricity sales		103,049		65,636
<Others>
Korea Development Bank		Interest expense		859		2,663
		Dividend		325,725		—

			~~W~~	3,542,647		3,468,686

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of March 31, 2026 andDecember 31, 2025 are as follows:
---	---
In millions of won				Receivables							Payables
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company name		Type		March 31,2026				December 31,2025			March 31,2026			December 31,2025
<Associates>
Korea Gas Corporation		Trade receivables		~~W~~	13,156				15,486			—			—
		Non-trade receivables and others			21,811				447			—			—
		Trade payables			—				—			504,354			381,353
		Non-trade payables and others			—				—			90			466
Goseong Green Power Co., Ltd.		Trade receivables			17,883				69,535			—			—
		Non-trade receivables and others			1,079				16			—			—
		Trade payables			—				—			78,209			112,314
		Non-trade payables and others			—				—			39,810			41,070
GS Donghae Electric Power Co., Ltd.		Trade receivables			702				975			—			—
		Non-trade receivables and others			101				109			—			—
		Trade payables			—				—			191,115			154,984
		Non-trade payables and others			—				—			51			17
Dongducheon Dream Power Co., Ltd.		Trade receivables			738				1,254			—			—
		Non-trade receivables and others			429				637			—			—
		Trade payables			—				—			96,788			58,610
S-Power Co., Ltd.		Trade receivables			112				360			—			—
		Non-trade receivables and others			64				60			—			—
		Trade payables			—				—			58,002			49,089
Busan Green Energy Co., Ltd.		Trade receivables			1				2			—			—
		Non-trade receivables and others			51,282				50,846			—			—
		Non-trade payables and others			—				—			2,660			3,688
Chuncheon Green Energy Co., Ltd.		Non-trade receivables and others			37,244				31,676			—			—
		Non-trade payables and others			—				—			4,489			14,305
Noeul Green Energy Co., Ltd.		Trade receivables			3				4			—			—
		Non-trade receivables and others			37,143				35,447			—			—
		Non-trade payables and others			—				—			1,592			3,428
Shin Pyeongtaek Power Co., Ltd.		Trade receivables			2,651				2,634			—			—
		Non-trade receivables and others			10,469				1,514			—			—
		Trade payables			—				—			14,253			42,688
		Non-trade payables and others			—				—			329			85
Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 53 others)		Trade receivables			25,292				40,288			—			—
		Non-trade receivables and others			82,395				59,810			—			—
		Trade payables			—				—			58,319			69,385
		Non-trade payables and others			—				—			27,755			35,575

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of March 31, 2026 andDecember 31, 2025 are as follows, continued:
---	---
In millions of won				Receivables							Payables
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company name		Type		March 31,<br>2026				December 31,2025			March 31,2026			December 31,2025
<Joint ventures>
KEPCO for Power Company		Non-trade receivables and others			60,392				1,011			—			—
Kelar S.A.		Trade receivables			4,205				3,504			—			—
		Non-trade receivables and others			41,582				38,193			—			—
Chun-cheon Energy Co., Ltd.		Trade receivables			138				307			—			—
		Non-trade receivables and others			165				222			—			—
		Trade payables			—				—			34,853			23,654
		Non-trade payables and others			—				—			2			—
Boim Combined Heat and Power Generation Co., Ltd.		Trade receivables			46				46			—			—
		Non-trade receivables and others			3,672				5,045			—			—
		Trade payables			—				—			1,182			861
		Non-trade payables and others			—				—			28,302			27,834
Amman Asia Electric Power Company		Trade receivables			7,843				3,707			—			—
		Non-trade payables and others			—				—			24,210			24,293
Others (Daegu Green Power Co., Ltd. and 62 others)		Trade receivables			326,073				359,873			—			—
		Non-trade receivables and others			69,080				221,969			—			—
		Trade payables			—				—			50,655			41,392
		Non-trade payables and others			—				—			9,141			38,914
<Others>
Korea Development Bank		Accrued Interest Receivable		~~W~~	627				1,642			—			—
		Non-trade receivables and others			32,568				32,354			—			—
		Non-trade payables and others			—				—			325,778			44
		Derivatives			312,450				183,662			—			1,085

				~~W~~	1,161,396				1,162,635			1,551,939			1,125,134

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(5)	Loans arising from the related party transactions as of March 31, 2026 and December 31, 2025 areas follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type		Company name		Beginningbalance			Loans			Collection			Others			Ending<br>balance
Associates		KNOC Nigerian East Oil Co., Ltd.,<br><br><br>KNOC Nigerian West Oil Co., Ltd.		~~W~~	33,776			—			—			—			33,776
		(Allowance for doubtful accounts)			(33,776	)		—			—			—			(33,776	)
Associates		Xe-Pian Xe-Namnoy Power Co., Ltd.			25,971			—			—			1,421			27,392
Associates		PT. Cirebon Energi Prasarana			50,674			383			(17,745	)		1,868			35,180
Associates		Daejung Offshore Wind Power Co., Ltd.			1,000			—			—			—			1,000
Associates		Bitgoel Eco Energy Co., Ltd.			22,507			—			(994	)		—			21,513
Associates		Saemangeum Sebit Power Plant Co., Ltd.			21,802			—			(378	)		—			21,424
Associates		Remal First Holding Company			1			—			—			—			1
Associates		Naseem First Holding Company			1			—			—			—			1
Associates		Jeju Bukchon BES Power Co., Ltd.			7,380			—			—			—			7,380
Associates		Gunsan Green Energy Co., Ltd.			627			—			(627	)		—			—
Joint ventures		Solaseado Solar Power Co., Ltd.			33,930			—			(254	)		—			33,676
Joint ventures		Recursos Solares PV de Mexico II S.A. de C.V.			15,550			—			—			851			16,401
Joint ventures		Horus Solar S.A. de C.V.			16,794			—			(3,555	)		852			14,091
Joint ventures		Sunmex Renovables S.A. de C.V.			23,859			—			—			1,305			25,164
Joint ventures		Kelar S.A			18,320			—			—			1,550			19,870
Joint ventures		Daehan Wind Power PSC			14,778			—			—			809			15,587
Joint ventures		Bitsolar Energy Co., Ltd.			3,165			—			—			—			3,165
Joint ventures		Daesan Green Energy Co., Ltd.			3,302			—			—			—			3,302
Joint ventures		Yangyang Wind Power Co., Ltd.			3,257			—			—			—			3,257
Joint ventures		Nghi Son 2 Power LLC			144,927			—			(10,799	)		7,289			141,417
Joint ventures		Guadalupe Solar SpA			3,073			—			(87	)		165			3,151
Joint ventures		Forsight Iberian Solar Group Holding, S.L.			72,211			1,391			—			2,538			76,140
Joint ventures		S-Power Chile SpA			287			—			—			16			303
Joint ventures		Omisan Wind Power Co., Ltd.			8,894						—			—			8,894
Joint ventures		Gurae Resident Power Co., Ltd.			106			—			—			—			106
Joint ventures		Yeongwol Eco Wind Co., Ltd.			2,178			—			—			—			2,178
Joint ventures		KAS Investment I LLC			7,333			6,163			—			616			14,112
Joint ventures		KAS Investment II LLC			7,391			6,213			—			620			14,224
Joint ventures		Chungsongmeon BongSan Wind Power Co., Ltd.			5,563			—			—			—			5,563
Joint ventures		KEPCO for Power Company			—			58,077			—			1,248			59,325

				~~W~~	514,881			72,227			(34,439	)		21,148			573,817

(6)	Borrowings arising from the related party transactions as of March 31, 2026 and December 31, 2025are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties		Type		Beginningbalance				Borrowings			Repayment			Others			Ending<br>balance
Korea Development Bank		Facility		~~W~~	74,942				—			(1,228	)		3,264			76,978
		Others			1,097				—			(79	)		—			1,018
		Operating funds			130,000				400,286			(420,291	)		—			109,995
		EBL and others			99,690				5,174			(111	)		3,514			108,267

				~~W~~	305,729				405,460			(421,709	)		6,778			296,258

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2026 are as follows:
---	---

In millions of won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees	USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees	USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees	SAR 4,151	Hana Bank
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C	USD 44,350	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Performance guarantees and others	USD 3,863,891	FAB and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)	USD 203,981	EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees	USD 106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C	USD 9,800	Hana Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C	USD 13,200	Hana Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees	USD 1,165	CENACE
		Other performance guarantees	MXN 17,362	CFE Transmission and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees	MXN 1,518	SEMARNAT
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees	USD 9,078	CENACE
		Other performance guarantees	MXN 4,929	SEMARNAT and others
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees	USD 52,500	Mizuho Bank
		Other performance guarantees	USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Other guarantees	MYR 30,889	Mizuho Bank
Korea Electric Power Corporation	KEPCO for Power Company	Debt Guarantee	USD 108,000	Shinhan bank
		Other performance guarantees	USD 70,000	SMBC Seoul
Korea Electric Power Corporation	Remal Energy Company	Debt Guarantee (*16)	USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation	Naseem Energy Company	Debt Guarantee (*17)	USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested	KRW 28,202	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)	KRW 53,233	Kookmin Bank and others
		Debt Guarantee	KRW 18,200	HY western 1st co., Ltd
Korea Western Power Co., Ltd.	PT.Mutiara Jawa	Collateralized money invested	—	Woori Bank
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others	SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested	KRW 72,509	Krung Thai Bank
		Impounding bonus guarantees (*10)	USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested	KRW 194	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested	KRW 72,000	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested	KRW 1,225	Nonghyup Bank
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested	KRW 706	Hana Bank and others
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested	KRW 4,400	IBK and others
Korea Western Power Co., Ltd	YuDang Solar Co., Ltd.	Collateralized money invested	KRW 360	Hana Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested	KRW 5,651	Hana Bank and others
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested	KRW 7,512	Nonghyup Bank

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:
---	---

In millions of won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees		Creditor
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested	KRW 386	Hana Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested	KRW 3,089	Hana Bank and others
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested	KRW 19,091	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Guarantees for supplemental funding (*1)	—	Hana Bank and others
		Collateralized money invested	KRW 3,020	Hana Bank and others
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested	KRW 5,741	Kyobo Life Insurance Co., Ltd.<br> <br>and<br>others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested	KRW 7,885	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power Company	Loan payment guarantee	USD 54,855	DBS Bank
Korea Western Power Co., Ltd.	EDFR KOWEPO AJBAN HOLDING LIMITED	Loan payment guarantee	USD 57,090	First Abu Dhabi Bank
Korea Western Power Co., Ltd.	Taean Haetdeulwon Solar Co., Ltd.	Collateralized money invested	KRW 7,992	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested	KRW 13,525	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested	KRW 37,520	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	—
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested	KRW 4,679	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested	KRW 290,835	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested	KRW 3,887	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested	KRW 22,918	IBK
		Guarantees for supplemental funding (*1)	—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested	KRW 21,931	Hana Bank and others
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Collateralized money invested	KRW 105,684	MUFG and others
		Guarantees for supplemental funding (*1)	—	Sumitomo mitsui banking and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*13)	USD 14,400	Hana Bank
		Collateralized money invested	KRW 52,109	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested	KRW 10,408	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested	KRW 1,294	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested	KRW 16,212	Hana Bank and others
		Guarantees for supplemental funding (*1)	—
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested	KRW 5,121	Woori Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested	KRW 874	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested	KRW 2,375	IBK
		Guarantees for supplemental funding (*1)	—

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:
---	---

In millions of won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees		Creditor
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested	KRW 6,334	Woori Bank and others
Korea East-West Power Co., Ltd.	Amaala Sustaninable Company for<br> <br>Energy<br>LLC	Loan payment guarantee (*7)	USD 38,054	First Abu Dhabi Bank PJSC
		Collateralized money invested	KRW 7,557
		Guarantees for supplemental funding (*1)	—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested	KRW 9,933	Hana Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested	KRW 30,068	KDB Capital Corp. and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested	—	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Jeju Bukchon BES Power Co., Ltd.	Collateralized money invested	KRW 1,341	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested	KRW 36,784	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested	KRW 33,528	Shinhan Bank and others
		Performance guarantees	—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees	USD 26,520	Hana Bank, MUFG
		Payment guarantees (*11)	USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Payment guarantees (*6)	USD 2,000	Hana Bank
		Performance guarantees (*14)	USD 1,800	Shinhan Bank
		Collateralized money invested	KRW 27,093	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested	KRW 13,001	Woori Bank, Shinhan Bank and others
		Performance guarantees	—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co.,<br> <br>Ltd.	Collateralized money invested	KRW 15,714	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)	—	KIS SF the 22nd Co., Ltd.
		Performance guarantees	—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested	KRW 14,130	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested	KRW 65,673	IBK and others
		Performance guarantees	—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested	KRW 13,407	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested	KRW 8,439	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested	KRW 4,469	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested	KRW 6,187	Hana Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested	KRW 6,148	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested	KRW 8,794	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested	KRW 1,971	Woori Bank
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested	KRW 5,126	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested	KRW 494	Samsung Fire & Marine Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Haetbyeotgil Sunlight Co., Ltd.	Collateralized money invested	KRW 766	Kyobo Life Insurance Co.,Ltd.
		Guarantees for supplemental funding (*1)	—	Heungkuk Asset Management
Korea Southern Power Co., Ltd.	Rutile BESS. LLC	Payment guarantees	USD 13,000	Nonghyup Bank, JP Morgan Chase Bank
Korea Southern Power Co., Ltd.	Luluah SKY Energy Holding Ltd	Collateralized money invested	—	Export-Import Bank of Korea and others
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested	KRW 166,320	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested	KRW 3,091	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested	KRW 7,128	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested	KRW 521	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested	KRW 4,910	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested	KRW 2,556	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested	KRW 92	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested	KRW 83,069	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees	USD 3,795	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees	USD 4,253	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested	KRW 399	IBK
		Guarantees for supplemental funding (*1)	—	IBK

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:
---	---

In millions of won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees		Creditor
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested	KRW 40	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested	KRW 5,238	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested	KRW 2,377	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested	KRW 2,792	IBK
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested	KRW 7,613	IBK and others
		Guarantees for supplemental funding (*1)	—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested	KRW 2,463	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested	KRW 279	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested	KRW 555	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested	KRW 712	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested	KRW 11,868	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested	KRW 2,590	Templeton Hana Asset
		Guarantees for supplemental funding (*1)	—	Templeton Hana Asset
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested	KRW 28,260	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested	KRW 517	Korea Development Bank
		Guarantees for supplemental funding (*1)	—
Korea Midland Power Co., Ltd.	Commerce and Industry Energy Co., Ltd.	Collateralized money invested	KRW 498	IBK and others
Korea Midland Power Co., Ltd.	Nour Ibri Solar Power SAOC	Performance Guarantee	OMR 2,750	Oman Power and Water Procurement Company SAOC
		Loan payment guarantee	USD 17,300	Shinhan Bank
		Debt guarantee	USD 600	Shinhan Bank
Korea Midland Power Co., Ltd.	Sinan Ui Offshore Wind Power Co., Ltd.	Collateralized money invested	KRW 96,100	Korea Development Bank and ohters
Korea South-East Power Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3,4)	—	IBK
		Guarantees for supplemental funding and others (*1,15)	KRW 76,800	Newstar ND Third Co., Ltd.
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested (*4)	EUR 7,210	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested (*4)	EUR 5,735	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested (*4)	KRW 283,991	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested (*4)	KRW 229,768	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested (*4)	KRW 1,511	Korea Investment & Securities Co., Ltd.
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested (*4)	KRW 8,646	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested (*4)	—	IBK
Korea South-East Power Co., Ltd.	Chungsongmyeon BongSan wind power Co., Ltd.	Collateralized money invested (*4)	KRW 730	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested (*4)	KRW 11,733	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested (*4)	KRW 3,440	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested (*4)	KRW 16,002	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested (*4)	USD 95,960	International Finance
		Business reserve payment guarantee	USD 33,333	Corporation and others
Korea South-East Power Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)	USD 8,000	Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested	—	Hana Bank and others

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:
---	---

In millions of won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees		Creditor
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested	KRW 1,719	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Godeok Clean Energy Co., Ltd.	Collateralized money invested	KRW 5,612	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested	KRW 3,798	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested	KRW 23,703	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested	KRW 9,216	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested	KRW 15,531	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested	KRW 9,484	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested	KRW 7,050	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested	KRW 11,777	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested	KRW 10,022	Hana Bank and others
		Guarantees for supplemental funding (*1)	—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Plant Inc.	Collateralized money invested	KRW 6,657	Hana Bank and others
KHNP USA LLC	KAS INVESTMENT I LLC	Payment guarantees (*12)	USD 9,770	WOORI AMERICA BANK
KHNP USA LLC	KAS INVESTMENT II LLC	Payment guarantees (*12)	USD 9,730	WOORI AMERICA BANK
(*1)	The Group guarantees to provide supplemental funding for business with respect to excessive business expenses<br>or insufficient repayment of borrowings.
---	---
(*2)	Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are<br>not repaid by December 8, 2026, the parent company and shareholders must purchase the bonds from the acquirer. As of March 31, 2026, derivative liabilities of ~~W~~23,494 million were recognized in relation to this<br>obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.
---	---
(*3)	The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power<br>Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ~~W~~47,067 million.
---	---
(*4)	The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount<br>over the threshold in the event that the non-recognized portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.
---	---
(*5)	The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.<br>
---	---
(*6)	The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service<br>Reserve Account (DSRA).
---	---
(*7)	The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an<br>associate of the Group.
---	---
(*8)	The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the<br>interlender loan agreement with Santiago Solar Power SpA.
---	---
(*9)	The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their<br>subsidiaries.
---	---
(*10)	Xe-Pian Xe-Namnoy Power Co.,<br>Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is<br>completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.<br>
---	---
(*11)	The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account<br>(DSRA), and others.
---	---
(*12)	The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of<br>guarantees to their subsidiaries.
---	---
(*13)	The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company<br>Limited, a joint venture of the Group.
---	---
(*14)	The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.<br>
---	---
(*15)	In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of<br>the obligation as other provisions, amounting to ~~W~~12,731 million.
---	---

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2026 are as follows, continued:
---	---
(*16)	Guarantees provided to Remal Energy Company, a subsidiary of Remal First Holding Company, an associate of the<br>Group, in connection with the gas-fired combined cycle power generation project.
---	---
(*17)	Guarantees provided to Naseem Energy Company, a subsidiary of Naseem First Holding Company, an associate of the<br>Group, in connection with the gas-fired combined cycle power generation project.
---	---
(8)	Guarantees received from the related parties as of March 31, 2026 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---
Primary Guarantor		Type of guarantees		Credit limit
KAPES, Inc.		Defect guarantees		~~W~~	16,120
		Performance guarantees			38,231
		Advance payment guarantee			241,832
(9)	Derivatives transactions with the related parties as of March 31, 2026 are as follows:
---	---

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
			Contract amounts				Contract interest rate<br>per annum						Contract<br><br><br>exchange
													rate
Counterparty	Contract year		Pay		Receive		Pay			Receive			(in won)
Korea Development Bank		2021~2026	~~W~~	118,170	USD	100,000		1.11	%		1.13	%	~~W~~	1,181.70
		2022~2026		283,820	USD	200,000		4.67	%		5.38	%		1,419.10
		2022~2028		283,820	USD	200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000	USD	200,000		4.04	%		5.38	%		1,280.00
		2024~2027		864,890	USD	650,000		3.53	%		4.88	%		1,330.60
		2025~2028		73,160	USD	50,000		3.02	%		Compounded<br> <br>Daily SOFR<br><br><br>+ 0.62	%		1,463.20
		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880	USD	200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940	USD	100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540	USD	100,000		3.19	%		4.63	%		1,385.40
		2025~2030		556,560	USD	400,000		2.75	%		SOFR +<br>0.79	%		1,391.40
		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
		2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

46.	Related Parties, Continued
(9)	Derivatives transactions with the related parties as of March 31, 2026 are as follows, continued:
---	---

(ii) Currency forward

In millions of Won and thousands of foreign currencies except contract exchange rate information
					Contract amounts					Contract<br><br><br>exchange
										rate
Counterparty	Contract date		Maturity date		Pay		Receive			(in Won)
Korea Development Bank		2026.03.11		2026.04.03	~~W~~	11,733		8,000	~~W~~	1,466.57
		2026.03.19		2026.04.03		10,495		7,000		1,499.31

All values are in US Dollars.

(10)	During the year ended December 31, 2025, the Group acquired financial instruments amounting to KRW120,000 million from Korea Development Bank, other related party, and disposed of financial instruments amounting to KRW 80,000 million.
(11)	The Group considers all standing directors of the Board who serve as executive officers responsible forplanning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
Type		For the three-month periodended March 31, 2026				For the three-month periodended March 31, 2025
Salaries		~~W~~	217				233
Retirement benefits			17				17

		~~W~~	234				250

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

47.	Statement of Cash Flows
(1)	Significant non-cash transactions for each of the three-monthperiods ended March 31, 2026 and 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
Transactions		For the three-monthperiod ended<br>March 31, 2026				For the three-monthperiod ended<br>March 31, 2025
Transfer from<br>construction-in-progress to other assets		~~W~~	2,730,458				1,452,988
Recognition of asset retirement cost and related provision for decommissioning costs			257,931				66,315
Transfer from provision for disposal of used nuclear fuel to accrued expenses			103,408				75,812
Transfer from long-term borrowings to current portion of long-term borrowings			621,816				417,090
Transfer from debt securities to current portion of debt securities			9,100,718				6,875,065
Transfer from inventory to stored nuclear fuel			492,282				358,876
Recognition of<br>right-of-use assets and others			55,770				30,693
(2)	Changes in liabilities incurred from financing activities for each of the three-month periods endedMarch 31, 2026 and 2025 are as follows:
---	---
In millions of won		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
								Non-cash changes
		Beginningbalance			Cash flows			Increase			Effect of exchange rate<br>fluctuations and others			Ending balance
Borrowings		~~W~~	21,996,296			(115,815	)		—			227,066			22,107,547
Debt securities			107,772,996			(2,500,420	)		—			831,024			106,103,600
Lease liabilities			3,150,880			(157,349	)		53,156			120,437			3,167,124
Dividends Payable			1,319			—			—			1,052,852			1,054,171
Derivative liabilities (assets), net			(1,870,050	)		318,351			—			(1,080,448	)		(2,632,147	)

		~~W~~	131,051,441			(2,455,233	)		53,156			1,150,931			129,800,295

In millions of won		For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
								Non-cash changes
		Beginningbalance			Cash flows			Increase			Effect of exchange rate<br>fluctuations and others			Ending balance
Borrowings		~~W~~	20,659,381			206,872			—			(29,661	)		20,836,592
Debt securities			111,874,019			538,688			—			(14,350	)		112,398,357
Lease liabilities			3,699,456			(188,632	)		26,324			15,246			3,552,394
Dividends Payable			5,063			—			—			211,047			216,110
Derivative liabilities (assets), net			(2,406,338	)		46,860			—			(11,278	)		(2,370,756	)

		~~W~~	133,831,581			603,788			26,324			171,004			134,632,697

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

48.	Commitments for Expenditure
(1)	The commitments for acquisition of property, plant and equipment as of March 31, 2026 andDecember 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Contracts		Commitmentamounts				Remaining<br>liability balances			Commitmentamounts			Remaining<br>liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)		~~W~~	57,235				425			57,226			417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S			37,081				8,394			37,081			8,394
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S			37,744				140			37,744			140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)			58,271				746			58,271			746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S			35,282				224			35,282			4,749
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)			35,016				703			35,016			703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)			40,937				654			40,937			654
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)			36,446				1,015			36,446			1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y			33,057				16,045			33,057			16,045
System stabilization ESS equipment (Bubuk S/S) Type 1			221,939				42,137			221,939			42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1			72,779				16,975			72,779			16,975
System stabilization ESS equipment (Yesan S/S) Type 1			56,174				11,471			56,174			11,471
System stabilization ESS equipment (Hamyang S/S) Type 1			35,764				11,468			35,764			11,468
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S			38,520				38,510			38,520			38,520
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)			41,249				7,093			40,933			15,651
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others			40,313				22,572			40,323			31,810
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others			40,116				22,042			40,130			31,505
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon<br>S/S			39,300				39,300			39,300			39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East<br>coast #1C/S			37,600				37,600			37,600			37,600
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin<br>Gapyeong S/S			40,590				40,590			40,590			40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin<br>Namwon S/S			37,100				37,100			37,100			37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2)			32,381				2,375			32,381			11,453
Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3)			31,265				6,254			31,184			14,490
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S			41,000				40,700			41,000			40,700
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)			38,675				—			38,086			10,334
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment			31,838				15,908			31,838			18,411
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price<br>(General)			54,544				29,488			40,475			29,546
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price<br>(General)			47,476				9,681			42,252			12,262
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East<br>Seoul#2-Tancheon)			30,471				30,471			30,471			30,471
Purchase of cable (PE,1C,2500SQ) 69,720M and others (Saemangeum-Dongbieung)			30,607				20,679			30,607			20,679

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

48.	Commitments for Expenditure, Continued
(1)	The commitments for acquisition of property, plant and equipment as of March 31, 2026 andDecember 31, 2025 are as follows, continued:
---	---
In millions of won		As of March 31, 2026						As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
Contracts		Commitmentamounts			Remaining<br>liability balances			Commitmentamounts			Remaining<br>liability balances
Stationary reactive power compensation device (Phase 3, ±500MVAR) – East coast<br>#2C/S			36,400			36,400			36,400			36,400
Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant			63,903			63,903			63,903			63,903
765kV Power Transformer 3Bank(15Tank) - Dangjin Thermal Power Plant			61,100			61,100			61,100			61,100
Purchase of cable (PVC, 1C, 2000SQ) 61,641M and others (Shin Gangseoboonki)			52,204			52,204			52,204			52,204
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) Type2- Shin<br>Okcheon S/S			58,650			58,650			58,650			58,650
XLPE insulated PVC sheathed cable (600V, CV, 1C, 240 sq mm) — 964,800 m (Annual unit price<br>contract)			36,223			31,823			—			—
GIS(362KV 6300A/550KV 2000A,63KA) 22 units — Donghaean #2 Switching Station (C/S)			31,800			31,800			—			—
Construction of Saeul Units (#3,4)			11,718,217			301,025			11,718,217			921,006
Construction of Shin-Hanul Units (#3,4)			12,343,245			9,862,740			12,343,245			10,205,627
Other 63 contracts			2,307,927			1,502,215			2,245,116			1,583,953
Purchase of equipment for the construction project of Boryeong indoor coal storage yard			372,129			125,215			371,978			134,735
Purchase of main machine for Boryeong New Complex Unit 1			282,661			26,259			282,623			29,970
Boryeong New Complex Unit 1 Construction Project			231,101			85,445			221,475			93,617
Haman Combined Power Block Conditional Purchase Agreement			586,983			512,524			586,983			514,447
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power<br>plant			123,989			9,820			123,989			9,820
Construction of Gimpo combined heat & power plant			—			—			223,697			7,184
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant			198,883			7,392			198,029			18,973
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant			65,951			9,331			65,918			9,336
Construction of Gumi natural gas power plant			324,577			16,926			301,684			24,569
Construction of Gongju natural gas power plant			229,547			93,309			224,392			120,972
Purchase of natural gas main machine and accessories at Gongju natural gas power plant			310,322			64,693			310,322			257,822
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant			288,250			232,221			288,250			232,221
Purchase of gas turbines and accessories for Asan combined heat & power plant			123,000			99,625			123,000			123,000
Construction of Yeosu Natural Gas Power Plant			231,659			231,659			—			—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)			327,569			968			327,569			2,110
Purchase of main equipment for Shin-Sejong combined thermal power plant			234,392			531			234,392			2,862
Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase			61,962			41,452			61,859			49,504
Purchase of Samcheok hydrogen compound co-firing facility<br>infrastructure			128,820			49,108			128,820			64,989
Construction of Andong Combined Unit 2 Power Plant			185,935			115,422			185,647			132,297
Purchase of main equipment for Andong Combined Unit 2			279,771			64,317			279,771			125,852
Service of designing Hadong Combined Unit 1			30,179			24,878			32,289			26,988
Purchase of Goyang Changneung gas turbine			120,945			120,945			—			—
Purchase of Hadong gas turbine			241,890			241,890			—			—

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

48.	Commitments for Expenditure, Continued
(2)	As of March 31, 2026, details of contracts for inventory purchase commitment are as follows:
---	---
Type		Periods		Contracted quantity
---	---	---	---	---
Concentrate		2026 ~ 2036		24,578 Ton U3O8
Conversion		2026 ~ 2034		20,703 Ton U
Enrichment		2026 ~ 2040		29,880 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.	Contingencies and Commitments
(1)	Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as ofMarch 31, 2026 and December 31, 2025 are as follows:
---	---
In millions of won		As of March 31, 2026							As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Number of cases			Amount				Number of cases			Amount
As the defendant			710		~~W~~	818,612				706		~~W~~	799,646
As the plaintiff			252			527,068				244			531,459

As of March 31, 2026, the Group is involved in six litigation matters and two arbitration proceedings.

1)	The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to<br>the Group which can potentially be significant:

As of March 31, 2026, the Group is a defendant in wage-related lawsuits with an aggregate claim amount of ~~W~~100,049 million pending in courts. While the ultimate outcomes of these lawsuits are not currently predictable, the Group’s management believes that the results of such proceedings will not have a material adverse effect on the Group’s results of operations or financial position.

2)	There are 13 arbitration cases pertaining to the Group as of March 31, 2026 and the significant<br>arbitration cases are as follows:
①	The Group is currently engaged in arbitration proceedings at the KCAB against<br>S-Energy Co., Ltd. to confirm the latter’s obligation to pay compensation for the shortfall in guaranteed power output of certain solar power facilities. As of March 31, 2026, the Group cannot<br>reasonably estimate the probability or the amount of any potential inflow of economic benefits arising from the outcome of this arbitration.
---	---
②	During the year ended December 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration request with the<br>Korean Commercial Arbitration Board (KCAB) against the Group in connection with the 200MW Voltage Source Converter (VSC) HVDC technology development agreement and the related acquisition costs. As of March 31, 2026, the Group is unable to<br>reasonably estimate the amount or timing of any potential resource outflows that may result from the final outcome of this arbitration.
---	---
③	During the three-month period ended March 31, 2026, Mexica Sol Holdings 1 B.V. and Mexica Sol Holdings 2<br>B.V. filed a lawsuit against the Group in a New York State court in connection with the Mexico solar power project, alleging non-performance of the equity acquisition agreement. As of March 31, 2026, the<br>Group is unable to reasonably estimate the amount or timing of any potential resource outflows that may result from this litigation.
---	---
④	The Group is currently subject to an adjudication proceeding before the Electricity Commission of the Ministry<br>of Climate, Energy and Environment, in connection with an application seeking confirmation of the obligation to pay the installation costs of the Stationary reactive power compensation device (STATCOM) for Saeul Units 3 and 4 (formerly Shin-Kori<br>Units 5 and 6) and Hanbit Units 1 and 2. As of March 31, 2026, the Group cannot reasonably estimate the likelihood of an outflow of economic benefits that may arise from the outcome of this adjudication.
---	---

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.	Contingencies and Commitments, Continued
(2)	Guarantees of payments and commitments provided to other companies as of March 31, 2026 are as follows:
---	---
1)	The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito<br>Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of March 31, 2026.
---	---
2)	The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as<br>International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this<br>financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.
---	---
3)	The Group has provided USD 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas<br>and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.
---	---
4)	The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the<br>payment of debt related to hydroelectric power business of Wampu, Indonesia.
---	---
5)	The Group has provided RBC Community Investments Impact Renewables<br>HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the power plant construction for Concho Valley solar power project in the United<br>States.
---	---
6)	The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank,<br>to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.
---	---
7)	The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD<br>54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.
---	---
8)	The Group has provided Nonghyup Bank a debt guarantee up to USD 3,795 thousand to guarantee Debt Service<br>Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.
---	---
9)	The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand<br>for the implementation of Tanjung Jati power plant operation project in Indonesia.
---	---
10)	The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group<br>Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.
---	---
11)	The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the<br>fulfillment of subscription obligation regarding photovoltaic power generation project in USA.
---	---
12)	The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge<br>Loan for Concho Valley solar business in the United States.
---	---
13)	The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for<br>the operation maintenance project in Van Phong, Vietnam.
---	---
14)	The Group has provided RBC Community Investments Impact Renewables<br>HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.
---	---
15)	The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a<br>guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.
---	---
16)	The Group has provided a performance guarantee of USD 10,625 thousand to Deutsche Bank Trust Company<br>Americas, as a guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.
---	---
17)	The Group has provided a performance guarantee of OMR 2,750 thousand to Oman Power and Water Procurement<br>Company SAOC, in connection with the Oman Ibri 3 Solar Project conducted by a consortium consisting of MASDAR, KOMIPO, AL KHADRA, and OQAE.
---	---
18)	The Group has provided an equity commitment guarantee of USD 17,515 thousand to Natixis in connection with<br>the Oman Ibri 3 Solar Project, which is being developed by its subsidiary, KOMIPO Middle East Energy L.L.C. FZ.
---	---
19)	The Group has provided a performance guarantee of OMR 667 thousand to Oman Power and Water Procurement<br>Company SAOC, in connection with the bid bond for the Oman Al Kamil Solar Project conducted by a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar), KOMIPO, and Al Khadra.
---	---

165

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.	Contingencies and Commitments, Continued
(3)	Credit lines provided by financial institutions and others as of March 31, 2026 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---
Commitments		Financial institutions		Currency			Credit limit
Commitments on Bank-overdraft		Nonghyup Bank and others			KRW		1,780,500
Limit amount available for CP		Hana Bank and others			KRW		8,980,000
General Loan, etc.		Nonghyup Bank and others			KRW		2,600,000
Limit amount available for card		Nonghyup Card and others			KRW		48,458
Loan limit		Korea Development Bank and others			KRW		3,071,095
		DBS Bank and others					1,540,000
Certification of payment on payables from foreign country		Nonghyup Bank					8,700
Certification of payment on L/C		Shinhan Bank and others					1,403,260
		Kookmin Bank and others					8,431
		Shinhan Bank					116,773
Certification of Performance guarantee on contract		Hana Bank and others			KRW		172,004
		First Abu Dhabi Bank and others					1,849,729
		SMTB					6,500,000
		Hana Bank and others					371,358
		Hana Bank					27,117
		Hana Bank			OMR		11,287
		First Abu Dhabi Bank			AED		52,500
		Saudi National Bank and others			SAR		124,151
Certification of bidding		Korea Software Financial Cooperative and others			KRW		489,033
		Hana Bank and others					35,200
		Hana Bank			OMR		3,750
		Commercial Bank of Kuwait			KWD		3,000
Advance payment bond, Warranty bond, Retention bond and others		Seoul Guarantee Insurance			KRW		110,226
		Saudi National Bank and others					711,697
		Saudi National Bank and others			SAR		213,593
		Shinhan Bank and others			MXN		23,809
Others (*)		Nonghyup Bank and others			KRW		662,187
		Nonghyup Bank and others					1,055,288
		Shinhan Bank			QAR		155,231
		Standard Chartered			AED		50
		MayBank			MYR		30,889
Secured loan of credit sales		Nonghyup Bank and others			KRW		284,500
Inclusive credit		Hana Bank and others			KRW		28,000
		Hana Bank and others					35,000
Equity Bridge Loan Guarantee		First Abu Dhabi Bank and others					1,041,248
Trade finance		DBS Bank and others					600,000

All values are in US Dollars.

(*)	As of March 31, 2026, the Group has entered into a credit extension agreement for derivatives transactions<br>with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.	Contingencies and Commitments, Continued
(4)	As of March 31, 2026, promissory notes and assets provided as collaterals or pledges to financialinstitutions by the Group are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---	---
Obligor		Creditor		*Assets provided assecurity (2)**		Currency	Amount			Description
Mira Power Limited		International Finance Corporation and others		Property, plant and Equipment and others				264,800		Collateral for borrowings<br><br><br>(*1)
Tamra Offshore Wind Power Co., Ltd.		Kyobo Life Insurance Co., Ltd. and others		Property, plant and equipment and others		KRW		132,000		Collateral for borrowings<br><br><br>(*1)
Gyeonggi Green Energy Co., Ltd.		Korea Development Bank and others		Cash and cash equivalents and others		KRW		251,600		Collateral for borrowings<br><br><br>(*1)
Jeongam Wind Power Co., Ltd.		KDB Capital Corporation and others		Cash and cash equivalents and others		KRW		230,716		Collateral for borrowings
Gyeongju Wind Power Co., Ltd.		Shinhan Bank and others		Property, plant and equipment and others		KRW		68,400		Collateral for borrowings<br><br><br>(*1)
Korea Offshore Wind Power Co., Ltd.		Woori Bank and others		Property, plant and equipment and others		KRW		244,500		Collateral for borrowings<br><br><br>(*1)
Qatrana Electric Power Company		The Islamic Development Bank and others		Finance lease receivable and property, plant and equipment and others				32,667		Collateral for borrowings<br><br><br>(*1)
KST Electric Power Company, S.A.P.I. de C.V.		Export–Import Bank of Korea and others		Finance lease receivable and property, plant and equipment and others				287,081		Collateral for debt securities<br><br><br>(*1)
Incheon Fuel Cell Co., Ltd.		Kookmin Bank and others		Cash and cash equivalents and others		KRW		230,800		Collateral for borrowings<br><br><br>(*1)
K-SOLAR SHINAN Co., Ltd.		Kyobo Life Insurance Co., Ltd. and others		Property, plant and equipment and others		KRW		274,780		Collateral for borrowings<br><br><br>(*1)
KOSPO Youngnam Power Co., Ltd.		Shinhan Bank and others		Cash and cash equivalents and others		KRW		744,120		Collateral for borrowings
Jeju Hanlim Offshore Wind Co., Ltd.		Kookmin Bank and others		Property, plant and equipment and others		KRW		38,894		Collateral for borrowings
Western Power Changgi Solar Co., Ltd.		Samsung Life Insurance and others		Property, plant and equipment and others		KRW		45,000		Collateral for borrowings<br><br><br>(*1)
Yeongdeok Sunrise Wind Power Co., Ltd.		Korea Development Bank and others		Property, plant and equipment and others		KRW		96,240		Collateral for borrowings<br><br><br>(*1)
Chitose Solar Power Plant LLC		SMTB		Cash and cash equivalents and others				454,835		Collateral for borrowings
Mangilao Intermediate Holdings LLC		Mizuho Bank and others		Trade receivable and others				83,147		Collateral for borrowings<br><br><br>(*1)

All values are in US Dollars.

(*1)	This is based on the amount of loan commitment limit.
(*2)	As of March 31, 2026, the Group has established guarantees for pledge for transfer of rights of long-term<br>borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.
---	---

The Group has ~~W~~1,197 million of project loans from the Korea Energy Agency as of March 31, 2026. The Group has provided a promissory note as a repayment guarantee.

167

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

49.	Contingencies and Commitments, Continued
(5)	The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a<br>carrying amount of ~~W~~54,806 million as of March 31, 2026, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ~~W~~99 million and depreciation<br>on the idle assets of ~~W~~901 million are recorded in other expenses for the three-month period ended March 31, 2026. Regarding the improvement of water quality, the results of damages compensation for the local residents<br>cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of March 31, 2026.
---	---
(6)	As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial<br>District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of March 31, 2026. Accordingly, the book value of the facility, amounting to<br>~~W~~11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of March 31, 2026, the Group cannot make reasonable<br>estimation on whether assets will be recovered or utilized in regular way related thereto.
---	---
(7)	As of March 31, 2026, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is ~~W~~64,371 million.
---	---
(8)	The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the<br>“Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board<br>resolution after consulting with relevant organizations considering its financial situation by year.
---	---
(9)	The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by<br>the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The<br>Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.
---	---
(10)	The Group believes that a potential obligation related to mutual cooperation contributions exists in connection<br>with nuclear power plants whose design life is approaching expiration. The amount and terms of such mutual cooperation contributions have not been agreed upon, and accordingly, the likelihood of an outflow of economic benefits resulting from the<br>settlement of such obligation cannot be reasonably estimated, as of March 31, 2026.
---	---
(11)	An armed conflict that began in the Middle East in February 2026 has led to increased geopolitical and economic<br>uncertainty. These developments may affect entities with direct or indirect operations in the affected region, or those exposed to the economies of the countries involved. The Group is unable to reasonably estimate the potential financial impact<br>that the evolving situation in the Middle East may have on its financial position or results of operations.
---	---

168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

50.	Subsequent Events
(1)	Subsequent to March 31, 2026, KEPCO borrowed long-term borrowings for the purposes of operation and<br>details related thereto are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Type		Issue date			Maturity			Interest rate<br><br><br>(%)		Amount
Korea Electric Power Corporation		Local long-term borrowings (Mid- to long-term CP (*))			2026.04.01			2029.03.30		3M CD+0.40		~~W~~200,000
Korea Electric Power Corporation		Local long-term borrowings (Mid- to long-term CP (*))			2026.04.22			2029.04.20		3M CD+0.38		200,000
Korea Electric Power Corporation		Local long-term borrowings (Mid- to long-term CP (*))			2026.05.13			2029.05.11		3M CD+0.37		200,000
(*)	The maturity of mid- to long-term CPs corresponds to contract period of<br>commercial paper repurchase agreements.
---	---
(2)	Subsequent to March 31, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland<br>Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won for the purpose of operation funds and repayment of borrowings. Details thereto are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Type		Issue date			Maturity			Interest rate<br>(%)			Amount
Korea Electric Power Corporation		#1559 Corporate bond			2026.04.02			2028.03.31			3.70		~~W~~130,000
		#1560 Corporate bond			2026.04.02			2029.04.02			3.80		120,000
		#1561 Corporate bond			2026.04.02			2031.04.02			3.91		70,000
		#1562 Corporate bond			2026.04.07			2028.04.07			3.65		150,000
		#1563 Corporate bond			2026.04.07			2029.04.06			3.81		180,000
		#1564 Corporate bond			2026.04.07			2031.04.07			3.87		70,000
		#1565 Corporate bond			2026.04.15			2028.04.14			3.51		150,000
		#1566 Corporate bond			2026.04.15			2029.04.13			3.70		220,000
		#1567 Corporate bond			2026.04.15			2031.04.15			3.82		30,000
		#1568 Corporate bond			2026.04.21			2028.04.21			3.52		150,000
		#1569 Corporate bond			2026.04.21			2029.04.20			3.70		160,000
		#1570 Corporate bond			2026.04.21			2031.04.21			3.86		100,000
		#1571 Corporate bond			2026.04.28			2028.04.28			3.65		140,000
		#1572 Corporate bond			2026.04.28			2029.04.27			3.84		140,000
		#1573 Corporate bond			2026.04.28			2031.04.28			3.98		90,000
		#1574 Corporate bond			2026.05.07			2028.05.04			3.70		100,000
		#1575 Corporate bond			2026.05.07			2029.05.04			3.86		230,000
		#1576 Corporate bond			2026.05.07			2031.05.07			4.02		80,000
		#1577 Corporate bond			2026.05.12			2028.05.12			3.77		80,000
		#1578 Corporate bond			2026.05.12			2029.05.11			3.95		210,000
		#1579 Corporate bond			2026.05.12			2031.05.12			4.10		50,000

169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

50.	Subsequent Events, Continued
(2)	Subsequent to March 31, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland<br>Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Type		Issue date			Maturity			Interest rate<br>(%)			Amount
Korea South-East Power Co., Ltd		#71-1 Corporate bond			2026.04.08			2029.04.06			4.00		~~W~~190,000
		#71-2 Corporate bond			2026.04.08			2031.04.08			4.11		100,000
Korea Midland Power Co., Ltd.		#76-1 Corporate bond			2026.04.28			2027.04.28			3.28		200,000
		#76-2 Corporate bond			2026.04.28			2029.04.28			3.98		60,000
Korea Western Power Co., Ltd.		#77-1 Corporate bond			2026.04.16			2029.04.16			3.88		190,000
		#77-2 Corporate bond			2026.04.16			2031.04.16			4.01		50,000
Korea Southern Power Co., Ltd.		#84-1 Corporate bond			2026.04.09			2028.04.07			3.67		180,000
		#84-2 Corporate bond			2026.04.09			2029.04.09			3.84		100,000
		#84-3 Corporate bond			2026.04.09			2031.04.09			3.94		30,000
(3)	On May 10, 2026, a fire occurred at the Steam Turbine (ST) side of Unit #4 of the Busan Bitdream<br>Headquarters operated by Korea Southern Power Co., Ltd., a subsidiary of the Company. The extent of damages cannot be reasonably estimated at this time, and depending on the outcome of the subsequent loss adjustment, this event may have an impact on<br>the Group’s financial position and operating results.
---	---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

March 31, 2026 and 2025 (unaudited)

51.	Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three-month periods ended March 31, 2026 and 2025 to the operating profit or loss as presented in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

In millions of won	March 31, 2026
Operating profit on the consolidated statements of comprehensive income	~~W~~	3,784,169		3,753,607
Add
Other income
Reversal of other provisions		2,231		3,113
Reversal of other allowance for bad debt		25,569		6,500
Gains on government grants		62		47
Gains on assets contributed		2,823		181
Gains on liabilities exempted		52		280
Compensation and reparations revenue		25,643		20,207
Revenue from foundation fund		11		154
Rental income		52,855		52,849
Others		47,389		9,476
Other gains
Gains on disposal of property, plant and equipment		1,701		5,363
Reversal of impairment losses on property, plant and equipment		1		—
Gains on foreign currency translation		40,783		4,162
Gains on foreign currency transactions		20,086		44,613
Gains on insurance proceeds		800		—
Others		99,987		172,464
Deduct
Other expenses
Compensation and indemnification expense		—		(1	)
Accretion expenses of other provisions		(47	)	(440	)
Depreciation expenses on investment properties		(256	)	(195	)
Depreciation expenses on idle assets		(901	)	(904	)
Other bad debt expense		—		(2	)
Donations		(73,072	)	(12,111	)
Others		(3,764	)	(6,225	)
Other losses
Losses on disposal of property, plant and equipment		(19,949	)	(37,158	)
Losses on disposal of intangible assets		—		(13	)
Losses on impairment of property, plant and equipment		(825	)	—
Losses on impairment of intangible assets		(1,115	)	—
Losses on foreign currency translation		(26,924	)	(10,082	)
Losses on foreign currency transactions		(40,662	)	(19,688	)
Others		(62,179	)	(61,089	)

Adjusted operating profit	~~W~~	3,874,468		3,925,108

171