KEP 6-K 2025 - 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 December 2025

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, 2025 to September 30, 2025)

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

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

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

I.	Company Overview
1.	Name of the company: Korea Electric Power Corporation (“KEPCO”)
---	---
2.	Information of the company
---	---

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

(Phone number) 82-61-345-4218

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

3.	Major businesses

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

•	development of electric power resources;
•	generation, transmission, transformation and distribution of electricity and other related activities;<br>
---	---
•	research and development of technology related to the businesses mentioned above;
---	---
•	overseas business related to the businesses mentioned above;
---	---
•	investment or contributions related to the businesses mentioned above;
---	---
•	development and operation of certain real estate holdings; and
---	---
•	other businesses entrusted by the government.
---	---

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

4.	Consolidated subsidiaries
	(As of September 30, 2025)
---	---	---
Listed	Unlisted	Total
2	168	170

5.	Major changes in management
A.	On January 6, 2025, Mr. An, Jung-Eun was appointed as a<br>standing director for a term of two years.
---	---
B.	On March 3, 2025, Mr. Lee, Jun-Ho, standing director,<br>resigned from all his positions.
---	---
C.	On March 31, 2025, a non-standing director Mr. Park, Chung-Kun’s term of office expired.
---	---
D.	On May 7, 2025, Mr. Lee, Heung-Ryeol was appointed as a<br>non-standing director for a term of two years in replacement of Mr. Park, Chung-Kun whose term of office expired.
---	---
E.	On May 19, Mr. Seo Geun-Bae, standing director, resigned from<br>all his positions.
---	---
F.	On May 28, Mr. Jung, Chi-Gyo was appointed as a standing member for a term of two years.<br>
---	---
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)
---	---
B.	Total number of issued shares: 641,964,077
---	---
(Total number of authorized shares for issuance: 1,200,000,000)
---
C.	Dividends: Dividend payments for fiscal year 2024 was Won 213 per share and Won 136.7 billion as a total.<br>
---	---

II.	Business Overview
1.	Consolidated financial results by segment for a nine-month period ended September 30, 2024 and 2025<br>
---	---

(In billions of Won)

	January to September 2024				January to September 2025
	Sales		Operating<br>profit		Sales		Operating<br>profit
Electricity sales		68,664		395		72,468		5,536
Nuclear generation		10,205		1,794		11,847		3,186
Thermal generation		25,161		3,337		22,315		2,661
Plant maintenance & engineering service		2,353		306		2,370		220
Others^(1)^		1,600		114		1,664		117
Subtotal		107,983		5,946		110,664		11,720
Adjustment for related- party transactions		-38,113		-1		-36,918		-179
Total		69,870		5,945		73,746		11,541

Note:

(1)	Others relate to business areas including overseas businesses, etc..
2.	Changes in unit prices of major products for a nine-month period ended September 30, 2024 and 2025<br>
---	---
					(In Won per kWh)
---	---	---	---	---	---	---
Business sector		Company	January to September<br>2024		January to September2025
Electricity sold	Residential	KEPCO		158.14		160.49
	Commercial			173.42		173.05
	Educational			143.62		143.79
	Industrial			164.91		181.48
	Agricultural			81.87		88.27
	Street lighting			161.64		162.38
	Overnight usage			107.86		107.94
Electricity from nuclear generation	Nuclear<br><br><br>Generation	KHNP		73.20		82.92
Electricity from thermal generation	Thermal generation	KOSEP		143.34		139.00
		KOMIPO		159.50		157.40
		KOWEPO		168.03		152.92
		KOSPO		175.21		167.08
		EWP		158.71		155.18

3.	Power purchase from generation subsidiaries for a nine-month period ended September 30, 2025<br>
Company	Volume<br>(GWh)		Expense<br>(In billions of Won)
---	---	---	---	---
KHNP		139,633		11,591
KOSEP		28,898		4,014
KOMIPO		27,042		4,253
KOWEPO		25,838		3,950
KOSPO		27,512		4,591
EWP		23,631		3,667
Others		162,621		23,854
Closing adjustment		—		3,653
Total		435,175		59,573
4.	Intellectual property as of September 30, 2025
---	---
	Patents		Utility models		Designs		Trademarks		Total
---	---	---	---	---	---	---	---	---	---	---
KEPCO		5,165		28		111		59		5,363
Generation subsidiaries		4,301		41		93		262		4,697
Total	****	9,466	****	69	****	204	****	321	****	10,060

III.	Financial Information
1.	Condensed consolidated financial results as of and for a nine-month period ended September 30, 2024 and 2025<br>
---	---

(In billions of Won)

Consolidated statements of<br><br><br>comprehensive income							Consolidated statements of<br><br><br>financial position
	January toSeptember 2024		January toSeptember 2025		Change			December 31,2024		September 30,2025		Change
Sales		69,870		73,747		3,877	Total assets		246,808		253,092		6,284
Operating profit (loss)		5,946		11,541		5,595	Total liabilities		205,445		205,340		-105
Net income (loss)		2,590		7,328		4,738	Total equity		41,363		47,751		6,388
2.	Condensed separate financial results as of and for a nine-month period ended September 30, 2024 and 2025<br>
---	---

(In billions of Won)

Separate statements of<br><br><br>comprehensive income							Separate statements of<br><br><br>financial position
	January toSeptember 2024		January toSeptember 2025		Change			December 31,2024		September 30,2025		Change
Sales		68,664		72,468		3,804	Total assets		139,472		142,772		3,300
Operating profit (loss)		395		5,536		5,141	Total liabilities		120,083		118,583		-1,500
Net income (loss)		-831		4,903		5,734	Total equity		19,389		24,189		4,800

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 September 30, 2025

Number of meetings	Number of agendas	Classification
		Resolutions	Reports
11	33	26	7
*	The audit committee held 10 meetings with 49 agenda (of which, 27 were approved as proposed and 22 were<br>accepted as reported).
---	---
3.	Major activities of the Board of Directors for a nine-month period ended September 30, 2025<br>
---	---
Date	Agenda	Results	Type
---	---	---	---
January 23, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director (labor director)	Approved as<br>proposed	Resolution
	Approval of the revised relocation plan for the Gyeonggi Materials Management Center	Approved as<br>proposed	Resolution
	Approval of the safety management plan of 2025	Approved as<br>proposed	Resolution
	Report on the annual management of commercial papers in 2024	Accepted as<br>reported	Report
	Report on the headquarters organizational enhancement plan	Accepted as<br>reported	Report

February 28, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Approved as<br>proposed	Resolution
	Approval to call for the annual general meeting of shareholders for the fiscal year 2024	Approved as<br>proposed	Resolution
	Approval of consolidated and separate financial statements for the fiscal year 2024	Approved as<br>proposed	Resolution
	Approval of the maximum aggregate amount of remuneration for directors in 2025	Approved as<br>proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2024	Accepted as<br>reported	Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2024	Accepted as<br>reported	Report
	Report on audit results for 2024	Accepted as<br>reported	Report
March 21, 2025	Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)	Approved as<br>proposed	Resolution
April 18, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as<br>proposed	Resolution
	Approval of amendments to the Regulation for Employee Remuneration and Welfare	Approved as<br>proposed	Resolution
April 23, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as<br>proposed	Resolution
May 9, 2025	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025	Approved as<br>proposed	Resolution
May 23, 2025	Approval of amendments of the Supplementary Power Exchange Terms and Conditions for the Distributed Energy Specialized Area	Approved as<br>proposed	Resolution
	Approval of the 11th long-term plan for power transmission and substation facilities	Approved as<br>proposed	Resolution
	Approval of appointment of a member of Power System Committee	Approved as<br>approved	Resolution

June 20, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Approved as<br>proposed	Resolution
	Approval of amendment to the Regulation of the Board of Directors	Approved as<br>proposed	Resolution
	Approval of the mid-to long-term financial management plan (2025~2029)	Approved as<br>proposed	Resolution
	Approval of personnel increase	Approved as<br>proposed	Resolution
	Approval of contribution to Korea Institute of Energy Technology in 2025	Approved as<br>proposed	Resolution
July 18, 2025	Approval of amendment to the Regulation of the Board of Directors	Approved as<br>proposed	Resolution
	Approval of the 1st long-term plan for power distribution	Approved as<br>proposed	Resolution
August 26, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Approved as<br>proposed	Resolution
	Report on financial statements for the first half of 2025	Accepted as<br>reported	Report
September 19, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Approved as<br>proposed	Resolution
	Approval of the construction of a new DC office building for the Gyeonggi Regional Headquarters	Approved as<br>amended	Resolution
	Approval of investment in the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2025	Approved as<br>proposed	Resolution
	Report on the commencement and early commencement of construction projects involving 345kV and above	Accepted as<br>reported	Report

4.	Attendance Status of Non-standing directors and Voting Results by<br>Agenda Items for a nine-month period ended September 30, 2025
Date	Agenda	Han,<br>Jin-<br>Hyun	Kim,Jong-Woon	Kim,Jun-Ki	Park,<br>Chung-<br>Kun	Kim,Sung-<br>Eun	Lee,Sung-<br>Ho	Cho,Seong-<br>Jin	Kang,Hoon	Lee,<br>Heung-<br>Ryul
---	---	---	---	---	---	---	---	---	---	---
January 23,2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director (labor director)	For	For	For	For	For	For	For	For	Before<br>Appointment
	Approval of the revised relocation plan for the Gyeonggi Materials Management Center	For	For	For	For	For	For	For	For
	Approval of the safety management plan of 2025	For	For	For	For	For	For	For	For
	Report on the annual management of commercial papers in 2024	Agenda for Report
	Report on the headquarters organizational enhancement plan	Agenda for Report
February 28, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Absent	For	For	For	For	For	For	For
	Approval to call for the annual general meeting of shareholders for the fiscal year 2024	Absent	For	For	For	For	For	For	For
	Approval of consolidated and separate financial statements for the fiscal year 2024	Absent	For	For	For	Absent	For	For	For
	Approval of the maximum aggregate amount of remuneration for directors in 2025	Absent	For	For	For	For	For	For	For
	Report on internal control over financial reporting for the fiscal year 2024	Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2024	Agenda for Report
	Report on audit results for 2024	Agenda for Report

March 21, 2025	Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)	For	For	For	For	For	For	For	For
April 18, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	For	For		For	For	For	For
	Approval of amendments to the Regulation for Employee Remuneration and Welfare	For	For	For		For	For	For	For
April 23, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	Absent	For		For	For	For	For
May 9, 2025	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025	For	For	For	Retired	For	For	For	For	For
May 23, 2025	Approval of amendments of the Supplementary Power exchange Terms and Conditions for the Distributed Energy Specialized Area	For	For	For		For	For	For	For	For
	Approval of the 11th long-term plan for power transmission and substation facilities	For	For	For		For	For	For	For	For
	Approval of appointment of a member of Power System Committee	For	For	For		For	For	For	For	For
June 20, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Absent	For	For		Absent	For	For	For	For
	Approval of amendment to the Regulation Concerning the Board of Directors	Absent	For	For		Absent	For	For	For	For
	Approval of the mid-to long-term financial management plan (2025~2029)	Absent	For	For		Absent	For	For	For	For
	Approval of personnel increase	Absent	For	For		Absent	For	For	For	For
	Approval of contribution to Korea Institute of Energy Technology in 2025	Absent	For	For		Absent	For	Against	For	For

July 18, 2025	Approval of amendment to the Regulation of the Board of Directors	For		For		For				For		For		For		For		For
	Approval of the 1st long-term plan for power distribution	For		For		For				For		For		For		For		For
August 26, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	For		For		For				For		For		For		For		For
	Report on financial statements for the first half of 2025	Agenda for Report								Agenda for Report
September 19, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	Absent		For		For				For		For		For		For		For
	Approval of the construction of a new DC office building for the Gyeonggi Regional Headquarters	Absent		For		For				For		For		For		For		For
	Approval of investment in the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2025	Absent		For		For				For		For		For		For		For
	Report on the commencement and early commencement of construction projects involving 345kV and above	Agenda for Report								Agenda for Report
Attendance Rate		72.7	%	90.9	%	100	%	100	%	88.6	%	100	%	100	%	100	%	100	%

Attendance Status of Standing directors for a nine-month period ended September 30, 2025

Date	Agenda	Kim,Dong-Cheol	Jun,Young-Sang	Oh,Heung-Bok	Lee,Jun-Ho	Jung,<br>Chi-Gyo	Ahn,Jung-Eun	Seo,Chul-Soo	Seo,<br>Guen-<br>Bae
January 23, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director (labor director)	For	For	For	For	Before<br>Appointment	For	For	For
	Approval of the revised relocation plan for the Gyeonggi Materials Management Center	For	For	For	For		For	For	For
	Approval of the safety management plan of 2025	For	For	For	For		For	For	For
	Report on the annual management of commercial papers in 2024	Agenda for Report					Agenda for Report
	Report on the headquarters organizational enhancement plan	Agenda for Report					Agenda for Report

Date	Agenda	Kim,Dong-Cheol	Jun,Young-Sang	Oh,Heung-Bok	Lee,Jun-Ho	Ahn,Jung-Eun	Seo,Chul-Soo	Seo,<br>Guen-<br>Bae
February 23, 2024	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	For	For	For	For	For	For	For
	Approval to call for the annual general meeting of shareholders for the fiscal year 2024	For	For	For	For	For	For	For
	Approval of consolidated and separate financial statements for the fiscal year 2024	For	For	For	For	For	For	For
	Approval of the maximum aggregate amount of remuneration for directors in 2025	For	For	For	For	For	For	For
	Report on internal control over financial reporting for the fiscal year 2024	Agenda for Report				Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2024	Agenda for Report				Agenda for Report
	Report on audit results for 2024	Agenda for Report				Agenda for Report
March 21, 2025	Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)	For	For	For	Retired	For	For	For
April 18, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	For	For		For	For	For
	Approval of amendments to the Regulation for Employee Remuneration and Welfare	For	For	For		For	For	For
April 23, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	For	For		For	For	For
May 9, 2025	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025	For	For	For		For	For	For

Date	Agenda	Kim,Dong-Cheol	Jun,Young-Sang	Oh,Heung-Bok	Lee,Jun-Ho	Ahn,Jung-Eun	Seo,Chul-Soo	Seo,<br>Guen-<br>Bae
May 23, 2025	Approval of amendments of the Supplementary Electricity Supply Terms and Conditions for the Distributed Energy Specialized Area	For	For	For		For	For	Retired
	Approval of the 11th long-term plan for power transmission and substation facilities	For	For	For		For	For
	Approval of appointment of a member of Power System Committee	For	For	For		For	For
June 20, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director	For	For	For	For	For	For
	Approval of amendment to the Regulation Concerning the Board of Directors	For	For	For	For	For	For
	Approval of the mid-to long-term financial management plan (2025~2029)	For	For	For	For	For	For
	Approval of personnel increase	For	For	For	For	For	For
	Approval of contribution to Korea Institute of Energy Technology in 2025	For	For	For	For	For	For
July 18, 2025	Approval of amendment to the Regulation of the Board of Directors	For	For	For	For	For	For
	Approval of the 1st long-term plan for power distribution	For	For	For	For	For	For

Date	Agenda	Kim,Dong-Cheol		Jun,Young-Sang		Oh,Heung-Bok		Lee,Jun-Ho		Jung,<br>Chi-Gyo		Ahn,Jung-Eun		Seo,Chul-Soo		Seo,<br>Guen-<br>Bae
August 26, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director		For		For		For				For		For		For
	Report on financial statements for the first half of 2025		Agenda for Report								Agenda for Report
September 19, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director		For		For		For				For		For		For
	Approval of the construction of a new DC office building for the Gyeonggi Regional Headquarters		For		For		For				For		For		For
	Approval of investment in the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2025		For		For		For				For		For		For
	Report on the commencement and early commencement of construction projects involving 345kV and above		Agenda for Report								Agenda for Report
Attendance Rate		****	100%	****	100%	****	100%	****	100%	****	100%	****	100%	****	100%	****	100%

Major activities of the Audit Committee for a nine-month period ended September 30, 2025

Date	Agenda	Results	Type
January 23, 2025	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries	Approved as proposed	Resolution
	Approval of annual audit plans for 2025	Approved as proposed	Resolution
	Approval of audit committee’s opinions on the operation of the Board	Accepted as proposed	Resolution
	Report on amendments to the internal control over financial reporting regulations	Accepted as reported	Report
	Report on audit education plans in 2025	Accepted as reported	Report
	Report on audit results for December of 2024	Accepted as reported	Report
	Report on independence of independent auditors	Accepted as reported	Report
February 12, 2025	Approval of appointment of independent auditors of subsidiaries	Rejected	Resolution
	Report on independence of independent auditors prior to engagement	Accepted as reported	Report
February 27, 2025	Approval of the consolidated and separate financial statements and business report for the fiscal year 2024	Approved as proposed	Resolution
	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor	Approved as proposed	Resolution
	Approval of the Operating Guidelines for the Audit Advisory Committee	Approved as amended	Resolution
	Report on internal control over financial reporting for the fiscal year 2024	Accepted as reported	Report
	Report on the evaluation on internal control over financial reporting for the fiscal year 2024	Accepted as reported	Report
	Report on audit results by the independent auditor for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for 2024	Accepted as reported	Report
March 14, 2025	Approval of appointment of the chairman of the Audit Committee	Approved as proposed	Resolution
	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Approval of amendments to Internal Audit Regulations	Approved as proposed	Resolution
	Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for January and February of 2025	Accepted as reported	Report

April 10, 2025	Approval of amendments to audit plans for 2025	Approved as proposed	Resolution
	Approval of amendments to Guidelines for Legal Support on auditors	Approved as amended	Resolution
	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor	Approved as proposed	Resolution
	Pre-approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices	Approved as proposed	Resolution
	Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and<br>Exchange	Accepted as reported	Report
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed<br>with the U.S. Securities and Exchange	Accepted as reported	Report
	Report on audit results for March of 2025	Accepted as reported	Report
May 22, 2025	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Approval of Clean KEPCO branch office certification	Approved as proposed	Resolution
	Approval of amendments to the internal audit guidelines	Approved as proposed	Resolution
	Report on auditor’s review for the first quarter of fiscal year 2025	Accepted as reported	Report
	Report on audit results for April of 2025	Accepted as reported	Report
June 20, 2025	Approval of revocation of Clean KEPCO branch office certification	Approved as proposed	Resolution
	Report on post-evaluation of the auditor for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for May of 2025	Accepted as reported	Report
July 17, 2025	Approval of appointment of independent auditors of subsidiaries	Approved as amended	Resolution
	Report on annual audit plan of independent auditor for fiscal year 2025	Accepted as reported	Report
	Report on audit results for June of 2025	Accepted as reported	Report
August 26, 2025	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
September 19, 2025	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor	Approved as proposed	Resolution
	Pre-approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of amendments to the internal audit guidelines	Approved as proposed	Resolution
	Auditor’s review report for the first half of 2025	Accepted as reported	Report
	Report on audit results for the first half of 2025, July and August of 2025	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.
---	---

Attendance Status of the Audit Committee for a six-month period ended June 30, 2025

Date	Agenda	Kim,<br>Sung-Eun	Lee,<br>Sung-Ho	Jun,<br>Young-<br>Sang
January 23, 2025	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Attended
	Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries
	Approval of annual audit plans for 2025
	Approval of audit committee’s opinions on the operation of the Board
	Report on amendments to the internal control over financial reporting regulations
	Report on audit education plans in 2025
	Report on audit results for December of 2024
	Report on independence of independent auditors
February 12, 2025	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Attended
	Report on independence of independent auditors prior to engagement
February 27, 2025	Approval of the consolidated and separate financial statements and business report for the fiscal year 2024	Attended	Absent	Attended
	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor
	Approval of the operating guidelines for the Audit Advisory Committee
	Report on internal control over financial reporting for the fiscal year 2024
	Report on the evaluation on internal control over financial reporting for the fiscal year 2024
	Report on audit results by the independent auditor for the fiscal year 2024
	Report on audit results for 2024
March 14, 2025	Approval of appointment of the chairman of the Audit Committee	Attended	Absent	Attended
	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor
	Approval of auditor’s report for the annual general meeting of shareholders
	Approval of amendments to Internal Audit Regulations
	Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
	Report on audit results by the independent auditor for the fiscal year 2024
	Report on audit results for January and February of 2025

April 10, 2025	Approval of amendments to audit plans for 2025	Attended	Absent	Attended
	Approval of amendments to Guidelines for Legal Support on auditors
	Pre-approval for non-audit for subsidiaries by the<br>independent auditor
	Pre-approval of appointment of independent auditors of subsidiaries
	Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
	Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and<br>Exchange
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed<br>with the U.S. Securities and Exchange
	Report on audit results for March of 2025
May 22, 2025	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Attended	Absent	Attended
	Approval of Clean KEPCO branch office certification
	Approval of amendments to the internal audit guidelines
	Report on auditor’s review for the first quarter of fiscal year 2025
	Report on audit results for April of 2025

June 20, 2025	Approval of revocation of Clean KEPCO branch office certification	Attended	Absent	Attended
	Report on post-evaluation of the auditor for the fiscal year 2024
	Report on audit results for May of 2025
July 17, 2025	Approval of appointment of independent auditors of subsidiaries	Attended	Absent	Attended
	Report on annual audit plan of independent auditor for fiscal year 2025
	Report on audit results for June of 2025
August 26, 2025	Approval of appointment of independent auditors of subsidiaries	Attended	Absent	Attended
September 19, 2025	Pre-approval of non-audit service for subsidiaries by the<br>independent auditor	Attended	Absent	Attended
	Pre-approval of appointment of independent auditors of subsidiaries	Attended	Absent	Attended
	Approval of amendments to the internal audit guidelines	Attended	Absent	Attended
	Auditor’s review report for the first half of 2025	Attended	Absent	Attended
	Report on audit results for the first half of 2025, July and August of 2025	Attended	Absent	Attended
Attendance Rate		100%	20%	100%

V. Shareholder’s Meetings

Summary of shareholder’s meetings for a nine-month period ended September 30, 2025

Type	Agenda	Results
Extraordinary General Meeting held on January 6, 2025	Election of a Standing Director	Approved as proposed
Annual General Meeting held on March 26, 2025	Approval of the consolidated and separate financial statements for the fiscal year 2024	Approved as proposed
	Approval of the maximum aggregate amount of remuneration for directors in 2025	Approved as proposed
Extraordinary General Meeting held on May 28, 2025	Election of a Standing Director	Approved as proposed

VI. Shareholders

List of shareholders as of September 30, 2025


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	50,266,002	7.83
Public<br> <br>(Non-Koreans)	Common Shares	1,367	121,107,671	18.87
	American depositary shares (ADS)	1	11,929,072	1.86
Public (Koreans)		563,358	130,584,274	20.34
Total		564,729	641,964,077	100.00
•	Percentages are based on issued shares of common stock.
---	---
•	All of our shareholder have equal voting rights.
---	---
•	Citibank, N.A. is our depositary bank and each ADS represents one-half of<br>one share of our common stock.
---	---

VII. Directors and employees as of and for a nine-month period ended September 30, 2025 (KEPCO on aseparate basis)

Directors

(In thousands of Won)

Type		Number of<br>directors		Totalremuneration		Averageremuneration<br>per person		Remarks
Standing director			6		1,215,660		202,610	Excluding members of the Audit Committee
Non-standing director			6		135,000		22,500
Member of Audit Committee	Standing director		1		180,438		180,438	—
	Non-standing director		2		45,000		22,500	—
Total		****	15	****	1,576,098	****	105,073	—

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		17,017		99		17,116		15.2		1,275,444,437		73,983
Female		5,174		107		5,281		14.5		335,609,967		69,649
Total	****	22,191	****	206	****	22,397	****	15.0	****	1,611,054,404	****	71,562

VIII. Other Information Necessary for the Protection of Investors

Pending legal proceedings as of September 30, 2025

(In billions of Won)

Type	Numberof lawsuits		Amountclaimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		720		854
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		244		756

Sanctions **** as of September 30, 2025(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(Current)	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

Sanctions **** as of September 30, 2025(Korea East-West Power Co., Ltd)

Date	Sanction Authorities	Subject	Sanctions	Cause	Grounds andApplicable Laws
February 12, 2025	Ministry of Climate, Energy, and Environment	Dangjin<br>Power<br>Complex	Administrative Fine<br> <br>(1.8 million<br>Won)	Unaddressed malfunction of measurement equipment	Act on the Integrated Control of Pollutant-Discharging Facilities<br><br><br>Article 20

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

Date	Sanction<br><br><br>Authorities	Resolution Number	Case Name	Proceedings
February 20, 2025	Korea Fair Trade Commission	Resolution 2025-029	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: December 18, 2025

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

September 30, 2025

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

LOGO

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 September 30, 2025, the condensed consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2025, the condensed consolidated interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2025 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

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

Auditors’ Review Responsibility

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

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

Conclusion

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

Other Matters

The 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 interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2024 and the consolidated interim statements of changes in equity and cash flows for the nine-month period ended September 30, 2024, presented for comparative purposes, were reviewed by another auditor. Their review report dated November 14, 2024, stated that nothing had come to their attention that caused them to believe that those consolidated interim financial statements did not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

The consolidated statement of financial position as of December 31, 2024, 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, have been audited by another auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 11, 2025, expressed an unmodified opinion. The accompanying consolidated statement of financial position as of December 31, 2024, presented for comparative purposes, is not different from that audited by another auditor from which it was derived in all material respects.

LOGO

Seoul, Korea

November 14, 2025

This report is effective as of November 14, 2025, 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 financial statements

For each of the nine-month periods ended September 30, 2025 and 2024

“The accompanying condensed consolidated interim financial statements, including all footnotes and disclosures,

have been prepared by, and are the responsibility of, the Group.”

Dong-Cheol Kim

Chief Executive Officer

Korea Electric Power Corporation

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

As of September 30, 2025 and December 31, 2024 (Unaudited)

In millions of won	Note	September 30, 2025
Assets
Current assets
Cash and cash equivalents	5,6,7,44	~~W~~	2,275,359	2,382,979
Current financial assets, net	5,6,9,11,12,13,44,45,46		5,878,256	3,494,717
Trade and other receivables, net	5,8,20,24,44,45,46		12,219,551	12,216,216
Inventories, net	14		9,882,246	9,769,236
Current income tax assets			84,423	78,495
Current non-financial assets	15		1,451,106	1,267,914
Assets held-for-sale	41		75,905	45,648
Total current assets			31,866,846	29,255,205
Non-current assets
Non-current financial assets, net	5,6,9,10,11,12,13,44,46		4,110,730	4,945,990
Non-current trade and other receivables, net	5,8,20,44,45,46		3,213,902	3,157,409
Property, plant and equipment, net	18,24,27,48		185,941,378	182,982,763
Investment properties, net	19,27		169,321	228,984
Goodwill, net	16		99,145	99,179
Intangible assets other than goodwill, net	21,27		963,419	1,046,918
Investments in associates	4,17		6,792,851	6,704,754
Investments in joint ventures	4,17		6,310,087	4,581,340
Defined benefit assets, net	25		13,885	40,425
Deferred tax assets			12,737,254	13,436,624
Non-current non-financial assets	15		872,726	328,204
Total non-current assets			221,224,698	217,552,590
Total assets	4	~~W~~	253,091,544	246,807,795

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

As of September 30, 2025 and December 31, 2024 (Unaudited)

In millions of won	Note	September 30, 2025
Liabilities
Current liabilities
Trade and other payables	5,22,24,44,46	~~W~~	8,752,691	9,411,315
Current financial liabilities	5,12,23,44,46		45,827,642	44,465,866
Current income tax liabilities			1,599,650	970,496
Current non-financial liabilities	20,28,29		6,834,306	6,327,141
Current provisions	26,44		3,042,141	2,793,971
Liabilities held-for-sale	41		11,233	—
Total current liabilities			66,067,663	63,968,789
Non-current liabilities
Non-current trade and other payables	5,22,24,44,46		4,217,420	4,609,241
Non-current financial liabilities	5,12,23,44,46		84,977,573	88,352,359
Non-current non-financial liabilities	28,29		13,951,215	13,281,520
Employee benefits liabilities, net	25,44		1,735,947	1,451,547
Deferred tax liabilities			6,125,584	5,944,472
Non-current provisions	26,44		28,264,812	27,837,034
Total non-current liabilities			139,272,551	141,476,173
Total liabilities	4	~~W~~	205,340,214	205,444,962
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			567,469	—
Unappropriated retained earnings			24,934,926	18,523,337
			27,107,305	20,128,247
Other components of equity	33
Other capital surplus			1,605,627	1,600,812
Accumulated other comprehensive income			1,078,428	1,424,014
Other equity			12,708,585	12,708,585
			15,392,640	15,733,411
Equity attributable to owners of the controlling company			46,553,523	39,915,236
Non-controlling interests	16,32		1,197,807	1,447,597
Total equity		~~W~~	47,751,330	41,362,833
Total liabilities and equity		~~W~~	253,091,544	246,807,795

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 each of the three-month and nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won, except per share information		September 30, 2025						September 30, 2024
	Note	Three-monthperiod ended			Nine-monthperiod ended			Three-monthperiod ended			Nine-monthperiod ended
Sales	4,34,44,46
Sale of goods	2	~~W~~	27,033,542			72,235,987			25,629,338			68,449,978
Sales of services			175,181			478,755			141,906			479,195
Sales of construction services	20		144,830			382,298			136,406			363,315
Revenue related to transfer of assets from customers	28		218,831			649,466			195,707			577,319
			27,572,384			73,746,506			26,103,357			69,869,807
Cost of sales	14,25,42,46
Cost of sales of goods			(20,483,602	)		(58,267,318	)		(21,617,557	)		(60,817,298	)
Cost of sales of services			(145,853	)		(431,877	)		(144,197	)		(435,879	)
Cost of sales of construction services			(503,651	)		(1,210,397	)		(189,377	)		(461,904	)
			(21,133,106	)		(59,909,592	)		(21,951,131	)		(61,715,081	)
Gross profit			6,439,278			13,836,914			4,152,226			8,154,726
Selling and administrative expenses	25,35,42,46		(787,366	)		(2,295,523	)		(756,171	)		(2,209,066	)
Operating profit	4		5,651,912			11,541,391			3,396,055			5,945,660
Other income	36		122,898			307,436			98,662			321,691
Other expenses	36		(69,524	)		(162,980	)		(53,167	)		(212,972	)
Other gains, net	37		240,392			359,576			82,273			126,169
Finance income	5,12,38		774,699			1,886,241			1,128,461			1,233,334
Finance expenses	5,12,39		(1,608,924	)		(4,216,554	)		(1,927,864	)		(4,102,671	)
Profit (loss) related to associates, joint ventures and subsidiaries	4,16,17
Share of profit of associates and joint ventures			234,265			719,004			252,142			731,313
Gain on disposal of investments in associates and joint ventures			1			3,880			8			185,348
Gain on disposal of investments in Subsidiaries			—			—			—			98
Share of loss of associates and joint ventures			31,933			(163,289	)		—			(163,943	)
Loss on disposal of investments in associates and joint ventures			—			—			—			(626	)
Loss on disposal of investments in subsidiaries			(28,491	)		(28,491	)		—			—
		~~W~~	237,708			531,104			252,150			752,190

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

For each of the three-month and nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won, except per share information			September 30, 2025						September 30, 2024
	Note		Three-monthperiod ended			Nine-monthperiod ended			Three-monthperiod ended			Nine-monthperiod ended
Profit before income tax			~~W~~	5,349,161			10,246,214			2,976,570			4,063,401
Income tax expense		40		(1,559,143	)		(2,918,131	)		(1,096,924	)		(1,473,402	)
Profit for the period				3,790,018			7,328,083			1,879,646			2,589,999
Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans		25,31	~~W~~	(13,928	)		(112,028	)		(107,448	)		(300,635	)
Share of other comprehensive income (loss) of associates and joint ventures		31		1,303			1,313			(219	)		1,191
Net change in fair value of financial assets at fair value through other comprehensive<br>income		33		70,097			112,542			11,164			82,614
Items that 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		4,739			14,208			29,840			28,608
Foreign currency translation of foreign operations		33		59,467			(90,369	)		(81,017	)		11,448
Share of other comprehensive income (loss) of associates and joint ventures		33		175,497			(404,787	)		(311,891	)		91,362
Other comprehensive income (loss) for the period				297,175			(479,121	)		(459,571	)		(85,412	)
Total comprehensive income for the period			~~W~~	4,087,193			6,848,962			1,420,075			2,504,587
Profit attributable to:		43
Owners of the controlling company			~~W~~	3,755,618			7,220,576			1,849,337			2,475,886
Non-controlling interests				34,400			107,507			30,309			114,113
			~~W~~	3,790,018			7,328,083			1,879,646			2,589,999
Total comprehensive income (loss) attributable to:
Owners of the controlling company			~~W~~	4,032,197			6,770,209			1,418,612			2,392,339
Non-controlling interests				54,996			78,753			1,463			112,248
			~~W~~	4,087,193			6,848,962			1,420,075			2,504,587
Earnings per share (in won)		43
Basic and diluted earnings per share			~~W~~	5,850			11,248			2,881			3,857

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 nine-month periods ended September 30, 2025 and 2024 (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, 2024	~~W~~	4,053,578		16,338,262			15,453,203			35,845,043		1,419,707			37,264,750
Total comprehensive income (loss) for the period
Profit for the period		—		2,475,886			—			2,475,886		114,113			2,589,999
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(287,298	)		—			(287,298	)	(13,337	)		(300,635	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		1,191			—			1,191		—			1,191
Net change in fair value of financial assets at fair value through other comprehensive income, net<br>of tax		—		—			82,613			82,613		1			82,614
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		—		—			29,533			29,533		(925	)		28,608
Foreign currency translation of foreign operations, net of tax		—		—			(948	)		(948	)	12,396			11,448
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			91,362			91,362		—			91,362
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—		(83,522	)		(83,522	)
Additional paid-in capital and others		—		—			—			—		(1,348	)		(1,348	)
Equity transaction within the consolidated entity		—		—			21			21		—			21
Changes in consolidation scope		—		—			—			—		5			5
Dividends paid for hybrid bonds		—		—			—			—		(7,921	)		(7,921	)
Others
Transfer of revaluation reserve		—		586,394			(586,394	)		—		—			—
Balance as of September 30, 2024	~~W~~	4,053,578		19,114,435			15,069,390			38,237,403		1,439,169			39,676,572

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

For the nine-month periods ended September 30, 2025 and 2024 (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		—		7,220,576			—			7,220,576		107,507			7,328,083
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(106,094	)		—			(106,094	)	(5,934	)		(112,028	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		1,313			—			1,313		—			1,313
Net change in fair value of financial assets at fair value through other comprehensive income<br>(loss), net of tax		—		—			112,544			112,544		(2	)		112,542
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		—		—			15,343			15,343		(1,135	)		14,208
Foreign currency translation of foreign operations, net of tax		—		—			(68,686	)		(68,686	)	(21,683	)		(90,369	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		—			(404,787	)		(404,787	)	—			(404,787	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(136,737	)		—			(136,737	)	(75,715	)		(212,452	)
Additional paid-in capital and others		—		—			(246	)		(246	)	(2,693	)		(2,939	)
Equity transaction within the consolidated entity		—		—			5,061			5,061		(17,865	)		(12,804	)
Changes in consolidation scope		—		—			—			—		(142	)		(142	)
Dividends paid for hybrid bonds		—		—			—			—		(2,128	)		(2,128	)
Repayment of hybrid bond		—		—			—			—		(230,000	)		(230,000	)
Balance as of September 30, 2025	~~W~~	4,053,578		27,107,305			15,392,640			46,553,523		1,197,807			47,751,330

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

Forthe nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won	September 30, 2025
Cash flows from operating activities
Profit for the period	~~W~~	7,328,083		2,589,999
Adjustments to reconcile profit for the period to net cash provided by operating<br>activities:
Income tax expense		2,918,131		1,473,402
Depreciation		10,341,469		10,497,338
Amortization		118,727		122,456
Retire benefit expenses		344,026		311,024
Bad debt expense		54,750		48,698
Interest expense		3,279,432		3,422,931
Loss on disposal of financial assets		3,525		219
Loss on disposal of property, plant and equipment		87,565		58,633
Loss on abandonment of property, plant and equipment		96,181		112,438
Loss on impairment of intangible assets		30		—
Loss on disposal of intangible assets		13		110
Increase in provisions, net		1,561,853		713,933
Loss (gain) on foreign currency translation, net		(740,238	)	336,847
Gain on valuation of financial assets at fair value through profit or loss		(54,942	)	(68,950	)
Loss on valuation of financial assets at fair value through profit or loss		2,493		279
Loss (gain) on derivatives		507,179		(536,080	)
Gain on valuation of investments in associates and joint ventures, net		(555,715	)	(567,370	)
Gain on disposal of financial assets		(29,132	)	(29,383	)
Reversal of loss on impairment of intangible assets		(42	)	—
Gain on disposal of property, plant and equipment		(280,199	)	(83,068	)
Gain on disposal of intangible assets		(18	)	(22	)
Gain on disposal of investments in associates and joint ventures		(3,880	)	(185,348	)
Loss on disposal of investments in associates and joint ventures		—		626
Gain on disposal of investments in subsidiaries		—		(98	)
Loss on disposal of investments in subsidiaries		28,491		—
Interest income		(332,010	)	(323,744	)
Dividends income		(24,695	)	(12,243	)
Others, net		(308,277	)	26,620
		17,014,717		15,319,248
Changes in:
Trade receivables		55,586		768,039
Non-trade receivables		28,835		41,033
Accrued income		184,183		(403,656	)
Other receivables		96,779		48,423
Other current assets		(615,935	)	(324,965	)
Inventories		(1,208,546	)	(975,912	)
Other non-current assets		(186,574	)	262
Trade payables		(666,101	)	(15,203	)
Non-trade payables		(76,110	)	164,431
Accrued expenses		(181,900	)	(448,114	)
Other current liabilities		728,176		702,683
Other non-current liabilities		615,337		396,880
Investments in associates and joint ventures (dividends received)		288,761		197,040
Provisions		(1,275,292	)	(1,177,863	)
Payments of employee benefit obligations		(224,331	)	(136,783	)
Plan assets		(21,536	)	(9,756	)
	~~W~~	(2,458,668	)	(1,173,461	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

For the nine-month periods ended September 30, 2025 and 2024 (Unaudited)

In millions of won	September 30, 2025
Cash generated from operating activities	~~W~~	21,884,132		16,735,786
Dividends received		24,695		12,243
Interest paid		(3,438,742	)	(3,486,186	)
Interest received		226,082		286,777
Income taxes paid		(1,307,855	)	(679,107	)
Net cash flows provided by operating activities		17,388,312		12,869,513
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		13,882		221,628
Acquisition of investments in associates and joint ventures		(2,022,072	)	(349,945	)
Proceeds from disposals of property, plant and equipment		312,044		307,071
Acquisition of property, plant and equipment		(11,920,204	)	(10,283,585	)
Proceeds from disposals of intangible assets		1,425		414
Acquisition of intangible assets		(58,590	)	(57,923	)
Proceeds from disposals of financial assets		2,794,164		3,021,131
Acquisition of financial assets		(5,283,864	)	(4,374,136	)
Increase in loans		(103,906	)	(80,693	)
Collection of loans		234,613		175,842
Increase in deposits		(115,413	)	(131,076	)
Decrease in deposits		104,649		138,027
Disposal of held-for-sale assets		37,929		14,363
Receipt of government grants		14,135		25,319
Usage of government grants and others		—		(53	)
Net cash outflows from changes in consolidation scope		(3,561	)	(2,716	)
Other cash outflows from investing activities, net		(96,725	)	(140,757	)
Net cash flows used in investing activities		(16,091,494	)	(11,517,089	)
Cash flows from financing activities
Proceeds (repayment) of short-term borrowings, net		1,820,448		(1,326,601	)
Proceeds from long-term borrowings		1,293,209		1,995,232
Proceeds from debt securities		19,225,697		12,627,199
Repayment of long-term borrowings		(671,401	)	(424,789	)
Repayment of debt securities		(22,516,891	)	(14,734,229	)
Payment of lease liabilities		(463,167	)	(473,425	)
Settlement of derivative instruments, net		589,621		330,937
Change in non-controlling interests		(42,678	)	(1,257	)
Repayment of hybrid bond		(230,000	)	—
Dividends paid for hybrid bonds		(2,128	)	(7,921	)
Dividends paid		(209,733	)	(83,522	)
Other cash outflows from financing activities, net		(261,693	)	—
Net cash flows used in financing activities		(1,468,716	)	(2,098,376	)
Net decrease in cash and cash equivalents before effect of exchange ratefluctuations		(171,898	)	(745,952	)
Effect of exchange rate fluctuations on cash held		65,927		67,642
Classified to assets held for sale		(1,649	)	—
Net decrease in cash and cash equivalents		(107,620	)	(678,310	)
Cash and cash equivalents as of January 1, 2025 and 2024		2,382,979		4,342,887
Cash and cash equivalents as of September 30, 2025 and 2024	~~W~~	2,275,359		3,664,577

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

September 30, 2025 and 2024 (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 January 1, 1982 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 September 30, 2025, KEPCO’s share capital amounts to ~~W~~3,209,820 million and KEPCO’s shareholders are as follows:

	Number of shares<br>(in shares)
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 111,319,356 shares (17.34%) as of May 8, 2025,<br>the most recent closing date of the shareholder list.
---	---

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 interim financial statements have been prepared in accordance with KIFRS 1034 Interim Financial Reporting, enacted by the Act on External Audits of Stock Companies in the Republic of Korea. The accompanying consolidated interim financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditors’ review 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 or loss;
---	---
•	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” 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

September 30, 2025 and 2024 (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, KEPCO and its subsidiaries (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 followings 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.

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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

2.	Basis of Preparation, Continued
(4)	Use of estimates and judgments, continued
---	---
(iv)	Defined employee benefit liabilities
---	---

The Group offers its employees defined benefit plans. The cost of providing benefits is determined 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 volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of September 30, 2025 and 2024 are ~~W~~2,067,054 million and ~~W~~2,138,161 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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, 2025. The amendment has no significant impact on the Group’s condensed consolidated interim 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 1021 - lack of Exchangeability

The amendments to KIFRS 1021 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments require disclosure of information that enables users of financial statements to understand the risk and impact of a currency not being exchangeable, or is expected to affect, an entity’s financial performance, financial position, and cash flows.

The amendments apply to annual reporting periods beginning on or after January 1, 2025. When applying this amendment, the Group does not restate comparative information.

This amendment has no significant impact on the consolidated interim financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

3.	Material Accounting Policies

The accounting policies applied by the Group in these condensed 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, 2024, except for the changes described in Note 2.(5).

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) is determined in the same way that 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 condensed consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of 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

September 30, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(2)	The financial information of the segments for each of the three and nine-month periods ended September 30,2025 and 2024, respectively, is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three and nine-month period endedSeptember 30, 2025
Segment	Total<br>segment<br>revenue						lntersegment<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
	Three-<br>month<br>period<br>ended			Nine-<br>month<br>period<br>ended			Three-<br>month<br>periodended			Nine-monthperiodended			Three-monthperiod<br>ended		Nine-monthperiodended		Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-<br>monthperiodended
Transmission and distribution	~~W~~	27,006,924			72,468,408			631,122			1,759,617			26,375,802		70,708,791		2,678,481			5,535,973			1,131,410			3,373,730			21,362			71,905			653,114			2,004,233			178,825			340,416
Electric power generation (Nuclear)		3,640,927			11,847,266			3,539,612			11,651,231			101,315		196,035		790,707			3,186,755			1,225,788			3,794,764			24,170			59,379			198,810			598,340			378			(9,306	)
Electric power generation (Non-nuclear)		9,263,218			22,315,366			8,557,597			20,488,716			705,621		1,826,650		2,095,624			2,661,107			1,046,884			3,120,175			9,233			31,995			164,507			503,554			58,427			199,907
Plant maintenance & engineering service		852,027			2,370,040			689,501			1,951,662			162,526		418,378		98,834			219,607			42,841			127,828			6,124			22,041			1,150			4,278			78			87
Others		578,819			1,663,736			351,699			1,067,084			227,120		596,652		77,104			116,686			56,789			173,909			69,184			189,168			70,578			232,743			—			—
Consolidation adjustments		(13,769,531	)		(36,918,310	)		(13,769,531	)		(36,918,310	)		—		—		(88,838	)		(178,737	)		(37,399	)		(130,210	)		(13,108	)		(42,478	)		(19,982	)		(63,716	)		—			—
	~~W~~	27,572,384			73,746,506			—			—			27,572,384		73,746,506		5,651,912			11,541,391			3,466,313			10,460,196			116,965			332,010			1,068,177			3,279,432			237,708			531,104
In millions of won
For the three and nine-month period endedSeptember 30, 2024
Segment	Total<br>segment<br>revenue						lntersegment<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
	Three-<br>month<br>period<br>ended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended		Nine-monthperiodended		Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended			Three-monthperiodended			Nine-monthperiodended
Transmission and distribution	~~W~~	25,669,731			68,663,952			481,848			1,616,404			25,187,883		67,047,548		(773,717	)		395,418			1,100,643			3,261,051			18,793			66,231			715,255			2,167,146			115,101			406,349
Electric power generation (Nuclear)		4,111,027			10,205,422			4,084,873			10,045,901			26,154		159,521		1,606,878			1,794,445			1,387,109			4,028,873			15,663			47,666			207,402			578,270			(5,994	)		(9,446	)
Electric power generation (Non-nuclear)		10,630,397			25,160,645			10,075,017			23,360,192			555,380		1,800,453		2,591,281			3,336,865			1,059,759			3,183,893			11,143			48,762			172,581			543,555			143,628			170,027
Plant maintenance & engineering service		734,706			2,353,096			560,853			1,954,252			173,853		398,844		78,137			306,310			41,683			121,569			6,583			18,523			1,612			5,177			(585	)		185,260
Others		529,867			1,599,688			369,780			1,136,247			160,087		463,441		44,219			113,601			42,395			151,701			61,360			182,520			60,903			186,247			—			—
Consolidation adjustments		(15,572,371	)		(38,112,996	)		(15,572,371	)		(38,112,996	)		—		—		(150,743	)		(979	)		(35,466	)		(127,293	)		(13,167	)		(39,958	)		(18,934	)		(57,464	)		—			—
	~~W~~	26,103,357			69,869,807			—			—			26,103,357		69,869,807		3,396,055			5,945,660			3,596,123			10,619,794			100,375			323,744			1,138,819			3,422,931			252,150			752,190

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(3)	The information related to segment assets and segment liabilities as of September 30, 2025 andDecember 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---
As of September 30, 2025
Segment	Segmentassets			Investments inassociates and<br>joint ventures		Acquisition of<br>non-current assets			Segmentliabilities
Transmission and distribution	~~W~~	142,771,973			8,458,667		6,686,464			118,583,348
Electric power generation (Nuclear)		76,472,361			162,283		1,811,172			49,420,636
Electric power generation (Non-nuclear)		64,347,749			4,480,395		3,155,965			34,918,890
Plant maintenance & engineering service		4,211,201			1,593		124,207			1,276,268
Others		16,778,912			—		189,160			6,915,359
Consolidation adjustments		(51,490,652	)		—		27,001			(5,774,287	)
	~~W~~	253,091,544			13,102,938		11,993,969			205,340,214
In millions of won
As of December 31, 2024
Segment	Segmentassets			Investments inassociates and<br>joint ventures		Acquisition of<br>non-current assets			Segmentliabilities
Transmission and distribution	~~W~~	139,472,103			6,839,513		8,417,992			120,083,068
Electric power generation (Nuclear)		72,508,359			171,956		2,629,626			47,082,862
Electric power generation (Non-nuclear)		66,834,569			4,272,928		3,862,287			36,363,754
Plant maintenance & engineering service		4,522,610			1,697		160,978			1,508,112
Others		14,977,126			—		195,451			7,073,716
Consolidation adjustments		(51,506,972	)		—		(185,981	)		(6,666,550	)
	~~W~~	246,807,795			11,286,094		15,080,353			205,444,962

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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)**
	September 30, 2025				September 30, 2024				September 30,<br>2025		December 31,<br>2024
Geographical unit	Three-month periodended		Nine-<br>month period<br>ended		Three-<br>month period<br>ended		Nine-<br>month period<br>ended
Domestic	~~W~~	27,293,486		73,008,904		25,844,430		69,171,416		194,645,845		191,214,679
Overseas (*1)		278,898		737,602		258,927		698,391		6,503,082		4,757,463
	~~W~~	27,572,384		73,746,506		26,103,357		69,869,807		201,148,927		195,972,142
(*1)	Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since<br>the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.
---	---
(*2)	The amounts exclude financial assets, deferred tax assets and defined benefit assets.
---	---
(5)	Information on significant customers
---	---

There is no single customer who accounts for 10% or more of the Group’s revenue for each of the nine-month periods ended September 30, 2025 and 2024.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments
(1)	The classification of financial assets as of September 30, 2025 and December 31, 2024 is asfollows:
---	---
In millions of won	As of September 30, 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~~	—		—		2,275,359		—		2,275,359
Current financial assets
Current financial assets at fair value through profit or loss		2,496,263		—		—		—		2,496,263
Current financial assets at amortized costs		—		—		21,067		—		21,067
Current derivative assets		394,998		—		—		287,174		682,172
Other financial assets		—		—		2,678,754		—		2,678,754
Trade and other receivables		—		—		12,219,551		—		12,219,551
		2,891,261		—		17,194,731		287,174		20,373,166
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		727,097		—		—		—		727,097
Non-current financial assets at fair value through other comprehensive income		—		814,875		—		—		814,875
Non-current financial assets at amortized costs		—		—		10,135		—		10,135
Non-current derivative assets		857,198		—		—		92,677		949,875
Other financial assets		—		—		1,608,748		—		1,608,748
Trade and other receivables		—		—		3,213,902		—		3,213,902
		1,584,295		814,875		4,832,785		92,677		7,324,632
	~~W~~	4,475,556		814,875		22,027,516		379,851		27,697,798

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued
(1)	The classification of financial assets as of September 30, 2025 and December 31, 2024 is asfollows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	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~~	—		—		2,382,979		—		2,382,979
Current financial assets
Current financial assets at fair value through profit or loss		1,456,895		—		—		—		1,456,895
Current financial assets at amortized costs		—		—		20,418		—		20,418
Current derivative assets		396,477		—		—		364,077		760,554
Other financial assets		—		—		1,256,850		—		1,256,850
Trade and other receivables		—		—		12,216,216		—		12,216,216
		1,853,372		—		15,876,463		364,077		18,093,912
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		719,277		—		—		—		719,277
Non-current financial assets at fair value through other comprehensive income		—		674,850		—		—		674,850
Non-current financial assets at amortized costs		—		—		9,815		—		9,815
Non-current derivative assets		1,450,050		—		—		480,560		1,930,610
Other financial assets		—		—		1,611,438		—		1,611,438
Trade and other receivables		—		—		3,157,409		—		3,157,409
		2,169,327		674,850		4,778,662		480,560		8,103,399
	~~W~~	4,022,699		674,850		20,655,125		844,637		26,197,311

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued
(2)	The classification of financial liabilities as of September 30, 2025 and December 31, 2024 is asfollows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---
	Financial liabilities atfair value throughprofit or loss		Financial liabilitiesrecognized at amortized cost		Derivative liabilities(applying hedgeaccounting)		Total
Current liabilities
Borrowings	~~W~~	—		19,674,371		—		19,674,371
Debt securities		—		26,104,518		—		26,104,518
Derivative liabilities		48,753		—		—		48,753
Trade and other payables		—		8,752,691		—		8,752,691
		48,753		54,531,580		—		54,580,333
Non-current liabilities
Borrowings		—		3,232,474		—		3,232,474
Debt securities		—		81,467,016		—		81,467,016
Derivative liabilities		278,083		—		—		278,083
Trade and other payables		—		4,217,420		—		4,217,420
		278,083		88,916,910		—		89,194,993
	~~W~~	326,836		143,448,490		—		143,775,326
In millions of won	As of December 31, 2024
	Financial liabilities atfair value throughprofit or loss		Financial liabilitiesrecognized at amortized cost		Derivative liabilities(applying hedgeaccounting)		Total
Current liabilities
Borrowings	~~W~~	—		17,540,585		—		17,540,585
Debt securities		—		26,901,367		—		26,901,367
Derivative liabilities		23,914		—		—		23,914
Trade and other payables		—		9,411,315		—		9,411,315
		23,914		53,853,267		—		53,877,181
Non-current liabilities
Borrowings		—		3,118,796		—		3,118,796
Debt securities		—		84,972,652		—		84,972,652
Derivative liabilities		256,018		—		4,893		260,911
Trade and other payables		—		4,609,241		—		4,609,241
		256,018		92,700,689		4,893		92,961,600
	~~W~~	279,932		146,553,956		4,893		146,838,781

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued
(3)	The classification of comprehensive income (loss) from financial instruments for each of the three andnine-month periods ended September 30, 2025 and 2024 is as follows:
---	---
In millions of won		September 30, 2025						September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Three-monthperiod<br>ended			Nine-<br>monthperiodended			Three-<br>month<br>period<br>ended			Nine-<br>monthperiodended
Cash and cash equivalents	Interest income	~~W~~	25,552			77,616			34,610			107,632
	Gain (loss) on foreign currency transactions and translations		11,144			(7,405	)		(16,206	)		(7,063	)
Financial assets at fair value through profit or loss	Interest income		7,010			26,730			143			40,089
	Dividend income		53			3,181			73			2,371
	Gain on valuation of financial assets		18,047			52,449			19,003			68,671
	Gain on disposal of financial assets		8,794			25,607			8,679			29,164
Financial assets at fair value through other comprehensive income	Dividend income		1,321			21,514			1,296			9,872
	Gain on valuation of financial assets at fair value through other comprehensive income (equity,<br>before tax)		90,186			142,365			21,490			125,681
Financial assets at amortized cost	Interest income		714			1,227			659			1,924
	Gain (loss) on foreign currency transactions and translations		934			(2,437	)		(2,180	)		1,715
Loans	Interest income		11,762			29,779			11,999			31,586
	Bad debt expense (Reversal of allowance for doubtful accounts)		1,340			1,442			(4,903	)		(13,188	)
	Gain (loss) on foreign currency transactions and translations		430			(1,394	)		(2,908	)		408
Trade and other receivables	Interest income		51,841			137,729			31,982			106,968
	Bad debt expense		27,607			53,308			21,798			61,886
	Gain (loss) on foreign currency transactions and translations		9,547			(29,585	)		14,664			7,162
Short-term financial instruments	Interest income		14,444			39,631			9,121			14,948
Long-term financial instruments	Interest income		5,637			19,162			11,808			20,443
	Gain (loss) on foreign currency transactions and translations		—			—			(2	)		1
Other financial assets	Interest income		4			136			53			154
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		856,229			2,643,309			934,315			2,788,485
	Interest expense of trade and other Payables		41,383			126,549			31,538			117,863
	Interest expense of others		170,564			509,574			172,966			516,583
	Other finance income		1,020			2,530			4,593			6,383
	Other finance expenses		(712	)		84			23			270
	Gain (loss) on foreign currency transactions and translations		(561,325	)		1,051,554			965,307			(412,761	)
Derivatives (trading)	Gain (loss) on valuation of derivatives		458,567			(315,954	)		(493,863	)		274,051
	Gain (loss) on transaction of derivatives		45,115			(9,594	)		12,913			130,235
Derivatives (applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		96,477			(121,009	)		(246,526	)		115,003
	Gain on valuation of derivatives (equity, before tax)		8,818			27,448			54,882			51,443
	Gain (loss) on transaction of derivatives		7,685			(60,622	)		7,370			16,791

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

6.	Restricted Deposits

Restricted deposits as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won		As ofSeptember 30,2025
Cash and cash equivalents	Escrow accounts	~~W~~	3,028	3,280
	Deposits for government project and others		49,436	30,812
	Collateral provided for borrowings		232,962	211,522
	Collateral provided for lawsuit		332	54
	Deposits for transmission regional support program		5,912	8,959
	Deposits for other business purposes		7,556	4,187
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium<br>enterprises and others		280,500	83,520
	Collateral provided for borrowings		70,324	85,569
Other current financial assets	Deposits for Other Business Purposes and others		5,930	—
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		327,493	296,496
Long-term financial instruments	Guarantee deposits for banking accounts at oversea branches		1	22
	Collateral provided for borrowings		18,245	6,500
	Decommissioning costs of nuclear power plants		650,000	660,000
	Small and Medium Enterprise Development Fund		4,000	—
Long-term deposit	Court Deposit		78	—
Other non-current financial assets	Deposits for other business purposes		—	9,150
		~~W~~	1,655,797	1,400,071
7.	Cash and Cash Equivalents
---	---

Cash and cash equivalents as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As ofSeptember 30, 2025
Cash	~~W~~	42,811	17,941
Other demand deposits		1,679,646	1,712,130
Short-term deposits classified as cash equivalents		502,768	548,611
Short-term investments classified as cash equivalents		50,134	104,297
	~~W~~	2,275,359	2,382,979

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables
(1)	Trade and other receivables as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present value<br>discount			Book value
Current assets
Trade receivables	~~W~~	11,194,918		(202,759	)		—			10,992,159
Other receivables		1,274,601		(43,501	)		(3,708	)		1,227,392
		12,469,519		(246,260	)		(3,708	)		12,219,551
Non-current assets
Trade receivables		1,044,385		(93,772	)		—			950,613
Other receivables		2,370,687		(98,090	)		(9,308	)		2,263,289
		3,415,072		(191,862	)		(9,308	)		3,213,902
	~~W~~	15,884,591		(438,122	)		(13,016	)		15,433,453
In millions of won	As of December 31, 2024
	Gross amount		Allowance for<br>doubtful accounts			Present value<br>discount			Book value
Current assets
Trade receivables	~~W~~	11,266,202		(167,028	)		—			11,099,174
Other receivables		1,160,945		(39,817	)		(4,086	)		1,117,042
		12,427,147		(206,845	)		(4,086	)		12,216,216
Non-current assets
Trade receivables		1,089,787		(93,746	)		—			996,041
Other receivables		2,272,127		(100,351	)		(10,408	)		2,161,368
		3,361,914		(194,097	)		(10,408	)		3,157,409
	~~W~~	15,789,061		(400,942	)		(14,494	)		15,373,625

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables, Continued
(2)	Other receivables as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present valuediscount			Book value
Current assets
Non-trade receivables	~~W~~	668,326		(37,305	)		(319	)		630,702
Accrued income		89,226		(1	)		—			89,225
Deposits		289,262		—			(3,389	)		285,873
Finance lease receivables (*1)		97,793		(4,902	)		—			92,891
Others		129,994		(1,293	)		—			128,701
		1,274,601		(43,501	)		(3,708	)		1,227,392
Non-current assets
Non-trade receivables		410,627		(52,415	)		(197	)		358,015
Accrued income		68,695		(6,320	)		—			62,375
Deposits		500,535		(414	)		(9,111	)		491,010
Finance lease receivables (*2)		1,160,421		(2,253	)		—			1,158,168
Others		230,409		(36,688	)		—			193,721
		2,370,687		(98,090	)		(9,308	)		2,263,289
	~~W~~	3,645,288		(141,591	)		(13,016	)		3,490,681
(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~110,951 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~828,635 million.
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present valuediscount			Book value
Current assets
Non-trade receivables	~~W~~	403,248		(35,041	)		(21	)		368,186
Accrued income		112,941		—			—			112,941
Deposits		293,712		(4	)		(4,065	)		289,643
Finance lease receivables (*1)		92,130		(3,480	)		—			88,650
Others		258,914		(1,292	)		—			257,622
		1,160,945		(39,817	)		(4,086	)		1,117,042
Non-current assets
Non-trade receivables		243,813		(62,222	)		(41	)		181,550
Accrued income		21,395		—			—			21,395
Deposits		486,868		(414	)		(10,367	)		476,087
Finance lease receivables (*2)		1,264,269		(1,775	)		—			1,262,494
Others		255,782		(35,940	)		—			219,842
		2,272,127		(100,351	)		(10,408	)		2,161,368
	~~W~~	3,433,072		(140,168	)		(14,494	)		3,278,410
(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~121,170 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~956,968 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

September 30, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables, Continued
(4)	The aging analysis of trade receivables as of September 30, 2025 and December 31, 2024 is asfollows:
---	---
In millions of won	As ofSeptember 30, 2025			As ofDecember 31, 2024
---	---	---	---	---	---	---
Trade receivables not overdue	~~W~~	11,873,550			12,010,590
Trade receivables overdue and impairment-reviewed:		365,753			345,399
Less than 60 days		14,565			12,289
60 ~ 90 days		51,072			59,427
90 ~ 120 days		12,239			21,642
120 days ~ 1 year		66,495			56,107
More than 1 year		221,382			195,934
		12,239,303			12,355,989
Less: allowance for doubtful accounts		(296,531	)		(260,774	)
	~~W~~	11,942,772			12,095,215

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 nine-month period ended September 30, 2025 andfor the year ended December 31, 2024 are as follows:
In millions of won	For the nine-month period endedSeptember 30, 2025						For the year ended<br>December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	~~W~~	260,774			140,168			232,645			133,953
Bad debts expense		54,782			6,630			48,160			21,937
Write-off		(14,771	)		(5,928	)		(17,157	)		(23,177	)
Reversal		(1,075	)		(7,029	)		(12,928	)		(587	)
Others		(3,179	)		7,750			10,054			8,042
Ending balance	~~W~~	296,531			141,591			260,774			140,168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

9.	Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	~~W~~	320		187,320		313		152,054
Cooperative		—		6,409		—		6,872
Others (*)		2,495,943		387,661		1,456,582		405,309
		2,496,263		581,390		1,456,895		564,235
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others		—		145,707		—		155,042
	~~W~~	2,496,263		727,097		1,456,895		719,277
(*)	Others include MMT, MMF etc.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisition		Disposal			Valuation			Others		Ending<br>balance
Equity securities
Listed	~~W~~	360,096		—		(3,091	)		142,954			—		499,959
Unlisted		309,709		—		(9	)		(589	)		760		309,871
		669,805		—		(3,100	)		142,365			760		809,830
Debt securities
Corporate bond		5,045		—		—			—			—		5,045
	~~W~~	674,850		—		(3,100	)		142,365			760		814,875
Current financial assets at fair value through other comprehensive income	~~W~~	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		674,850		—		(3,100	)		142,365			760		814,875
In millions of won	For the year ended December 31, 2024
	Beginningbalance		Acquisition		Disposal			Valuation			Others		Ending<br>balance
Equity securities
Listed	~~W~~	285,054		—		(170	)		73,891			1,321		360,096
Unlisted		212,762		4,000		—			88,256			4,691		309,709
		497,816		4,000		(170	)		162,147			6,012		669,805
Debt securities
Corporate bond		4,627		—		—			418			—		5,045
	~~W~~	502,443		4,000		(170	)		162,565			6,012		674,850
Current financial assets at fair value through other comprehensive income	~~W~~	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		502,443		4,000		(170	)		162,565			6,012		674,850

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of September 30, 2025 andDecember 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares(in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	~~W~~	173,201		204,445		204,445
KG Mobility Co., Ltd.		12,205		0.01	%		428		40		40
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		30		30
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		68,222		68,222
Denison Mines Corp.		58,284,000		7.46	%		84,134		224,944		224,944
Paladin Energy		10,760		0.01	%		41		81		81
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		829		829
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
							326,000		499,959		499,959
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		258,974		258,974
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,569		5,569
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,160		2,160
H Robotics Co., Ltd.		903,601		7.05	%		4,000		332		332
Good Tcells Co., Ltd.		11,364		0.33	%		500		571		571
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		896		896
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		1,189		1,189
Fine Powerex Co., Ltd.		72,633		4.45	%		1,500		1,610		1,610
Agencore Co., Ltd.		175,779		7.39	%		2,200		2,514		2,514
SamHong Machinery Co., Ltd.		1,543,837		9.13	%		7,000		8,318		8,318
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		552		552
Dailyshot Co., Ltd.		1,695		1.66	%		1,001		1,250		1,250
Mediquitous Co., Ltd.		5,080		0.49	%		1,250		1,442		1,442
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		333,334		14.29	%		1,000		1,000		1,000
3i Powergen Inc. (*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		9.54	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
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)		—		—			14,371		10,533		10,533
							352,328		309,871		309,871

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of September 30, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Shares(in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	~~W~~	491		535		535
Ino Platech Co., Ltd.		—		—		1,080		1,194		1,194
Daebon Tech Co., Ltd.		—		—		3,000		3,316		3,316
						4,571		5,045		5,045
					~~W~~	682,899		814,875		814,875
(*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 nine-month period ended September 30, 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)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application<br>for temporary injunction requiring the suspension of delisting decision and others.
---	---
(*5)	The entity is undergoing corporate rehabilitation procedures for the nine-month period ended September 30,<br>2025 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive<br>income.
---	---
(*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 debt-for-equity swaps of electricity rate bonds and others, consist of 489<br>companies including Hwan Young Steel Co., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of September 30, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares(in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	~~W~~	173,201		93,733		93,733
KG Mobility Co., Ltd.		12,205		0.01	%		428		46		46
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		34		34
PAN Ocean Co., Ltd.		1,492		0.00	%		14		5		5
HD Hyundai Marine Engine Co., Ltd.		61,455		0.22	%		430		1,503		1,503
Codes Combine Co., Ltd.		291		0.00	%		1		—		—
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		106,259		106,259
Denison Mines Corp.		58,284,000		7.46	%		84,134		155,766		155,766
Paladin Energy		100,000		0.01	%		41		74		74
KS Industry Co., Ltd		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,314		1,314
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
							326,430		360,096		360,096
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		258,974		258,974
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,570		5,570
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,160		2,160
H Robotics Co., Ltd.		903,601		7.05	%		4,000		331		331
Good Tcells Co., Ltd.		11,364		0.33	%		500		571		571
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		896		896
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		1,189		1,189
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,610		1,610
Agencore Co., Ltd.		175,779		8.08	%		2,200		2,514		2,514
SamHong Machinery Co., Ltd.		617,535		11.06	%		7,000		8,318		8,318
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		552		552
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,250		1,250
Mediquitous Co., Ltd.		5,080		0.58	%		1,250		1,442		1,442
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		166,667		7.14	%		1,000		1,000		1,000
3i Powergen Inc. (*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		9.54	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
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)		—		—			14,234		10,371		10,371
							352,191		309,709		309,709

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of September 30, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Shares(in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	~~W~~	491		535		535
Ino Platech Co., Ltd.		—		—		1,080		1,194		1,194
Daebon Tech Co., Ltd.		—		—		3,000		3,316		3,316
						4,571		5,045		5,045
					~~W~~	683,192		674,850		674,850
(*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, 2024.
---	---
(*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)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application<br>for temporary injunction requiring the suspension of delisting decision and others.
---	---
(*5)	The entity underwent corporate rehabilitation procedures during the year ended December 31, 2024, and the<br>Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.<br>
---	---
(*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 debt-for-equity swaps of electricity rate bonds and others, consist of 464<br>companies including Hwan Young Steel Co., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

11.	Financial Assets at Amortized Cost

Financial assets at amortized cost as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
	Financial assetsat amortized cost		Book value
Government bonds	~~W~~	1,399		1,399
Others		29,803		29,803
	~~W~~	31,202		31,202
Current	~~W~~	21,067		21,067
Non-current		10,135		10,135
In millions of won	As of December 31, 2024
	Financial assetsat amortized cost		Book value
Government bonds	~~W~~	1,160		1,160
Others		29,073		29,073
	~~W~~	30,233		30,233
Current	~~W~~	20,418		20,418
Non-current		9,815		9,815

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12.	Derivatives
(1)	Derivatives as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	~~W~~	3,610		—		12,153		—
Currency swap		666,727		659,973		733,374		1,630,570
Interest rate swap		1,602		161,865		9,571		176,138
Others (*2,3)		10,233		128,037		5,456		123,902
	~~W~~	682,172		949,875		760,554		1,930,610
Derivative liabilities
Currency forward	~~W~~	216		—		132		—
Currency swap		14,564		97,052		1,640		36,328
Interest rate swap		387		68,407		127		76,356
Others (*1,2,4,5)		33,586		112,624		22,015		148,227
	~~W~~	48,753		278,083		23,914		260,911
(*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 September 30, 2025 which amounts to ~~W~~26,422 million (~~W~~26,422 million as of December 31, 2024) to the underwriter of the bonds was recorded<br>as 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 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 nine-month period ended September 30, 2025, and the Group recognized a gain on transaction<br>of derivative instruments of ~~W~~37,572 million for the nine-month period ended September 30, 2025.
---	---
(*5)	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

September 30, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(2)	Currency forward contracts which are not designated as hedging instruments as of September 30, 2025 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
Busan Bank	2025.09.15	2025.10.02	~~W~~	8,333		USD	6,000	~~W~~	1,388.80
Morgan Stanley	2025.09.05	2025.10.10		13,909		USD	10,000		1,390.90
Hana Bank	2025.09.10	2025.10.16		13,853		USD	10,000		1,385.30
Mizuho Bank	2025.09.10	2025.10.14		13,868		USD	10,000		1,386.80
Hana Bank	2025.09.15	2025.10.17		13,863		USD	10,000		1,386.30
Kyongnam Bank	2025.09.16	2025.10.21		13,838		USD	10,000		1,383.80
shinhan Bank	2025.09.29	2025.10.02		12,597		USD	9,000		1,399.70
Woori Bank	2025.09.29	2025.10.23		12,590		USD	9,000		1,398.90
Standard Chartered	2025.09.30	2025.10.24		11,210		USD	8,000		1,401.30
Morgan Stanley	2025.09.30	2025.10.28		16,834		USD	12,000		1,402.80
Busan Bank	2025.09.30	2025.10.30		16,839		USD	12,000		1,403.30
Mizuho Bank	2025.09.16	2025.10.10		13,808		USD	10,000		1,380.80
Hana Bank	2025.09.16	2025.10.10		9,666		USD	7,000		1,380.79
JP Morgan	2025.09.16	2025.10.10		8,286		USD	6,000		1,380.95
Kookmin Bank	2025.09.18	2025.10.10		13,836		USD	10,000		1,383.60
shinhan Bank	2025.09.22	2025.10.14		11,141		USD	8,000		1,392.63
Nonghyup Bank	2025.09.24	2025.10.14		9,757		USD	7,000		1,393.90
Mizuho Bank	2025.09.24	2025.10.14		9,757		USD	7,000		1,393.88
JP Morgan	2025.09.29	2025.10.23		4,203		USD	3,000		1,401.10
Mizuho Bank	2025.09.29	2025.10.23		4,203		USD	3,000		1,400.99
Hana Bank	2025.09.29	2025.10.23		4,203		USD	3,000		1,400.98
Nonghyup Bank	2025.09.30	2025.10.23		8,413		USD	6,000		1,402.10
Korea Development Bank	2025.09.30	2025.10.23		7,010		USD	5,000		1,401.95
MUFG	2025.07.16	2026.01.16		6,585		JPY	700,000		9.41
MUFG	2025.09.04	2026.01.08		6,621		JPY	700,000		9.46
Nonghyup Bank	2025.09.12	2025.10.21		4,574		USD	3,300		1,386.05
MUFG	2025.09.12	2025.10.21		3,742		USD	2,700		1,386.05
JP Morgan	2025.09.16	2025.10.23		6,886		USD	5,000		1,377.15
MUFG	2025.09.17	2025.10.23		6,888		USD	5,000		1,377.62
MUFG	2025.09.25	2025.10.01		7,002		USD	5,000		1,400.40
Nonghyup Bank	2025.09.26	2025.10.31		7,049		USD	5,000		1,409.70
MUFG	2025.09.26	2025.10.31		7,049		USD	5,000		1,409.75
JP Morgan	2025.09.26	2025.10.31		7,049		USD	5,000		1,409.70
Nonghyup Bank	2025.09.29	2025.11.03		7,001		USD	5,000		1,400.20
MUFG	2025.09.29	2025.11.03		7,001		USD	5,000		1,400.22
Nonghyup Bank	2025.09.30	2025.11.04		7,006		USD	5,000		1,401.20
JP Morgan	2025.09.30	2025.11.04		7,006		USD	5,000		1,401.20
Bank of America	2025.08.28	2025.10.14		5,540		USD	4,000		1,385.00
SMBC	2025.09.01	2025.10.23		8,342		USD	6,000		1,390.34
shinhan Bank	2025.09.03	2025.10.14		2,689		USD	1,937		1,388.20
Nonghyup Bank	2025.09.08	2025.10.27		5,543		USD	4,000		1,385.80
Nonghyup Bank	2025.09.29	2025.10.27		11,190		USD	8,000		1,398.71
JP Morgan	2025.09.03	2025.10.14		3,326		USD	2,395		1,388.70
JP Morgan	2025.09.17	2025.10.02		6,894		USD	5,000		1,378.70
Citi Bank	2025.09.10	2025.10.27		4,152		USD	3,000		1,384.10
Hana Bank	2025.09.15	2025.10.23		8,317		USD	6,000		1,386.19
Nonghyup Bank	2025.07.18	2025.11.27		6,912		USD	5,000		1,382.48
shinhan Bank	2025.09.05	2025.11.28		767		USD	555		1,382.61
Woori Bank	2025.09.16	2025.12.03		6,900		USD	5,000		1,379.90
shinhan Bank	2025.09.16	2025.12.05		6,899		USD	5,000		1,379.88
MUFG	2025.09.16	2025.12.05		6,893		USD	5,000		1,378.55
Bank of America	2025.09.16	2025.12.05		6,891		USD	5,000		1,378.25
Hana Bank	2025.09.16	2025.12.05		6,890		USD	5,000		1,377.90
Busan Bank	2025.09.16	2025.12.05		6,889		USD	5,000		1,377.70
HSBC	2025.09.16	2025.12.05		6,873		USD	5,000		1,374.50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of September 30, 2025 are asfollows:
---	---

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

Counterparty	Contract year	Contract amount				Contract interest rate						Contractexchange rate(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
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
JP Morgan	2022~2032		75,194	HKD	415,000		5.00	%		5.16	%		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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of September 30, 2025 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(in won)
		Pay		Receive		Pay			Receive
Hana Bank	2024~2029	~~W~~	138,540	USD	100,000		3.15	%		4.63	%	~~W~~	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		2.75	%		SOFR + 0.79	%		1,391.40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(4)	Currency swap contracts which are designated as hedging instruments as of September 30, 2025 are asfollows:
---	---

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

Counterparty	Contract year	Contract amount				Contract interest rate						Contractexchange rate(in won)
		Pay		Receive		Pay			Receive
Korea Development Bank	2020~2026	~~W~~	118,910	USD	100,000		0.61	%		1.00	%	~~W~~	1,189.10
Hana Bank	2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Woori Bank	2020~2026		118,910	USD	100,000		0.62	%		1.00	%		1,189.10
Nomura	2017~2037		52,457	EUR	40,000		2.60	%		1.70	%		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
Woori Bank	2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Shinhan Bank	2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Hana Bank	2021~2026		55,150	USD	50,000		0.48	%		0.75	%		1,103.00
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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(5)	Interest rate swap contracts which are not designated as hedging instruments as of September 30, 2025are as follows:
---	---

In millions of won and thousands of foreign currencies

Counterparty		Contract amount
			Pay
Nomura (*1)	2018~2038	~~W~~	30,000	3M CD + 0.10%	3.75	%
Shinhan Bank	2021~2025		100,000	2.32%	3M CD + 0.43	%
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	%
Shinhan Bank	2024~2025		100,000	3.29%	3M CD + 0.42	%
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	%
Hana Bank	2025~2028		200,000	2.86%	3M CD + 0.45	%
Nomura	2017~2032		52,457	2.55% + Floating rate	2.60	%
Nomura	2017~2032		59,423	2.57% + Floating rate	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	%
Mizuho Capital Markets LLC	2024~2025	USD	112,194	1M SOFR	4.20	%
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	78,927	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

September 30, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(6)	Interest rate swap contracts which are designated as hedging instruments as of September 30, 2025 areas follows:
---	---

In thousands of foreign currencies

Counterparty
	Contract year		Contract<br>amount				Receive
Export-Import Bank of Korea		2015~2031		11,021	2.67	%		SOFR + 0.428%
ING Bank		2015~2031		27,178	2.67	%		SOFR + 0.428%
BNP Paribas		2015~2031		28,994	2.67	%		SOFR + 0.428%
BNP Paribas		2009~2027		22,923	4.16	%		6M USD Synthetic Libor
KFW		2009~2027		22,923	4.16	%		6M USD Synthetic Libor
Export-Import Bank of Korea		2016~2036		53,525	3.00	%		6M USD Synthetic Libor
SMTB		2025~2036		3,787,290	1.82	%		6M TIBOR + 0.55%

All values are in US Dollars.

(7)	Gains and losses on valuation and transaction of derivatives for each of the three and nine-month periodsended September 30, 2025 and 2024 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) ()**
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025					September 30, 2024						September 30, 2025						September 30, 2024					September 30, 2025						September 30, 2024
	Three-monthperiodended		Nine-<br>monthperiodended			Three-<br>monthperiod<br>ended			Nine-<br>monthperiodended			Three-<br>monthperiod<br>ended			Nine-<br>monthperiodended			Three-<br>monthperiod<br>ended			Nine-<br>monthperiodended		Three-<br>monthperiod<br>ended			Nine-<br>monthperiodended			Three-<br>monthperiod<br>ended			Nine-<br>monthperiodended
Currency forward	~~W~~	4,653		3,432			(19,294	)		125			12,627			(14,480	)		(15,139	)		26,941		—			—			—			—
Currency swap		514,709		(455,917	)		(689,581	)		377,267			48,519			(79,049	)		22,493			91,451		9,523			32,244			59,804			53,243
Interest rate swap		32,557		4,042			(27,446	)		(11,363	)		(8,336	)		(14,260	)		2,715			13,047		(705	)		(4,796	)		(4,922	)		(1,800	)
Other derivatives		3,125		11,480			(4,068	)		23,025			(10	)		37,573			10,214			15,587		—			—			—			—
	~~W~~	555,044		(436,963	)		(740,389	)		389,054			52,800			(70,216	)		20,283			147,026		8,818			27,448			54,882			51,443
(*)	For the nine-month periods ended September 30, 2025 and 2024, the net gain (loss) on valuation of<br>derivatives applying cash flow hedge accounting of ~~W~~14,208 million and ~~W~~(28,608) million, net of tax, is included in other comprehensive income (loss), respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

13.	Other Financial Assets
(1)	Other financial assets as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September, 2025						As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Current			Non-current			Current			Non-current
Loans	~~W~~	88,845			907,683			115,161			901,953
Less: allowance for doubtful accounts		(5,157	)		(68,097	)		(5,156	)		(66,838	)
Less: present value discount		(1,056	)		(35,857	)		(1,084	)		(35,888	)
		82,632			803,729			108,921			799,227
Long-term / short-term financial instruments		2,596,122			805,019			1,147,929			812,211
	~~W~~	2,678,754			1,608,748			1,256,850			1,611,438
(2)	Loans as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September, 2025
---	---	---	---	---	---	---	---	---	---	---
	Face value		Allowance fordoubtful accounts			Present valuediscount			Carryingvalue
Short-term loans
Loans for tuition	~~W~~	34,818		(5,155	)		(1,056	)		28,607
Loans for housing		38,812		—			—			38,812
Other loans		15,215		(2	)		—			15,213
		88,845		(5,157	)		(1,056	)		82,632
Long-term loans
Loans for tuition		358,646		(3,221	)		(35,857	)		319,568
Loans for housing		249,770		—			—			249,770
Loans for related parties		285,906		(64,876	)		—			221,030
Other loans		13,361		—			—			13,361
		907,683		(68,097	)		(35,857	)		803,729
	~~W~~	996,528		(73,254	)		(36,913	)		886,361
In millions of won	As of December 31, 2024
	Face value		Allowance fordoubtful accounts			Present valuediscount			Carryingvalue
Short-term loans
Loans for tuition	~~W~~	34,484		(5,156	)		(1,084	)		28,244
Loans for housing		43,171		—			—			43,171
Other loans		37,506		—			—			37,506
		115,161		(5,156	)		(1,084	)		108,921
Long-term loans
Loans for tuition		364,685		(4,888	)		(35,888	)		323,909
Loans for housing		266,208		—			—			266,208
Loans for related parties		260,227		(61,950	)		—			198,277
Other loans		10,833		—			—			10,833
		901,953		(66,838	)		(35,888	)		799,227
	~~W~~	1,017,114		(71,994	)		(36,972	)		908,148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

13.	Other Financial Assets, Continued
(3)	Changes in the allowance for doubtful accounts of loans for the nine-month period ended September 30,2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period endedSeptember 30, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	71,994			80,793
Bad debts expense		1,442			3,727
Write-off		(182	)		(12,526	)
Ending balance	~~W~~	73,254			71,994
(4)	Long-term and short-term financial instruments as of September 30, 2025 and December 31, 2024 areas follows:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Time deposits	~~W~~	2,259,993		145,581		823,806		135,995
CD		20,000		—		40,000		—
Others		316,129		659,438		284,123		676,216
	~~W~~	2,596,122		805,019		1,147,929		812,211

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

14.	Inventories

Inventories as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
	Acquisition cost		Valuation allowance			Book value
Raw materials	~~W~~	5,146,198		(1,559	)		5,144,639
Merchandises		2,929		—			2,929
Work-in-progress		220,250		(32	)		220,218
Finished goods		29,394		—			29,394
Supplies		3,676,423		—			3,676,423
Inventories-in-transit		793,924		—			793,924
Other inventories		14,719		—			14,719
	~~W~~	9,883,837		(1,591	)		9,882,246
In millions of won	As of December 31, 2024
	Acquisition cost		Valuation allowance			Book value
Raw materials	~~W~~	4,914,250		(1,573	)		4,912,677
Merchandises		1,733		—			1,733
Work-in-progress		220,110		—			220,110
Finished goods		96,390		(630	)		95,760
Supplies		3,358,831		—			3,358,831
Inventories-in-transit		1,160,238		—			1,160,238
Other inventories		19,887		—			19,887
	~~W~~	9,771,439		(2,203	)		9,769,236

The reversal of the allowance for loss on inventory valuation included in cost of sales for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 amounts to ~~W~~4,424 million and ~~W~~9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 were ~~W~~3,812 million and ~~W~~9,941 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

15.	Non-Financial Assets

Non-financial assets as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advanced payments	~~W~~	584,753		539,672		467,156		66,174
Prepaid expenses		477,053		252,894		431,087		221,922
Others (*)		389,300		80,160		369,671		40,108
	~~W~~	1,451,106		872,726		1,267,914		328,204
(*)	Details of others as of September 30, 2025 and December 31, 2024 are as follows:<br>
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	~~W~~	225,964		—		211,969		—
Other quick assets		163,336		80,160		157,702		40,108
	~~W~~	389,300		80,160		369,671		40,108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries
(1)	Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As ofSeptember 30, 2025			As ofDecember 31, 2024
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	Resources development	Canada		80.12	%		80.12	%
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	%
Commerce and Industry Energy Co., Ltd. (*4)	Biomass power generation	Korea		24.30	%		85.03	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows,continued:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As of September 30, 2025			As of December 31, 2024
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.	Resources development	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	Holding company	USA		69.55	%		69.55	%
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. (*8)	Power generation	Korea		100.00	%		84.80	%
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. (*8)	Power generation	Korea		93.68	%		89.00	%
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

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 are as follows,continued:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As of September 30, 2025			As of December 31, 2024
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 (*5)	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.,<br>Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidation	Korea		—			—
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.,<br>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.,<br>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	%
Sprott Chile Solar I SpA	Holding company	Chile		100.00	%		100.00	%
KEPCO Yona America LLC	Holding company	USA		100.00	%		—
KEPCO SADAWI - FZCO	Holding company	United Arab Emirates		100.00	%		—
EWP Yona America LLC	Holding company	USA		100.00	%		—
KOMIPO Middle East Energy L.L.C-FZ	Holding company	Oman		100.00	%		—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of September 30, 2025 and December 31, 2024 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 condensed<br>consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.
---	---
(*3)	As of September 30, 2025, the annual reporting period of all subsidiaries ends on December 31, except<br>for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.
---	---
(*4)	During the nine-month period ended September 30, 2025, the investment was reclassified from a subsidiary<br>to an associate due to a partial disposal of shares.
---	---
(*5)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed<br>consolidated financial statements as the Group has control over the board of directors under the shareholders’ agreement.
---	---
(*6)	Excluding preferred stocks, the percentage of ownership with voting rights is 100%.
---	---
(*7)	Although the Group does not hold a stake as of September 30, 2025, considering the purpose and design of<br>the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, the Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been<br>determined that the Group has control over the entity.
---	---
(*8)	The ownership interest changed due to a disproportionate capital reduction with consideration during the<br>nine-month period ended September 30, 2025.
---	---
(2)	The subsidiaries included in and excluded from the scope of consolidation for the nine-month period endedSeptember 30, 2025 are as follows:
---	---

Subsidiaries	Reason
KEPCO Yona America LLC	New investment
KEPCO SADAWI – FZCO	New investment
EWP Yona America LLC	New investment
KOMIPO Middle East Energy L.L.C-FZ	New investment

Subsidiaries	Reason
Commerce and Industry Energy Co., Ltd.	Loss of control due to a partial disposal of shares

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the nine-month period endedSeptember 30, 2025
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd.	~~W~~	76,472,361		49,420,636		11,847,266		2,032,646
Korea South-East Power Co., Ltd.		12,368,682		5,937,828		5,134,648		503,405
Korea Midland Power Co., Ltd.		14,410,055		9,268,262		4,388,479		263,440
Korea Western Power Co., Ltd.		13,030,907		7,682,740		4,183,163		296,387
Korea Southern Power Co., Ltd.		12,699,859		6,801,913		4,775,201		327,644
Korea East-West Power Co., Ltd.		11,838,246		5,228,147		3,833,875		534,095
KEPCO Engineering & Construction Company, Inc.		851,649		239,678		313,266		75,855
KEPCO Plant Service & Engineering Co., Ltd.		1,631,269		327,785		1,116,828		103,608
KEPCO Nuclear Fuel Co., Ltd.		1,047,748		533,918		417,179		49,364
KEPCO KDN Co., Ltd.		680,535		174,887		522,767		25,548
KEPCO International HongKong Ltd.		142,509		—		—		5,302
KEPCO International Philippines Inc.		13,025		—		—		13
KEPCO Gansu International Ltd.		8,159		1,012		—		(45	)
KEPCO Philippines Holdings Inc.		199,243		121		—		40,359
KEPCO Philippines Corporation		2,926		—		—		93
KEPCO Ilijan Corporation		54,147		334		—		(2,297	)
KEPCO Neimenggu International Ltd.		306,851		3,079		—		(212	)
KEPCO Shanxi International Ltd.		775,494		357,850		—		(7,454	)
KOMIPO Global Pte Ltd.		438,744		2,743		—		9,743
KEPCO Netherlands B.V.		138,695		72		—		1,069
KEPCO Australia Pty., Ltd.		390		188		—		(26	)
KOSEP Australia Pty., Ltd.		57,902		6,179		19,424		5,203
KOMIPO Australia Pty., Ltd.		107,182		5,654		19,518		8,944
KOWEPO Australia Pty., Ltd.		102,546		4,532		19,424		6,413
KOSPO Australia Pty., Ltd.		45,061		4,596		19,424		3,666
KEPCO Middle East Holding Company		132,744		132,572		—		(6,572	)
Qatrana Electric Power Company		535,450		187,130		22,558		17,632
KHNP Canada Energy Ltd.		249,446		33,945		—		285
KEPCO Bylong Australia Pty., Ltd.		45,475		542,131		—		15,325
Korea Waterbury Uranium Limited Partnership		21,951		43		—		(82	)
KEPCO Holdings de Mexico		665		3,056		—		261
KST Electric Power Company, S.A.P.I. de C.V.		630,593		505,348		76,109		12,876
KEPCO Energy Service Company		4,363		1,430		10,431		2,086
KEPCO Netherlands S3 B.V.		76,123		18,191		—		1,654
PT. KOMIPO Pembangkitan Jawa Bali		21,149		4,089		14,747		4,915
PT. Cirebon Power Service		3,846		1,363		7,451		405
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		37,124		20,125		11,015		3,328
EWP America Inc. (*1)		57,280		3,597		19,159		9,628
KNF Canada Energy Limited		2,357		21		—		(47	)
EWP Barbados 1 SRL		475,611		977		—		24,514
Gyeonggi Green Energy Co., Ltd.		212,451		286,677		47,216		(7,636	)
PT. Tanggamus Electric Power		209,429		129,408		3,680		8,162
Gyeongju Wind Power Co., Ltd.		83,971		36,143		12,094		1,365
KOMIPO America Inc. (*2)		593,471		294,791		16,306		(2,064	)
PT. EWP Indonesia		98,589		59		—		5,084
KEPCO Netherlands J3 B.V.		169,676		19,439		—		(861	)
Korea Offshore Wind Power Co., Ltd.		332,891		122,424		31,831		5,242
Global One Pioneer B.V.		1,715,615		110		—		(231	)
Global Energy Pioneer B.V.		428		110		—		(158	)
Mira Power Limited		370,415		250,083		2,188		16,569
KOSEP Material Co., Ltd.		7,485		677		4,019		1,236
KEPCO KPS Philippines Corp.		6,999		928		5,057		569
KOSPO Chile SpA		181,238		83,773		—		(304	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the nine-month period endedSeptember 30, 2025
Subsidiaries	Totalassets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.	~~W~~	5,924		2,319		460		84
Fujeij Wind Power Company		239,672		157,094		—		12,878
KOSPO Youngnam Power Co., Ltd.		355,925		245,538		234,521		3,108
Chitose Solar Power Plant LLC		91,597		84,156		12,591		3,667
KEPCO ES Co., Ltd.		331,815		22,698		4,931		2,512
KEPCO Solar Co., Ltd.		243,174		29,076		19,077		6,820
KOSPO Power Services Ltda.		8,611		5,881		10,429		1,031
Energy New Industry Specialized Investment Private Investment Trust (*3)		467,100		5,564		—		2,231
KOEN Bylong Pty., Ltd.		15		174		—		(1	)
KOMIPO Bylong Pty., Ltd.		17		189		—		(14	)
KOWEPO Bylong Pty., Ltd.		16		176		—		(6	)
KOSPO Bylong Pty., Ltd.		184		416		—		(6	)
EWP Bylong Pty., Ltd.		15		14		—		—
KOWEPO Lao International		19,157		1,036		9,692		3,637
KEPCO Mangilao Holdings LLC		94,800		50,325		629		(3	)
Mangilao Investment LLC		207,668		17		—		—
KEPCO Mangilao Solar, LLC		212,508		727		13,099		2,591
Jeju Hanlim Offshore Wind Co., Ltd.		628,151		555,088		57,573		7,089
PT. Siborpa Eco Power		15,482		2,293		—		(46	)
PT. Korea Energy Indonesia		9,285		5,823		5,513		963
KOLAT SpA		49,043		312		2,481		1,098
KEPCO California, LLC		49,894		7,107		668		(295	)
KEPCO Mojave Holdings, LLC		92,726		85,278		—		(3,338	)
Incheon Fuel Cell Co., Ltd.		233,034		222,303		59,649		(5,242	)
KOEN Service Co., Ltd.		10,616		7,188		30,126		503
KOMIPO Service Co., Ltd.		9,781		4,873		30,046		1,512
KOWEPO Service Co., Ltd.		9,920		5,622		32,339		1,307
KOSPO Service Co., Ltd.		9,590		4,600		25,524		2,384
EWP Service Co., Ltd.		7,217		3,552		21,824		2,206
PT. KOMIPO Energy Indonesia		4,785		181		3,945		1,557
KNF partners Co., Ltd.		3,031		1,045		4,814		294
KOSPO USA Inc.		834,951		493		—		(4,976	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		317,329		1,103		492		4,725
Tamra Offshore Wind Power Co., Ltd.		105,717		66,684		12,834		1,095
KEPCO MCS Co., Ltd.		89,349		70,232		207,499		(7,307	)
KEPCO FMS Co., Ltd.		19,400		23,968		86,718		(2,198	)
Firstkeepers Co., Ltd.		32,370		17,646		75,416		4,994
Secutec Co., Ltd.		19,581		11,592		61,109		1,379
SE Green Energy Co., Ltd.		120,913		92,596		28,891		(183	)
Mangilao Intermediate Holdings LLC		210,189		119,124		—		(7,475	)
KEPCO CSC Co., Ltd.		17,995		8,176		35,515		3,904
KOAK Power Limited		15,610		116		—		(107	)
KOMIPO Europe B.V.		91,304		130		888		(2,184	)
Haenanum Energy Fund		7,436		3		951		923
Paju Ecoenergy Co., Ltd.		61,682		2,654		13,204		2,519
Guam Ukudu Power LLC		898,574		943,366		37,592		(10,812	)
K-SOLAR SHINAN Co., Ltd.		270,476		252,312		26,596		2,319

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the nine-month period endedSeptember 30, 2025
Subsidiaries	Totalassets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
KPS Partners Co., Ltd.	~~W~~	5,463		2,877		11,448		715
KEPCO E&C Service Co., Ltd.		10,014		2,075		12,654		1,240
Moha solar Co., Ltd.		25,359		27,993		—		(189	)
Ogiri Solar Power Co., Ltd.		1,054		21		—		(22	)
KHNP USA LLC		2,317		382		927		249
KOMIPO Vanphong Power Service LLC		33,799		1,947		22,705		9,457
Energy Innovation Fund I		39,578		1,136		—		(732	)
KHNP Chile SpA		5,812		4,599		—		(55	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,465		1,261		170		106
Yeong Yang Corporation Co., Ltd.		1,443		1,251		168		103
SolarVader Co., Ltd.		1,454		1,254		168		104
Yeong Yang Innovation Co., Ltd.		1,444		1,251		165		100
Yeong Yang Horus Photovoltaic Co., Ltd.		1,425		1,251		158		93
Yeong Yang Solar Management Co., Ltd.		1,461		1,254		175		110
LSG Hydro Power Limited		405		14		—		(191	)
KOEN Bio Co., Ltd.		1,368		862		1,530		9
KOMIPO Iberian Solar Group, S.L.U.		85,996		75,250		—		2,937
Jeongam Wind Power Co., Ltd.		69,928		60,226		6,116		(901	)
KOWEPO Europe B.V.		50		3,897		—		(104	)
Yeongdeok Sunrise Wind Power Co., Ltd.		110,860		85,186		8,443		(472	)
KA Power Limited		6,192		3,171		—		(21	)
Western Power Changgi Solar Co., Ltd.		39,267		33,019		4,856		(207	)
EWP Australia Pty., Ltd.		63,017		425		—		(5,339	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		335,701		222,790		8,311		(6,216	)
Digital Innovation Growth Fund		11,721		171		—		1,846
J Wind First, LLC		—		—		1,474		—
KEPCO Holding Company		83,484		79,943		—		(18	)
KEPCO for Maintenance Company		13,210		9,524		7,319		4,412
KOSPO Trumbull LLC		405,113		—		—		—
Changjuk Wind Power Co., Ltd.		25,305		2,503		5,612		682
Chile Solar JV SpA		86,042		71,435		5,848		254
KEPCO KPS South Africa Pty., Ltd.		9,778		3,250		17,813		195
KOWEPO Holding Limited		21,682		606		—		13,335
KOSPO Rutile, LLC		3,084		—		—		(1	)
Sprott Chile Solar I SpA		8,282		27		—		(2	)
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI - FZCO		459		—		—		(3	)
EWP Yona America LLC		—		—		—		—
KOMIPO Middle East Energy L.L.C-FZ		1,297		364		—		—
(*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

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Subsidiaries	Total<br>Assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd.	~~W~~	72,508,359		47,082,862		13,447,880		567,267
Korea South-East Power Co., Ltd.		13,203,109		6,447,903		6,527,922		382,336
Korea Midland Power Co., Ltd.		14,849,596		9,513,087		7,088,426		225,196
Korea Western Power Co., Ltd.		13,309,836		7,708,730		6,193,922		361,725
Korea Southern Power Co., Ltd.		13,184,059		7,101,465		6,430,487		311,530
Korea East-West Power Co., Ltd.		12,287,969		5,592,569		5,322,832		467,885
KEPCO Engineering & Construction Company, Inc.		945,384		367,910		553,363		58,513
KEPCO Plant Service & Engineering Co., Ltd.		1,675,776		355,479		1,534,269		170,967
KEPCO Nuclear Fuel Co., Ltd.		1,060,367		562,604		397,595		48,061
KEPCO KDN Co., Ltd.		846,361		222,119		781,646		215,791
KEPCO International HongKong Ltd.		149,757		1,611		—		7,596
KEPCO International Philippines Inc.		13,720		78		—		40,427
KEPCO Gansu International Ltd.		8,233		693		—		(5	)
KEPCO Philippines Holdings Inc.		202,810		173		—		49,999
KEPCO Philippines Corporation		2,990		4		—		120
KEPCO Ilijan Corporation		58,752		615		—		4,549
KEPCO Neimenggu International Ltd.		323,519		4,839		—		10,891
KEPCO Shanxi International Ltd.		811,971		366,377		—		13,677
KOMIPO Global Pte Ltd.		454,052		2,716		—		15,618
KEPCO Netherlands B.V.		155,632		109		—		4,237
KEPCO Australia Pty., Ltd.		226		—		—		(4,017	)
KOSEP Australia Pty., Ltd.		55,461		7,847		31,935		10,139
KOMIPO Australia Pty., Ltd.		94,760		3,214		31,935		6,253
KOWEPO Australia Pty., Ltd.		93,353		2,736		31,935		4,978
KOSPO Australia Pty., Ltd.		39,606		3,221		31,935		8,768
KEPCO Middle East Holding Company		136,740		129,721		—		(7,668	)
Qatrana Electric Power Company		554,387		207,773		28,465		24,062
KHNP Canada Energy Ltd.		180,220		20,431		—		506
KEPCO Bylong Australia Pty., Ltd.		45,420		552,861		—		(69,620	)
Korea Waterbury Uranium Limited Partnership		20,773		62		—		(142	)
KEPCO Holdings de Mexico		670		3,025		—		(1,032	)
KST Electric Power Company, S.A.P.I. de C.V.		654,086		532,766		67,656		24,713
KEPCO Energy Service Company		2,257		1,198		9,361		146
KEPCO Netherlands S3 B.V.		81,554		19,084		—		978
PT. KOMIPO Pembangkitan Jawa Bali		18,014		3,684		21,567		969
PT. Cirebon Power Service		3,004		823		10,515		586
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,620		22,271		17,477		4,312
EWP America Inc. (*1)		49,381		3,120		14,888		332
KNF Canada Energy Limited		2,337		30		—		(67	)
EWP Barbados 1 SRL		469,387		1,463		—		28,937
Gyeonggi Green Energy Co., Ltd.		160,060		226,650		60,769		(31,941	)
PT. Tanggamus Electric Power		232,963		155,119		6,136		4,216
Gyeongju Wind Power Co., Ltd.		87,987		41,547		18,550		5,817
KOMIPO America Inc. (*2)		633,218		328,237		18,806		9,662
PT. EWP Indonesia		101,015		84		—		6,115
KEPCO Netherlands J3 B.V.		174,130		15,748		—		7,378
Korea Offshore Wind Power Co., Ltd.		336,687		131,463		41,489		14,607
Global One Pioneer B.V.		150		64		—		(130	)
Global Energy Pioneer B.V.		363		69		—		(131	)
Mira Power Limited		443,556		332,629		4,213		11,499
KOSEP Material Co., Ltd.		6,111		539		5,016		1,108
Commerce and Industry Energy Co., Ltd.		65,954		25,841		35,054		(3,638	)
KEPCO KPS Philippines Corp.		6,403		594		7,372		422
KOSPO Chile SpA		186,200		83,705		—		(1,185	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.	~~W~~	5,875		2,355		567		46
Fujeij Wind Power Company		245,967		171,610		—		14,962
KOSPO Youngnam Power Co., Ltd.		371,946		257,626		412,037		10,275
Chitose Solar Power Plant LLC		93,435		78,709		14,453		2,553
KEPCO ES Co., Ltd.		318,648		6,087		6,384		8,758
KEPCO Solar Co., Ltd.		240,555		29,240		20,788		6,210
KOSPO Power Services Ltda.		8,118		6,363		17,005		1,924
Energy New Industry Specialized Investment Private Investment Trust (*3)		483,585		3,358		—		22,608
KOEN Bylong Pty., Ltd.		15		165		—		(12	)
KOMIPO Bylong Pty., Ltd.		15		172		—		(17	)
KOWEPO Bylong Pty., Ltd.		15		168		—		(17	)
KOSPO Bylong Pty., Ltd.		202		425		—		(57	)
EWP Bylong Pty., Ltd.		15		13		—		2
KOWEPO Lao International		17,335		2,247		11,891		4,823
KEPCO Mangilao Holdings LLC		99,669		52,732		810		(7,804	)
Mangilao Investment LLC		224,646		18		—		—
KEPCO Mangilao Solar, LLC		226,509		247		16,907		3,634
Jeju Hanlim Offshore Wind Co., Ltd.		590,613		524,640		10,872		(5,067	)
PT. Siborpa Eco Power		13,877		3		—		(38	)
PT. Korea Energy Indonesia		9,146		5,524		4,550		1,171
KOLAT SpA		49,452		406		2,880		1,090
KEPCO California, LLC		52,627		7,464		645		(507	)
KEPCO Mojave Holdings, LLC		101,912		90,646		—		(3,950	)
Incheon Fuel Cell Co., Ltd.		249,022		233,049		91,097		(5,805	)
KOEN Service Co., Ltd.		10,072		7,186		39,482		323
KOMIPO Service Co., Ltd.		8,123		4,728		38,415		657
KOWEPO Service Co., Ltd.		8,422		6,678		40,875		314
KOSPO Service Co., Ltd.		7,199		4,593		32,422		949
EWP Service Co., Ltd.		5,291		3,851		27,101		27
PT. KOMIPO Energy Indonesia		5,177		1,273		6,433		874
KNF partners Co., Ltd.		2,875		1,182		6,700		286
KOSPO USA Inc.		725,984		321		—		(6,099	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		326,651		51		—		9,947
Tamra Offshore Wind Power Co., Ltd.		112,747		74,809		19,937		1,551
KEPCO MCS Co., Ltd.		94,305		67,881		292,011		(9,033	)
KEPCO FMS Co., Ltd.		16,330		18,815		108,560		1,126
Firstkeepers Co., Ltd.		24,800		13,930		95,836		4,546
Secutec Co., Ltd.		17,416		11,980		78,011		1,968
SE Green Energy Co., Ltd.		126,012		93,330		41,251		178
Mangilao Intermediate Holdings LLC		230,079		126,833		—		(1,277	)
KEPCO CSC Co., Ltd.		17,430		11,516		49,443		2,944
KOAK Power Limited		16,961		322		—		(75	)
KOMIPO Europe B.V.		84,899		123		890		(6,403	)
Haenanum Energy Fund		7,415		3		493		445
Paju Ecoenergy Co., Ltd.		61,836		2,635		16,306		697
Guam Ukudu Power LLC		940,137		960,812		112,782		(39,280	)
K-SOLAR SHINAN Co., Ltd.		279,204		263,030		34,148		907

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Subsidiaries	Totalassets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
KPS Partners Co., Ltd.	~~W~~	4,264		2,298		14,053		487
KEPCO E&C Service Co., Ltd.		8,437		1,738		16,861		1,578
Moha solar Co., Ltd.		25,946		28,391		—		(273	)
Ogiri Solar Power Co., Ltd.		1,077		21		77		55
KHNP USA LLC		2,170		400		1,196		186
KOMIPO Vanphong Power Service LLC		39,147		3,592		26,235		9,951
Energy Innovation Fund I		40,554		894		—		(899	)
KHNP Chile SpA		6,081		4,818		—		(60	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,422		1,324		194		(4	)
Yeong Yang Corporation Co., Ltd.		1,403		1,314		190		(12	)
SolarVader Co., Ltd.		1,413		1,317		195		(12	)
Yeong Yang Innovation Co., Ltd.		1,407		1,314		188		1
Yeong Yang Horus Photovoltaic Co., Ltd.		1,395		1,314		184		(3	)
Yeong Yang Solar Management Co., Ltd.		1,415		1,318		198		(23	)
LSG Hydro Power Limited		629		12		—		(187	)
KOEN Bio Co., Ltd.		1,179		683		1,570		90
KOMIPO Iberian Solar Group, S.L.U.		76,858		69,709		—		(3,786	)
Jeongam Wind Power Co., Ltd.		70,772		60,170		7,094		(2,113	)
KOWEPO Europe B.V.		35		3,511		—		(181	)
Yeongdeok Sunrise Wind Power Co., Ltd.		112,863		87,437		7,717		3,555
KA Power Limited		6,620		3,375		—		(207	)
Western Power Changgi Solar Co., Ltd.		43,393		36,938		6,461		321
EWP Australia Pty., Ltd.		67,756		358		—		12,457
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		342,603		222,480		8,349		20,622
Digital Innovation Growth Fund		11,989		172		—		1,745
J Wind First, LLC		54,456		54,456		2,992		—
KEPCO Holding Company		3,727		—		—		(35	)
KEPCO for Maintenance Company		12,192		10,078		2,726		1,838
KOSPO Trumbull LLC		336,425		—		—		—
Changjuk Wind Power Co., Ltd.		25,434		2,815		5,983		686
Chile Solar JV SpA		96,796		81,288		9,862		(5,411	)
KEPCO KPS South Africa Pty., Ltd.		10,784		4,688		19,713		266
KOWEPO Holding Limited		9,108		888		—		7,679
KOSPO Rutile, LLC		147		—		—		—
Sprott Chile Solar I SpA		8,682		27		—		1
(*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

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of September 30, 2025are as follows:
---	---
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 unanimous<br>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 unanimous<br>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

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of September 30, 2025are as follows, 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 paid-in capital cannot either<br>increase, be written off or decrease.
Mangilao Intermediate Holdings LLC	Changes or termination of the O&M contract, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is<br>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 September 30, 2025, the Group has following commitments unrecognized in relation to itssubsidiaries as per its shareholders’ agreements:
---	---
Company	Unrecognized commitments
---	---
Jeongam Wind Power Co., Ltd.	When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value.
Changjuk Wind Power Co., Ltd.	When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has a right to purchase the shares at fair<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

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(6)	Details of non-controlling interests prior to intra-company eliminations as of and for the nine-month periodended September 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the nine-month period endedSeptember 30, 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~~	53,379			991,066			508,279			1,264,120			2,816,844
Non-current assets		768			640,203			343,370			4,454,599			5,438,940
Current liabilities		(249	)		(268,317	)		(232,249	)		(871,782	)		(1,372,597	)
Non-current liabilities		(85	)		(59,468	)		(7,429	)		(2,688,097	)		(2,755,079	)
Net assets		53,813			1,303,484			611,971			2,158,840			4,128,108
Book value of non-controlling interests		26,368			638,707			298,397			234,335			1,197,807
Sales		—			1,116,828			313,266			932,657			2,362,751
Profit for the period		(2,297	)		103,608			75,855			122,382			299,548
Profit for the period attributable to non-controlling interests		(1,126	)		50,768			36,987			20,878			107,507
Cash flows from operating activities		(1,916	)		48,502			16,047			351,209			413,842
Cash flows from investing activities		22			46,489			15,582			(24,663	)		37,430
Cash flows from financing activities before dividends to non-controlling interests		(236	)		(68,074	)		(38,739	)		(256,106	)		(363,155	)
Dividends to non-controlling interests		—			(54,441	)		—			(20,680	)		(75,121	)
Effect of exchange rate fluctuation		(2,631	)		(1,205	)		(16	)		(9,653	)		(13,505	)
Net increase (decrease) in cash and cash equivalents		(4,761	)		(28,729	)		(7,126	)		40,107			(509	)
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
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~~	58,291			1,033,936			568,226			1,284,969			2,945,422
Non-current assets		461			641,840			377,158			4,814,101			5,833,560
Current liabilities		(280	)		(341,918	)		(359,629	)		(1,282,746	)		(1,984,573	)
Non-current liabilities		(335	)		(13,561	)		(8,281	)		(2,578,521	)		(2,600,698	)
Net assets		58,137			1,320,297			577,474			2,237,803			4,193,711
Book value of non-controlling interests		28,487			646,946			281,576			490,588			1,447,597
Sales		—			1,534,269			553,363			1,032,246			3,119,878
Profit for the period		4,549			170,967			58,513			120,682			354,711
Profit for the period attributable to non-controlling interests		2,229			83,774			28,531			15,736			130,270
Cash flows from operating activities		5,034			538,151			46,528			345,168			934,881
Cash flows from investing activities		—			(379,243	)		(31,761	)		(195,587	)		(606,591	)
Cash flows from financing activities before dividends to non-controlling interests		(64,696	)		(63,535	)		(11,104	)		(161,447	)		(300,782	)
Dividends to non-controlling interests		(36,759	)		(47,584	)		(9,552	)		(43,321	)		(137,216	)
Effect of exchange rate fluctuation		12,321			1,362			447			28,762			42,892
Net increase (decrease) in cash and cash equivalents		(84,100	)		49,151			(5,442	)		(26,425	)		(66,816	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(7)	Changes in goodwill
---	---
(i)	Details of goodwill as of September 30, 2025 and December 31, 2024 are as follows:<br>
---	---
In millions of won	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Acquisition cost	~~W~~	101,727			101,761
Less: accumulated impairment		(2,582	)		(2,582	)
Carrying book value	~~W~~	99,145			99,179
(ii)	Changes in goodwill for the nine-month period ended September 30, 2025 and for the year ended<br>December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	For the nine-month period ended September 30, 2025
	Beginning			Increase		Decrease		Impairment		Others			Ending
Acquisition cost	~~W~~	101,761			—		—		—		(34	)		101,727
Less: accumulated impairment		(2,582	)		—		—		—		—			(2,582	)
Carrying book value	~~W~~	99,179			—		—		—		(34	)		99,145
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	For the year ended December 31, 2024
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	~~W~~	101,738			—		—		—		23		101,761
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)
Carrying book value	~~W~~	99,156			—		—		—		23		99,179
(8)	Disposals of subsidiaries
---	---

During the nine-month period ended September 30, 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 PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures
(1)	Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---
As of September 30, 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		2,360,114
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00	%		4,727		31,019
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		85,774
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00	%		127,839		270,247
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85	%		46,373		33,161
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		112,524
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		767,438
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		156,286
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		34,595
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		667,848
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		197,245
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		70,842
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		290,630
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		228,751
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00	%		72,000		151,024
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		99,095
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		282,668
Nepal Water & Energy Development Company<br><br><br>Private Limited (*6, 15)	Construction and operation of utility plant		Nepal		66.10	%		110,332		163,549
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		370,629
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,893
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		90,324
Others (Taebaek Guinemi Wind Power Co., Ltd. and 82 others)								251,833		291,195
								3,403,240		6,792,851
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherlands		49.00	%		44,405		80,119
KEPCO SPC Power Corporation (*4,9)	Construction and operation of utility plant		Philippines		60.00	%		94,579		131,957
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		203,903
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		48,506
Rabigh Electricity Company (*10)	Power generation		Saudi<br>Arabia		40.00	%		109,743		272,860
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		410,316
Amman Asia Electric Power Company (*9)	Power generation		Jordan		60.00	%		111,476		266,753
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,682
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		542,256
Kelar S.A. (*9)	Power generation		Chile		65.00	%		78,060		149,204
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		93,816
Barakah One Company (*11)	Power generation		UAE		18.00	%		1,794,166		1,631,454
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		33,398
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		47,595
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		78,233
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		48,474
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		53,790
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		58,938
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00	%		44,545		52,641
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		224,645
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		67,918
Naepo Green Energy Co., Ltd.	Power generation		Korea		29.20	%		29,200		59,900
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		296,872		473,917
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		35,410		39,216
Namyangju Combined Heat and Power Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		70.10	%		124,077		121,929
Trumbull Development Partners, LLC (*14)	Holding company		USA		56.23	%		389,649		414,145
Others (Dangjin Eco Power Co., Ltd. and 96 others) (*16)								660,073		667,522
								4,883,301		6,310,087
							~~W~~	8,286,541		13,102,938

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are asfollows, continued:
---	---
(*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 September 30, 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 associates.
---	---
(*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 associates.
---	---
(*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 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>
---	---
(*10)	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.
---	---
(*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 joint ventures.
---	---
(*12)	Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%,<br>considering the interest of financial investors as a liability component.
---	---
(*13)	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.
---	---
(*14)	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.
---	---
(*15)	The Group’s ownership interest was changed during the nine-month period ended September 30, 2025, as<br>a result of a disproportionate capital contribution by a financial investor.
---	---
(*16)	During the nine-month period ended September 30, 2025, Jeonju Bio Green Energy Co., Ltd. and DE Energia SpA<br>were liquidated and excluded from joint ventures.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
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		2,289,304
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00	%		4,727		30,177
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		87,393
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00	%		127,839		273,962
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85	%		46,373		31,093
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		107,574
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		728,338
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		157,530
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		39,268
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		717,376
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		73,065
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		284,542
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		241,814
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00	%		72,000		139,059
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		91,351
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		279,432
Nepal Water & Energy Development Company Private Limited (*6)	Construction and operation of utility plant		Nepal		68.88	%		110,332		170,955
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		370,970
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,110
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 76 others)								243,426		277,223
								3,394,833		6,704,754
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherlands		49.00	%		44,405		86,450
KEPCO SPC Power Corporation (*4,9)	Construction and operation of utility plant		Philippines		60.00	%		94,579		159,139
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		48,325
Rabigh Electricity Company (*10)	Power generation		Saudi<br>Arabia		40.00	%		109,743		269,893
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		412,616
Amman Asia Electric Power Company (*9)	Power generation		Jordan		60.00	%		111,476		268,864
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,599
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		563,079
Kelar S.A. (*9)	Power generation		Chile		65.00	%		78,060		152,367
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		100,580
Barakah One Company (*11)	Power generation		UAE		18.00	%		118		—
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		30,513
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		48,760
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		89,780
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		55,622
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		59,806
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		63,695
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00	%		39,052		50,721
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		207,565
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		46,158
Naepo Green Energy Co., Ltd.	Power generation		Korea		29.20	%		29,200		48,031
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		258,011		465,349
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		35,410		37,559
Namyangju Combined Heat and Power Co., Ltd. (*14)	Generating and distributing vapor and hot/cold water		Korea		70.10	%		53,977		51,768
Trumbull Development Partners, LLC	Holding company		USA		56.23	%		304,836		355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others)								651,051		668,206
								2,880,964		4,581,340
							~~W~~	6,275,797		11,286,094

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of September 30, 2025 and December 31, 2024 are asfollows, continued:
---	---
(*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, 2024.
---	---
(*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 associates.
---	---
(*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 associates.
---	---
(*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 decisions related to finance and operation.
---	---
(*9)	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>
---	---
(*10)	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.
---	---
(*11)	The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed<br>by ownership parties. Accordingly, the entity is classified as joint ventures.
---	---
(*12)	Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%,<br>considering the interest of financial investors as a liability component.
---	---
(*13)	Although the Group’s effective percentage of ownership is more than 50%, However, decisions in relevant<br>activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
---	---
(*14)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as joint<br>ventures since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 ofSeptember 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---
Investees	As of September 30,2025		As of December 31,2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	~~W~~	111,085		88,489
Korea Gas Corporation		738,990		655,830
SPC Power Corporation		109,529		130,063
PT. Bayan Resources TBK		10,260,201		12,298,501

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the nine-month period ended September 30,2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the nine-month period endedSeptember 30, 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	)		116,946			(18,700	)		64			2,360,114
Korea Electric Power Industrial Development Co., Ltd.		30,177		—		—			(3,470	)		4,132			—			180			31,019
Hyundai Green Power Co., Ltd.		87,393		—		—			(3,555	)		1,936			—			—			85,774
Korea Power Exchange		273,962		—		—			—			(3,690	)		(25	)		—			270,247
Daeryun Power Co., Ltd.		31,093		—		—			—			2,070			—			(2	)		33,161
SPC Power Corporation		107,574		—		—			(5,628	)		16,241			(5,663	)		—			112,524
Gemeng International Energy Co., Ltd.		728,338		—		—			(20,644	)		68,385			(8,641	)		—			767,438
PT. Cirebon Electric Power		157,530		—		—			—			6,067			(7,311	)		—			156,286
PT Wampu Electric Power		39,268		—		—			(3,902	)		1,175			(1,946	)		—			34,595
PT. Bayan Resources TBK		717,376		—		—			(109,528	)		93,684			(33,640	)		(44	)		667,848
S-Power Co., Ltd.		180,372		—		—			—			16,873			—			—			197,245
Xe-Pian Xe-Namnoy Power Co., Ltd.		73,065		—		—			—			2,793			(5,016	)		—			70,842
Goseong Green Power Co., Ltd.		284,542		—		—			—			6,084			—			4			290,630
Gangneung Eco Power Co., Ltd.		241,814		—		—			—			(13,063	)		—			—			228,751
Shin Pyeongtaek Power Co., Ltd.		139,059		—		—			—			11,965			—			—			151,024
Dongducheon Dream Power Co., Ltd.		91,351		—		—			—			7,744			—			—			99,095
GS Donghae Electric Power Co., Ltd.		279,432		—		—			(12,029	)		15,265			—			—			282,668
Nepal Water & Energy Development Company Private Limited		170,955		—		—			—			(52	)		(7,354	)		—			163,549
Indeck Niles Development, LLC		370,970		—		—			(5,808	)		31,699			(26,232	)		—			370,629
Saemangeum Sebit Power Plant Co., Ltd.		37,110		—		—			—			783			—			—			37,893
PT. Cirebon Energi Prasarana		96,846		—		—			—			1,992			(8,514	)		—			90,324
Others (Taebaek Guinemi Wind Power Co., Ltd. and 82 others)		277,223		10,167		(1,760	)		(11,572	)		19,552			(3,630	)		1,215			291,195
		6,704,754		10,167		(1,760	)		(203,636	)		408,581			(126,672	)		1,417			6,792,851
<Joint ventures>
Shuweihat Asia Power Investment B.V.		86,450		—		—			(1,080	)		1,758			(7,009	)		—			80,119
KEPCO SPC Power Corporation		159,139		—		—			(27,876	)		8,223			(7,529	)		—			131,957
Datang Chifeng Renewable Power Co., Ltd.		204,516		—		—			—			3,838			(4,451	)		—			203,903
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		48,325		—		—			—			1,107			(926	)		—			48,506
Rabigh Electricity Company		269,893		—		—			(1,696	)		22,543			(17,880	)		—			272,860
Jamaica Public Service Company Limited		412,616		—		—			(9,700	)		22,188			(14,788	)		—			410,316
Amman Asia Electric Power Company		268,864		—		—			—			15,490			(17,601	)		—			266,753
Chun-cheon Energy Co., Ltd.		36,599		—		—			—			83			—			—			36,682
Nghi Son 2 Power LLC		563,079		—		—			—			34,820			(55,643	)		—			542,256
Kelar S.A.		152,367		—		—			—			5,841			(9,004	)		—			149,204
PT. Tanjung Power Indonesia		100,580		—		—			(4,785	)		5,269			(7,087	)		(161	)		93,816
Barakah One Company		—		1,794,047		—			—			(99,651	)		(62,942	)		—			1,631,454
Daegu Green Power Co., Ltd.		30,513		—		—			—			2,885			—			—			33,398
South Jamaica Power Company Limited		48,760		—		—			(2,436	)		3,431			(2,160	)		—			47,595
RE Holiday Holdings LLC		89,780		—		—			—			(7,281	)		(4,266	)		—			78,233
RE Pioneer Holdings LLC		55,622		—		—			—			(4,871	)		(2,277	)		—			48,474
RE Barren Ridge 1 Holdings LLC		59,806		—		—			(1,663	)		(1,764	)		(2,589	)		—			53,790
Solar Philippines Calatagan Corporation		63,695		—		—			(6,480	)		4,764			(3,041	)		—			58,938
Pulau Indah Power Plant Sdn. Bhd.		50,721		5,493		—			—			1,281			(4,854	)		—			52,641
PT Barito Wahana Tenaga		207,565		—		—			—			39,669			(22,589	)		—			224,645
Cheongna Energy Co., Ltd.		46,158		—		—			—			21,760			—			—			67,918
Naepo Green Energy Co., Ltd.		48,031		—		—			(13,432	)		25,301			—			—			59,900
OneEnergy Asia Limited		465,349		38,861		—			—			15,423			(45,716	)		—			473,917
Prime Swedish Holding AB		37,559		—		—			—			(1,284	)		2,941			—			39,216
Namyangju Combined Heat and Power Co., Ltd.		51,768		70,100		—			—			(69	)		130			—			121,929
Trumbull Development Partners, LLC		355,379		84,813		—			—			(288	)		(25,759	)		—			414,145
Others (Dangjin Eco Power Co., Ltd. and 98 others)		668,206		20,635		(11,185	)		(15,978	)		26,668			(20,824	)		—			667,522
		4,581,340		2,013,949		(11,185	)		(85,126	)		147,134			(335,864	)		(161	)		6,310,087
	~~W~~	11,286,094		2,024,116		(12,945	)		(288,762	)		555,715			(462,536	)		1,256			13,102,938

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2025and for the year ended December 31, 2024 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Beginningbalance		Acquisition		Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehen-sive income(loss)			Others			Endingbalance
<Associates>
Korea Gas Corporation	~~W~~	1,970,643		—		—			—			248,385			36,628			33,648			2,289,304
Korea Electric Power Industrial Development Co., Ltd.		29,500		—		—			(2,801	)		3,124			—			354			30,177
YTN Co., Ltd.		52,303		—		(52,303	)		—			—			—			—			—
Hyundai Green Power Co., Ltd.		118,173		—		—			(3,555	)		2,712			—			(29,937	)		87,393
Korea Power Exchange		274,286		—		—			—			2,768			(59	)		(3,033	)		273,962
Daeryun Power Co., Ltd.		26,834		—		—			—			4,301			—			(42	)		31,093
SPC Power Corporation		78,931		—		—			(13,529	)		13,412			28,760			—			107,574
Gemeng International Energy Co., Ltd.		705,812		—		—			(22,908	)		(33,472	)		78,870			36			728,338
PT. Cirebon Electric Power		134,259		—		—			—			4,144			—			19,127			157,530
PT Wampu Electric Power		34,555		—		—			(3,765	)		3,495			152			4,831			39,268
PT. Bayan Resources TBK		619,207		—		—			(168,698	)		187,634			79,332			(99	)		717,376
S-Power Co., Ltd.		162,765		—		—			—			17,607			—			—			180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.		116,378		—		—			—			(20,217	)		11,861			(34,957	)		73,065
Goseong Green Power Co., Ltd.		287,624		—		—			—			(3,026	)		—			(56	)		284,542
Gangneung Eco Power Co., Ltd.		254,929		—		—			—			(13,115	)		—			—			241,814
Shin Pyeongtaek Power Co., Ltd.		145,026		—		—			(30,080	)		24,145			—			(32	)		139,059
Dongducheon Dream Power Co., Ltd.		87,203		—		—			—			4,141			—			7			91,351
GS Donghae Electric Power Co., Ltd.		259,085		—		—			—			20,323			—			24			279,432
Nepal Water & Energy Development Company Private Limited		110,573		—		—			—			7,392			52,990			—			170,955
Indeck Niles Development, LLC		335,401		—		(14,551	)		(10,591	)		12,909			47,802			—			370,970
Saemangeum Sebit Power Plant Co., Ltd.		37,191		—		—			—			(81	)		—			—			37,110
PT. Cirebon Energi Prasarana		76,597		—		—			—			6,051			2,782			11,416			96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others)		259,614		18,987		(10,772	)		(10,941	)		10,004			2,656			7,675			277,223
		6,176,889		18,987		(77,626	)		(266,868	)		502,636			341,774			8,962			6,704,754
<Joint ventures>
Shuweihat Asia Power Investment B.V.		69,902		—		—			—			1,709			14,839			—			86,450
KEPCO SPC Power Corporation		196,544		—		—			(28,591	)		16,714			(25,528	)		—			159,139
Datang Chifeng Renewable Power Co., Ltd.		186,739		—		—			(10,624	)		7,772			20,629			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		43,207		—		—			(591	)		813			4,896			—			48,325
Rabigh Electricity Company		235,051		—		—			(7,270	)		17,147			24,965			—			269,893
Jamaica Public Service Company Limited		349,866		—		—			(15,215	)		28,849			49,463			(347	)		412,616
Amman Asia Electric Power Company		223,424		—		—			(8,171	)		20,485			33,126			—			268,864
Chun-cheon Energy Co., Ltd.		35,083		—		—			—			1,516			—			—			36,599
Nghi Son 2 Power LLC		417,989		—		—			—			45,889			99,201			—			563,079
Kelar S.A.		131,529		—		—			—			4,739			(2,498	)		18,597			152,367
PT. Tanjung Power Indonesia		90,151		—		—			(8,349	)		6,138			14,122			(1,482	)		100,580
Barakah One Company		—		—		—			—			—			—			—			—
Daegu Green Power Co., Ltd.		26,430		—		—			—			4,103			—			(20	)		30,513
South Jamaica Power Company Limited		43,109		—		—			(2,895	)		2,704			5,842			—			48,760
RE Holiday Holdings LLC		84,092		—		—			—			(3,139	)		8,827			—			89,780
RE Pioneer Holdings LLC		54,081		—		—			—			(2,910	)		4,451			—			55,622
RE Barren Ridge 1 Holdings LLC		58,154		—		—			(1,966	)		(1,546	)		5,164			—			59,806
Solar Philippines Calatagan Corporation		58,130		—		—			(6,107	)		6,523			5,149			—			63,695
Pulau Indah Power Plant Sdn. Bhd.		25,603		14,713		—			—			(816	)		11,221			—			50,721
PT Barito Wahana Tenaga		156,994		—		—			—			24,435			26,136			—			207,565
Cheongna Energy Co., Ltd.		25,549		—		—			—			20,609			—			—			46,158
Naepo Green Enegry Co., Ltd.		5,285		—		—			—			32,284			—			10,462			48,031
OneEnergy Asia Limited		289,966		62,880		—			—			47,346			65,157			—			465,349
Prime Swedish Holding AB		38,789		—		—			—			(3,782	)		—			2,552			37,559
Namyangju Combined Heat and Power Co., Ltd.		3,850		50,127		—			—			(1,519	)		(690	)		—			51,768
Trumbull Development Partners, LLC		—		304,836		—			—			7,976			42,567			—			355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others)		636,182		22,847		(68	)		(7,730	)		(31,223	)		46,856			1,342			668,206
		3,485,699		455,403		(68	)		(97,509	)		252,816			453,895			31,104			4,581,340
	~~W~~	9,662,588		474,390		(77,694	)		(364,377	)		755,452			795,669			40,066			11,286,094

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for the nine-month periodended September 30, 2025 and for the year ended December 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the nine-month period endedSeptember 30, 2025
Investees	Total assets		Totalliabilities		Sales		Profit(loss) for<br>the period
<Associates>
Korea Gas Corporation	~~W~~	52,949,555		41,797,143		26,734,978		539,086
Korea Electric Power Industrial Development Co., Ltd.		216,034		109,071		288,683		4,991
Hyundai Green Power Co., Ltd.		661,900		263,925		82,628		7,227
Korea Power Exchange		370,420		100,173		92,327		4,300
Daeryun Power Co., Ltd.		1,094,986		598,911		296,542		29,244
SPC Power Corporation		314,653		18,538		52,452		43,150
Gemeng International Energy Co., Ltd.		8,095,432		5,431,145		2,267,740		168,042
PT. Cirebon Electric Power		692,773		124,460		222,286		22,060
PT Wampu Electric Power		182,429		107,223		13,302		2,553
PT. Bayan Resources TBK		4,268,872		1,007,181		3,447,096		737,475
S-Power Co., Ltd.		677,504		272,932		505,909		34,305
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,331,312		904,514		156,439		11,048
Goseong Green Power Co., Ltd.		5,038,519		4,001,703		1,006,462		32,218
Gangneung Eco Power Co., Ltd.		5,436,871		4,769,996		742,970		(21,880	)
Shin Pyeongtaek Power Co., Ltd.		1,105,511		702,934		565,103		28,669
Dongducheon Dream Power Co., Ltd.		1,327,455		999,495		861,330		22,219
GS Donghae Electric Power Co., Ltd.		1,803,499		972,123		437,132		44,895
Nepal Water & Energy Development Company Private Limited		626,202		380,114		65,219		(12,803	)
Indeck Niles Development, LLC		1,195,778		655,398		286,950		64,816
Saemangeum Sebit Power Plant Co., Ltd.		145,103		76,540		16,330		1,424
PT. Cirebon Energi Prasarana		3,656,554		2,753,314		369,796		19,922
<Joint ventures>
Shuweihat Asia Power Investment B.V.		163,537		29		—		(226	)
KEPCO SPC Power Corporation		247,912		27,984		126,862		13,920
Datang Chifeng Renewable Power Co., Ltd.		804,691		294,932		80,250		12,810
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		173,156		51,891		20,315		2,931
Rabigh Electricity Company		2,438,281		1,661,500		274,983		55,120
Jamaica Public Service Company Limited		2,560,785		1,571,803		1,182,276		60,069
Amman Asia Electric Power Company		724,675		280,086		23,143		25,874
Chun-cheon Energy Co., Ltd.		513,177		389,676		281,121		255
Nghi Son 2 Power LLC		4,012,976		2,928,465		608,019		69,204
Kelar S.A.		656,977		432,406		85,293		12,959
PT. Tanjung Power Indonesia		705,440		437,396		78,004		14,993
Barakah One Company		44,484,057		36,392,384		2,357,842		170,409
Daegu Green Power Co., Ltd.		473,548		374,551		216,687		5,554
South Jamaica Power Company Limited		511,934		273,944		211,767		17,158
RE Holiday Holdings LLC		327,416		170,950		14,367		(9,206	)
RE Pioneer Holdings LLC		247,819		150,871		5,755		(6,548	)
RE Barren Ridge 1 Holdings LLC		202,432		94,852		7,792		(1,672	)
Solar Philippines Calatagan Corporation		159,699		35,147		17,192		9,348
Pulau Indah Power Plant Sdn. Bhd.		1,384,840		1,196,846		316,233		(191	)
PT Barito Wahana Tenaga		733,841		—		—		106,677
Cheongna Energy Co., Ltd.		476,975		345,320		114,847		43,424
Naepo Green Energy Co., Ltd.		767,567		574,215		334,106		82,463
OneEnergy Asia Limited		3,421,827		2,300,815		87,853		34,669
Prime Swedish Holding AB		150,461		66,566		7,631		(2,853	)
Namyangju Combined Heat and Power Co., Ltd.		175,082		1,419		—		(97	)
Trumbull Development Partners, LLC		1,697,196		1,049,043		—		(418	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for the nine-month periodended September 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Investees	Total assets		Totalliabilities		Sales		Profit (loss) for<br>the period
<Associates>
Korea Gas Corporation	~~W~~	57,669,638		46,843,282		38,388,740		1,148,985
Korea Electric Power Industrial Development Co., Ltd.		213,423		109,367		361,690		14,587
Hyundai Green Power Co., Ltd.		698,653		295,095		109,081		9,354
Korea Power Exchange		365,652		91,690		120,586		1,795
Daeryun Power Co., Ltd.		1,117,771		651,892		397,332		61,893
SPC Power Corporation		301,805		18,716		72,191		35,657
Gemeng International Energy Co., Ltd.		8,301,632		5,803,020		2,907,291		(66,765	)
PT. Cirebon Electric Power		742,634		169,796		281,041		15,070
PT Wampu Electric Power		209,724		124,358		19,146		7,598
PT. Bayan Resources TBK		5,338,900		2,100,603		4,700,051		1,285,816
S-Power Co., Ltd.		739,732		369,429		734,607		35,889
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,414,921		979,112		182,433		(81,032	)
Goseong Green Power Co., Ltd.		5,129,641		4,125,053		1,310,775		2,823
Gangneung Eco Power Co., Ltd.		5,359,845		4,667,564		635,026		(10,547	)
Shin Pyeongtaek Power Co., Ltd.		1,052,048		678,140		841,818		58,855
Dongducheon Dream Power Co., Ltd.		1,350,004		1,044,020		1,360,809		10,453
GS Donghae Electric Power Co., Ltd.		1,910,960		1,089,101		535,012		59,776
Nepal Water & Energy Development Company Private Limited		666,316		419,386		123,848		10,732
Indeck Niles Development, LLC		1,234,170		704,296		284,855		32,491
Saemangeum Sebit Power Plant Co., Ltd.		160,225		93,086		20,376		(147	)
PT. Cirebon Energi Prasarana		3,831,992		2,863,534		543,340		60,512
<Joint ventures>
Shuweihat Asia Power Investment B.V.		176,569		137		—		(370	)
KEPCO SPC Power Corporation		291,538		26,307		190,296		28,108
Datang Chifeng Renewable Power Co., Ltd.		900,001		388,711		115,297		17,722
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		180,827		60,016		26,678		2,031
Rabigh Electricity Company		2,651,843		1,873,439		353,677		63,270
Jamaica Public Service Company Limited		2,649,022		1,656,068		1,490,606		76,611
Amman Asia Electric Power Company		791,478		343,371		22,776		34,047
Chun-cheon Energy Co., Ltd.		533,211		409,989		430,679		4,890
Nghi Son 2 Power LLC		4,412,970		3,286,814		921,504		91,777
Kelar S.A.		715,489		486,293		112,110		9,733
PT. Tanjung Power Indonesia		754,514		467,144		106,081		17,705
Barakah One Company		43,235,235		45,056,439		1,636,730		(53,778	)
Daegu Green Power Co., Ltd.		493,595		399,918		338,750		7,344
South Jamaica Power Company Limited		532,323		288,501		250,519		14,460
RE Holiday Holdings LLC		363,750		184,188		20,251		(1,413	)
RE Pioneer Holdings LLC		272,900		161,657		13,343		(3,168	)
RE Barren Ridge 1 Holdings LLC		224,922		105,310		12,905		(1,301	)
Solar Philippines Calatagan Corporation		166,126		37,872		19,412		8,733
Pulau Indah Power Plant Sdn. Bhd.		1,054,236		873,923		40,818		(2,896	)
PT Barito Wahana Tenaga		678,043		—		—		74,744
Cheongna Energy Co., Ltd.		463,574		375,343		142,400		41,124
Naepo Green Energy Co., Ltd.		738,857		586,152		467,225		124,830
OneEnergy Asia Limited		3,237,191		2,137,600		424,036		100,781
Prime Swedish Holding AB		143,102		62,354		8,911		(8,404	)
Namyangju Combined Heat and Power Co., Ltd.		75,474		1,899		—		(2,410	)
Trumbull Development Partners, LLC		1,582,082		1,042,712		—		14,174

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments incondensed consolidated financial statements as of September 30, 2025 and December 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of September 30, 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~~	11,152,412		21.66	%		2,415,612		—		—			(55,498	)		2,360,114
Korea Electric Power Industrial Development Co., Ltd.		106,963		29.00	%		31,019		—		—			—			31,019
Hyundai Green Power Co., Ltd.		397,975		29.00	%		115,413		—		—			(29,639	)		85,774
Korea Power Exchange		270,247		100.00	%		270,247		—		—			—			270,247
Daeryun Power Co., Ltd.		496,075		6.85	%		33,981		—		—			(820	)		33,161
SPC Power Corporation		296,115		38.00	%		112,524		—		—			—			112,524
Gemeng International Energy Co., Ltd.		2,664,287		42.00	%		1,119,002		—		—			(351,564	)		767,438
PT. Cirebon Electric Power		568,313		27.50	%		156,286		—		—			—			156,286
PT Wampu Electric Power		75,206		46.00	%		34,595		—		—			—			34,595
PT. Bayan Resources TBK		3,261,691		20.00	%		652,339		91,889		—			(76,380	)		667,848
S-Power Co., Ltd.		404,572		49.00	%		198,240		—		(995	)		—			197,245
Xe-Pian Xe-Namnoy Power Co., Ltd.		426,798		25.00	%		106,700		305		(915	)		(35,248	)		70,842
Goseong Green Power Co., Ltd.		1,036,816		29.00	%		300,676		—		(10,046	)		—			290,630
Gangneung Eco Power Co., Ltd.		666,875		29.00	%		193,394		46,042		(10,685	)		—			228,751
Shin Pyeongtaek Power Co., Ltd.		402,577		40.00	%		161,031		3,559		(13,566	)		—			151,024
Dongducheon Dream Power Co., Ltd.		327,960		34.01	%		111,539		1,757		(1,619	)		(12,582	)		99,095
GS Donghae Electric Power Co., Ltd.		831,376		34.00	%		282,668		—		—			—			282,668
Nepal Water & Energy Development Company Private Limited		246,088		66.12	%		162,713		836		—			—			163,549
Indeck Niles Development, LLC		540,380		50.00	%		270,189		96,053		—			4,387			370,629
Saemangeum Sebit Power Plant Co., Ltd.		68,563		55.00	%		37,711		182		—			—			37,893
PT. Cirebon Energi Prasarana		903,240		10.00	%		90,324		—		—			—			90,324
<Joint ventures>
Shuweihat Asia Power Investment B.V.		163,508		49.00	%		80,119		—		—			—			80,119
KEPCO SPC Power Corporation		219,928		60.00	%		131,957		—		—			—			131,957
Datang Chifeng Renewable Power Co., Ltd.		509,759		40.00	%		203,903		—		—			—			203,903
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		121,265		40.00	%		48,506		—		—			—			48,506
Rabigh Electricity Company		776,781		40.00	%		310,713		—		(37,048	)		(805	)		272,860
Jamaica Public Service Company Limited		988,982		40.00	%		395,593		29,357		—			(14,634	)		410,316
Amman Asia Electric Power Company		444,589		60.00	%		266,753		—		—			—			266,753
Chun-cheon Energy Co., Ltd.		123,501		29.90	%		36,927		3		—			(248	)		36,682
Nghi Son 2 Power LLC		1,084,511		50.00	%		542,256		—		—			—			542,256
Kelar S.A.		224,571		65.00	%		145,972		3,232		—			—			149,204
PT. Tanjung Power Indonesia		268,044		35.00	%		93,816		—		—			—			93,816
Barakah One Company		8,091,673		18.00	%		1,456,501		—		174,953			—			1,631,454
Daegu Green Power Co., Ltd.		98,997		54.24	%		53,696		84		—			(20,382	)		33,398
South Jamaica Power Company Limited		237,990		20.00	%		47,598		—		—			(3	)		47,595
RE Holiday Holdings LLC		156,466		50.00	%		78,233		—		—			—			78,233
RE Pioneer Holdings LLC		96,948		50.00	%		48,474		—		—			—			48,474
RE Barren Ridge 1 Holdings LLC		107,580		50.00	%		53,790		—		—			—			53,790
Solar Philippines Calatagan Corporation		124,552		38.00	%		47,330		—		—			11,608			58,938
Pulau Indah Power Plant Sdn. Bhd.		187,994		25.00	%		46,998		5,643		—			—			52,641
PT Barito Wahana Tenaga		733,841		30.61	%		224,645		—		—			—			224,645
Cheongna Energy Co., Ltd.		131,655		50.10	%		65,959		3,137		(1,178	)		—			67,918
Naepo Green Energy Co., Ltd.		193,352		29.20	%		56,458		—		—			3,442			59,900
OneEnergy Asia Limited		1,121,012		40.00	%		448,405		25,512		—			—			473,917
Prime Swedish Holding AB		83,895		45.00	%		37,752		1,223		—			241			39,216
Namyangju Combined Heat and Power Co., Ltd.		173,663		70.10	%		121,738		191		—			—			121,929
Trumbull Development Partners, LLC		648,153		56.23	%		364,456		49,689		—			—			414,145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments incondensed consolidated financial statements as of September 30, 2025 and December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Book value
<Associates>
Korea Gas Corporation	~~W~~	10,826,356			21.66	%		2,344,989			—		—			(55,685	)		2,289,304
Korea Electric Power Industrial Development Co., Ltd.		104,056			29.00	%		30,177			—		—			—			30,177
Hyundai Green Power Co., Ltd.		403,558			29.00	%		117,033			—		—			(29,640	)		87,393
Korea Power Exchange		273,962			100.00	%		273,962			—		—			—			273,962
Daeryun Power Co., Ltd.		465,879			6.85	%		31,913			—		—			(820	)		31,093
SPC Power Corporation		283,089			38.00	%		107,574			—		—			—			107,574
Gemeng International Energy Co., Ltd.		2,498,612			42.00	%		1,049,417			—		—			(321,079	)		728,338
PT. Cirebon Electric Power		572,838			27.50	%		157,530			—		—			—			157,530
PT Wampu Electric Power		85,366			46.00	%		39,268			—		—			—			39,268
PT. Bayan Resources TBK		3,238,297			20.00	%		647,659			146,097		—			(76,380	)		717,376
S-Power Co., Ltd.		370,303			49.00	%		181,448			—		(1,076	)		—			180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.		435,809			25.00	%		108,953			305		(946	)		(35,247	)		73,065
Goseong Green Power Co., Ltd.		1,004,588			29.00	%		291,331			—		(6,789	)		—			284,542
Gangneung Eco Power Co., Ltd.		692,281			29.00	%		200,761			46,872		(5,819	)		—			241,814
Shin Pyeongtaek Power Co., Ltd.		373,908			40.00	%		149,563			3,559		(14,064	)		1			139,059
Dongducheon Dream Power Co., Ltd.		305,984			34.01	%		104,065			1,757		(1,889	)		(12,582	)		91,351
GS Donghae Electric Power Co., Ltd.		821,859			34.00	%		279,432			—		—			—			279,432
Nepal Water & Energy Development Company Private Limited		246,930			68.88	%		170,083			872		—			—			170,955
Indeck Niles Development, LLC		529,874			50.00	%		264,936			101,361		—			4,673			370,970
Saemangeum Sebit Power Plant Co., Ltd.		67,139			55.00	%		36,928			182		—			—			37,110
PT. Cirebon Energi Prasarana		968,458			10.00	%		96,846			—		—			—			96,846
<Joint ventures>
Shuweihat Asia Power Investment B.V.		176,432			49.00	%		86,450			—		—			—			86,450
KEPCO SPC Power Corporation		265,231			60.00	%		159,139			—		—			—			159,139
Datang Chifeng Renewable Power Co., Ltd.		511,290			40.00	%		204,516			—		—			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		120,811			40.00	%		48,325			—		—			—			48,325
Rabigh Electricity Company		778,404			40.00	%		311,362			—		(40,752	)		(717	)		269,893
Jamaica Public Service Company Limited		992,954			40.00	%		397,182			29,357		—			(13,923	)		412,616
Amman Asia Electric Power Company		448,107			60.00	%		268,864			—		—			—			268,864
Chun-cheon Energy Co., Ltd.		123,222			29.90	%		36,843			3		—			(247	)		36,599
Nghi Son 2 Power LLC		1,126,156			50.00	%		563,079			—		—			—			563,079
Kelar S.A.		229,196			65.00	%		148,978			3,389		—			—			152,367
PT. Tanjung Power Indonesia		287,370			35.00	%		100,580			—		—			—			100,580
Barakah One Company		(1,821,204	)		18.00	%		(327,817	)		—		153,104			174,713			—
Daegu Green Power Co., Ltd.		93,677			54.24	%		50,810			84		—			(20,381	)		30,513
South Jamaica Power Company Limited		243,822			20.00	%		48,764			—		—			(4	)		48,760
RE Holiday Holdings LLC		179,562			50.00	%		89,780			—		—			—			89,780
RE Pioneer Holdings LLC		111,243			50.00	%		55,622			—		—			—			55,622
RE Barren Ridge 1 Holdings LLC		119,612			50.00	%		59,806			—		—			—			59,806
Solar Philippines Calatagan Corporation		128,254			38.00	%		48,737			—		—			14,958			63,695
Pulau Indah Power Plant Sdn. Bhd.		180,313			25.00	%		45,078			5,643		—			—			50,721
PT Barito Wahana Tenaga		678,043			30.61	%		207,565			—		—			—			207,565
Cheongna Energy Co., Ltd.		88,231			50.10	%		44,204			3,137		(1,183	)		—			46,158
Naepo Green Energy Co., Ltd.		152,705			29.20	%		44,590			—		—			3,441			48,031
OneEnergy Asia Limited		1,099,591			40.00	%		439,837			25,512		—			—			465,349
Prime Swedish Holding AB		80,748			45.00	%		36,336			1,223		—			—			37,559
Namyangju Combined Heat and Power Co., Ltd.		73,575			70.10	%		51,575			193		—			—			51,768
Trumbull Development Partners, LLC		539,370			56.23	%		303,288			52,091		—			—			355,379
(*)	The percentage of ownership shown above is the effective ownership ratio that takes into account treasury<br>stocks.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As of September 30, 2025					As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Unrecognizedequity interest			Accumulated<br>unrecognizedequity interest		Unrecognizedequity interest			Accumulated<br>unrecognizedequity interest
Boim Combined Heat and Power Generation Co., Ltd.	~~W~~	3,112			31,835		769			28,723
Samcheok Eco Materials Co., Ltd.		262			5,588		895			5,326
Barakah One Company		(174,713	)		—		33,994			174,713
KAPES, Inc.		6,927			10,858		916			3,931
ITR Co., Ltd.		(15	)		—		14			15
SEP Co., Ltd.		—			15		—			15
Noeul Green Energy Co., Ltd.		(1,117	)		2,718		(1,377	)		3,835
PlatformN. Co., Ltd.		—			18		(44	)		18
KEPCO KPS CARABAO Corp.		(70	)		174		207			244
Bitsolar Energy Co., Ltd.		256			1,520		1,264			1,264
Green Energy Electricity Generation Co., Ltd.		(396	)		—		396			396
O2&B Global Co., Ltd.		13			19		6			6
Pulau Indah O&M Sdn. Bhd.		(1	)		—		1			1
Foresight Iberian Solar Group Holding, S.L.		5,975			10,370		4,395			4,395
Green Radiation Co., Ltd.,		(11	)		—		11			11
Hoenggye Renewable Energy Co., Ltd.,		(266	)		—		266			266
CapMan Lynx SCA, SICAR		2,716			33,806		31,090			31,090
G.GURU Co., Ltd.		4			4		—			—
International Offshore Power Transmission Holding Company Limited		68			68		—			—
Jeju Gimnyeong Wind Power Co., Ltd.		18			18		—			—
Korea Energy Data Co., Ltd.		1			1		—			—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of September 30, 2025, shareholders’ agreements on investments in associates and jointventures that may cause future economic resource or cash outflows are as follows:
---	---
(i)	Taebaek Wind Power Co., Ltd.
---	---

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant 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

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of September 30, 2025, shareholders’ agreements on investments in associates and jointventures that may cause future economic resource or cash outflows are as follows, continued:
---	---
(x)	HORANG ENERGY Inc.
---	---

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

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

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

(xii)	Jeongeup Green Power Co., Ltd.

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates and joint ventures as ofSeptember 30, 2025 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

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as ofSeptember 30, 2025 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, and 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

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as ofSeptember 30, 2025 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

September 30, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as ofSeptember 30, 2025 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

September 30, 2025 and 2024 (unaudited)

18.	Property, Plant and Equipment
(1)	Property, plant and equipment as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisition cost		Government<br>grants			Accumulated<br>depreciation			Accumulatedimpairment<br>losses			Book<br>value
Land	~~W~~	14,840,925		(27,392	)		—			(29,519	)		14,784,014
Buildings		26,831,484		(39,052	)		(13,542,658	)		(7,103	)		13,242,671
Structures		91,542,883		(142,219	)		(39,851,246	)		(18,678	)		51,530,740
Machinery		124,956,451		(95,622	)		(69,506,467	)		(532,617	)		54,821,745
Ships		17,870		—			(8,734	)		—			9,136
Vehicles		533,440		(2,447	)		(392,334	)		(116	)		138,543
Equipment		2,601,271		(2,328	)		(2,180,618	)		(375	)		417,950
Tools		1,475,608		(1,092	)		(1,301,446	)		(1	)		173,069
Construction-in-progress		36,992,256		(233,591	)		—			(22,795	)		36,735,870
Right-of-use assets		5,555,974		—			(2,824,028	)		—			2,731,946
Asset retirement costs		18,375,099		—			(9,152,551	)		(146,423	)		9,076,125
Others		18,178,658		—			(15,899,089	)		—			2,279,569
	~~W~~	341,901,919		(543,743	)		(154,659,171	)		(757,627	)		185,941,378
In millions of won	As of December 31, 2024
	Acquisition cost		Government<br>grants			Accumulated<br>depreciation			Accumulatedimpairment<br>losses			Book<br>value
Land	~~W~~	14,577,296		(27,403	)		—			(29,241	)		14,520,652
Buildings		26,217,223		(41,718	)		(12,812,659	)		(7,103	)		13,355,743
Structures		89,573,695		(149,737	)		(37,762,078	)		(18,678	)		51,643,202
Machinery		122,610,077		(105,546	)		(65,120,941	)		(533,405	)		56,850,185
Ships		17,870		—			(7,336	)		—			10,534
Vehicles		452,812		(2,745	)		(371,245	)		(116	)		78,706
Equipment		2,512,223		(3,915	)		(2,073,752	)		(375	)		434,181
Tools		1,428,994		(1,306	)		(1,255,257	)		(1	)		172,430
Construction-in-progress		31,307,153		(223,566	)		—			(22,795	)		31,060,792
Right-of-use assets		6,031,076		—			(2,984,680	)		—			3,046,396
Asset retirement costs		18,283,796		—			(8,388,929	)		(146,423	)		9,748,444
Others		17,198,254		—			(15,136,756	)		—			2,061,498
	~~W~~	330,210,469		(555,936	)		(145,913,633	)		(758,137	)		182,982,763

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for the nine-month period ended September 30, 2025 and for theyear ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Depreciation			Impairment		Others			Ending<br>balance
Land	~~W~~	14,548,055			3,176		(11,545	)		—			—		271,720			14,811,406
(Government grants)		(27,403	)		—		11			—			—		—			(27,392	)
Buildings		13,397,461			11,698		(19,827	)		(740,888	)		—		633,279			13,281,723
(Government grants)		(41,718	)		—		—			2,965			—		(299	)		(39,052	)
Structures		51,792,939			26,004		(240,118	)		(2,238,348	)		—		2,332,482			51,672,959
(Government grants)		(149,737	)		—		490			7,087			—		(59	)		(142,219	)
Machinery		56,955,731			312,517		(167,990	)		(4,882,267	)		—		2,699,376			54,917,367
(Government grants)		(105,546	)		—		313			11,552			—		(1,941	)		(95,622	)
Ships		10,534			—		—			(1,398	)		—		—			9,136
Vehicles		81,451			1,834		(56	)		(35,154	)		—		92,915			140,990
(Government grants)		(2,745	)		—		6			980			—		(688	)		(2,447	)
Equipment		438,096			68,483		(108	)		(159,564	)		—		73,371			420,278
(Government grants)		(3,915	)		—		—			1,587			—		—			(2,328	)
Tools		173,736			17,221		(25	)		(58,937	)		—		42,166			174,161
(Government grants)		(1,306	)		—		—			327			—		(113	)		(1,092	)
Construction-in-progress		31,284,358			11,431,328		—			—			—		(5,746,225	)		36,969,461
(Government grants)		(223,566	)		2,926		—			—			—		(12,951	)		(233,591	)
Right-of-use assets		3,046,396			58,577		(3,079	)		(368,557	)		—		(1,391	)		2,731,946
Asset retirement costs		9,748,444			—		—			(1,105,977	)		—		433,658			9,076,125
Others		2,061,498			2,387		—			(774,099	)		—		989,783			2,279,569
	~~W~~	182,982,763			11,936,151		(441,928	)		(10,340,691	)		—		1,805,083			185,941,378

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for the nine-month period ended September 30, 2025 and for theyear ended December 31, 2024 are as follows, continued:
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending<br>balance
Land	~~W~~	14,398,088			28,390		(38,162	)		—			—			159,739			14,548,055
(Government grants)		(27,404	)		—		1			—			—			—			(27,403	)
Buildings		13,360,204			3,767		(13,366	)		(984,288	)		(1,351	)		1,032,495			13,397,461
(Government grants)		(46,227	)		—		—			4,508			—			1			(41,718	)
Structures		50,890,001			16,201		(303,046	)		(2,873,012	)		(9,154	)		4,071,949			51,792,939
(Government grants)		(157,881	)		—		1,330			9,458			—			(2,644	)		(149,737	)
Machinery		53,817,046			341,652		(199,670	)		(6,311,423	)		(735	)		9,308,861			56,955,731
(Government grants)		(119,824	)		—		522			16,076			—			(2,320	)		(105,546	)
Ships		12,365			—		—			(1,865	)		—			34			10,534
Vehicles		83,374			4,311		(223	)		(43,837	)		—			37,826			81,451
(Government grants)		(2,837	)		—		8			1,233			—			(1,149	)		(2,745	)
Equipment		430,875			84,020		(236	)		(210,376	)		—			133,813			438,096
(Government grants)		(5,932	)		—		—			2,118			—			(101	)		(3,915	)
Tools		164,474			32,825		(68	)		(82,603	)		—			59,108			173,736
(Government grants)		(62	)		—		—			341			—			(1,585	)		(1,306	)
Construction-in-progress		32,008,502			14,335,323		—			—			—			(15,059,467	)		31,284,358
(Government grants)		(173,474	)		6,806		75			—			—			(56,973	)		(223,566	)
Right-of-use assets		3,363,743			132,495		(2,252	)		(538,995	)		—			91,405			3,046,396
Asset retirement costs		9,733,574			—		—			(1,809,280	)		—			1,824,150			9,748,444
Others		2,146,930			1,704		—			(1,011,161	)		—			924,025			2,061,498
	~~W~~	179,875,535			14,987,494		(555,087	)		(13,833,106	)		(11,240	)		2,519,167			182,982,763
(3)	For the nine-month period ended September 30, 2025, 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~~681 million (~~W~~97,747 million for the nine-month period ended<br>September 30, 2024) was recognized as revenue and ~~W~~5,416 million (~~W~~77,429 million for the nine-month period ended September 30, 2024) was recognized as cost of sales in profit or loss, respectively.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

19.	Investment Properties
(1)	Investment properties as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Acquisition cost		Government grants			Accumulateddepreciation			Book<br>value
Land	~~W~~	148,727		—			—			148,727
Buildings		36,477		(23	)		(15,860	)		20,594
	~~W~~	185,204		(23	)		(15,860	)		169,321
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Acquisition cost		Government grants			Accumulateddepreciation			Book<br>value
Land	~~W~~	210,509		—			—			210,509
Buildings		32,517		(22	)		(14,020	)		18,475
	~~W~~	243,026		(22	)		(14,020	)		228,984
(2)	Changes in investment properties for the nine-month period ended September 30, 2025 and for the yearended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	~~W~~	210,509			—		—			(61,782	)		148,727
Buildings		18,497			—		(778	)		2,898			20,617
(Government grants)		(22	)		—		—			(1	)		(23	)
	~~W~~	228,984			—		(778	)		(58,885	)		169,321
In millions of won	For the year ended December 31, 2024
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	~~W~~	172,594			—		—			37,915			210,509
Buildings		12,955			—		(683	)		6,225			18,497
(Government grants)		(22	)		—		1			(1	)		(22	)
	~~W~~	185,527			—		(682	)		44,139			228,984

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

19.	Investment Properties, Continued
(3)	Income and expenses related to investment properties for each of the three and nine-month periods endedSeptember 30, 2025 and 2024 are as follows:
---	---
In millions of won	September 30, 2025						September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Three-monthperiod ended			Nine-monthperiod ended			Three-monthperiod ended			Nine-monthperiod ended
Rental income	~~W~~	3,603			9,081			3,138			8,707
Operating and maintenance expenses related to rental income		(276	)		(794	)		(191	)		(524	)
	~~W~~	3,327			8,287			2,947			8,183
(4) Fair values of investment properties as ofSeptember 30, 2025 and December 31, 2024 are as follows:												****
In millions of won	As of September 30, 2025						As of December 31, 2024
	Book value			Fair value			Book value			Fair value
Land	~~W~~	148,727			252,769			210,509			337,379
Buildings		20,594			21,407			18,475			19,094
	~~W~~	169,321			274,176			228,984			356,473

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

September 30, 2025 and 2024 (unaudited)

20.	Construction Contracts
(1)	Changes in the total contract amount in which revenue is not yet recognized for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---
	Beginningbalance		*Increase(decrease) ()**		Recognized as<br>revenue			Ending balance
Nuclear power plant construction in overseas and others	~~W~~	6,136,773		28,759,382		(382,298	)		34,513,857
(*)	For the nine-month period ended September 30, 2025, the increased balance of contracts from new orders is<br>~~W~~28,912,550 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~153,168 million.
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---
	Beginningbalance		*Increase(decrease) ()**		Recognized as<br>revenue			Ending balance
Nuclear power plant construction in overseas and others	~~W~~	5,795,600		1,190,281		(849,108	)		6,136,773
(*)	For the year ended December 31, 2024, the increased balance of contracts from new orders is<br>~~W~~1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~109,000 million.
---	---
(2)	Accumulated earned revenue, expense and others related to the Group’s construction contracts inprogress as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---
	Accumulatedearned revenue		Accumulated<br>expense		Accumulated<br>Profit (loss)			Unearned<br>advance receipts
Nuclear power plant construction in overseas and others	~~W~~	24,416,302		25,032,020		(615,718	)		91,629
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Accumulatedearned revenue		Accumulated<br>expense		Accumulated<br>profit		Unearned<br>advance receipts
Nuclear power plant construction in overseas and others	~~W~~	24,255,432		24,008,579		246,853		80,069

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	*Contract assets(1)**		Contract liabilities<br>*(2)**		Contract assets<br>*(1)**		Contract liabilities<br>*(2)**
Nuclear power plant construction in overseas and others	~~W~~	1,194,467		284,352		1,159,085		161,778
(*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 consolidated statements of financial position.<br>The revenue recognized for the nine-month period ended September 30, 2025 from the amounts included in contract liabilities at the end of the prior year was ~~W~~139,957 million.
---	---
(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 condensed consolidated financial statements.
---	---
	Contract date		Completion date
---	---	---	---	---
Egypt Eldaba nuclear power plant construction projects		August 25, 2022		April 8, 2029
(5)	The Group is in discussion with the contracting parties about the prolongation costs and liquidated damages for<br>the UAE nuclear power plant project. As of September 30, 2025, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.
---	---
(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 nine-month period ended September 30, 2025 is as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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>obligations<br>satisfied inprevious periods		Gross		Allowance<br>for doubtful<br>accounts		Gross		Allowance<br>for doubtful<br>accounts
Transmission and distribution	~~W~~	11,672		(218,391	)		(210,722	)		(7,669	)		244,018		—		275,308		15,427		—		—
Electric power generation (Nuclear)		544,606		(1,476,564	)		(627,709	)		(848,855	)		1,266,968		—		6,662		—		86,034		—
Plant maintenance & engineering Service and others		633		8,848			5,907			2,941			8,277		12,076		81,120		2		24,487		5,543
Others		—		—			—			—			—		—		831,377		—		8,806		48
	~~W~~	556,911		(1,686,107	)		(832,524	)		(853,583	)		1,519,263		12,076		1,194,467		15,429		119,327		5,591

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

21.	Intangible Assets other than Goodwill
(1)	Intangible assets as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulatedamortization			Accumulatedimpairmentlosses			Book<br>value
Software	~~W~~	1,210,710		(849	)		(1,042,919	)		(19	)		166,923
Copyrights, patents rights and other industrial rights		109,658		—			(76,059	)		(9,178	)		24,421
Mining rights		613,480		—			(21,074	)		(578,847	)		13,559
Development expenditures		1,021,843		(613	)		(957,140	)		—			64,090
Intangible assets under development		104,155		(4,179	)		—			—			99,976
Usage rights of donated assets and others		592,638		—			(467,515	)		(136	)		124,987
Leasehold rights		28,185		—			(25,773	)		(538	)		1,874
Greenhouse gas emissions rights		100,565		—			—			—			100,565
Others		617,474		(159	)		(238,129	)		(12,162	)		367,024
	~~W~~	4,398,708		(5,800	)		(2,828,609	)		(600,880	)		963,419
In millions of won	As of December 31, 2024
	Acquisitioncost		Governmentgrants			Accumulatedamortization			Accumulatedimpairmentlosses			Book<br>value
Software	~~W~~	1,156,641		(844	)		(976,633	)		(19	)		179,145
Copyrights, patents rights and other industrial rights		107,040		—			(71,231	)		(9,178	)		26,631
Mining rights		670,083		—			(66,938	)		(573,723	)		29,422
Development expenditures		1,011,550		(939	)		(937,877	)		—			72,734
Intangible assets under development		96,544		(3,473	)		—			(8,903	)		84,168
Usage rights of donated assets and others		592,680		—			(459,165	)		(136	)		133,379
Leasehold rights		28,185		—			(25,216	)		(538	)		2,431
Greenhouse gas emissions rights		135,534		—			—			—			135,534
Others		620,366		(229	)		(224,410	)		(12,253	)		383,474
	~~W~~	4,418,623		(5,485	)		(2,761,470	)		(604,750	)		1,046,918

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

21.	Intangible Assets other than Goodwill, Continued
(2)	Changes in intangible assets for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Amortization			Impairment			Others			Endingbalance
Software	~~W~~	179,989			11,565		(560	)		(65,656	)		—			42,434			167,772
(Government grants)		(844	)		—		—			231			—			(236	)		(849	)
Copyrights, patents rights and other industrial rights		26,631			322		(13	)		(3,840	)		—			1,321			24,421
Mining rights		29,422			625		(706	)		(3,892	)		—			(11,890	)		13,559
Development expenditures		73,673			—		—			(20,014	)		—			11,044			64,703
(Government grants)		(939	)		—		—			423			—			(97	)		(613	)
Intangible assets under development		87,641			43,443		—			—			(30	)		(26,899	)		104,155
(Government grants)		(3,473	)		—		—			—			—			(706	)		(4,179	)
Usage rights of donated assets and others		133,379			—		—			(8,392	)		—			—			124,987
Leasehold rights		2,431			—		—			(557	)		—			—			1,874
Greenhouse gas emissions rights		135,534			256		—			—			—			(35,225	)		100,565
Others		383,703			1,607		(142	)		(17,100	)		43			(928	)		367,183
(Government grants)		(229	)		—		—			70			—			—			(159	)
	~~W~~	1,046,918			57,818		(1,421	)		(118,727	)		13			(21,182	)		963,419
In millions of won	For the year ended December 31, 2024
	Beginningbalance			Acquisition		Disposal			Amortization			Impairment			Others			Endingbalance
Software	~~W~~	197,841			18,249		(4	)		(88,985	)		—			52,888			179,989
(Government grants)		(413	)		—		—			229			—			(660	)		(844	)
Copyrights, patents rights and other industrial rights		23,491			576		(44	)		(4,846	)		—			7,454			26,631
Mining rights		32,165			—		(100	)		(5,798	)		—			3,155			29,422
Development expenditures		55,434			—		—			(25,830	)		—			44,069			73,673
(Government grants)		(2,121	)		—		—			1,364			—			(182	)		(939	)
Intangible assets under development		86,013			69,878		—			(14	)		—			(68,236	)		87,641
(Government grants)		(2,458	)		—		—			—			—			(1,015	)		(3,473	)
Usage rights of donated assets and others		145,251			36		—			(11,903	)		—			(5	)		133,379
Leasehold rights		3,929			—		—			(960	)		(538	)		—			2,431
Greenhouse gas emissions rights		107,086			123		—			(416	)		—			28,741			135,534
Others		388,088			3,997		(394	)		(26,501	)		(364	)		18,877			383,703
(Government grants)		(322	)		—		—			93			—			—			(229	)
	~~W~~	1,033,984			92,859		(542	)		(163,567	)		(902	)		85,086			1,046,918

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

21.	Intangible Assets other than Goodwill, Continued
(3)	Significant specific intangible assets as of September 30, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won and thousands of Australian dollars
---	---	---	---	---	---
As of September 30,2025
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		3,176	2 years and 2 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		9,392	2 years and 3 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		5,294	1 year and 2 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		5,008	4 years and 9 months
Others	Occupancy and use of public waters	KRW		61,330	11 years and 4 months
	Greenhouse gas emissions rights	KRW		100,565	—
	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.
---	---
In millions of won and thousands of Australian dollars
---	---	---	---	---	---
As of December 31,2024
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		4,276	2 years and 11 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		12,523	3 years
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		8,697	1 year and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		5,799	5 years and 6 months
Others	Occupancy and use of public waters	KRW		65,389	12 years and 1 month
	Greenhouse gas emissions rights	KRW		135,534	—
	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 the nine-month periods ended September 30, 2025 and 2024, the Group recognized research and<br>development expenses of ~~W~~576,472 million and ~~W~~528,950 million, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

22.	Trade and Other Payables

Trade and other payables as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Trade payables	~~W~~	3,815,496		—		4,494,504		—
Non-trade payables		2,287,028		1,494,800		2,224,036		1,432,421
Accrued expenses		2,019,382		21,747		1,983,697		22,259
Leasehold deposits received		6,098		—		3,211		3,237
Other deposits received		75,969		45,982		97,276		45,012
Lease liabilities		540,905		2,644,567		603,492		3,095,964
Dividends payable		7,784		—		5,063		—
Others (*)		29		10,324		36		10,348
	~~W~~	8,752,691		4,217,420		9,411,315		4,609,241
(*)	Details of others as of September 30, 2025 and December 31, 2024 are as follows:<br>
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Advance received from local governments	~~W~~	—		2,689		—		2,689
Others		29		7,635		36		7,659
	~~W~~	29		10,324		36		10,348

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities
(1)	Borrowings and debt securities as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Current liabilities
Short-term borrowings	~~W~~	10,988,350			9,122,792
Current portion of long-term borrowings		8,693,263			8,434,330
Current portion of debt securities		26,115,601			26,908,467
Less: current portion of discount on long-term borrowings		(7,242	)		(16,537	)
Less: current portion of discount on debt securities		(11,083	)		(7,100	)
		45,778,889			44,441,952
Non-current liabilities
Long-term borrowings		3,273,146			3,153,867
Debt securities		81,620,783			85,149,391
Less: discount on long-term borrowings		(40,672	)		(35,071	)
Less: discount on debt securities		(153,767	)		(176,739	)
		84,699,490			88,091,448
	~~W~~	130,478,379			132,533,400
(2)	Repayment schedules of borrowings and debt securities as of September 30, 2025 and December 31,2024 are as follows:
---	---
In millions of won
---	---	---	---	---
As of September 30, 2025
Type	Borrowings		Debt Securities
Less than 1 year	~~W~~	19,681,613		26,115,601
1~ 5 years		1,222,627		61,408,660
More than 5 years		2,050,519		20,212,123
	~~W~~	22,954,759		107,736,384
In millions of won
As of December 31, 2024
Type	Borrowings		Debt Securities
Less than 1 year	~~W~~	17,557,122		26,908,467
1~ 5 years		1,488,840		63,087,182
More than 5 years		1,665,027		22,062,209
	~~W~~	20,710,989		112,057,858

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(3)	Short-term borrowings as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
As of September 30, 2025
Type	Interest rate (%)	Maturity		Foreign<br>currency		Local<br>currency
Local short-term borrowings	2.58 ~ 4.60		2025.10.14<br>~2026.09.18		—	~~W~~	7,566,135
Local short-term borrowings	3M CD + 0.54 ~ 0.80		2025.11.20<br>~2026.07.11		—		3,200,000
Local short-term borrowings	2.69		2025.10.14		—		50,000
Local short-term borrowings	Short-term loan base interest rate<br>+ 1.03		2026.02.24		—		20,000
Foreign short-term borrowings	SOFR(1M) + 0.90		2026.08.11	USD	39,983		56,064
Foreign short-term borrowings	9.50		2025.12.10	IDR	9,478,340		797
Local bank overdraft	3.24		2025.10.10		—		94,000
Local bank overdraft	Standard overdraft rate + 1.44		2026.02.20		—		1,354
						~~W~~	10,988,350
In millions of won and thousands of
As of December 31, 2024
Type	Interest rate (%)	Maturity		Foreign<br>currency		Local<br>currency
Local short-term borrowings	3.27 ~ 4.60		2025.01.07<br> <br>~2025.12.31		—	~~W~~	4,953,348
Local short-term borrowings	3M CD + 0.23 ~ 0.65<br>4.17		2025.01.02<br> <br>~2025.11.20		—		3,934,600
Foreign short-term borrowings	SOFR(1M) + 0.90		2025.08.12	USD	40,000		58,800
Local bank overdraft	3.85		2025.04.28		—		100,000
Local bank overdraft	Standard overdraft rate + 1.37<br><br><br>4.20		2025.02.21<br> <br>~2025.03.28		—		76,044
						~~W~~	9,122,792

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
As of September 30, 2025
Type		Interest rate (%)	Maturity	Foreign<br>currency		Localcurrency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	~~W~~	1,179
	Facility	4.60~4.94	2028~2042		—		47,486
	Facility	CB rate+0.90	2029		—		7,952
Hana Bank and others	Commercial Paper	3M CD + 0.31~1.20	2025~2030		—		8,150,000
	Facility	4.60	2028		—		3,907
	Facility	3yr KTB rate-1.25	2025~2028		—		1,993
Export-Import Bank of Korea	Project loans	1.00	2026		—		2,946
	Facility	1.32	2026~2028		—		52,000
	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	2025~2028		—		6,665
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		11,426
	Others	3.95	2034		—		63,319
	Others	Standard overdraft<br>rate+1.00	2034		—		63,319
Kookmin Bank	Facility	4.36~5.93	2030~2037		—		163,407
Woori Bank	Facility	3M CD+1.90<br>4.66~5.20	2034~2042		—		94,721
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		—		781,362
	Facility	CB rate+1.10<br> <br>1.75~5.70	2028~2041		—		21,667
	Others	4.40~7.90	2038~2039		—		87,426
	Others	2.00~5.43	2031~2034		—		49,821
						~~W~~	9,731,576

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
As of September 30, 2025
Type		Interest rate (%)		Foreign<br>currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2026		8,744	12,260
Export-Import Bank of Korea and others	Direct Loan and others	TERM SOFR(6M)+CAS+ 3.00	2036		68,738	96,385
	Direct Loan and others	6M Synthetic Libor+2.25~3.70	2027		JOD 40,530	80,157
	Facility	SOFR+0.43~1.83	2029~2031		157,822	221,298
POSCO E&C and others	Shareholder’s loan	8.00	2026		4,762	6,678
NH-Amundi	Syndicated Loan	8.00	2032		640,932	6,049
SMTB	Syndicated Loan	6M Tibor+0.55	2036		6,012,608	56,743
Solar Construction Lending, LLC	Facility	5.00	2025		30,273	42,449
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90	2029		36,221	59,565
IFC and others	Facility	SOFR (3M)+1.60~1.99SOFR (6M)+5.005.70~6.18	2026~2032		934,948	1,310,984
Hanwha US Solar Private Fund 1 and others	Facility	6.00	2038		60,953	85,468
Shinhan Bank	Facility	1M BBSY+1.40~2.25	2027		AUD 224,809	207,357
Nonghyup Bank and others	Facility	10.40	2039		35,259	49,440
						2,234,833
						11,966,409
Less: discount on long-term borrowings						(47,914	)
Less: current portion of long-term borrowings						(8,693,263	)
Add: current portion of discount on long-term borrowings						7,242
						3,232,474

All values are in Japanese Yen.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Type		Interest rate (%)		Maturity		Foreign<br>currency		Localcurrency
Local long-term borrowings
Korea Development Bank	Others		0.50		2025~2044		—	~~W~~	1,424
	Facility		2.60~4.94		2025~2042		—		51,960
	Facility		CB rate+0.90		2029		—		9,486
Hana Bank and others	Commercial Paper		3M CD+0.31~1.20		2025~2029		—		7,550,000
	Facility		4.60		2028		—		4,904
	Facility		3yr KTB rate-1.25		2028		—		2,492
Export-Import Bank of Korea	Project loans		1.00		2026		—		4,419
	Facility		1.32		2025~2028		—		64,000
	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		2025~2028		—		7,494
	Project loans		—		2033		—		1,197
Shinhan Bank and others	Facility		CB rate+0.90~1.10		2028~2029		—		13,995
	Operating funds		6M bank debenture<br>rate+0.93~1.03		2025~2027		—		50,000
	Others		3.95		2034		—		67,733
	Others		Standard overdraft<br>rate+1.00		2034		—		67,733
Kookmin Bank	Facility		3M CD+1.79<br> <br>5.53~5.63		2030~2037		—		167,945
	Operating funds		1yr bank debenture<br>rate+0.78		2025		—		20,000
Woori Bank	Facility		3M CD+1.90<br>5.12~5.61		2034~2042		—		100,071
IBK	Facility		4.00~5.80		2042~2044		—		30,690
Nonghyup Bank	Facility		5.53~5.63		2030~2041		—		36,351
Others	Facility		3.30~6.80		2028~2042		—		801,687
	Facility		CB rate+1.10<br>2.25~5.63		2028~2041		—		24,517
	PF Refinancing		CB rate+1.25		2030		—		5,726
	PF Refinancing		4.10		2030		—		15,905
	Securitized debts (*)		3M CD+1.80		2025		—		54,236
	Others		4.40~7.90		2025~2039		—		113,362
	Others		2.00~6.15		2031~2034		—		49,826
								~~W~~	9,367,153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of September 30, 2025 and December 31, 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
As of December 31, 2024
Type		Interest rate (%)		Foreign<br>currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2026		8,744	12,853
Export-Import Bank of Korea and others	Direct Loan and others	6M SyntheticLibor+1.80~3.20	2036		72,163	106,080
	Direct Loan and others	6M SyntheticLibor+2.25~3.70	2027		JOD 44,126	91,437
	Facility	SOFR+0.43 1M SOFR+1.83	2029~2031		112,672	165,628
Korea Development Bank and others	EBL	1M SOFR+0.86	2025		149,592	219,900
POSCO E&C and others	Shareholder’s loan	5.60~8.00	2025~2026		10,145	14,914
	Shareholder’s loan	8.00	2031		JOD 4,853	10,056
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00	2025~2032		3,937,987	36,878
Woori Bank and others	Syndicated Loan	6M Tibor+1.84	2025		2,178,069	20,397
Solar Construction Lending, LLC	Facility	5.00	2025		28,303	41,605
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90	2029		38,139	58,304
IFC and others	Facility	3M SOFR+1.60~1.996M SOFR+5.006.19~7.22	2026~2032		772,852	1,136,092
Hanwha US Solar Private Fund 1 and others	Facility	6.00	2038		60,743	89,292
DBS Bank and others	Facility	1M BBSY+1.40~2.25	2025		AUD 178,729	163,301
Nonghyup Bank and others	Facility	10.40	2039		36,943	54,307
						2,221,044
						11,588,197
Less: discount on long-term borrowings						(51,608	)
Less: current portion of long-term borrowings						(8,434,330	)
Add: current portion of discount on long-term borrowings						16,537
						3,118,796

All values are in Japanese Yen.

(*)	The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:<br>
Type	Details
---	---
Non-payment of proceeds	Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding	Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation	Where the consignor fails to fulfill the additional trust obligation
Event of default	In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(5)	Local debt securities as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---
	Issue date		Maturity		Interest rate (%)		As of September 30, 2025			As of December 31, 2024
Electricity Bonds		2012.03.27<br> <br>~2025.09.11		2025.10.04<br> <br>~2052.04.21		1.43~5.99	~~W~~	61,710,000			63,960,000
Corporate Bonds (*)		2009.10.16<br> <br>~2025.09.02		2025.10.24<br> <br>~2054.06.28		1.29~10.00		30,117,353			28,727,353
Corporate Bonds		2021.05.26<br> <br>~2023.12.28		2041.05.25<br> <br>~2043.09.15		1.71~3.78		41,578			41,578
								91,868,931			92,728,931
Less: discount on local debt securities								(54,496	)		(51,149	)
Less: current portion of local debt securities								(20,971,584	)		(22,621,584	)
Add: current portion of discount on local debt securities								2,448			2,124
							~~W~~	70,845,299			70,058,322
(*)	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 date.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
September 30, 2025
Type	Issue date	Maturity	Interest rate (%)	Foreign<br>currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		278,701	390,795
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		314,717	441,296
FY-04	2004.04.23	2034.04.23	5.13		286,920	402,319
FY-14	2014.07.30	2029.07.30	3.57		100,000	140,220
FY-17	2017.07.25	2027.07.25	3.13		300,000	420,660
FY-17	2017.10.30	2037.10.30	1.70		40,000	65,780
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000	66,969
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000	297,248
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000	175,802
FY-19	2019.12.19	2037.12.31	3.30~5.70		318,787	447,003
FY-20	2020.08.03	2026.02.03	1.00		300,000	420,660
FY-21	2021.01.27	2026.01.27	0.75		450,000	630,990
FY-21	2021.04.27	2026.04.27	1.25		500,000	701,100
FY-21	2021.08.09	2026.08.09	1.25		300,000	420,660
FY-21	2021.09.24	2026.09.24	1.13		300,000	420,660
FY-22	2022.04.21	2027.04.21	3.63		300,000	420,660
FY-22	2022.06.14	2027.06.14	4.00		300,000	420,660
FY-22	2022.07.27	2027.07.27	4.25		700,000	981,540
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		800,000	1,121,760
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000	423,353
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000	186,816
FY-23	2023.07.12	2028.07.12	4.88		350,000	490,770
FY-23	2023.07.18	2028.07.18	5.00		500,000	701,100
FY-23	2023.07.31	2026.07.31	5.38		1,000,000	1,402,200
FY-23	2023.09.21	2026.09.21	5.38		300,000	420,660
FY-24	2024.01.31	2027.01.31	4.88		1,200,000	1,682,640
FY-24	2024.07.29	2029.07.29	4.63		500,000	701,100
FY-25	2025.02.13	2028.02.13	4.75		400,000	560,879
FY-25	2025.03.05	2028.03.05	4.10		HKD 1,166,000	210,054
FY-25	2025.07.30	2030.07.30	SOFR+0.79		500,000	701,099
						15,867,453
Less: discount on foreign debt securities						(110,354	)
Less: current portion of foreign debt securities						(5,144,017	)
Add: current portion of discount on foreign debt securities						8,635
						10,621,717

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of September 30, 2025 and December 31, 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
As of December 31, 2024
Type	Issue date	Maturity	Interestrate (%)	Foreign<br>currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		278,701	409,690
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		314,717	462,634
FY-04	2004.04.23	2034.04.23	5.13		286,920	421,772
FY-14	2014.07.30	2029.07.30	3.57		100,000	147,000
FY-15	2015.06.15	2025.06.15	3.25		300,000	441,000
FY-17	2017.07.25	2027.07.25	3.13		300,000	441,000
FY-17	2017.10.30	2037.10.30	1.70		40,000	61,149
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000	59,954
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000	312,345
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000	162,638
FY-19	2019.12.19	2037.12.31	3.30~5.70		326,929	480,586
FY-20	2020.02.03	2025.02.03	2.13		300,000	441,000
FY-20	2020.05.06	2025.05.06	1.75		500,000	735,000
FY-20	2020.06.15	2025.06.15	1.13		500,000	735,000
FY-20	2020.08.03	2026.02.03	1.00		300,000	441,000
FY-21	2021.01.27	2026.01.27	0.75		450,000	661,500
FY-21	2021.04.27	2026.04.27	1.25		500,000	735,000
FY-21	2021.08.09	2026.08.09	1.25		300,000	441,000
FY-21	2021.09.24	2026.09.24	1.13		300,000	441,000
FY-22	2022.04.21	2027.04.21	3.63		300,000	441,000
FY-22	2022.05.06	2025.05.06	3.60		500,000	735,000
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00		800,000	1,176,000
FY-22	2022.06.28	2025.06.28	4.13		300,000	441,000
FY-22	2022.07.27	2027.07.27	4.25		700,000	1,029,000
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		800,000	1,176,000
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000	444,855
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000	196,304
FY-23	2023.07.12	2028.07.12	4.88		350,000	514,500
FY-23	2023.07.18	2028.07.18	5.00		500,000	735,000
FY-23	2023.07.31	2026.07.31	5.38		1,000,000	1,470,000
FY-23	2023.09.21	2026.09.21	5.38		300,000	441,000
FY-24	2024.01.31	2027.01.31	4.88		1,200,000	1,764,000
FY-24	2024.07.29	2029.07.29	4.63		500,000	735,000
						19,328,927
Less: discount on foreign debt securities						(132,690	)
Less: current portion of foreign debt securities						(4,286,883	)
Add: current portion of discount on foreign debt securities						4,976
						14,914,330

All values are in US Dollars.

(7)	Changes in borrowings and debt securities for the nine-month periods ended September 30, 2025 and 2024are as follows:
In millions of won	For the nine-month period<br>ended September 30, 2025									For the nine-month period<br>ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Borrowings			Debt<br>Securities			Total			Borrowings			Debt<br>Securities			Total
Beginning balance	~~W~~	20,659,381			111,874,019			132,533,400			19,839,652			113,792,178			133,631,830
Cash flow		2,442,256			(3,291,194	)		(848,938	)		243,842			(2,107,030	)		(1,863,188	)
Effect of exchange rate fluctuations		(198,487	)		(1,030,280	)		(1,228,767	)		66,719			342,542			409,261
Others		3,695			18,989			22,684			(35,579	)		2,478			(33,101	)
	~~W~~	22,906,845			107,571,534			130,478,379			20,114,634			112,030,168			132,144,802

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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~~103,044 million and ~~W~~118,604 million respectively, as expense for the nine-month periods ended September 30, 2025 and 2024. 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~~2,566 million and ~~W~~2,162 million respectively, as expense for the nine-month periods ended September 30, 2025 and 2024. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2)	Right-of-use assets as of September 30, 2025 and December 31, 2024 are as follows:
In millions of won	As of September 30, 2025
---	---	---	---	---	---	---	---
	AcquisitionCost		Accumulated<br>depreciation			Book<br>value
Land	~~W~~	1,021,475		(385,584	)		635,891
Buildings		223,463		(126,084	)		97,379
Structures		53,893		(14,360	)		39,533
Machinery		55,408		(32,506	)		22,902
Ships		3,798,606		(2,103,903	)		1,694,703
Vehicles		71,466		(44,953	)		26,513
Others (*)		331,663		(116,638	)		215,025
	~~W~~	5,555,974		(2,824,028	)		2,731,946
(*)	During the nine-month period ended September 30, 2025, the power purchase agreement (“PPA”)<br>with CGN Yulchon Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---
	AcquisitionCost		Accumulated<br>depreciation			Book<br>value
Land	~~W~~	1,017,114		(339,512	)		677,602
Buildings		214,258		(108,417	)		105,841
Structures		52,983		(12,124	)		40,859
Machinery		54,654		(27,594	)		27,060
Ships		3,946,265		(2,015,172	)		1,931,093
Vehicles		59,402		(38,482	)		20,920
Others (*)		686,400		(443,379	)		243,021
	~~W~~	6,031,076		(2,984,680	)		3,046,396
(*)	Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24.	Lease, Continued
1)	Group as a lessee, Continued
---	---
(3)	Changes in right-of-use assets for the nine-month period ended September 30, 2025 and for the yearended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Decrease			Depreciation			Others			Endingbalance
Land	~~W~~	677,602		4,743		(1,511	)		(44,532	)		(411	)		635,891
Buildings		105,841		17,834		(1,234	)		(31,080	)		6,018			97,379
Structures		40,859		1,889		(96	)		(3,944	)		825			39,533
Machinery		27,060		191		(19	)		(4,919	)		589			22,902
Ships		1,931,093		9,688		—			(250,801	)		4,723			1,694,703
Vehicles		20,920		17,005		(219	)		(11,227	)		34			26,513
Others		243,021		7,227		—			(22,054	)		(13,169	)		215,025
	~~W~~	3,046,396		58,577		(3,079	)		(368,557	)		(1,391	)		2,731,946
In millions of won	For the year ended December 31, 2024
	Beginningbalance		Increase		Decrease			Depreciation			Others			Endingbalance
Land	~~W~~	655,860		12,369		(117	)		(65,245	)		74,735			677,602
Buildings		90,573		61,397		(399	)		(48,371	)		2,641			105,841
Structures		37,356		4,115		—			(4,595	)		3,983			40,859
Machinery		5,943		26,200		—			(7,083	)		2,000			27,060
Ships		2,313,305		—		(1,656	)		(363,032	)		(17,524	)		1,931,093
Vehicles		25,491		11,042		(77	)		(14,167	)		(1,369	)		20,920
Others		235,215		17,372		(3	)		(36,502	)		26,939			243,021
	~~W~~	3,363,743		132,495		(2,252	)		(538,995	)		91,405			3,046,396

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24.	Lease, Continued
1)	Group as a lessee, Continued
---	---
(4)	Lease liabilities as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Less than 1 year	~~W~~	560,073			632,878
1 ~ 5 years		1,599,643			1,817,340
More than 5 years		1,380,056			1,670,416
		3,539,772			4,120,634
Less: present value discounts and others		(354,300	)		(421,178	)
Present value of lease payment	~~W~~	3,185,472			3,699,456
(5)	Details of the liquidity classification of lease liabilities as of September 30, 2025 andDecember 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Current lease liabilities	~~W~~	540,905		603,492
Non-current lease liabilities		2,644,567		3,095,964
	~~W~~	3,185,472		3,699,456
(6)	Changes in lease liabilities for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Decrease			Interestexpenses		*Others ()**			Ending balance
Lease liabilities	~~W~~	3,699,456		50,415		(521,536	)		58,369		(101,232	)		3,185,472
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Decrease			Interestexpenses		*Others ()**		Ending balance
Lease liabilities	~~W~~	3,807,880		119,161		(695,466	)		82,638		385,243		3,699,456
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24.	Lease, Continued
1)	Group as a lessee, Continued
---	---
(7)	Details of expense relating to lease contracts as lessee for the three and nine-month periods endedSeptember 30, 2025 and 2024 are as follows:
---	---
In millions of won	September 30, 2025				September 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Three-monthperiod ended		Nine-month<br>period ended		Three-month<br>period ended			Nine-month<br>period ended
Depreciation of right-of-use assets	~~W~~	115,097		368,557		128,674			396,125
Interest expenses of lease liabilities		18,354		58,369		20,313			62,562
Lease expenses for short-term leases		49,128		103,044		24,545			118,604
Lease expenses for leases of low-value assets		739		2,566		703			2,162
Variable lease payments		7,272		4,528		(6,476	)		(4,106	)
	~~W~~	190,590		537,064		167,759			575,347
(8)	The total cash outflow related to the lease contracts amounts to ~~W~~631,674 million and<br>~~W~~652,647 million, for the nine-month periods ended September 30, 2025 and 2024, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

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

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas 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 13 energy storage system installation projects and 288 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group 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 collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2)	Profits and losses related to finance leases for the three and nine-month periods ended September 30,2025 and 2024 are as follows:
In millions of won	September 30, 2025				September 30, 2024
---	---	---	---	---	---	---	---	---
	Three-monthperiod ended		Nine-month<br>period ended		Three-month<br>period ended		Nine-month<br>period ended
Finance income on the net investment in the lease	~~W~~	28,299		88,678		18,775		78,202
(3)	The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease paymentsto the net investment in the lease as of September 30, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Less than 1 year	~~W~~	208,744			213,300
1 ~ 2 years		199,511			217,747
2 ~ 3 years		190,204			204,867
3 ~ 4 years		181,251			193,379
4 ~ 5 years		171,967			184,436
More than 5 years		1,246,123			1,420,807
		2,197,800			2,434,536
Less: unearned finance income		(939,586	)		(1,078,138	)
Net investment in the lease (*)	~~W~~	1,258,214			1,356,398
(*)	Including the present value of unguaranteed residual value amounting to ~~W~~32,526 million and<br>~~W~~31,857 million, as of September 30, 2025 and December 31, 2024, 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 17.56% per year as of September 30, 2025 (0.00%~17.15% as of December 31, 2024).

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

24.	Lease, Continued
2)	Group as a lessor, Continued
---	---
(4)	Changes in the allowance for doubtful accounts of finance lease receivables for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month periodended September 30, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	5,255			5,256
Bad debt expense		2,130			—
Write-off		(230	)		—
Reversal		—			(1	)
Ending balance	~~W~~	7,155			5,255

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

25.	Employment Benefits
(1)	Employment benefit obligations as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Net defined benefit asset	~~W~~	13,885		40,425
Net defined benefit obligations		1,734,480		1,449,837
Other long-term employee benefit obligations		1,467		1,710
(2)	Principal assumptions used for actuarial valuation as of September 30, 2025 and December 31, 2024are as follows:
---	---
	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---
Discount rate		3.26% ~ 4.94%			3.38% ~ 5.06%
Future salary and benefit levels		4.83	%		4.83%
Weighted average duration		9.61 years			9.89 years
(3)	Details of expense relating to defined benefit plans for the three and nine-month periods endedSeptember 30, 2025 and 2024 are as follows:
---	---
In millions of won	September 30, 2025						September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Three-monthperiod ended			Nine-month<br>period ended			Three-month<br>period ended			Nine-month<br>period ended
Current service cost	~~W~~	115,766			344,458			105,788			312,835
Interest cost		42,700			126,112			45,464			132,936
Expected return on plan assets		(29,875	)		(89,757	)		(33,620	)		(101,564	)
	~~W~~	128,591			380,813			117,632			344,207

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

In millions of won	September 30, 2025				September 30, 2024
	Three-monthperiod ended		Nine-month<br>period ended		Three-month<br>period ended		Nine-month<br>period ended
Cost of sales	~~W~~	93,010		272,564		84,467		247,016
Selling and administrative expenses		23,087		71,462		21,928		64,008
Others including construction-in-progress		12,494		36,787		11,237		33,183
	~~W~~	128,591		380,813		117,632		344,207

In addition, for the nine-month periods ended September 30, 2025 and 2024, 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~~71,712 million and ~~W~~63,789 million as cost of sales; ~~W~~13,548 million and ~~W~~10,397 million as selling and administrative expenses; and ~~W~~13,214 million and ~~W~~10,925 million as construction-in-progress and others.

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

25.	Employment Benefits, Continued
(4)	Details of defined benefit obligations as of September 30, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Present value of defined benefit obligation from funded plans	~~W~~	5,181,930			4,960,645
Fair value of plan assets		(3,461,335	)		(3,551,233	)
Net liabilities incurred from defined benefit plans	~~W~~	1,720,595			1,409,412
(5)	Changes in the present value of defined benefit obligations for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month periodended September 30, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	4,960,645			4,312,702
Current service cost		344,458			430,308
Interest cost		126,112			184,169
Remeasurement component		172,617			425,671
Actual payments		(421,770	)		(392,336	)
Others		(132	)		131
Ending balance	~~W~~	5,181,930			4,960,645
(6)	Changes in the fair value of plan assets for the nine-month period ended September 30, 2025 and for theyear ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month periodended September 30, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	3,551,233			3,349,480
Expected return		89,757			141,108
Remeasurement component		(3,752	)		(10,030	)
Contributions by the employers		21,536			254,763
Actual payments		(197,439	)		(184,088	)
Ending balance	~~W~~	3,461,335			3,551,233

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

25.	Employment Benefits, Continued
(7)	Details of the fair value of plan assets as of September 30, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Equity instruments	~~W~~	850		2,308
Debt instruments		402,304		413,522
Bank deposits		433,143		452,158
Others (*)		2,625,038		2,683,245
	~~W~~	3,461,335		3,551,233
(*)	Others consist of various financial instruments managed by external asset management companies.<br>
---	---

For the nine-month period ended September 30, 2025 and for the year ended December 31, 2024, actual returns on plan assets amounted to ~~W~~86,005 million and ~~W~~131,078 million, respectively.

(8)	Remeasurement components recognized in other comprehensive income (loss) for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
In millions of won	For the nine-month periodended September 30, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Actuarial loss from changes in financial assumptions	~~W~~	24,644		320,582
Actuarial loss from experience adjustments, etc.		147,973		105,089
Expected loss		3,752		10,030
	~~W~~	176,369		435,701

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

In addition, loss on accumulated remeasurement component amounting to ~~W~~68,254 million and ~~W~~95,694 million have been recognized as other comprehensive income or loss as of September 30, 2025 and December 31, 2024, respectively.

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

26.	Provisions
(1)	Provisions as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	~~W~~	986,498		—		1,093,625		—
Litigation
Litigation provisions		5,878		479,553		9,350		479,071
Decommissioning cost
Nuclear plants		79,501		23,604,527		79,501		23,192,872
Spent fuel		868,225		2,061,488		799,384		2,124,361
Radioactive waste		113,701		1,711,948		84,485		1,677,306
PCBs		—		28,853		—		39,389
Other recovery provisions		—		51,138		—		50,407
Others
Power plant regional support program		150,704		—		130,256		—
Transmission regional support program		175,898		—		302,631		—
Provisions for financial guarantee		20,835		24,367		26,440		4,484
Provisions for RPS		5,220		—		—		—
Provisions for greenhouse gas emissions obligations		3,657		—		156,463		—
Provision for onerous contracts		556,012		899		434		1,333
Others		76,012		302,039		111,402		267,811
	~~W~~	3,042,141		28,264,812		2,793,971		27,837,034
(2)	Changes in provisions for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase inprovision		Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits	~~W~~	1,093,625		880,186		(987,230	)		(83	)		—			986,498
Litigation
Litigation provisions		488,421		26,650		(23,432	)		(6,208	)		—			485,431
Decommissioning cost
Nuclear plants		23,272,373		453,850		(42,195	)		—			—			23,684,028
Spent fuel		2,923,745		556,938		(326,629	)		(224,341	)		—			2,929,713
Radioactive waste		1,761,791		80,880		(17,022	)		—			—			1,825,649
PCBs		39,389		858		(11,394	)		—			—			28,853
Other recovery provisions		50,407		12,530		—			—			(11,799	)		51,138
Others
Power plant regional support program		130,256		59,909		(39,461	)		—			—			150,704
Transmission regional support program		302,631		6,799		(133,532	)		—			—			175,898
Provisions for financial guarantee		30,924		34,433		(17,103	)		(2,803	)		(249	)		45,202
Provisions for RPS		—		796,792		(784,869	)		(6,703	)		—			5,220
Provisions for greenhouse gas emissions obligations		156,463		6,924		(153,441	)		(2,107	)		(4,182	)		3,657
Provision for onerous contracts		1,767		556,278		—			(1,134	)		—			556,911
Others		379,213		127,370		(128,285	)		—			(247	)		378,051
	~~W~~	30,631,005		3,600,397		(2,664,593	)		(243,379	)		(16,477	)		31,306,953

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

26.	Provisions, Continued
(2)	Changes in provisions for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows, continued:
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase inprovision		Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits	~~W~~	999,691		1,226,957		(1,127,746	)		(5,379	)		102			1,093,625
Litigation
Litigation provisions		177,018		373,328		(26,040	)		(35,885	)		—			488,421
Decommissioning cost
Nuclear plants		21,646,887		1,692,508		(66,971	)		—			(51	)		23,272,373
Spent fuel		2,925,734		842,753		(463,388	)		(381,354	)		—			2,923,745
Radioactive waste		1,908,085		113,342		(56,907	)		(202,729	)		—			1,761,791
PCBs		57,944		7,049		(25,604	)		—			—			39,389
Other recovery provisions		36,082		4,479		(879	)		—			10,725			50,407
Others
Power plant regional support program		130,034		55,761		(55,539	)		—			—			130,256
Transmission regional support program		256,006		202,882		(156,257	)		—			—			302,631
Provisions for financial guarantee		49,992		11,347		(25,723	)		(5,086	)		394			30,924
Provisions for RPS		36,074		891,143		(862,039	)		(65,178	)		—			—
Provisions for greenhouse gas emissions obligations		18,672		164,438		(17,659	)		(5,611	)		(3,377	)		156,463
Provision for onerous contracts		2,733		348		—			(1,314	)		—			1,767
Others		290,217		294,606		(126,693	)		(1,127	)		(77,790	)		379,213
	~~W~~	28,535,169		5,880,941		(3,011,445	)		(703,663	)		(69,997	)		30,631,005

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

27.	Government Grants
(1)	Government grants as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Land	~~W~~	27,392		27,403
Buildings		39,052		41,718
Structures		142,219		149,737
Machinery		95,622		105,546
Vehicles		2,447		2,745
Equipment		2,328		3,915
Tools		1,092		1,306
Construction-in-progress		233,591		223,566
Investment properties		23		22
Software		849		844
Development expenditures		613		939
Intangible assets under development		4,179		3,473
Other intangible assets		159		229
	~~W~~	549,566		561,443

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

27.	Government Grants, Continued
(2)	Changes in government grants for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Receipt		Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue		Others			Endingbalance
Cash	~~W~~	—		14,135		—			—			—			161		(14,296	)		—
Land		27,403		—		—			—			(11	)		—		—			27,392
Buildings		41,718		—		—			(2,965	)		—			—		299			39,052
Structures		149,737		—		—			(7,087	)		(490	)		—		59			142,219
Machinery		105,546		—		—			(11,552	)		(313	)		—		1,941			95,622
Vehicles		2,745		—		—			(980	)		(6	)		—		688			2,447
Equipment		3,915		—		—			(1,587	)		—			—		—			2,328
Tools		1,306		—		—			(327	)		—			—		113			1,092
Construction-in-progress		223,566		—		(2,926	)		—			—			—		12,951			233,591
Investment properties		22		—		—			—			—			—		1			23
Software		844		—		—			(231	)		—			—		236			849
Development expenditures		939		—		—			(423	)		—			—		97			613
Intangible assets under development		3,473		—		—			—			—			—		706			4,179
Other intangible assets		229		—		—			(70	)		—			—		—			159
	~~W~~	561,443		14,135		(2,926	)		(25,222	)		(820	)		161		2,795			549,566
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Receipt		Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue		Others			Endingbalance
Cash		—		59,503		—			—			—			4,789		(64,292	)		—
Land	~~W~~	27,404		—		—			—			(1	)		—		—			27,403
Buildings		46,227		—		—			(4,508	)		—			—		(1	)		41,718
Structures		157,881		—		—			(9,458	)		(1,330	)		—		2,644			149,737
Machinery		119,824		—		—			(16,076	)		(522	)		—		2,320			105,546
Vehicles		2,837		—		—			(1,233	)		(8	)		—		1,149			2,745
Equipment		5,932		—		—			(2,118	)		—			—		101			3,915
Tools		62		—		—			(341	)		—			—		1,585			1,306
Construction-in-progress		173,474		—		(6,806	)		—			(75	)		—		56,973			223,566
Investment properties		22		—		—			(1	)		—			—		1			22
Software		413		—		—			(229	)		—			—		660			844
Development expenditures		2,121		—		—			(1,364	)		—			—		182			939
Intangible assets under development		2,458		—		—			—			—			—		1,015			3,473
Other intangible assets		322		—		—			(93	)		—			—		—			229
	~~W~~	538,977		59,503		(6,806	)		(35,421	)		(1,936	)		4,789		2,337			561,443

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

28.	Deferred Revenue

Changes in deferred revenues for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 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 nine-month periodended September 30, 2025
Beginning balance	~~W~~	13,652,565		11,548,855
Increase		1,203,481		2,924,341
Recognized as revenue		(649,466	)	(820,631	)
Ending balance	~~W~~	14,206,580		13,652,565
29.	Non-financial Liabilities
---	---

Non-financial liabilities as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advance received	~~W~~	3,208,162		531,625		3,531,207		354,218
Unearned revenue		43,089		12,479		37,062		14,910
Deferred revenue		810,805		13,395,775		776,988		12,875,577
Withholdings		546,119		1,549		271,425		2,296
Others		2,226,131		9,787		1,710,459		34,519
	~~W~~	6,834,306		13,951,215		6,327,141		13,281,520

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

30.	Contributed Capital
(1)	Details of share capital as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---
	As of September 30, 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>
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---
	As of December 31, 2024
	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 nine-month period ended September 30, 2025 andfor the year ended December 31, 2024 are as follows:
---	---
Number of shares	For the nine-month periodended September 30, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077
(3)	Details of share premium as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Share premium	~~W~~	843,758		843,758

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

31.	Retained Earnings and Dividends Paid
(1)	Details of retained earnings as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Legal reserve (*)	~~W~~	1,604,910		1,604,910
Voluntary reserves		567,469		—
Retained earnings before appropriations		24,934,926		18,523,337
Retained earnings	~~W~~	27,107,305		20,128,247
(*)	The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net<br>income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated<br>deficit by the resolution of the shareholders.
---	---
(2)	Details of voluntary reserves as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Reserve for business expansion	~~W~~	567,469		—
	~~W~~	567,469		—
(3)	Changes in retained earnings for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the nine-month periodended September 30, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	20,128,247			16,338,262
Profit for the year attributed to owners of the controlling company		7,220,576			3,491,698
Changes in equity method retained earnings		1,313			(6,346	)
Remeasurements of defined benefit liability, net of tax		(106,094	)		(281,761	)
Transfer of revaluation reserve		—			586,394
Dividend paid		(136,737	)		—
Ending balance	~~W~~	27,107,305			20,128,247

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

31.	Retained Earnings and Dividends Paid, Continued
(4)	Dividends paid for the nine-month period ended September 30, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 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		136,737
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	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~~	—		—
(5)	Changes in retained earnings of investments in associates and joint ventures for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month periodended September 30, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	(17,420	)		(11,074	)
Changes		1,313			(6,346	)
Ending balance	~~W~~	(16,107	)		(17,420	)
(6)	Changes in remeasurement components related to defined benefit liability for the nine-month period endedSeptember 30, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month periodended September 30, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	(95,694	)		29,229
Changes		(170,436	)		(421,327	)
Income tax effect		64,342			139,566
Transfer to reserve for business expansion		133,534			156,838
Ending balance	~~W~~	(68,254	)		(95,694	)

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

32.	Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		As ofSeptember 30,2025		As ofDecember 31,2024
Korea South-East Power Co., Ltd. (*1, 2)		2nd hybrid bond		2012.12.07		2042.12.06		5.10	~~W~~	—		230,000
Expense of issuance										—		(627	)
									~~W~~	—		229,373
(*1)	Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds<br>on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity<br>dates, the contractual agreements allow the Group to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares,<br>they are not required to pay interest on the hybrid bonds. From December 7, 2024, the date when the call option becomes exercisable for the first time, the interest rate has increased from 4.44% to 5.10% due to the application of the step-up<br>provision.
---	---
(*2)	2nd hybrid bond was redeemed during the nine-month period ended September 30, 2025.
---	---

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

33.	Other Components of Equity
(1)	Other components of equity as of September 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025		As of December 31, 2024
---	---	---	---	---
Other capital surplus	~~W~~	1,605,627		1,600,812
Accumulated other comprehensive income		1,078,428		1,424,014
Other equity		12,708,585		12,708,585
	~~W~~	15,392,640		15,733,411
(2)	Changes in other capital surplus for the nine-month period ended September 30, 2025 and for the yearended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period endedSeptember 30, 2025								For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		1,213,288			1,600,812			387,524		1,213,277			1,600,801
Additional paid-in capital of subsidiaries		—		(246	)		(246	)		—		(7	)		(7	)
Equity transaction within the consolidated entity		—		5,061			5,061			—		18			18
Ending balance	~~W~~	387,524		1,218,103			1,605,627			387,524		1,213,288			1,600,812

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

33.	Other Components of Equity, Continued
(3)	Changes in accumulated other comprehensive income (loss) for the nine-month period ended September 30,2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 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		112,544		—			—			—			112,544
Shares of other comprehensive loss of associates and joint ventures, net of tax		—		(404,787	)		—			—			(404,787	)
Foreign currency translation of foreign operations, net of tax		—		—			(68,686	)		—			(68,686	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		—		—			—			15,343			15,343
Ending balance	~~W~~	193,301		1,193,171			(300,632	)		(7,412	)		1,078,428
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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~~	(20,002	)		943,733		(331,570	)		(34,731	)		557,430
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		100,759			—		—			—			100,759
Shares of other comprehensive income of associates and joint ventures, net of tax		—			654,225		—			—			654,225
Foreign currency translation of foreign operations, net of tax		—			—		99,624			—			99,624
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		—			—		—			11,976			11,976
Ending balance	~~W~~	80,757			1,597,958		(231,946	)		(22,755	)		1,424,014
(4)	Other equity as of September 30, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As of September 30, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Statutory revaluation reserve	~~W~~	12,708,704			12,708,704
Changes in other equity		(119	)		(119	)
	~~W~~	12,708,585			12,708,585

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

34.	Sales

Details of sales for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won	September 30, 2025
	Domestic				Overseas				Total
	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-monthperiod<br>ended		Nine-<br>monthperiod<br>ended		Three-<br>monthperiod<br>ended		Nine-<br>monthperiod<br>ended
[Type of goods and services]
Sales of goods	~~W~~	26,900,260		71,894,938		133,282		341,049		27,033,542		72,235,987
Electricity		26,474,032		70,631,565		—		—		26,474,032		70,631,565
Heat supply		16,295		257,478		—		—		16,295		257,478
Others		409,933		1,005,895		133,282		341,049		543,215		1,346,944
Sales related to rendering of services		129,093		328,611		46,088		150,144		175,181		478,755
Sales related to construction services		45,302		135,889		99,528		246,409		144,830		382,298
Revenue related to transfer of assets from customers		218,831		649,466		—		—		218,831		649,466
	~~W~~	27,293,486		73,008,904		278,898		737,602		27,572,384		73,746,506
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	~~W~~	26,900,260		71,894,938		133,282		341,049		27,033,542		72,235,987
Performance obligations satisfied over time		393,226		1,113,966		145,616		396,553		538,842		1,510,519
	~~W~~	27,293,486		73,008,904		278,898		737,602		27,572,384		73,746,506
In millions of won	September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Domestic				Overseas				Total
	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>monthperiod<br>ended		Nine-<br>month<br>period<br>ended
[Type of goods and services]
Sales of goods	~~W~~	25,511,814		68,179,045		117,524		270,933		25,629,338		68,449,978
Electricity		25,022,271		66,727,885		—		—		25,022,271		66,727,885
Heat supply		18,383		253,676		—		—		18,383		253,676
Others		471,160		1,197,484		117,524		270,933		588,684		1,468,417
Sales related to rendering of services		98,019		315,816		43,887		163,379		141,906		479,195
Sales related to construction services		38,890		99,236		97,516		264,079		136,406		363,315
Revenue related to transfer of assets from customers		195,707		577,319		—		—		195,707		577,319
	~~W~~	25,844,430		69,171,416		258,927		698,391		26,103,357		69,869,807
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	~~W~~	25,511,814		68,179,045		117,524		270,933		25,629,338		68,449,978
Performance obligations satisfied over time		332,616		992,371		141,403		427,458		474,019		1,419,829
	~~W~~	25,844,430		69,171,416		258,927		698,391		26,103,357		69,869,807

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

35.	Selling and Administrative Expenses

Selling and administrative expenses for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won	September 30, 2025				September 30, 2024
	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Salaries	~~W~~	276,015		855,678		276,248		829,647
Retirement benefit expense		29,497		85,010		24,956		74,405
Welfare and benefit expense		48,291		122,034		43,144		107,687
Insurance expense		7,618		23,833		6,818		21,096
Depreciation		60,805		177,069		57,599		172,727
Amortization of intangible assets		17,697		63,087		22,301		66,426
Bad debt expense		22,163		53,707		13,098		36,899
Commission		125,854		330,880		144,992		351,695
Advertising expense		9,978		26,754		7,654		26,104
Training expense		2,767		7,082		2,183		6,288
Vehicle maintenance expense		2,741		7,059		2,540		6,725
Publishing expense		263		1,779		377		1,642
Business promotion expense		734		2,121		610		1,911
Rent expense		20,024		46,189		15,516		37,323
Telecommunication expense		2,269		7,416		2,189		7,052
Transportation expense		296		838		284		773
Taxes and dues		5,174		89,621		3,322		89,902
Expendable supplies expense		1,889		6,117		1,472		4,680
Water, light and heating expense		4,331		12,272		4,721		12,243
Repairs and maintenance expense		39,562		106,394		32,802		101,455
Ordinary development expense		63,398		154,361		54,896		139,112
Travel expense		5,047		15,775		4,312		13,575
Clothing expense		1,585		4,457		2,347		3,739
Survey and analysis expense		168		565		229		637
Membership fee		197		1,620		259		1,494
Others		39,003		93,805		31,302		93,829
	~~W~~	787,366		2,295,523		756,171		2,209,066

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

36.	Other Income and Expenses
(1)	Other income for each of the three and nine-month periods ended September 30, 2025 and 2024 are asfollows:
---	---
In millions of won	September 30, 2025				September 30, 2024
---	---	---	---	---	---	---	---	---
	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Reversal of other provisions	~~W~~	2,544		6,627		1,332		23,746
Reversal of other bad debt allowance		—		4,101		—		—
Gains on government grants		59		161		—		—
Gains on assets contributed		1,304		2,817		24,585		28,724
Gains on liabilities exempted		49		756		127		288
Compensation and reparations revenue		44,490		90,385		12,574		67,382
Revenue from foundation fund		51		214		1		2
Rental income		52,297		157,486		45,583		153,119
Others		22,104		44,889		14,460		48,430
	~~W~~	122,898		307,436		98,662		321,691
(2)	Other expenses for each of the three and nine-month periods ended September 30, 2025 and 2024 are asfollows:
---	---
In millions of won	September 30, 2025					September 30, 2024
---	---	---	---	---	---	---	---	---	---
	Three-<br>month<br>period<br>ended			Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Compensation and indemnification expense	~~W~~	(1,000	)		310		3		138
Accretion expenses of other provisions		6,775			5,888		4,457		4,809
Depreciation expenses on investment properties		270			778		172		495
Depreciation expenses on idle assets		903			2,710		911		2,747
Other bad debt expense		5,142			5,144		3,796		11,799
Donations		32,432			109,177		16,069		154,388
Others		25,002			38,973		27,759		38,596
	~~W~~	69,524			162,980		53,167		212,972

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

37.	Other Gains (Losses)

Composition of other gains (losses) for each of the three and nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won	September 30, 2025						September 30, 2024
	Three-<br>month<br>period<br>ended			Nine-<br>month<br>period<br>ended			Three-<br>month<br>period<br>ended			Nine-<br>month<br>period<br>ended
Other gains
Gains on disposal of property, plant and equipment	~~W~~	272,124			280,199			18,597			83,068
Gains on disposal of intangible assets		2			18			8			22
Reversal of impairment loss on intangible assets		2			42			—			—
Gains on foreign currency translation		782			9,840			9,366			27,449
Gains on foreign currency transactions		8,188			83,926			28,261			59,099
Gains on insurance proceeds		178			1,193			2,604			3,411
Others		46,626			328,142			72,476			198,334
Other losses
Losses on disposal of property, plant and equipment		(37,425	)		(87,565	)		(12,048	)		(58,633	)
Losses on disposal of intangible assets		—			(13	)		—			(110	)
Impairment loss on intangible assets		—			(30	)		—			—
Losses on foreign currency translation		—			(42,275	)		—			(5,217	)
Losses on foreign currency transactions		(27,875	)		(65,269	)		(7,937	)		(81,008	)
Others		(22,210	)		(148,632	)		(29,054	)		(100,246	)
	~~W~~	240,392			359,576			82,273			126,169

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

38.	Finance Income

Finance income for each of the three and nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won	September 30, 2025				September 30, 2024
	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Interest income	~~W~~	116,964		332,010		100,375		323,744
Dividend income		1,374		24,695		1,369		12,243
Gains on disposal of financial assets		9,636		29,132		8,679		29,383
Gains on valuation of financial assets at fair value through profit or loss		20,153		54,942		19,003		68,950
Gains on valuation of derivatives		555,044		77,861		—		469,540
Gains on transaction of derivatives		65,432		204,610		44,641		192,676
Gains on foreign currency translation		—		861,917		936,771		105,385
Gains on foreign currency transactions		4,803		298,544		13,030		25,030
Others		1,293		2,530		4,593		6,383
	~~W~~	774,699		1,886,241		1,128,461		1,233,334

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

39.	Finance Expenses

Finance expenses for each of the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won	September 30, 2025				September 30, 2024
	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Interest expense	~~W~~	1,068,176		3,279,432		1,138,819		3,422,931
Losses on sale of financial assets		842		3,525		—		219
Losses on valuation of financial assets at fair value through profit or loss		2,106		2,493		—		279
Losses on valuation of derivatives		—		514,824		740,389		80,486
Losses on transaction of derivatives		12,632		274,826		24,358		45,650
Losses on foreign currency translation		523,574		89,244		—		464,464
Losses on foreign currency transactions		1,594		46,706		20,816		76,812
Others		—		5,504		3,482		11,830
	~~W~~	1,608,924		4,216,554		1,927,864		4,102,671

Capitalization rates for the nine-month periods ended September 30, 2025 and 2024 are 2.27% ~ 3.31% and 2.45% ~ 4.01%, respectively.

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 the nine-month periods ended September 30, 2025 and 2024 is 28.48% and 36.26%,<br>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 nine-month period ended September 30, 2025 in relation to the additional Pillar Two income taxes amounts to ~~W~~2,132 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

41.	Assets and Liabilities Held-for-Sale

Assets and liabilities held-for-sale as of September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
Assets held-for-sale
Cash and cash equivalents (*2)	~~W~~	1,660	—
Trade and other receivables (*2)		1,176	—
Inventories (*2)		2,822	—
Property, plant and equipment (*1,2)		27,142	45,648
Intangible assets (*2)		13,332	—
Other assets (*2)		29,773	—
	~~W~~	75,905	45,648
Liabilities held-for-sale
Trade and other payables (*2)	~~W~~	5,478	—
Other liabilities (*2)		5,755	—
	~~W~~	11,233	—
(*1)	The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell<br>the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction during the year ended December 31, 2022. KEPCO completed the sale during the<br>nine-month period ended September 30, 2025.
---	---
(*2)	Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., and Korea South-East Power Co., Ltd.,<br>subsidiaries of the Group, resolved to dispose of their interests in the Moolarben JV project in Australia upon approval by their respective boards of directors. As the carrying amounts of the related assets are expected to be recovered principally<br>through a sale transaction, the associated assets and liabilities have been reclassified as assets and liabilities held-for-sale.
---	---

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

42.	Expenses Classified by Nature

Expenses classified by nature for the nine-month periods ended September 30, 2025 and 2024 are as follows:

In millions of won	For the nine-month period ended September 30, 2025
	Selling andadministrativeexpenses		Cost of sales		Total
Raw materials used	~~W~~	—		14,115,857		14,115,857
Power purchase		—		26,606,262		26,606,262
Salaries		855,678		3,509,816		4,365,494
Retirement benefit expense		85,010		344,276		429,286
Welfare and benefit expense		122,034		409,707		531,741
Insurance expense		23,833		100,792		124,625
Depreciation		177,069		10,160,913		10,337,982
Amortization of intangible assets		63,087		55,640		118,727
Bad debt expense		53,707		—		53,707
Commission		330,880		244,867		575,747
Advertising expense		26,754		8,264		35,018
Training expense		7,082		12,390		19,472
Vehicle maintenance expense		7,059		6,653		13,712
Publishing expense		1,779		1,867		3,646
Business promotion expense		2,121		1,914		4,035
Rent expense		46,189		132,992		179,181
Telecommunication expense		7,416		7,845		15,261
Transportation expense		838		53,622		54,460
Taxes and dues		89,621		499,415		589,036
Expendable supplies expense		6,117		38,052		44,169
Water, light and heating expense		12,272		30,729		43,001
Repairs and maintenance expense		106,394		1,958,126		2,064,520
Ordinary development expense		154,361		422,111		576,472
Travel expense		15,775		55,674		71,449
Clothing expense		4,457		5,789		10,246
Survey and analysis expense		565		3,040		3,605
Membership fee		1,620		15,236		16,856
Others		93,805		1,107,743		1,201,548
	~~W~~	2,295,523		59,909,592		62,205,115

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

42.	Expenses Classified by Nature, Continued

Expenses classified by nature for the nine-month periods ended September 30, 2025 and2024 are as follows, continued:

In millions of won	For the nine-month period ended September 30, 2024
	Selling andadministrativeexpenses		Cost of sales		Total
Raw materials used	~~W~~	—		16,415,002		16,415,002
Power purchase		—		26,819,297		26,819,297
Salaries		829,647		3,389,287		4,218,934
Retirement benefit expense		74,405		310,805		385,210
Welfare and benefit expense		107,687		385,749		493,436
Insurance expense		21,096		99,871		120,967
Depreciation		172,727		10,321,369		10,494,096
Amortization of intangible assets		66,426		56,030		122,456
Bad debt expense		36,899		—		36,899
Commission		351,695		283,678		635,373
Advertising expense		26,104		6,415		32,519
Training expense		6,288		10,824		17,112
Vehicle maintenance expense		6,725		6,925		13,650
Publishing expense		1,642		1,670		3,312
Business promotion expense		1,911		1,773		3,684
Rent expense		37,323		131,712		169,035
Telecommunication expense		7,052		7,509		14,561
Transportation expense		773		44,539		45,312
Taxes and dues		89,902		488,130		578,032
Expendable supplies expense		4,680		33,051		37,731
Water, light and heating expense		12,243		30,602		42,845
Repairs and maintenance expense		101,455		2,092,297		2,193,752
Ordinary development expense		139,112		389,838		528,950
Travel expense		13,575		56,896		70,471
Clothing expense		3,739		6,874		10,613
Survey and analysis expense		637		2,897		3,534
Membership fee		1,494		15,001		16,495
Others		93,829		307,040		400,869
	~~W~~	2,209,066		61,715,081		63,924,147

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

43.	Earnings Per Share
(1)	Basic earnings per share for each of the three and nine-month periods ended September 30, 2025 and 2024are as follows:
---	---
In Won	September 30, 2025				September 30, 2024
---	---	---	---	---	---	---	---	---
Type	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Basic earnings per share	~~W~~	5,850		11,248		2,881		3,857
(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 and nine-month periods ended September 30, 2025 and 2024 are as follows:
---	---
In millions of won except number of shares	September 30, 2025				September 30, 2024
---	---	---	---	---	---	---	---	---
Type	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
Profit attributable to controlling interest	~~W~~	3,755,618		7,220,576		1,849,337		2,475,886
Profit used in the calculation of total basic earnings per share		3,755,618		7,220,576		1,849,337		2,475,886
Weighted average number of common shares (in shares)		641,964,077		641,964,077		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 and nine-month periods ended September 30, 2025 and 2024 is as follows:
---	---
In number of shares	September 30, 2025				September 30, 2024
---	---	---	---	---	---	---	---	---
Type	Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended		Three-<br>month<br>period<br>ended		Nine-<br>month<br>period<br>ended
The number of common shares issued at beginning of the year		641,964,077		641,964,077		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077		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 and nine-month periods ended September 30, 2025 and 2024.
---	---

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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, controlled, 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 September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
Total borrowings and debt securities	~~W~~	130,478,379		132,533,400
Cash and cash equivalents		2,275,359		2,382,979
Net borrowings and debt securities		128,203,020		130,150,421
Total equity		47,751,330		41,362,833
Debt to equity ratio		268.48	%	314.66	%
(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.

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
Cash and cash equivalents	~~W~~	2,275,359	2,382,979
Financial assets at fair value through profit or loss (*1)		3,056,612	2,013,948
Derivative assets (trading)		1,252,196	1,846,527
Financial assets at fair value through other comprehensive income (debt securities)		5,045	5,045
Financial assets at amortized cost		31,202	30,233
Loans		886,361	908,148
Long-term/short-term financial instruments		3,401,141	1,960,140
Derivative assets (applying hedge accounting)		379,851	844,637
Trade and other receivables		15,433,453	15,373,625
Financial guarantee contracts (*2)		4,180,433	5,151,554
	~~W~~	30,901,653	30,516,836
(*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 nine-month period ended September 30, 2025, 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.

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025						As of December 31, 2024
Type	Accounts	1%p Increase			1%p<br>Decrease			1%p<br>Increase			1%p<br>Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	~~W~~	520,522			(454,692	)		473,627			(413,799	)
Discount rate	Increase (decrease) in defined benefit obligation		(439,087	)		515,584			(429,517	)		506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for the nine-month periods ended September 30, 2025 and 2024 are ~~W~~24,602 million and ~~W~~23,556 million, respectively.

②	Provisions

The underlying assumptions to estimate provisions as of September 30, 2025 and December 31, 2024 are as follows:

Accounts	Type
PCBs	Inflation rate	2.80	%	2.80	%
	Discount rate	2.90	%	2.90	%
Nuclear plants	Inflation rate	2.02	%	2.02	%
	Discount rate	2.78	%	2.78	%
Spent fuel	Inflation rate	1.91	%	1.91	%
	Discount rate	2.49	%	2.49	%
Radioactive waste	Inflation rate	3.32	%	3.32	%
	Discount rate	4.17	%	4.17	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of September 30, 2025 and December 31, 2024 is as follows:

In millions of won		As of September 30, 2025						As of December 31, 2024
Type	Accounts	0.1%pIncrease			0.1%p<br>Decrease			0.1%p<br>Increase			0.1%p<br>Decrease
Discount rate	PCBs	~~W~~	(29	)		29			(58	)		58
	Nuclear plants		(458,517	)		475,337			(464,727	)		481,899
	Spent fuel		(130,228	)		130,925			(129,983	)		130,679
	Radioactive waste		(10,808	)		10,913			(11,363	)		11,478
Inflation rate	PCBs		29			(29	)		58			(58	)
	Nuclear plants		518,346			(500,556	)		507,814			(490,386	)
	Spent fuel		134,099			(128,769	)		133,847			(128,527	)
	Radioactive waste		11,814			(11,715	)		11,167			(11,075	)

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 are as follows:

In thousands of foreign currencies						Liabilities
Type		As of December 31, 2024		As of September 30, 2025		As of December 31, 2024
AED	56,304		33,465		4,435		8,795
AUD	51		26		10		64
BDT	2,251		2,252		—		—
BWP	768		768		—		—
CAD	2		2		—		61
CHF	—		—		100,230		100,686
DOP	5,923		7,772		—		—
EGP	220,254		203,044		—		—
	7,382		20,433		42,284		47,829
	32		139		—		4
HKD	—		—		6,236,525		5,093,862
IDR	20,261,140		37,830,902		28,488,335		4,027,099
	1,161,183		1,037,437		190,774		225,042
JOD	438		902		258		49,128
	192,185		23,798		4,771,980		7,483,199
KZT	1,495		1,510		—		—
MGA	9,111,659		5,452,745		698,148		248,175
MMK	188,021		188,021		—		—
MYR	2,805		2,805		—		—
PHP	81,722		19,401		—		—
PKR	58,591,865		68,734,242		10,418		10,418
SAR	1,043		1,087		—		—
SEK	—		—		449,337		449,302
SGD	143		291		—		110
	1,364,030		1,651,765		12,724,150		15,364,685
UYU	200,540		99,189		1,037		1,141
VND	969,496		733,338		—		587,003
ZAR	82,938		79,897		—		—

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 September 30, 2025 and December 31, 2024 is as follows:

In millions of won	As of September 30, 2025					As of December 31, 2024
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	~~W~~	(1,704,514	)		1,704,514		(2,114,808	)		2,114,808
Increase (decrease) of shareholder’s equity (*)		(1,704,514	)		1,704,514		(2,114,808	)		2,114,808
(*)	The effect on the shareholder’s equity excludes the impact of income taxes.
---	---

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 September 30, 2025 and December 31, 2024.

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

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

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 September 30, 2025, 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 September 30, 2025 and December 31, 2024 are as follows:

In millions of won<br><br><br>Type	As ofSeptember 30,2025
Short-term borrowings	~~W~~	3,328,214	4,069,444
Long-term borrowings		10,632,988	10,112,707
Debt securities		742,677	41,578
	~~W~~	14,703,879	14,223,729

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 is as follows:

In millions of won	For the nine-month periodended September 30, 2025					For the year ended<br>December 31, 2024
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	~~W~~	(110,279	)		110,279		(142,237	)		142,237
Increase (decrease) of shareholder’s equity (*)		(110,279	)		110,279		(142,237	)		142,237
(*)	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.

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 the nine-month periods ended September 30, 2025 and 2024 is as follows:

In millions of won	For the nine-month periodended September 30, 2025					For the nine-month periodended September 30, 2024
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	~~W~~	706,316		(706,316	)		667,279		(667,279	)
Increase (decrease) of shareholder’s equity (*)		706,316		(706,316	)		667,279		(667,279	)
(*)	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, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities of non-derivative financial liabilities as of September 30, 2025 and December 31, 2024 in detail are as follows:

In millions of won	As of September 30, 2025
Type	Less than 1year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings	~~W~~	21,086,326		641,902		718,105		2,663,101		25,109,434
Debt securities		27,979,522		29,129,130		37,783,793		26,587,968		121,480,413
Lease liabilities		560,073		455,444		1,144,199		1,380,056		3,539,772
Trade and other payables (*1)		8,211,785		368,540		685,309		519,005		9,784,639
Financial guarantee contracts (*2)		4,180,433		—		—		—		4,180,433
	~~W~~	62,018,139		30,595,016		40,331,406		31,150,130		164,094,691
(*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 September 30, 2025, the Group has recognized ~~W~~45,202 million as a provision for financial guarantee<br>contracts.
---	---

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

44.	Risk Management, Continued
(2)	Financial risk management, continued
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
Type	Less than 1year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings	~~W~~	18,887,527		430,883		1,300,087		2,032,303		22,650,800
Debt securities		28,967,125		29,601,867		39,451,207		28,885,833		126,906,032
Lease liabilities		632,878		553,030		1,264,310		1,670,416		4,120,634
Trade and other payables (*1)		8,807,823		354,778		631,653		526,846		10,321,100
Financial guarantee contracts (*2)		3,156,187		1,712,801		270,806		11,760		5,151,554
	~~W~~	60,451,540		32,653,359		42,918,063		33,127,158		169,150,120
(*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, and it is classified by maturity of the guarantee contracts. The maximum amount of guarantee that may be called upon at the earliest period is ~~W~~5,151,554 million. As of December 31, 2024, the<br>Group has recognized ~~W~~30,924 million as a provision for financial guarantee contracts.
---	---

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

The expected maturities of non-derivative financial assets as of September 30, 2025 and December 31, 2024 in detail are as follows:

In millions of won	As of September 30, 2025
Type	Less than 1year		1~5 Years		More than<br>5 years		*Other ()**		Total
Cash and cash equivalents	~~W~~	2,275,359		—		—		—		2,275,359
Financial assets at fair value through other comprehensive income		—		—		—		814,875		814,875
Financial assets at amortized cost		21,067		10,135		—		—		31,202
Loans and receivables		83,687		387,421		310,225		141,941		923,274
Long-term/short-term financial Instruments		2,596,122		19,414		—		785,605		3,401,141
Financial assets at fair value through profit or loss		2,506,258		313,670		674,486		529,117		4,023,531
Trade and other receivables		12,407,441		2,668,387		3,587,041		—		18,662,869
	~~W~~	19,889,934		3,399,027		4,571,752		2,271,538		30,132,251
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
Type	Less than 1year		1~5 Years		More than<br>5 years		*Other ()**		Total
Cash and cash equivalents	~~W~~	2,382,979		—		—		—		2,382,979
Financial assets at fair value through other comprehensive income		—		—		—		674,850		674,850
Financial assets at amortized cost		20,418		1,333		8,482		—		30,233
Loans and receivables		110,005		347,251		369,851		118,013		945,120
Long-term/short-term financial Instruments		1,147,929		583		—		811,628		1,960,140
Financial assets at fair value through profit or loss		1,467,954		346,982		780,130		494,710		3,089,776
Trade and other receivables		12,245,159		1,506,085		2,126,928		—		15,878,172
	~~W~~	17,374,444		2,202,234		3,285,391		2,099,201		24,961,270
(*)	The maturities cannot be presently determined.
---	---

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
Type	Less than1 year			1~2 Years			2~5 Years			More than<br>5 years			Total
Net settlement
- Trading	~~W~~	—			—			—			—			—
Gross settlement
- Trading and others		(77,781	)		(99,208	)		(40,875	)		(89,669	)		(307,533	)
- Hedging		—			—			—			—			—
	~~W~~	(77,781	)		(99,208	)		(40,875	)		(89,669	)		(307,533	)
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type	Less than1 year			1~2 Years			2~5 Years			More than<br>5 years			Total
Net settlement
- Trading	~~W~~	—			—			—			—			—
Gross settlement
- Trading and others		(46,087	)		(61,259	)		(73,017	)		(31,760	)		(212,123	)
- Hedging		—			—			—			(4,895	)		(4,895	)
	~~W~~	(46,087	)		(61,259	)		(73,017	)		(36,655	)		(217,018	)

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and<br>December 31, 2024 are as follows:
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	~~W~~	814,875		814,875		674,850		674,850
Derivative assets (trading)		1,252,196		1,252,196		1,846,527		1,846,527
Derivative assets (applying hedge accounting)		379,851		379,851		844,637		844,637
Financial assets at fair value through profit or loss		3,223,360		3,223,360		2,176,172		2,176,172
	~~W~~	5,670,282		5,670,282		5,542,186		5,542,186
Assets carried at amortized cost
Financial assets at amortized cost	~~W~~	31,202		31,202		30,233		30,233
Loans and receivables		886,361		886,361		908,148		908,148
Trade and other receivables		15,433,453		15,433,453		15,373,625		15,373,625
Long-term financial instruments		805,019		805,019		812,211		812,211
Short-term financial instruments		2,596,122		2,596,122		1,147,929		1,147,929
Cash and cash equivalents		2,275,359		2,275,359		2,382,979		2,382,979
	~~W~~	22,027,516		22,027,516		20,655,125		20,655,125
Liabilities recognized at fair value
Derivative liabilities (trading)	~~W~~	326,836		326,836		279,932		279,932
Derivative liabilities (applying hedge accounting)		—		—		4,893		4,893
	~~W~~	326,836		326,836		284,825		284,825
Liabilities carried at amortized cost
Secured borrowings	~~W~~	1,352,648		1,352,648		1,443,125		1,443,125
Unsecured bond		107,571,534		107,811,439		111,874,019		110,798,858
Lease liabilities		3,185,472		3,185,472		3,699,456		3,699,456
Unsecured borrowings		21,458,844		21,420,392		19,040,213		18,994,676
Trade and other payables (*)		9,784,639		9,784,639		10,321,100		10,321,100
Overdraft		95,353		95,353		176,043		176,043
	~~W~~	143,448,490		143,649,943		146,553,956		145,433,258
(*)	Excludes lease liabilities.
---	---

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025 and December 31, 2024 are as follows:

Type	As of September 30, 2025	As of December 31, 2024
Derivatives	0.00% ~ 4.88%	0.03% ~ 4.88%
Borrowings and debt securities	0.34% ~ 5.38%	0.96% ~ 5.84%
Leases	0.00% ~ 17.56%	0.00% ~ 17.15%
(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 September 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of September 30, 2025
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	~~W~~	499,959		—		314,916		814,875
Derivative assets		—		1,493,777		138,270		1,632,047
Financial assets at fair value through profit or loss		—		3,216,951		6,409		3,223,360
	~~W~~	499,959		4,710,728		459,595		5,670,282
Financial liabilities at fair value
Derivative liabilities	~~W~~	—		180,626		146,210		326,836
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	~~W~~	360,096		—		314,754		674,850
Derivative assets		—		2,691,164		—		2,691,164
Financial assets at fair value through profit or loss		—		2,169,300		6,872		2,176,172
	~~W~~	360,096		4,860,464		321,626		5,542,186
Financial liabilities at fair value
Derivative liabilities	~~W~~	—		284,825		—		284,825

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.

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

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

Changes in financial assets and liabilities which are classified as level 3 for the nine-month period ended September 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won	For the nine-month period ended September 30, 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		—		—		(463	)		—			—			6,409
Financial assets at fair value through other comprehensive income Unlisted securities		309,709		—		—		(589	)		(9	)		760			309,871
Debt securities		5,045		—		—		—			—			—			5,045
Derivatives Others		—		6,840		129,359		3,126			(5,457	)		4,402			138,270
Financial liabilities at fair value
Derivatives Others		—		—		170,244		(8,354	)		(13,659	)		(2,021	)		146,210
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation		Disposal		Foreigncurrencytranslation andothers		Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	~~W~~	6,735		—		22		115		—		—		6,872
Financial assets at fair value through other comprehensive income Unlisted securities		212,762		4,000		—		88,256		—		4,691		309,709
Debt securities		4,627		—		—		418		—		—		5,045

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025<br>are as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	35,137
1 ~ 2 years		35,181
2 ~ 3 years		35,348
Over 3 years		510,154
	~~W~~	615,820

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025<br>are as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	77,766
1 ~ 2 years		77,766
2 ~ 3 years		77,766
Over 3 years		830,019
	~~W~~	1,063,317

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 September 30, 2025<br>are as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	112,187
1 ~ 2 years		113,177
2 ~ 3 years		114,212
Over 3 years		2,730,992
	~~W~~	3,070,568

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties
(1)	The Group’s related parties as of September 30, 2025 are as follows:
---	---
Type	Related party
---	---
Parent	Republic of Korea government
Subsidiaries<br><br><br>(170 subsidiaries)	Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering &<br>Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International<br>HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO<br>Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power<br>Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO<br>Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia,<br>KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang<br>Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO<br>Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju<br>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<br>Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC),<br>Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V.,<br>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.,<br>Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd.,<br>Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara<br>Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC,<br>CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western<br>Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co.,<br>Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS<br>Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(1)	The Group’s related parties as of September 30, 2025 are as follows, continued:
---	---
Type	Related party
---	---
Associates<br><br><br>(104 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., Ltd., PT Wampu Electric Power, PT. Bayan<br>Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd.,<br>Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd.,<br>Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity<br>Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co.,<br>Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro<br>Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd.,<br>Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd.,<br>Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co.,<br>Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman<br>Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green<br>Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy 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 & Maintenance<br>Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind<br>Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday<br>Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar<br>Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus<br>Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn.<br>Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd.,<br>OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd.,<br>Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X<br>Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco<br>Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind<br>Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC,<br>Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean<br>Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC
Others<br><br><br>(1 entity)	Korea Development Bank
(*1)	Subsidiaries of associates and joint ventures are included.
---	---

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 nine-month periods ended September 30, 2025 and 2024 areas follows:
---	---

<Sales and Others>

In millions of won			Sales and others
Company name	Transaction type		September 30, 2025		September 30, 2024
<Associates>
Korea Gas Corporation		Electricity sales	~~W~~	292,442		109,801
Goseong Green Power Co., Ltd.		Electricity sales		401,451		471,955
Dongducheon Dream Power Co., Ltd.		Electricity sales		15,142		8,271
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		16,935		44,906
S-Power Co., Ltd.		Service		1,730		1,471
GS Donghae Electric Power Co., Ltd.		Electricity sales		18,658		6,289
Korea Power Exchange		Service		23,707		54,115
Gangneung Eco Power Co., Ltd.		Fuel sales		435,131		340,700
Korea Electric Power Industrial Development Co., Ltd.		Service		7,653		9,195
Daeryun Power Co., Ltd.		Electricity sales		51		2,688
PT. Bayan Resources TBK		Dividend income		109,528		82,764
Chuncheon Green Energy Co., Ltd.		Electricity sales		15,561		6,590
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		9,242		4,394
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		3,550		2,330
KPE Green Energy Co., Ltd.		Electricity sales		102		105
Busan Green Energy Co., Ltd.		Electricity sales		3,756		7,493
Noeul Green Energy Co., Ltd.		Electricity sales		5,401		5,039
Godeok Clean Energy Co., Ltd.		Electricity sales		1,571		9,286
Gangwon Wind Power Co., Ltd.		Electricity sales		1,516		1,668
Gemeng International Energy Co., Ltd.		Dividend income		20,644		—
Bitgoel Eco Energy Co., Ltd.		Service		1,877		3,008
Hyundai Eco Energy Co., Ltd.		Electricity sales		844		742
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales		1,155		1,220
Others (Anjwa Smart Farm & Solar City Co., Ltd. and 57 others)		Electricity sales		41,163		34,738
<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		727		745
Daegu Green Power Co., Ltd.		Electricity sales		1,584		1,356
KAPES, Inc.		Others		2,090		1,437
Daesan Green Energy Co., Ltd.		Electricity sales		437		228
Seokmun Energy Co., Ltd.		Electricity sales		1,457		1,506
Cheongju Eco Park Co., Ltd.		Electricity sales		102		196
Cheongna Energy Co., Ltd.		Others		30,129		26,308
KEPCO SPC Power Corporation		Dividend income		29,135		30,039
Yeongam Solar Power Co., Ltd.		Electricity sales		370		406
Solaseado Solar Power Co., Ltd.		Electricity sales		1,397		1,413
Seokmun Green Energy		Electricity sales		30		48
Yeonggwang Wind Power Co., Ltd.		Electricity sales		760		727
Eumseong Eco Park Co., Ltd.		Electricity sales		15		15
Amman Asia Electric Power Company		Others		16,884		19,677
Naepo Green Energy Co., Ltd.		Electricity sales		16,022		2,775
KW Nuclear Components Co., Ltd.		Service		1,260		1,370
Kelar S.A.		Service		14,632		16,426
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		1,523		1,519
Bitsolar Energy Co., Ltd.		Electricity sales		326		375
Jamaica Public Service Company Limited		Dividend income		9,700		2,343
Others (Goheung New Energy Co., Ltd. and 67 others)		Electricity sales		170,753		247,869
<Others>
Korea Development Bank		Electricity sales		4,256		4,334
		Interest income		4,525		9,909
			~~W~~	1,736,924		1,579,789

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(3)	The related party transactions for each of the nine-month periods ended September 30, 2025 and 2024 areas follows, continued:
---	---

<Purchase and Others>

In millions of won			Purchase and others
Company name	Transaction type		September 30, 2025		September 30, 2024
<Associates>
Korea Gas Corporation		Electricity sales	~~W~~	3,933,473		5,284,239
Goseong Green Power Co., Ltd.		Electricity sales		999,232		910,295
Dongducheon Dream Power Co., Ltd.		Electricity sales		861,383		1,110,898
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		565,125		635,098
S-Power Co., Ltd.		Service		477,209		578,110
GS Donghae Electric Power Co., Ltd.		Electricity sales		428,066		418,885
Korea Power Exchange		Service		76,205		70,782
Gangneung Eco Power Co., Ltd.		Fuel sales		128		1,013
Korea Electric Power Industrial Development Co., Ltd.		Service		245,604		230,003
Daeryun Power Co., Ltd.		Electricity sales		205,650		217,285
PT. Bayan Resources TBK		Dividend income		68,314		86,964
Chuncheon Green Energy Co., Ltd.		Electricity sales		48,789		40,715
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		32,691		26,123
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		26,762		26,372
KPE Green Energy Co., Ltd.		Electricity sales		27,121		31,603
Busan Green Energy Co., Ltd.		Electricity sales		21,200		20,975
Noeul Green Energy Co., Ltd.		Electricity sales		19,047		15,229
Godeok Clean Energy Co., Ltd.		Electricity sales		21,712		27,325
Gangwon Wind Power Co., Ltd.		Electricity sales		20,029		17,070
Bitgoel Eco Energy Co., Ltd.		Service		17,944		24,847
Hyundai Eco Energy Co., Ltd.		Electricity sales		18,427		18,560
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales		15,923		16,383
Others (Anjwa Smart Farm & Solar City Co., Ltd and 57 others)		Electricity sales		164,127		97,074
<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		281,138		333,792
Daegu Green Power Co., Ltd.		Electricity sales		207,932		257,141
KAPES, Inc.		Others		130,198		15,880
Daesan Green Energy Co., Ltd.		Electricity sales		110,284		129,029
Seokmun Energy Co., Ltd.		Electricity sales		33,505		40,800
Cheongju Eco Park Co., Ltd.		Electricity sales		31,364		33,059
Cheongna Energy Co., Ltd.		Others		60		62
Yeongam Solar Power Co., Ltd.		Electricity sales		26,494		35,303
Solaseado Solar Power Co., Ltd.		Electricity sales		24,994		16,355
Seokmun Green Energy		Electricity sales		21,373		17,871
Yeonggwang Wind Power Co., Ltd.		Electricity sales		19,433		25,251
Eumseong Eco Park Co., Ltd.		Electricity sales		17,299		20,109
KW Nuclear Components Co., Ltd.		Service		14,007		6,880
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		10,785		9,604
Bitsolar Energy Co., Ltd.		Electricity sales		9,881		9,448
Jamaica Public Service Company Limited		Dividend income		119		178
Others (Goheung New Energy Co., Ltd. and 67 others)		Electricity sales		110,772		78,009
<Others>
Korea Development Bank		Interest expense		50,159		6,624
			~~W~~	9,393,958		10,941,243

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of September 30, 2025 andDecember 31, 2024 are as follows:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	September 30,2025		December 31,2024		September 30,2025		December 31,2024
<Associates>
Korea Gas Corporation	Trade receivables	~~W~~	10,418		15,766		—		—
	Non-trade receivables and others		136,346		404		—		—
	Trade payables		—		—		318,388		482,008
	Non-trade payables and others		—		—		1,343		1,486
Goseong Green Power Co., Ltd.	Trade receivables		38,444		30,732		—		—
	Non-trade receivables and others		360		1,438		—		—
	Trade payables		—		—		135,026		162,719
	Non-trade payables and others		—		—		42,989		45,174
GS Donghae Electric Power Co., Ltd.	Trade receivables		303		22		—		—
	Non-trade receivables and others		157		109		—		—
	Trade payables		—		—		142,562		90,468
	Non-trade payables and others		—		—		30		—
Dongducheon Dream Power Co., Ltd.	Trade receivables		1,104		6,350		—		—
	Non-trade receivables and others		286		637		—		—
	Trade payables		—		—		70,377		114,962
	Non-trade payables and others		—		—		—		29
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,620		1,720		—		—
	Non-trade receivables and others		1,109		5,812		—		—
	Trade payables		—		—		57,855		77,222
	Non-trade payables and others		—		—		769		2,450
Busan Green Energy Co., Ltd.	Trade receivables		18		1		—		—
	Non-trade receivables and others		48,423		43,790		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		4,115		4,799
Noeul Green Energy Co., Ltd.	Trade receivables		1		5		—		—
	Non-trade receivables and others		32,686		27,043		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		3,385		3,699
S-Power Co., Ltd.	Trade receivables		233		264		—		—
	Non-trade receivables and others		60		54		—		—
	Trade payables		—		—		34,802		73,377
	Non-trade payables and others		—		—		—		19
Chuncheon Green Energy Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		25,820		10,870		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		8,722		8,881
Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 50 others)	Trade receivables		38,355		21,449		—		—
	Non-trade receivables and others		54,089		76,369		—		—
	Trade payables		—		—		43,708		77,583
	Non-trade payables and others		—		—		29,768		20,254

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of September 30, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	September 30,2025		December 31,2024		September 30,2025		December 31,2024
<Joint ventures>
KAPES Inc.	Trade receivables	~~W~~	3		4		—		—
	Non-trade receivables and others		62,771		90,088		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		1,556		3,041
Kelar S.A.	Trade receivables		2,074		3,244		—		—
	Non-trade receivables and others		38,469		36,010		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		—		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		46		47		—		—
	Non-trade receivables and others		4,586		3,208		—		—
	Trade payables		—		—		243		445
	Non-trade payables and others		—		—		27,443		13,824
Cheongju Eco Park Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		21,343		13,461		—		—
	Trade payables		—		—		6,813		9,105
	Non-trade payables and others		—		—		1,879		2,853
Amman Asia Electric Power Company	Trade receivables		2,874		4,653		—		—
	Non-trade receivables and others		—		—		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		24,109		23,559
Others (Chun-cheon Energy Co., Ltd. and 64 others)	Trade receivables		322,609		271,039		—		—
	Non-trade receivables and others		11,881		35,392		—		—
	Trade payables		—		—		57,926		88,950
	Non-trade payables and others		—		—		19,611		11,812
<Others>
Korea Development Bank	Accrued Interest Receivable		1,440		—		—		—
	Non-trade receivables and others		30,007		34,138		—		—
	Non-trade payables and others		—		—		22		231
	Derivatives and others		130,096		273,627		13,764		2,421
		~~W~~	1,018,031		1,007,746		1,047,205		1,321,371

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(5)	Loans and others arising from the related party transactions as of September 30, 2025 andDecember 31, 2024 are as 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~~	33,066			710			—			—			33,776
	(Allowance for doubtful accounts)		(33,066	)		(710	)		—			—			(33,776	)
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		26,606			—			—			(1,228	)		25,378
Associates	PT. Cirebon Energi Prasarana		38,865			—			—			(165	)		38,700
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—			—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		26,625			—			(3,124	)		—			23,501
Associates	Saemangeum Sebit Power Plant Co., Ltd.		27,550			—			(5,374	)		—			22,176
Associates	Remal First Holding Company		—			1			—			—			1
Associates	Nassem First Holding Company		—			1			—			—			1
Associates	Jeju Bukchon BES Power Co., Ltd.		—			7,380			—			—			7,380
Joint ventures	Solaseado Solar Power Co., Ltd.		34,929			—			(749	)		—			34,180
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		14,313			1,512			—			(630	)		15,195
Joint ventures	Horus Solar, S.A. de C.V.		13,677			—			—			(631	)		13,046
Joint ventures	Sunmex Renovables, S.A. de C.V.		21,793			2,529			—			(1,007	)		23,315
Joint ventures	Kelar S.A.		19,291			—			(9	)		(1,874	)		17,408
Joint ventures	DE Energia SpA		8,420			—			(8,420	)		—			—
Joint ventures	Daehan Wind Power PSC		16,956			—			(595	)		(765	)		15,596
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—			—			—			3,165
Joint ventures	Daesan Green Energy Co., Ltd.		2,491			811			—			—			3,302
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—			—			—			3,257
Joint ventures	Nghi Son 2 Power LLC		168,601			—			(19,429	)		(7,549	)		141,623
Joint ventures	Guadalupe Solar SpA		3,352			—			(104	)		(154	)		3,094
Joint ventures	Foresight Iberian Solar Group Holding,<br><br><br>S.L.		71,137			3,769			(3,892	)		8,768			79,782
Joint ventures	Capman Lynx SCA, SICAR		35,210			—			—			—			35,210
	(Allowance for doubtful accounts)		(35,210	)		—			—			—			(35,210	)
Joint ventures	S-Power Chile SpA		294			—			—			(14	)		280
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		7,517			—			—			(351	)		7,166
Joint ventures	KAS Investment II LLC		7,567			—			—			(345	)		7,222
		~~W~~	526,300			18,287			(41,696	)		(5,945	)		496,946
(6)	Borrowings arising from the related party transactions as of September 30, 2025 and December 31,2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties	Type	Beginningbalance		Borrowings		Repayment			Others			Ending<br>balance
Korea Development Bank	Facility	~~W~~	84,653		—		(7,987	)		(719	)		75,947
	Others		1,424		—		(245	)		—			1,179
	Operating funds		100,000		317,711		(397,711	)		—			20,000
	EBL and others		149,862		2,005		(11,329	)		(2,634	)		137,904
		~~W~~	335,939		319,716		(417,272	)		(3,353	)		235,030

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of September 30, 2025 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 42,750	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Performance guarantees and others	USD 3,880,733	First Abu Dhabi Bank 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	MXN 14,843	CENACE and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees	MXN 1,518	SEMARNAT
			USD 393	CFE Transmission
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees	USD 9,078	CENACE
			MXN 4,929	CFE Transmission<br> <br>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.	Collateralized money invested (*10)	MYR 25,350	Malaysian Trustee Berhad
Korea Electric Power Corporation	KEPCO for Power Company	Debt guarantees	USD 60,000	Riyad bank
		Other performance guarantees	USD 70,000	SMBC Seoul
Korea Electric Power Corporation	Remal First Holding Company	Debt Guarantee (*15)	USD 146,400	DBS BANK LTD. (DIFC BRANCH)
Korea Electric Power Corporation	Naseem First Holding Company	Debt Guarantee (*15)	USD 146,400	DBS BANK LTD. (DIFC BRANCH)
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested	KRW 28,202	Kookmin Bank and others
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)	KRW 53,233	Kookmin Bank and others
		Debt Guarantee	KRW 20,300	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 87,426	Krung Thai Bank
		Impounding bonus guarantees (*11)	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
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested	KRW 2,940	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
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 and others

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of September 30, 2025 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.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested	KRW 3,089	Hana Bank and others
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested	KRW 386	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.	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 SAOC	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 14,979	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	-
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested	KRW 36,682	Kookmin Bank and others
		Guarantees for supplemental funding (*1)	-
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested	KRW 4,701	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested	KRW 282,668	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested	KRW 3,689	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested	KRW 29,617	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested	KRW 24,182	IBK
		Guarantees for supplemental funding (*1)	-
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested	KRW 23,241	Samsung Fire & Marine Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Other guarantees(*16)	USD 3,150	PT. Adaro Indonesia
		Guarantees for supplemental funding (*1)	-	Sumitomo mitsui banking and others
		Collateralized money invested	KRW 93,816	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*14)	USD 14,400	Hana Bank
		Collateralized money invested	KRW 47,595	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested	KRW 10,815	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested	KRW 1,351	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested	KRW 13,970	Hana Bank and others
		Guarantees for supplemental funding (*1)	-
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested	KRW 8,680	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested	KRW 5,654	Woori Bank and others
Korea East-West Power Co., Ltd.	Seokmun Green Energy	Collateralized money invested	KRW 14,556	Hana Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested	KRW 889	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)	—

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of September 30, 2025 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 6,662	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
		Collateralized money invested	KRW 18
		Guarantees for supplemental funding (*1)	—
Korea East-West Power Co., Ltd.	Jeju Bukchon BES Power Co., Ltd.	Collateralized money invested	KRW 3,009	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested	KRW 33,161	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested	KRW 33,398	Shinhan Bank and others
		Performance guarantees	—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees	USD 26,520	Hana Bank, MUFG
		Payment guarantees (*12)	USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees (*17)	USD 1,800	Shinhan Bank
		Payment guarantees (*6)	USD 2,000	Hana Bank
		Collateralized money invested	KRW 23,214	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested	KRW 12,739	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 15,019	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 19,054	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested	KRW 59,900	IBK and others
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested	KRW 11,756	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 7,104	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested	KRW 4,044	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested	KRW 4,356	Hana Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested	KRW 6,648	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested	KRW 8,948	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested	KRW 1,888	Woori Bank
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested	KRW 4,693	Woori Bank and others
		Guarantees for supplemental funding (*1)	—
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested	KRW 606	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 421	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
KOSPO Power Services Ltda.	Kelar S.A.	Performance guarantees	USD 1,348	Scotia bank
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested	KRW 149,204	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested	KRW 2,352	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested	KRW 3,771	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested	KRW 423	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested	KRW 2,551	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested	KRW 2,171	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested	—	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested	KRW 85,773	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees	USD 4,125	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.	PT. Cirebon Energi Prasarana	Debt guarantees	USD 9,230	Mizuho Bank
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested	KRW 507,665	IBK
		Guarantees for supplemental funding (*1)	—
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested	KRW 26	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested	KRW 5,203	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested	KRW 2,822	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested	KRW 2,905	IBK

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of September 30, 2025 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.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested	KRW 7,678	IBK and others
		Guarantees for supplemental<br>funding (*1)	—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested	KRW 2,572	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested	—	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested	KRW 311	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested	KRW 683	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested	KRW 12,573	Korea Development Bank<br> <br>and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested	KRW 2,710	Templeton Hana Asset
		Guarantees for supplemental<br>funding (*1)	—	Management Co., Ltd.
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested	KRW 28,287	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested	KRW 310	Korea Development Bank
		Guarantees for supplemental<br>funding (*1)	—
Korea Midland Power Co., Ltd.	Commerce and Industry Energy Co., Ltd.	Collateralized money invested	KRW 498	IBK and others
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 (*1,18)	KRW 76,800	NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested (*4)	KRW 16,696	UniCredit Bulbank and<br> <br>others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested (*4)	KRW 20,206	UniCredit Bulbank and<br> <br>others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested (*4)	KRW 290,631	Kyobo Life Insurance Co.,<br> <br>Ltd. and<br>others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested (*4)	KRW 228,751	Kyobo Life Insurance Co.,<br> <br>Ltd. and<br>others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested (*4)	KRW 2,010	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested (*4)	KRW 8,711	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested (*4)	KRW 417	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested (*4)	KRW 2,375	Kyobo Life Insurance Co.,<br> <br>Ltd. and<br>others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested (*4)	KRW 12,099	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested (*4)	KRW 3,140	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested (*4)	KRW 16,916	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested (*4)	USD 97,105	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
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested	KRW 1,949	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Godeok Clean Energy Co., Ltd.	Collateralized money invested	KRW 6,298	Kookmin Bank and others
		Guarantees for supplemental<br>funding (*1)	—
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested	KRW 3,836	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested	KRW 24,005	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested	KRW 9,320	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested	KRW 16,452	Hana Bank and others

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of September 30, 2025 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.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested	KRW 8,111	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested	KRW 8,371	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested	KRW 11,610	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested	KRW 8,576	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 5,734	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT I LLC	Payment guarantees (*13)	USD 9,770	WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT II LLC	Payment guarantees (*13)	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 except the parent company must purchase the bonds from the acquirer. As of September 30, 2025, derivative liabilities of ~~W~~26,422 million were recognized<br>in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.<br>
---	---
(*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)	The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah<br>Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd. The Group has pledged a portion of its shares in Pulau Indah Power Plant Sdn. Bhd., with a book value of MYR 25,350 thousand, as<br>collateral.
---	---
(*11)	Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type<br>of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.<br>
---	---
(*12)	The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account<br>(DSRA), and others.
---	---
(*13)	The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of<br>guarantees to their subsidiaries.
---	---
(*14)	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.
---	---
(*15)	The guarantee limits of Remal First Holding Company and Naseem First Holding Company include the guarantee<br>limits provided for subsidiaries of associates.
---	---
(*16)	The payment guarantees for the water source modification cost of PT. Tanjung Power Indonesia, a joint venture<br>of the Group, has not yet been executed.
---	---
(*17)	The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.<br>
---	---
(*18)	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~~14,266 million.
---	---

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(8)	Guarantees received from the related parties as of September 30, 2025 are as follows:
---	---
In millions of won
---	---	---	---
Primary Guarantor	Type of guarantees	Credit limit
KAPES, Inc.	Defect guarantees	~~W~~	16,081
	Performance guarantees		38,231
	Advance payment guarantee		248,042
(9)	Derivatives transactions with the related parties as of September 30, 2025 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
		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880	USD	200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940	USD	100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540	USD	100,000		3.19	%		4.63	%		1,385.40
		2025~2030		556,560	USD	400,000		2.75	%		SOFR+0.79	%		1,391.40
		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
		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

(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		2025.09.30		2025.10.23	~~W~~	7,010		USD 5,000	~~W~~	1,401.95

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(10)	During the nine-month period ended September 30, 2025, the Group acquired financial instrumentsamounting to ~~W~~80,000 million from Korea Development Bank, a related party, and disposed of the entire holdings.
---	---
(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	September 30, 2025				September 30, 2024
---	---	---	---	---	---	---	---	---
Type	Three-month<br>period ended		Nine-month<br>period ended		Three-month<br>period ended		Nine-month<br>period ended
Salaries	~~W~~	236		1,190		218		858
Employee benefits		14		47		10		22
	~~W~~	250		1,237		228		880

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

47.	Statement of Cash Flows
(1)	Significant non-cash transactions for the nine-month periods ended September 30, 2025 and 2024 are asfollows:
---	---
In millions of won
---	---	---	---	---
Transactions	For the nine-monthperiod endedSeptember 30, 2025		For the nine-monthperiod ended<br>September 30, 2024
Transfer from construction-in-progress to other assets	~~W~~	5,749,126		10,031,412
Recognition of asset retirement cost and related provision for decommissioning costs		433,783		1,269,781
Transfer from provision for disposal of used nuclear fuel to accrued expenses		326,629		369,208
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings<br>and debt securities		22,105,635		24,194,581
Transfer from inventory to stored nuclear fuel		987,361		922,671
Recognition of right-of-use assets and others		58,577		65,308
Increase in accounts receivable related to the disposal of assets held-for-sale		241,040		—
Decrease in advance payments related to the disposal of assets held-for-sale		29,457		—
(2)	Changes in liabilities incurred from financing activities for the nine-month periods endedSeptember 30, 2025 and 2024 are as follows:
---	---
In millions of won	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
							Non-cash changes
	Beginningbalance			Cash flows			Increase		Effect of exchange rate<br>fluctuations and others			Endingbalance
Borrowings	~~W~~	20,659,381			2,442,256			—		(194,792	)		22,906,845
Debt securities		111,874,019			(3,291,194	)		—		(1,011,291	)		107,571,534
Lease liabilities		3,699,456			(463,167	)		50,415		(101,232	)		3,185,472
Dividends Payable		5,063			(209,733	)		—		212,454			7,784
Derivative liabilities (assets), net		(2,406,338	)		589,621			—		511,507			(1,305,210	)
	~~W~~	133,831,581			(932,217	)		50,415		(583,354	)		132,366,425
In millions of won	For the nine-month period ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
							Non-cash changes
	Beginningbalance			Cash flows			Increase		Effect of exchange rate<br>fluctuations and others			Endingbalance
Borrowings	~~W~~	19,839,652			243,842			—		31,140			20,114,634
Debt securities		113,792,178			(2,107,030	)		—		345,022			112,030,170
Lease liabilities		3,807,880			(473,425	)		70,784		62,848			3,468,087
Dividends Payable		4,574			(83,524	)		—		86,067			7,117
Derivative liabilities (assets), net		(554,146	)		330,937			—		(562,665	)		(785,874	)
	~~W~~	136,890,138			(2,089,200	)		70,784		(37,588	)		134,834,134

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

48.	Commitments for Expenditure
(1)	The commitments for acquisition of property, plant and equipment as of September 30, 2025 andDecember 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
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~~	57,226		417		57,226		417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,168		11,747		37,168		15,109
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		7,981		35,282		13,476
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
Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment		—		—		59,473		36,464
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)		—		—		31,925		7,756
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		39,060		39,060		39,060		39,060
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		40,933		22,114		40,933		28,790
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		40,323		40,323		40,323		40,323
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,130		40,130		40,130		40,130
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
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 1,031,728 EA – Annual Unit Price		43,054		1,808		43,054		38,404
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		23,101		25,214		25,214
Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section 3)		31,184		19,162		25,372		25,372
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S		41,000		41,000		—		—
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)		37,470		21,077		—		—
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment		32,269		20,657		—		—
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price<br>(General)		40,475		30,166		—		—
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price<br>(General)		42,252		21,378		—		—
Diesel Power Plant Fuel Oil (Kerosene, By-product Fuel Oil No.1) – Power Generation<br>Technology Department Annual Unit Price		99,016		99,016		—		—
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon)		30,471		30,471		—		—
Stationary reactive power compensation device (Phase 3, ±500MVAR) – East coast<br>#2C/S		36,400		36,400		—		—

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

48.	Commitments for Expenditure, Continued
(1)	The commitments for acquisition of property, plant and equipment as of September 30, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Contracts	Commitmentamounts		Remaining<br>liability balances		Commitmentamounts		Remaining<br>liability balances
Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant	~~W~~	63,903		63,903		—		—
765kV Power Transformer 3Bank(15Tank) – Dangjin Thermal Power Plant		61,100		61,100		—		—
Construction of Saeul Units (#3,4)		11,718,217		1,005,267		11,718,217		1,748,342
Construction of Shin-Hanul Units (#3,4)		12,343,245		10,353,465		12,343,245		10,964,638
Other 59 contracts		2,232,744		1,569,164		2,033,913		1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		370,134		156,352		357,479		241,751
Purchase of main machine for Boryeong New Complex Unit 1		286,299		96,416		286,299		177,988
Boryeong New Complex Unit 1 Construction Project		212,769		98,463		202,552		161,753
Haman Combined Power Block Conditional Purchase Agreement		583,874		511,702		581,790		543,509
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power<br>plant		123,544		15,651		123,495		15,603
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power<br>plant		—		—		220,864		101
Construction of Gimpo combined heat & power plant		223,697		7,184		223,660		8,795
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,029		18,973		198,029		29,417
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,918		9,336		65,918		12,574
Construction of Gumi natural gas power plant		276,063		34,388		246,110		96,708
Installation of natural gas supply facility at Gumi natural gas power plant		—		—		83,801		45,019
Construction of Gongju natural gas power plant		223,245		150,120		203,849		190,840
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		310,322		257,822		305,829		273,338
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant.		288,250		232,221		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		327,569		2,954		326,395		5,905
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		2,862		234,392		2,670
Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase		61,859		56,290		—		—
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		128,820		76,150		128,820		90,876
Construction of Andong Combined Unit 2 Power Plant		185,549		149,524		181,593		175,029
Purchase of main equipment for Andong Combined Unit 2		279,771		170,914		279,773		230,694
Service of designing Hadong Combined Unit 1		32,289		26,988		31,593		26,351

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

48.	Commitments for Expenditure, Continued
(2)	As of September 30, 2025, details of contracts for inventory purchase commitment are as follows:
---	---
Type	Periods	Contracted quantity
---	---	---
Concentrate	2025 ~ 2033	20,737 Ton U3O8
Conversion	2025 ~ 2030	17,392 Ton U
Enrichment	2025 ~ 2035	27,829 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).

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments
(1)	Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as ofSeptember 30, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of September 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Number of cases		Amount		Number of cases		Amount
As the defendant		720	~~W~~	854,070		722	~~W~~	884,402
As the plaintiff		244		755,719		264		769,772

The amounts above exclude legal proceedings in which the Group is a plaintiff or defendant. As of September 30, 2025, consolidated entities are involved in 4 litigation cases and 3 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:

There are multiple ongoing litigations against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected litigations. Accordingly, the Group recognized ~~W~~334,854 million as litigation provisions in relation to the litigation as of September 30, 2025.

2)	There are 11 arbitration cases pertaining to the Group as of September 30, 2025 and the significant<br>arbitration case is as follows:

During the period ended December 31, 2024, UniTest Co., Ltd. filed an arbitration claim against KEPCO for delay damages arising from the modification of design and contract amount related to the 154kV Yesan S/S 82MW ESS construction project. The amount and timing of resource outflows resulted therefrom cannot be reasonably estimated.

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(2)	Guarantees of payments and commitments provided to other companies as of September 30, 2025 are asfollows:
---	---
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 September 30, 2025.
---	---
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 HoldCo-1, LLC a performance guarantee<br>regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United 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 4,125 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 Nonghyup Bank a debt guarantee up to USD 9,230 thousand to guarantee Debt Service<br>Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Energi Prasarana in Indonesia.
---	---
10)	The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand<br>for the implementation of Tanjung Jati power plant operation project in Indonesia.
---	---
11)	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.
---	---
12)	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.
---	---
13)	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.
---	---
14)	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.
---	---
15)	The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD<br>62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.
---	---
16)	The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to USD 2,280 thousand for<br>the operation maintenance project in Indonesia siborpa.
---	---
17)	The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a<br>guarantee for the U.S. Rusi solar power project undertaken by Concho County Solar 1, LLC.
---	---
18)	The Group has provided a performance guarantee of OMR 2,750 thousand to HSBC Oman and HSBC Seoul, as<br>a guarantee for the Ibri 3 solar bidding project in Oman undertaken by Nama PWP and HSBC Oman.
---	---

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(3)	Credit lines provided by financial institutions and others as of September 30, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---
Commitments	Financial institutions	Currency
Commitments on Bank-overdraft	Nonghyup Bank and others		KRW	2,220,500
Limit amount available for CP	Hana Bank and others		KRW	8,180,000
General Loan, etc.	Kookmin Bank and others		KRW	3,200,000
Limit amount available for card	Nonghyup Card and others		KRW	48,458
Loan limit	Korea Development Bank and others		KRW	2,621,495
	DBS Bank and others			1,836,000
Certification of payment on payables from foreign country	Nonghyup Bank			8,700
Certification of payment on L/C	Shinhan Bank and others			1,082,312
	Kookmin Bank and others			8,431
	Shinhan Bank			715,837
Certification of Performance guarantee on contract	Hana Bank and others		KRW	143,052
	First Abu Dhabi Bank and others			1,816,317
	SMTB			6,500,000
	Hana Bank and others			375,609
	Hana Bank			27,117
	Hana Bank		OMR	6,250
	First Abu Dhabi Bank and others		AED	52,500
	Saudi National Bank and others		SAR	124,151
Certification of bidding	Korea Software Financial Cooperative		KRW	42,278
	Hana Bank and others			14,200
	Export-Import Bank of Korea			10,000
	First Abu Dhabi Bank		OMR	3,750
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance		KRW	77,186
	Hana Bank and others			702,342
	Saudi National Bank		SAR	57,555
	Hana Bank and others		MXN	21,290
Others (*)	Nonghyup Bank and others		KRW	396,011
	Nonghyup Bank and others			579,171
	Shinhan Bank		QAR	155,213
	Standard Chartered		AED	50
Secured loan of credit sales	Nonghyup Bank and others		KRW	320,000
Inclusive credit	Hana Bank		KRW	8,000
	Hana Bank and others			35,000
Equity Bridge Loan Guarantee	Export-Import Bank of Korea and others			1,194,048
Trade finance	DBS Bank and others			600,000

All values are in US Dollars.

(*)	As of September 30, 2025, the Group has entered into a credit extension agreement for derivatives<br>transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(4)	As of September 30, 2025, 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		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	230,761	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<br><br><br>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		62,325	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		318,787	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
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	37,232	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	Property, plant and equipment and others		127,822	Collateral for borrowings
Mangilao Intermediate Holdings LLC	Mizuho Bank	Trade receivable and others		84,785	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 September 30, 2025, the Group has established guarantees for pledge for transfer of rights of<br>long-term 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 September 30, 2025. The Group has provided a promissory note as a repayment guarantee.

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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~~56,614 million as of September 30, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ~~W~~550 million and<br>depreciation on the idle assets of ~~W~~2,710 million are recorded in other expenses for the nine-month period ended September 30, 2025. Regarding the improvement of water quality, the results of damages compensation for the<br>local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of September 30, 2025.
---	---
(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 September 30, 2025. 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 September 30, 2025, the Group cannot make<br>reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.
---	---
(7)	As of September 30, 2025, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special<br>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<br>imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or<br>Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.
---	---

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (unaudited)

50.	Subsequent Events
(1)	Subsequent to September 30, 2025, KEPCO borrowed long-term borrowings for the purposes of operation<br>and 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 (*))		2025.10.20		2028.10.20	3M CD+0.25	~~W~~200,000
(*)	The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.<br>
---	---
(2)	Subsequent to September 30, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd.,<br>Korea Western Power Co., Ltd. and Korea East-West Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related 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	#1528 Corporate bond		2025.10.01		2027.10.01		2.69		~~W~~160,000
	#1529 Corporate bond		2025.10.01		2028.09.29		2.78		260,000
	#1530 Corporate bond		2025.10.01		2030.10.01		2.93		80,000
	#1531 Corporate bond		2025.10.13		2027.10.13		2.65		100,000
	#1532 Corporate bond		2025.10.13		2028.10.13		2.77		200,000
	#1533 Corporate bond		2025.10.13		2030.10.11		2.89		100,000
	#1534 Corporate bond		2025.11.06		2028.11.06		3.12		270,000
	#1535 Corporate bond		2025.11.06		2030.11.06		3.28		220,000
	#17 Global bond		2025.11.12		2030.11.12		4.13		USD 400,000
	#18 Global bond		2025.11.12		2028.11.12		Compounded<br>Daily SOFR<br>+ 0.62	%	USD 600,000
Korea South-East Power Co., Ltd	#67 Corporate bond		2025.11.07		2028.11.07		3.01		60,000
Korea Western Power Co., Ltd.	#73-1 Corporate bond		2025.10.31		2030.10.31		3.08		60,000
	#73-2 Corporate bond		2025.10.31		2035.10.31		3.41		90,000
Korea East-West Power Co., Ltd.	Foreign corporate bond (25-1)		2025.11.04		2031.05.04		4.00		USD 300,000

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

September 30, 2025 and 2024 (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 Accounting Standards as issued by the IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and nine-month periods ended September 30, 2025 and 2024 to the operating profit or loss as presented in the Group’s consolidated interim 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	September 30, 2025						September 30, 2024
	Three-monthperiod ended			Nine-month<br>period ended			Three-month<br>period ended			Nine-month<br>period ended
Operating profit on the interim consolidated statements of comprehensive income	~~W~~	5,651,912			11,541,391			3,396,055			5,945,660
Add
Other income
Reversal of other provisions		2,544			6,627			1,332			23,746
Reversal of other allowance for doubtful accounts		—			4,101			—			—
Gains on government grants		59			161			—			—
Gains on assets contributed		1,304			2,817			24,585			28,724
Gains on liabilities exempted		49			756			127			288
Compensation and reparations revenue		44,490			90,385			12,574			67,382
Revenue from foundation fund		51			214			1			2
Rental income		52,297			157,486			45,583			153,119
Others		22,104			44,889			14,460			48,430
Other gains
Gains on disposal of property, plant and equipment		272,124			280,199			18,597			83,068
Gains on disposal of intangible assets		2			18			8			22
Reversal of impairment loss on intangible assets		2			42			—			—
Gains on foreign currency translation		782			9,840			9,366			27,449
Gains on foreign currency transactions		8,188			83,926			28,261			59,099
Gains on insurance proceeds		178			1,193			2,604			3,411
Others		46,626			328,142			72,476			198,334
Deduct
Other expenses
Compensation and reparations expenses		1,000			(310	)		(3	)		(138	)
Accretion expenses of other provisions		(6,775	)		(5,888	)		(4,457	)		(4,809	)
Depreciation expenses on investment properties		(270	)		(778	)		(172	)		(495	)
Depreciation expenses on idle assets		(903	)		(2,710	)		(911	)		(2,747	)
Other bad debt expense		(5,142	)		(5,144	)		(3,796	)		(11,799	)
Donations		(32,432	)		(109,177	)		(16,069	)		(154,388	)
Others		(25,002	)		(38,973	)		(27,759	)		(38,596	)
Other losses
Losses on disposal of property, plant and equipment		(37,425	)		(87,565	)		(12,048	)		(58,633	)
Losses on disposal of intangible assets		—			(13	)		—			(110	)
Impairment loss on intangible assets		—			(30	)		—			—
Losses on foreign currency translation		—			(42,275	)		—			(5,217	)
Losses on foreign currency transactions		(27,875	)		(65,269	)		(7,937	)		(81,008	)
Others		(22,210	)		(148,632	)		(29,054	)		(100,246	)
Adjusted operating profit	~~W~~	5,945,678			12,045,423			3,523,823			6,180,548

164

6-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents