SKM 6-K 2026 - Equibles

UNITED STATES

SECURITIESAND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF June 2026

COMMISSION FILE NUMBER: 333-04906

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

65, Eulji-ro, Jung-gu

Seoul 04539, Korea

(Address of principal executive office)

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

(From January 1, 2026 to March 31, 2026)

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

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS.

ALL REFERENCES TO THE “COMPANY” SHALL MEAN SK TELECOM CO., LTD. AND, UNLESS THE CONTEXT OTHERWISE REQUIRES, ITS CONSOLIDATED SUBSIDIARIES. REFERENCES TO “SK TELECOM” SHALL MEAN SK TELECOM CO., LTD., BUT SHALL NOT INCLUDE ITS CONSOLIDATED SUBSIDIARIES.

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

I.	COMPANY OVERVIEW

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

II.	BUSINESS

1. Business Overview

Each company in the consolidated entity is a separate legal entity providing independent services and products. The Company’s business is primarily separated into (1) the wireless business consisting of cellular voice, wireless data and wireless Internet services, (2) the fixed-line business consisting of fixed-line telephone, high-speed Internet, data and network lease services, among others and (3) other businesses consisting of commercial retail data broadcasting channel business, among others.

Set forth below is a summary description of the business of each of the Company’s material consolidated subsidiaries.

Classification	Company name	Description of business
Wireless	SK Telecom Co., Ltd.	Wireless voice and data telecommunications services via digital wireless networks
	PS&Marketing Co., Ltd. (“PS&Marketing”)	Sale of fixed-line and wireless telecommunications products through wholesale, retail and online distribution channels
	SK O&S Co., Ltd. (“SK O&S”)	Maintenance of base stations
	Service Ace Co., Ltd. (“Service Ace”)	Management and operation of customer centers
Fixed-line	SK Broadband Co., Ltd. (“SK Broadband”)	High-speed Internet, TV, telephone, commercial data and other fixed-line services and management of the transmission system for online<br>digital contents<br> <br><br> <br>Various media-related services, such as channel management services<br>including video-on-demand services
	Home & Service Co., Ltd. (“Home&Service”)	System maintenance of high-speed Internet, Internet protocol TV (“IPTV”) and fixed-line services
	SK Telink Co., Ltd. (“SK Telink”)	International wireless direct-dial “00700” services and mobile virtual network operator (“MVNO”) business
Other business	SK stoa Co., Ltd. (“SK Stoa”)	Operation of commercial retail data broadcasting channel services
	Atlas Investment	Investments
	SK Telecom Innovation Fund, L.P.	Investments
	SAPEON Inc.	Manufacture of non-memory and other electronic integrated circuits
	Astra AI Infra LLC	Investments
	SK Telecom Americas, Inc.	Information collection and consulting services

[Wireless Business]

A.	Overview

Wireless telecommunications companies provide services based on competitive strengths in handheld devices, affordable pricing, network coverage and an extensive contents library. The Company continues to maintain its reputation as the unparalleled premium network operator in the 5G market on the basis of its technological leadership and network management technology. With the world’s first commercialization of 5G technology in 2019, the Company continues to maintain its position as the top network operator in the 5G era and strives to provide differentiated services to its customers.

In order to strengthen its sales channels, the Company has been offering a variety of fixed-line and wireless telecommunications convergence products through its subsidiary, PS&Marketing. PS&Marketing provides differentiated service to customers through the establishment of new sales channels and product development. Additionally, SK O&S, the Company’s subsidiary responsible for the operation of the Company’s networks, including base stations and related transmission and power facilities, provides customers with quality network services and provides the Company with technological know-how in network operations.

The Company has been maintaining solid profitability based on the stable sales generated from its 5G subscribers, together with efficient investments in, and operation of, its wireless networks and stabilization of market competition. The number of the Company’s 5G subscribers has reached its maturation stage and continues to maintain a gradual upward trend. The Company recorded 17.80 million subscribers as of March 31, 2026, of which 5G subscribers accounted for 81%. The Company seeks to enhance profitability through stable market operations while striving to further expand customer choices and benefits in order to minimize the slowdown in the growths of wireless services revenue and Average Revenue Per User (“ARPU”). The Company seeks to achieve solid growth in profit from its wireless telecommunications business even in the mature 5G market by enhancing its fundamental competitive strengths, including product and channel realignment and the optimization of operations centered on customer lifetime value.

B.	Industry Characteristics

The telecommunications services market can be categorized into telecommunications services (such as fixed-line, wireless and leased line services, as well as sales intermediary services relating thereto and value-added services) and broadcasting and telecommunications convergence services (including IPTV and integrated fixed-line and wireless telecommunications services). Pursuant to the Telecommunications Business Act, the telecommunications services market can be further classified into basic telecommunications (fixed-line and wireless telecommunications), special category telecommunications (resale of telecommunications equipment, facilities and services) and value-added telecommunications (Internet connection and management, media contents and others).

The size of the domestic telecommunications services market is determined based on various factors specific to Korea, including the size of the population that uses telecommunications services and telecommunications expenditures per capita. While it is possible for Korean telecommunications service providers to provide services abroad through acquisitions or otherwise, foreign telecommunications services markets have their own characteristics depending, among others, on the regulatory environment and demand for telecommunications services.

C.	Growth Potential

The Korean mobile communications market is considered to have reached its maturation stage with more than a 100% penetration rate. However, the Korean mobile communications market continues to improve in the quality of services with the help of advances in network-related technology and the development of highly advanced smartphones which enable the provision of new information and communications technology (“ICT”) services for advanced multimedia contents, mobile commerce, mobility and other related services. In addition, the ultra-low latency and high capacity characteristics of 5G networks as well as the advancement of artificial intelligence (“AI”) are expected to accelerate the introduction of new services and the growth of Internet-of-Things (“IoT”)-based business-to-business (“B2B”) businesses.

(Unit: in 1,000 persons)
Classification			As of March 31,2026		As of December 31,
					2025		2024
Number of subscribers		SK Telecom		30,959		30,853		31,786
		Others (KT, LG U+)		41,341		41,466		38,360
		MVNO		20,155		19,885		17,825
		Total		92,455		92,203		87,971
*	Source: Wireless telecommunications service data from the Ministry of Science and ICT<br>(“MSIT”) as of February 28, 2026.
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D.	Domestic and Overseas Market Conditions
---	---

The Korean mobile communications market includes the entire population of Korea with mobile communications service needs, and almost every Korean is considered a potential user. Sales revenue related to data services has been growing due to the increasing popularity of smartphones and high-speed wireless networks. There is also a growing importance of the B2B segment, which creates added value by selling and developing various solutions. The telecommunications industry is a regulated industry requiring license and approval from the MSIT.

In the wireless business, industry players compete on the basis of the following three main competitive elements:

(i) brand competitiveness, which refers to the overall sense of recognition and loyalty experienced by customers with respect to services and values provided by a company, including the images created by a company’s comprehensive activities and communications on top of the actual services rendered;

(ii) product and service competitiveness, which refers to the fundamental criteria for wireless telecommunications services, including voice quality, service coverage, broad ranges of rate plans, diversified mobile Internet services, price and quality of devices, and customer service quality, as well as the ability to develop new services that meet customer needs in a market environment defined by convergence; and

(iii) sales competitiveness, which refers to novel and diversified marketing methods and the strength of the distribution network.

Set forth below is the historical market share of the Company (excluding MVNO subscribers).

				(Unit: in percentages)
Classification		As of March 31,2026		As of December 31,
				2025		2024
Mobile communication services			42.8		42.7		45.3
*	Source: Wireless telecommunications service data from the MSIT as of February 28, 2026.<br>
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[Fixed-line Business]

A.	Overview

SK Broadband’s business is divided into the media business segment, which provides IPTV and cable TV services, and the fixed-line business segment, which provides high-speed Internet, telecommunications, leased lines and data center services. For the three months ended March 31, 2026, SK Broadband recorded Won 1.15 trillion in revenue on a consolidated basis, which represented a 3.2% increase from Won 1.11 trillion for the three months ended March 31, 2025. Such increase was primarily attributable to the growth of SK Broadband’s high-speed Internet business resulting from an increase in the number of subscribers and the growth of its B2B business primarily focused on new data centers.

For the three months ended March 31, 2026, the media business segment recorded Won 0.47 trillion in revenue, which represented a 1.3% decrease compared to the three months ended March 31, 2025. For the three months ended March 31, 2026, the fixed-line business segment recorded Won 0.68 trillion in revenue, which represented a 6.7% increase compared to the three months ended March 31, 2025.

B.	Industry Characteristics

The domestic telecommunications service industry displays the typical characteristics of a domestic industry given that its coverage area is limited to Korea. As a result, the size of the industry is greatly affected by the domestic user population and the level of telecommunications service expenditures in light of the domestic income level. Domestic telecommunications companies may expand overseas through mergers and acquisitions or direct expansion, but the overseas telecommunications service industries are subject to inherently different industry characteristics from the domestic one, depending on the regulatory and demand characteristics of each country.

The broadcasting business involves the planning, programming or production of broadcasting programs and the process of transmitting them to viewers through telecommunications facilities. The broadcasting market can primarily be categorized into terrestrial broadcasting, fixed-line TV broadcasting, satellite broadcasting and programming-providing businesses, in each case pursuant to the Broadcasting Act, as well as Internet multimedia broadcasting business pursuant to the Internet Multimedia Broadcast Services Act.

SK Broadband engages in the fixed-line TV broadcasting business, which is defined as the business of managing and operating fixed-line TV broadcasting stations (including their facilities and employees for the purpose of providing multi-channel broadcasting) and providing broadcasts through transmission and line facilities. The Internet multimedia broadcasting refers to the broadcasting of programs through a combination of various contents including data, video, voice, sound and/or e-commerce, including real-time broadcasting, while guaranteeing a consistent service quality through a bidirectional Internet protocol using a broadband integrated information network.

As a result of the government’s direct and indirect control over the fixed-line telecommunications industry, ranging from service licensing to business activities, the industry’s growth potential and degree of competition are greatly affected by the government’s regulatory policies. The fixed-line telecommunications industry is also a technology-intensive industry that evolves rapidly and continuously through the development of communications technology and equipment, which requires proactive responses in meeting the various needs of subscribers by developing new services and penetrating the market. Fixed-line telecommunications services have become essential commodities and act as the foundation for integration and convergence with various other services. The essential nature of such services provides stable demand, resulting in low sensitivity to economic conditions.

In addition, due to the government’s restrictive licensing policies aimed at efficient resource allocation, the Korean fixed-line services industry is marked by a high level of market concentration. In the fixed-line and wireless services markets, an oligopolistic structure has been established, centered around the Company (including SK Broadband), KT and LG U+. However, with the development of faster and more stable telecommunications technologies, integrated convergence products combining fixed-line and wireless communications with broadcasting have become the market standard. Consequently, competition among operators is now centered on providing high-quality services and ensuring customer satisfaction.

The high-speed Internet market continues to grow as mobile data traffic surges due to the expanding use of mobile devices for activities such as AI utilization, video streaming and online gaming. In particular, Wi-Fi services, which provide a stable and fast communication environment without imposing significant additional costs despite increased usage, have become essential communication services. Consequently, demand for Giga Internet, necessary for providing these services, is expanding, and related businesses are growing steadily.

In the pay TV market, competition is shifting from a focus on traditional channels and platforms to a content-centric model due to the expansion of global OTT services. Consequently, the Company is pursuing content differentiation to reflect the rapid changes in viewers’ content consumption preferences and usage patterns, and is seeking new growth opportunities in the home platform sector by providing personalized services utilizing AI technology, smart TVs and set-top boxes.

In the enterprise business market, growth opportunities are expanding, particularly in new areas such as AI data centers. Furthermore, to respond to continually increasing market demand and strengthen business competitiveness, the Company is focusing on securing core infrastructure, such as data centers and dedicated lines, and continues its efforts to establish a stable revenue base.

C.	Growth Potential
				(Unit: in persons)
---	---	---	---	---	---	---	---	---	---	---	---
Classification				As of March 31,2026***			As of December 31,
							2025			2024
Fixed-line Subscribers*		High-speed Internet			25,331,849			25,233,811			24,721,782
		Fixed-line telephone (including Voice over Internet Protocol(“VoIP”))**			17,416,422			17,581,886			18,347,951
		IPTV			21,310,250			21,310,250			21,190,908
		Cable TV			12,273,098			12,273,098			12,342,797
*	Source: MSIT website.
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**	With respect to fixed-line telephone, the number of subscribers was calculated based on the number of<br>fixed-line and VoIP subscribers of the Company, KT and LG U+.
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***	High-speed Internet and fixed-line telephone subscribers represent the number of subscribers as of<br>February 28, 2026, while IPTV and cable TV subscribers represent the average number of subscribers in the second half of 2024.
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D.	Cyclical Nature and Seasonality
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There is little difference among the services provided by operators of high-speed Internet, fixed-line telephone and broadcasting services. Such services, which demonstrate characteristics of essential public utilities, are subject to a subscriber-based business model, and are not sensitive to cyclical economic changes. Due to the low income elasticity of telecommunications services, the overall telecommunications market is not expected to be particularly affected by an economic downturn.

E.	Domestic and Overseas Market Conditions

Set forth below is the historical market share of SK Broadband.

(Unit: in percentages)
Classification		As of March 31,2026***			As of December 31,
					2025		2024
High-speed Internet (including resales)*			28.8			28.7		28.9
Fixed-line telephone (including VoIP)*			18.6	**		18.6		18.3
IPTV*			31.8			31.8		31.9
Cable TV*			22.9			22.9		22.8
*	Source: MSIT website.
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**	With respect to fixed-line telephone, the market share was calculated based on market shares among SK<br>Broadband, KT and LG U+ and is based on the number of fixed-line and VoIP subscribers.
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*******	Market shares for the high-speed Internet and fixed-line telephone markets are based on the market<br>shares as of February 28, 2026, and market shares for the IPTV and cable TV markets are based on the average number of subscribers in the second half of 2024.
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SK Broadband is engaged in a number of business areas including high-speed Internet, home telephone, corporate business, IPTV and cable TV pursuant to the relevant communications regulations such as the Telecommunications Business Act, the Internet Multimedia Broadcast Services Act and the Broadcasting Act. In each of its principal business areas, SK Broadband competes on the basis of price, service quality and speed. In the IPTV business, the ability to offer complex services and differentiated contents are becoming increasingly important. The basic telecommunications business is characterized by high barriers to entry, as it requires authorization from the Minister of the MSIT under the Telecommunications Business Act, and an oligopolistic structure has been established, comprising SK Broadband, KT and LG U+.

[Other Businesses]

A.	Other businesses

SK Stoa operates the commercial retail data broadcasting channel business, offering an interactive service that integrates television home shopping and data home shopping services. Such integrated service allows television viewers to organize various product categories on the television screen and select and purchase desired products using a television remote control or mobile device, unlike traditional home shopping services that only allowed for real-time purchase through the relevant broadcast.

2. Key Financial Data by Business Line

A.	Assets
								(Unit: in millions of Won and percentages)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Classification		As of March 31,<br>2026						As of December 31,
								2025						2024
		Amount			Ratio			Amount			Ratio			Amount			Ratio
Wireless			25,438,212			74	%		25,731,253			75	%		25,154,898			75	%
Fixed-line			7,398,720			22	%		7,158,666			21	%		7,174,920			21	%
Other			1,400,517			4	%		1,392,466			4	%		1,276,546			4	%

Subtotal			34,237,450			100	%		34,282,385			100	%		33,606,364			100	%

Consolidation Adjustment			(4,215,492	)		—			(4,174,602	)		—			(3,091,111	)		—

Total			30,021,958			—			30,107,783			—			30,515,254			—

B.	Revenue
---	---
					(Unit: in millions of Won and percentages)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Classification		For the three months endedMarch 31, 2026						For the year ended December 31,
								2025						2024
		Amount			Ratio			Amount			Ratio			Amount			Ratio
Wireless			3,268,788			74	%		12,552,543			73	%		13,318,213			74	%
Fixed-line			1,049,235			24	%		4,191,113			25	%		4,075,412			23	%
Other			74,289			2	%		355,557			2	%		546,984			3	%

Total			4,392,312			100	%		17,099,213			100	%		17,940,609			100	%

C.	Operating Profit
					(Unit: in millions of Won and percentages)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Classification		For the three months endedMarch 31, 2026						For the year ended December 31,
								2025						2024
		Amount			Ratio			Amount			Ratio			Amount			Ratio
Wireless			414,888			77	%		817,941			75	%		1,529,971			84	%
Fixed-line			120,700			22	%		308,372			28	%		366,517			20	%
Other			2,652			1	%		(30,551	)		(3	)%		(64,929	)		(4	)%

Subtotal			538,240			100	%		1,095,762			100	%		1,831,559			100	%

Consolidation Adjustment			(649	)		—			(22,547	)		—			(8,150	)		—

Total			537,591			—			1,073,215			—			1,823,409			—

3. Updates on Major Products and Services

				(Unit: in millions of Won and percentages)
Business	Major Companies	Items	MajorTrademarks	For the three monthsended March 31, 2026					For the year ended December 31,
									2025					2024
				ConsolidatedSalesAmount		Ratio			ConsolidatedSalesAmount		Ratio			ConsolidatedSalesAmount		Ratio
Wireless	SK Telecom,<br>PS&Marketing,<br><br><br>Service Ace,<br> <br>SK O&S,<br>etc.	Mobile communications service,<br>wireless data service,<br>ICT service and others	T, 5GX, T Plan and others		3,268,788		74	%		12,552,543		73	%		13,318,213		74	%
Fixed-line	SK Broadband,<br><br><br>SK Telink,<br>Home&Service, etc.	Fixed-line phone,<br>high-speed Internet,<br>data and network lease service and others	B tv, 00700 international call, 7mobile and others		1,049,235		24	%		4,191,113		25	%		4,075,412		23	%
Other	SK Stoa, etc.	Commercial retail data broadcasting channel service and others	Stoa ON		74,289		2	%		355,557		2	%		546,984		3	%

Total					4,392,312		100	%		17,099,213		100	%		17,940,609		100	%

4. Price Trends for Major Products

[Wireless Business]

As of March 31, 2026, based on the Company’s standard monthly subscription plan, the basic service fee was Won 12,100 (including value-added tax) and the usage fee was Won 1.98 per second. Among the 4G-based plans, the “T-Plan Safe 2.5G” provides 2.5 GB of data and unlimited voice calls at Won 43,000 per month (including value-added tax). Among the 5G-based plans, the “Basic” plan provides 11 GB of data and unlimited voice calls at Won 49,000 per month (including value-added tax). In March 2024, the Company launched the “Compact” plan, which provides 5G data at Won 39,000 per month (including value-added tax). In October 2025, the Company launched six types of subscription plans for “air”, our digital communication service available exclusively for unlocked devices. The Company plans to continue to restructure its subscription plans to expand choices for customers and introduce new services that reach out to different customer segments. The Company provides a variety of other subscription plans catering to subscriber demand, which may be reviewed on the Company’s website at www.tworld.co.kr.

[Fixed-line Business]

The monthly subscription fees for the services offered by SK Broadband are as follows:

-	IPTV (media business segment): from Won 11,000 (B tv Mini) to Won 50,600 (B tv All + Catch On + major networks)<br>under no fixed-term contract

-	Cable TV (based on Suwon broadcasting) direct cable TV: from Won 4,400 or less (B tv Cable 20) to Won 16,500 or<br>less (B tv Cable 90) under no fixed-term contract, and from Won 3,520 or less (B tv Cable 20) to Won 13,200 (B tv Cable 90) under a three-year contract
-	Digital cable TV: from Won 13,200 or less (B tv Cable 100) to Won 26,400 (B tv Cable 200) under no fixed-term<br>contract, and from Won 10,560 (B tv Cable 100) to Won 21,120 (B tv Cable 200) under a three-year contract
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-	Technology-neutral service: from Won 13,200 (B tv Pop 100) to Won 33,990 (B tv Pop 230+) under no fixed-term<br>contract, and from Won 7,700 (B tv Pop 100) to Won 20,900 (B tv Pop 230+) under a three-year contract
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-	High-speed Internet service (fixed-line business segment): from Won<br>30,800 (Speed Internet) to Won 104,500 (Giga Premium×10) under no fixed-term contract, and from Won 22,000 (Speed Internet) to Won 82,500 (Giga Premium×10) under a three-year contract
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-	Bundled products that combine high-speed Internet and IPTV services: from Won 33,000 (Speed Internet + B tv<br>Economy) to Won 111,100 (Giga Premium×10 + B tv All + Catch On + major networks) under a three-year contract
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The above fees may vary depending on the conditions for subscription, including services provided, contract period and bundled products.

SK Broadband is preparing a variety of new rate plans for 2026. In January 2026, SK Broadband launched the “Giga Wi-Fi 7” plan, which utilizes the next-generation wireless standard, and offers a stable wireless Internet environment with transmission speeds up to twice as fast as the existing “Giga Wi-Fi 6” plan and minimizes latency and disconnections through multi-link operation (“MLO”) technology. In addition, a minimalist design was applied to better harmonize with interior spaces, and the plan is offered at a competitive rate of Won 27,500 per month for 1 Gbps Internet when bundled with a wireless plan.

In February 2026, SK Broadband launched the “AI 5 Set-Top Box,” which features on-device AI powered by a neural processing unit (“NPU”). The AI 5 Set-Top Box offers functions that optimize image quality and color tones for each scene and improve voice clarity, while incorporating a minimalist design and an ultra-low-power design with standby power of less than 1W. It is available for Won 7,700 per month based on a three-year contract. Subscribers can also choose the “AI 5 Set-Top Box Care” package, which offers a reduced monthly fee of Won 5,500, as well as waivers on service call fees and compensation charges for damages, thereby enhancing customer convenience and satisfaction.

SK Broadband also provides a variety of other subscription plans based on consumer demand, which may be reviewed on SK Broadband’s website at www.bworld.co.kr.

5. Investment Status

[Wireless Business]

A.	Investment in Progress and Future Investment Plan
(Unit: in billions of Won)
---	---	---	---	---	---	---
Purpose of<br><br><br>investment	Subject ofinvestment	Investment period	Expected investment<br><br><br>amount	Amount alreadyinvested		Investment effect
Upgrade/ New installation	Network, systems and others	Three months ended March 31, 2026	To be determined		37	Upgrades to the existing services and expanded provision of network services including 5G

[Fixed-line Business]

A.	Investment in Progress and Future Investment Plan
(Unit: in billions of Won)
---	---	---	---	---	---
Purpose of investment	Subject of investment	Investment period	Amount alreadyinvested*	Futureinvestment	Investment effect
Coverage expansion, upgrade of media platform	Network, systems, Internet data center and others	Three months ended March 31, 2026	99	To be<br>determined	Securing subscriber network and equipment; quality and system improvement
*	Represents investments by SK Broadband on a separate basis.
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6. Revenues

					(Unit: in millions of Won)
Business		Sales type			Item				For the three monthsended March 31, 2026			For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
Wireless			Services		Mobile communications service, wireless data service, ICT service and others		Export			46,559			196,249			212,235
							Domestic			3,222,229			12,356,294			13,105,978
							Subtotal			3,268,788			12,552,543			13,318,213
Fixed-line			Services		Fixed-line phone,<br>high-speed Internet, data and network lease line service and others		Export			52,760			205,494			213,815
							Domestic			996,475			3,985,619			3,861,597
							Subtotal			1,049,235			4,191,113			4,075,412
Other			Services		Commercial retail data broadcasting channel services and others		Export			—			—			—
							Domestic			74,289			355,557			546,984
							Subtotal			74,289			355,557			546,984
Total							Export			99,319			401,744			426,050
							Domestic			4,292,993			16,697,469			17,514,559
							Total			4,392,312			17,099,213			17,940,609
		(Unit: in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three months ended March 31, 2026		Wireless			Fixed-line			Other			Sub total			Consolidationadjustment			Afterconsolidation
Total sales			3,640,613			1,361,902			77,193			5,079,708			(687,396	)		4,392,312
Internal sales			371,825			312,667			2,904			687,396			(687,396	)		—
External sales			3,268,788			1,049,235			74,289			4,392,312			—			4,392,312
Operating profit (loss)			414,888			120,700			2,652			538,240			(649	)		537,591
Finance profit (loss)																****		(61,831	)
Loss from investments in subsidiaries, associates and joint ventures																****		(15,131	)
Other non-operating profit(loss)																****		4,938
Profit before income tax																****		465,567

7. Derivative Transactions

A.	Current Swap Contract Applying Cash Flow Risk Hedge Accounting

Currency and interest rate swap contracts under cash flow hedge accounting as of March 31, 2026 are as follows: ****

[SK Telecom]

Borrowing date	Hedged item	Hedged risk	Contract type	Financial institution	Duration of contract
July 20, 2007	Fixed rate foreign currency denominated bonds (face value of US400,000,000)	Foreign currency risk	Cross currency swap	Morgan Stanley and four other banks	July 20, 2007 – July 20, 2027
June 28, 2023	Fixed rate foreign currency denominated bonds (face value of US300,000,000)	Foreign currency risk	Cross currency swap	Citibank, Shinhan Bank, KDB, J.P. Morgan	June 28, 2023 – June 28, 2028
October 7, 2024	Floating rate Won denominated borrowings (face value of Won 200 billion)	Interest rate risk	Interest rate swap	DBS Bank Ltd.	October 10, 2024 – October 8, 2026
May 28, 2025	Floating rate foreign currency denominated bonds (face value of US300,000,000)	Foreign currency risk and interest rate risk	Cross currency interest rate swap	DBS Bank Ltd.	May 28, 2025 – May 26, 2028

All values are in US Dollars.

[SK Broadband]

Borrowing date		Hedged item	Hedged risk		Contract type		Financial institution		Duration of contract
June 28, 2023		Non-guaranteed foreign currency denominated bonds (face value of US300,000,000)	Foreign currency risk		Cross currency swap		Citibank, Shinhan Bank, KDB, J.P. Morgan		June 28, 2023 – June 28, 2028

All values are in US Dollars.

8. Major Contracts

None.

9. R&D Investments

Set forth below are the Company’s R&D expenditures.

		(Unit: in millions of Won except percentages)
Category		For the three monthsended March 31, 2026			For the year endedDecember 31, 2025			For the year endedDecember 31, 2024			Remarks
Raw material			1			27			492			—
Labor			26,213			116,856			134,508			—
Depreciation			32,117			123,083			134,989			—
Commissioned service			10,376			49,033			61,588			—
Others			22,177			66,773			61,267			—
Total R&D costs			90,885			355,772			392,844			—
Government Subsidies			—			—			—			—
Accounting	Sales and administrative expenses		86,607			338,841			378,079			—
	Development costs (Intangible assets)		4,279			16,931			14,765			—
R&D cost / sales amount ratio <br>(Total R&D costs / Current sales<br>amount×100)			2.07	%		2.08	%		2.19	%		—

10. Other Information Relating to Investment Decisions

A.	Brand Management Policies

The Company manages its corporate brand and other product brands in a comprehensive way to protect and increase their value. The Company operates an intranet system called “Comm.ON” in order to implement consistent communication with consumers across various areas including branding, design, marketing and public relations, and systematically manages the development, registration and licensing of brands through such system.

B.	Business-related Intellectual Property

[SK Telecom]

As of March 31, 2026, the registered patents and trademarks held by the Company included 2,875 Korean-registered patents, 1,808 foreign-registered patents and 746 Korean-registered trademarks. The number of registered patents and trademarks is subject to constant change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

[SK Broadband]

As of March 31, 2026, SK Broadband held 193 Korean-registered patents and 38 foreign-registered patents (including those held jointly with other companies). It also holds 245 Korean-registered trademarks. The number of registered patents and trademarks is subject to continual change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

C.	Business-related Pollutants and Environmental Protection

[SK Telecom]

The Company does not directly engage in any manufacturing and therefore does not undertake any industrial processes that emit pollutants into the air or industrial processes in which hazardous materials are used. Nevertheless, the Company clearly recognizes the severity of the climate crisis and has been diligently fulfilling its social obligations by establishing a systematic and practical environmental management strategy system. Under the vision of “realizing a sustainable future based on AI” and to achieve Net Zero by 2050, the Company is making efforts to (1) preemptively respond to climate change, (2) improve its environmental management system and (3) create an eco-friendly green culture. To this end, the Company was one of the first information technology companies in Korea to join the RE100 (Renewable Electricity 100%) initiative and signed a green premium contract with Korea Electric Power Corporation. The Company has been implementing company-wide adoption of renewable energy through efforts such as installing solar power generation equipment in its office buildings and base stations. In addition, the Company leads in energy savings and environmental protections based on AI technology, and recently became the first company in the telecommunications industry to obtain carbon emission rights by reducing greenhouse gas through integration of telecommunications equipment and technology upgrades.

[SK Broadband]

SK Broadband does not directly engage in any manufacturing processes that emit environmental pollutants, and more than 99% of its greenhouse gas emissions is indirect emissions from its use of external electricity. SK Broadband was selected as a business subject to allocation of emission permits as part of Korea’s greenhouse gas emissions trading scheme that commenced in 2015, and it actively fulfills its obligations and consistently achieves the targets set by the government.

In 2021, SK Broadband declared its goal to achieve Net Zero by 2045 in an effort to actively participate in the international community’s response to climate change. Prior to the declaration, SK Broadband had already subscribed to the RE100 initiative in 2020. Since 2021, SK Broadband has participated in Korea Electrical Power Corporation’s renewable energy power purchase program, “Green Premium,” to purchase renewable energy and has installed additional solar power generation facilities to increase the self-production and use of renewable energy.

III.	FINANCIAL INFORMATION

1. Summary Financial Information (Consolidated and Separate)

A.	Summary Financial Information (Consolidated)

Below is the summary consolidated financial information of the Company as of March 31, 2026, December 31, 2025 and December 31, 2024 and for the three months ended March 31, 2026 and for the years ended December 31, 2025 and 2024. The Company’s interim consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025, which are prepared in accordance with K-IFRS, are attached hereto.

(Unit: in millions of Won except number of companies)
		As of<br>March 31, 2026				As of<br>December 31, 2025				As of<br>December 31, 2024
Assets
Current Assets			7,212,945				6,727,130				7,476,682
•<br><br>Cash and Cash Equivalents			1,474,680				1,490,024				2,023,721
•<br><br>Accounts Receivable – Trade, net			1,958,799				1,918,502				1,989,306
•<br><br>Accounts Receivable – Other, net			530,503				346,326				369,192
•<br><br>Others			3,248,963				2,972,278				3,094,463
Non-Current Assets			22,809,013				23,380,653				23,038,573
•<br><br>Long-Term Investment Securities			3,287,690				3,188,572				1,877,922
•<br><br>Investments in Associates and Joint Ventures			2,271,228				2,238,470				2,341,827
•<br><br>Property and Equipment, net			11,348,717				11,902,173				12,617,394
•<br><br>Goodwill			2,072,493				2,072,493				2,072,493
•<br><br>Intangible Assets, net			1,550,235				1,710,620				2,194,871
•<br><br>Others			2,278,650				2,268,325				1,934,066

Total Assets			30,021,958				30,107,783				30,515,255

Liabilities
Current Liabilities			6,088,614				6,529,775				9,224,278
Non-Current Liabilities			10,585,727				10,622,716				9,463,343

Total Liabilities			16,674,341				17,152,491				18,687,621

Equity
Equity Attributable to Owners of the Parent Company			13,284,851				12,863,103				11,698,627
Share Capital			30,493				30,493				30,493
Capital Surplus (Deficit) and Other Capital Adjustments			(13,850,352	)			(12,131,340	)			(11,954,936	)
Retained Earnings			24,935,298				22,938,268				22,976,127
Reserves			2,169,412				2,025,682				646,943
Non-controlling Interests			62,766				92,189				129,007

Total Equity			13,347,617				12,955,292				11,827,634

Total Liabilities and Equity			30,021,958				30,107,783				30,515,255

(Unit: in millions of Won except per share data and number of consolidated subsidiaries)
---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three monthsended March 31, 2026				For the year endedDecember 31, 2025				For the year endedDecember 31, 2024
Operating Revenue			4,392,312				17,099,213				17,940,609
Operating Profit			537,591				1,073,215				1,823,409
Profit Before Income Tax			465,567				722,261				1,761,765
Profit for the Period			316,415				375,084				1,387,095
Profit for the Period Attributable to Owners of the Parent Company			322,389				408,410				1,250,155
Profit for the Period Attributable to Non-controlling<br>Interests			(5,974	)			(33,326	)			136,940
Basic Earnings Per Share (Won)			1,490				1,825				5,780
Diluted Earnings Per Share (Won)			1,488				1,825				5,765

Total Number of Consolidated Subsidiaries			19				19				21

B.	Summary Financial Information (Separate)

Below is the summary separate financial information of the Company as of March 31, 2026, December 31, 2025 and December 31, 2024 and for the three months ended March 31, 2026 and for the years ended December 31, 2025 and 2024. The Company’s interim separate financial statements as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025, which are prepared in accordance with K-IFRS, are attached hereto.

			(Unit: in millions of Won)
		As of March 31, 2026				As of December 31, 2025				As of December 31, 2024
Assets
Current Assets			5,027,178				4,932,557				5,242,405
•<br><br>Cash and Cash Equivalents			502,360				771,861				1,165,158
•<br><br>Accounts Receivable – Trade, net			1,473,774				1,469,426				1,508,893
•<br><br>Accounts Receivable – Other, net			643,027				393,136				390,243
•<br><br>Others			2,408,017				2,298,134				2,178,111
Non-Current Assets			19,713,222				20,216,179				19,343,221
•<br><br>Long-Term Investment Securities			2,475,763				2,396,996				1,418,465
•<br><br>Investments in Subsidiaries and Associates			5,888,482				5,892,726				4,899,558
•<br><br>Property and Equipment, net			7,229,934				7,680,504				8,515,225
•<br><br>Goodwill			1,306,236				1,306,236				1,306,236
•<br><br>Intangible Assets, net			1,092,400				1,230,202				1,683,018
•<br><br>Others			1,720,407				1,709,515				1,520,719

Total Assets			24,740,400				25,148,736				24,585,626

Liabilities
Current Liabilities			4,509,974				5,070,242				6,240,886
Non-Current Liabilities			7,861,485				8,087,444				7,383,886

Total Liabilities			12,371,459				13,157,686				13,624,772

Equity
Share Capital			30,493				30,493				30,493
Capital Surplus (Deficit) and Other Capital Adjustments			(6,247,105	)			(4,547,673	)			(4,551,820	)
Retained Earnings			17,211,460				15,199,915				15,273,451
Reserves			1,374,093				1,308,315				208,730

Total Equity			12,368,941				11,991,050				10,960,854

Total Liabilities and Equity			24,740,400				25,148,736				24,585,626

(Unit: in millions of Won)
---	---	---	---	---	---	---	---	---	---	---
		For the three months endedMarch 31, 2026			For the year endedDecember 31, 2025			`For the year endedDecember 31, 2024
Operating Revenue			3,105,789			12,051,068			12,774,060
Operating Profit			409,528			811,842			1,523,175
Profit Before Income Tax			433,942			736,498			1,477,084
Profit for the Period			332,692			410,795			1,280,484
Basic Earnings Per Share (Won)			1,539			1,836			5,923
Diluted Earnings Per Share (Won)			1,537			1,836			5,907

2. Dividends and Others

A.	Dividend Policy
(1)	Financial Metrics and Calculation Methods Used to Determine Dividend Targets
---	---

In April 2024, the Company disclosed its shareholder return policy for fiscal years 2024 through 2026, under which the total amount of shareholder return for each year is expected to be at least 50% of the adjusted profit for the year on a consolidated basis. Shareholder returns are expected to be provided in the form of cash dividend distribution and/or through acquisition and cancellation of the Company’s treasury shares. The Board of Directors will make its determinations on dividends in accordance with such policy.

Adjusted consolidated profit is based on profit attributable to controlling interests, excluding one-time non-recurring gains and losses.

(2)	Outlook for Future Dividend Levels and Future Dividend Policy Direction

The Company seeks to enhance its enterprise value through distribution of cash dividends based on stable business performance and by increasing long-term shareholder returns based on sustainable growth. The Company has established and is implementing a capital allocation strategy that balances the use of additional free cash flow generated from enhancement in performance and operational improvement across shareholder returns, investments for growth and enhancement in financial structure.

The Company determines the amount of its shareholder return in consideration of a comprehensive set of factors including its business performance, investment plans, financial status and prospects, and the Company may make shareholder return in the form of cash or shares in accordance with its Articles of Incorporation. Cash dividends are determined based on the Company’s consideration of investment needs for its continued future growth as well as its annual business performance and overall cash flow status. In the case of share dividends, the type of the shares to be distributed may be determined pursuant to the resolution of the Company’s general meeting of shareholders.

In accordance with the global trend towards stable dividend distribution, the Company adopted a quarterly dividend distribution policy through the approval of certain amendments to the Company’s Articles of Incorporation at the 37^th^ General Meeting of Shareholders held in March 2021 and has been distributing quarterly dividends since the second quarter of 2021.

The Company has engaged in repurchases and cancelations of its own shares from time to time to enhance its enterprise value in consideration of the market price of the Company’s shares and its financial resources. From 2020 to 2021, the Company purchased approximately Won 500 billion of treasury shares, and in May 2021, the Company canceled 8,685,568 units of previously acquired treasury shares (10.76% of the total number of shares issued at the time) to enhance shareholder value. In addition, in 2023, the Company purchased approximately Won 300 billion of treasury shares, and in February 2024, the Company canceled 4,043,091 units of treasury shares (1.85% of the total number of shares issued at the time).

(3)	Policy on Restriction of Dividends

Not Applicable.

B.	Matters related to Provision of Dividend Predictability
(1)	Dividend Improvement Procedures in the Articles of Incorporation
---	---

Classification		Annual Dividends		Quarterly or Interim Dividends
Authority for deciding dividend amounts		General Meeting of Shareholders		Board of Directors
Whether it is possible to set the dividend record date after the dividend amount is determined		Yes		Yes
Plans for implementing dividend improvement procedures		—		—
*	Following the amendments to the Company’s Articles of Incorporation at the 40th General Meeting of<br>Shareholders on March 26, 2024, the Company’s dividend policy was improved by allowing the annual dividend record date to be set after determination of the dividend amount.
---	---
**	Following the amendments to the Company’s Articles of Incorporation at the 41st General Meeting of<br>Shareholders on March 26, 2025, the Company’s dividend policy was further improved by allowing the quarterly dividend record date to be set after determination of the dividend amount.
---	---
(2)	Status of Dividend Amount Determination Date and Dividend Record Date
---	---
Classification		Fiscal month			Dividend status			Dividend amountdetermination date			Dividend record date			Provision ofdividendpredictability			Remarks
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Quarterly dividend			March 2026			Declared			April 27, 2026			May 31, 2026			Provided			—
Annual dividend			December 2025			Not Declared			—			—			Provided			—
Quarterly dividend			September 2025			Not Declared			—			—			Provided			—
Quarterly dividend			June 2025			Declared			July 24, 2025			August 31, 2025			Provided			—
Quarterly dividend			March 2025			Declared			April 24, 2025			May 31, 2025			Provided			—
Annual dividend			December 2024			Declared			March 26, 2025			February 28, 2025			Provided			—
Quarterly dividend			September 2024			Declared			October 24, 2024			September 30, 2024			Not Provided			—
Quarterly dividend			June 2024			Declared			July 25, 2024			June 30, 2024			Not Provided			—
Quarterly dividend			March 2024			Declared			April 25, 2024			March 31, 2024			Not Provided			—
Annual dividend			December 2023			Declared			March 26, 2024			December 31, 2023			Not provided			—
Quarterly dividend			September 2023			Declared			October 25, 2023			September 30, 2024			Not provided			—
Quarterly dividend			June 2023			Declared			July 26, 2023			June 30, 2023			Not Provided			—
Quarterly dividend			March 2023			Declared			April 20, 2023			March 31, 2023			Not Provided			—
*	After reporting to the Board of Directors, the Company disclosed through a voluntary disclosure of management<br>matters that it will not pay cash dividends in light of changes to the business environment. The disclosure for the third quarter of 2025 was made on October 30, 2025 and the disclosure for the year ended December 31, 2025 was made on<br>February 5, 2026.
---	---

As there have been no material changes to the key dividend indicators or past distributions of dividends, such information has been omitted in this quarterly report in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

3. Use of Direct Financing

A.	Use of Proceeds from Public Offerings

[SK Telecom]

Not Applicable.

[SK Broadband]

(As of March 31, 2026)										(Unit: in millions of Won)
Category	Bond Series		Payment Date		Planned Use of Proceeds				Actual Use of Proceeds				Reasons for Difference
					Use		Amount		Use		Amount
Corporate bond		Series 59-1		February 12, 2026		Facility fund		210,000		—		—		Related investment not yet due
Corporate bond		Series 59-2		February 12, 2026		Facility fund		30,000		—		—		Related investment not yet due

4. Other Matters Related to Financial Information

A.	Restatement of the Financial Statements

Not applicable.

B.	Loss Allowance
(1)	Loss Allowance of Trade and Other Receivables
---	---
			(Unit: in millions of Won, except percentages)
---	---	---	---	---	---	---	---	---	---	---
		For the three months ended March 31, 2026
		Gross amount			Loss Allowance			Percentage
Accounts receivable – trade			2,245,195			277,694			12.4	%
Loans			131,320			19,956			15.2	%
Accounts receivable – other			723,694			21,570			3.0	%
Accrued income			1,635			—			—
Guarantee deposits			264,450			—			—

Total			3,366,294			319,220			9.5	%

			(Unit: in millions of Won, except percentages)
		For the year ended December 31, 2025
		Gross amount			Loss Allowance			Percentage
Accounts receivable – trade			2,194,385			267,482			12.2	%
Loans			121,702			19,854			16.3	%
Accounts receivable – other			531,547			20,459			3.8	%
Accrued income			1,998			—			—
Guarantee deposits			270,219			—			—

Total			3,119,851			307,795			9.9	%

			(Unit: in millions of Won, except percentages)
		For the year ended December 31, 2024
		Gross amount			Loss Allowance			Percentage
Accounts receivable – trade			2,258,412			258,030			11.4	%
Loans			141,609			41,958			29.6	%
Accounts receivable – other			568,072			25,628			4.5	%
Accrued income			4,242			—			—
Guarantee deposits			275,450			—			—

Total			3,247,785			325,616			10.0	%

(2)	Movements in Loss Allowance of Trade and Other Receivables
---	---
											(Unit: in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three months endedMarch 31, 2026				For the year ended<br>December 31, 2025				For the year ended<br>December 31, 2024
Beginning balance			307,795				325,615				318,401
Effect of change in accounting policy			—				—				—
Increase of loss allowance			11,422				47,465				54,703
Reversal of loss allowance			—				—				—
Write-offs			191				(65,285	)			(44,556	)
Other			(188	)			—				(2,933	)
Ending balance			319,220				307,795				325,615
(3)	Policies for Loss Allowance
---	---

The Company establishes loss allowances based on the likelihood of recoverability of trade and other receivables based on their aging at the end of the period and past customer default experience for the past three years. With respect to trade receivables relating to wireless telecommunications services, the Company considers the likelihood of recovery based on past customer default experience and the length of default in connection with the type of default (e.g., whether the customer’s service has been terminated or is continued). Consistent with customary practice, the Company writes off trade and other receivables for which the prescription period has passed or that are determined to be impossible or economically too costly to collect, including receivables that are less than Won 200,000 and more than six months overdue and receivables that have been determined to be the subject of identity theft.

(4)	Aging of Accounts Receivable
									(Unit: in millions of Won, except percentages)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		As of March 31, 2026
		Six months orless			From six monthsto one year			From one yearto three years			More than threeyears			Total
Accounts receivable – general			1,971,558			61,201			161,670			50,767			2,245,195
Percentage			87.8	%		2.7	%		7.2	%		2.3	%		100.0	%
C.	Inventories
---	---
(1)	Detailed Categories of Inventories
---	---
			(Unit: in millions of Won, except percentages)
---	---	---	---	---	---	---	---	---	---	---
Account Category		For the three monthsended March 31, 2026			For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
Merchandise			185,214			154,054			183,202
Goods in transit			—			—			—
Other inventories			16,857			13,586			26,581

Total			202,071			167,640			209,783

Percentage of inventories to total assets<br><br><br>[Inventories / Total assets]			0.67	%		0.56	%		0.69	%
Inventory turnover<br><br><br>[Cost of sales / { ( Beginning balance of inventories + Ending balance of inventories ) / 2}]			7.03			6.73			6.73
(2)	Reporting of Inventories
---	---

The Company holds handsets, ICT equipment for offline sales, etc. in inventory. The Company conducts physical due diligence of its inventories with external auditors at the end of each year.

D.	Fair Value Measurement

See Note 29 of the notes to the Company’s interim consolidated financial statements attached hereto for more information.

E.	Key Terms of Debt Securities

[SK Telecom]

The following are key terms and conditions of bonds issued by SK Telecom as of March 31, 2026. The compliance status is as of March 31, 2026, the date of the latest financial statements including the review or audit opinion of the independent auditor applicable to the determination of compliance status, except for the compliance status of the restriction on changes of ownership structure, which is as of the end of the reporting period.

Name		Issue Date		Maturity Date	Principal Amount(millions of Won)	Date of FiscalAgency Agreement	Fiscal Agent
Unsecured Bond – Series 62-3		Aug. 28, 2012		Aug. 28, 2032	90,000	Aug. 22, 2012	Meritz Securities Co., Ltd.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 2 trillion
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		—
		Compliance Status		—
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026

Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
Unsecured Bond – Series 63-2		Apr. 23, 2013		Apr. 23, 2033		130,000		Apr. 17, 2013		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 66-3		Feb. 26, 2015		Feb. 26, 2030		50,000		Feb. 11, 2015		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 67-3		July 17, 2015		July 17, 2030		90,000		July 9, 2015		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 68-3		Nov. 30, 2015		Nov. 30, 2035		70,000		Nov. 18, 2015		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 69-4		Mar. 4, 2016		Mar. 4, 2036		80,000		Feb. 22, 2016		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 2 trillion
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		—
		Compliance Status		—
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 70-3		June 3, 2016		June 3, 2026		120,000		May 24, 2016		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 70-4		June 3, 2016		June 3, 2031		50,000		May 24, 2016		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 71-3		Apr. 25, 2017		Apr. 25, 2027		100,000		Apr. 13, 2017		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 71-4		Apr. 25, 2017		Apr. 25, 2032		90,000		Apr. 13, 2017		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 5 trillion
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		—
		Compliance Status		—
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026

Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
Unsecured Bond – Series 72-3		Nov. 10, 2017		Nov. 10, 2027		100,000		Oct. 31, 2017		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 73-3		Feb. 20, 2018		Feb. 20, 2028		200,000		Feb. 6. 2018		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 73-4		Feb. 20, 2018		Feb. 20, 2038		90,000		Feb. 6. 2018		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 74-3		Sept. 17, 2018		Sept. 17,<br>2038		50,000		Sept. 5, 2018		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 75-3		Mar. 6, 2019		Mar. 6, 2029		50,000		Feb. 21, 2019		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 75-4		Mar. 6, 2019		Mar. 6, 2039		50,000		Feb. 21, 2019		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 76-3		July 29, 2019		July 29, 2029		120,000		July 17, 2019		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 76-4		July 29, 2019		July 29, 2039		50,000		July 17, 2019		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 76-5		July 29, 2019		July 29, 2049		50,000		July 17, 2019		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 77-3		Oct. 22, 2019		Oct. 22, 2029		40,000		Oct. 10, 2019		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 77-4		Oct. 22, 2019		Oct. 22, 2039		60,000		Oct. 10, 2019		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026

Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
Unsecured Bond – Series 78-3		Jan. 14, 2020		Jan. 14, 2030		50,000		Dec. 31, 2019		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 78-4		Jan. 14, 2020		Jan. 14, 2040		70,000		Dec. 31, 2019		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 79-2		Oct. 19, 2020		Oct. 19, 2030		40,000		Oct. 6, 2020		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 79-3		Oct. 19, 2020		Oct. 19, 2040		110,000		Oct. 6, 2020		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 80-3		Jan. 15, 2021		Jan. 15, 2031		50,000		Jan. 5, 2021		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 80-4		Jan. 15, 2021		Jan. 15, 2041		100,000		Jan. 5, 2021		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026

Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
Unsecured Bond – Series 81-2		Oct. 28, 2021		Oct. 28, 2026		70,000		Oct. 18, 2021		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 81-3		Oct. 28, 2021		Oct. 28, 2041		40,000		Oct. 18, 2021		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 82-2		Apr. 12, 2022		Apr. 12, 2027		70,000		Mar. 31, 2022		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 82-3		Apr. 12, 2022		Apr. 12, 2042		40,000		Mar. 31, 2022		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 83-2		Aug. 10, 2022		Aug. 10, 2027		95,000		July 29, 2022		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 84-3		Dec. 14, 2022		Dec. 14, 2027		60,000		Dec. 2, 2022		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 84-4		Dec. 14, 2022		Dec. 14, 2032		40,000		Dec. 2, 2022		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 85-2		Feb. 17, 2023		Feb. 17, 2028		190,000		Feb. 7, 2023		Korea Securities<br>Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 86-1		Apr. 12, 2023		Apr. 10, 2026		80,000		Mar. 31, 2023		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 86-2		Apr. 12, 2023		Apr. 12, 2028		200,000		Mar. 31, 2023		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 86-3		Apr. 12, 2023		Apr. 12, 2030		70,000		Mar. 31, 2023		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Hybrid Securities Series 3		June 5, 2023		June 5, 2083		400,000		May 23, 2023		Eugene Investment &<br>Securities Co., Ltd.
Maintenance of Financial Ratio		Key Term		Not Applicable
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		Not Applicable
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Not Applicable
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Not Applicable
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 87-1		Oct. 18, 2023		Oct. 16, 2026		115,000		Oct. 5, 2023		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 87-2		Oct. 18, 2023		Oct. 18, 2028		100,000		Oct. 5, 2023		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 87-3		Oct. 18, 2023		Oct. 18, 2030		50,000		Oct. 5, 2023		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 87-4		Oct. 18, 2023		Oct. 18, 2033		30,000		Oct. 5, 2023		Korea Securities<br>Finance Corp.

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 88-1		Feb. 22, 2024		Feb. 22, 2027		180,000		Feb 8, 2024		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 88-2		Feb. 22, 2024		Feb. 22, 2029		110,000		Feb. 8,<br>2024		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 88-3		Feb. 22, 2024		Feb. 22, 2034		110,000		Feb. 8,<br>2024		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 89-1		Dec. 11, 2024		Dec. 10, 2027		170,000		Nov. 29, 2024		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 89-2		Dec. 11, 2024		Dec. 11, 2029		90,000		Nov. 29, 2024		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 89-3		Dec. 11, 2024		Dec. 11, 2034		40,000		Nov. 29, 2024		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026

Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
Unsecured Bond – Series 90-1		Feb. 21, 2025		Feb. 21, 2028		190,000		Feb. 11, 2025		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 90-2		Feb. 21, 2025		Feb. 21, 2030		70,000		Feb. 11, 2025		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 90-3		Feb. 21, 2025		Feb. 21, 2035		140,000		Feb. 11, 2025		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026
Name		Issue Date		Maturity Date		Principal Amount(millions of Won)		Date of FiscalAgency Agreement		Fiscal Agent
---	---	---	---	---	---	---	---	---	---	---
Unsecured Bond – Series 91-1		Sept. 11, 2025		Sept. 11, 2028		80,000		Sept. 1, 2025		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 91-2		Sept. 11, 2025		Sept. 10, 2030		190,000		Sept. 1, 2025		Korea Securities<br>Finance Corp.
Unsecured Bond – Series 91-3		Sept. 11, 2025		Sept. 11, 2035		40,000		Sept. 1, 2025		Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 13, 2026

[SK Broadband]

The following are key terms and conditions of bonds issued by SK Broadband as of March 31, 2026. The compliance status is as of March 31, 2026, the date of the latest financial statements including the review or audit opinion of the independent auditor applicable to the determination of compliance status, except for the compliance status of the restriction on changes of ownership structure, which is as of the end of the reporting period.

Name		Issue Date		Maturity Date	Principal Amount(millions of Won)	Date of FiscalAgency Agreement	Fiscal Agent
Unsecured Bond –Series 48-3		Sept. 24, 2019		Sept. 23, 2026	50,000	Sept. 10, 2019	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 52-2		Jan. 25, 2022		Jan. 25, 2032	50,000	Jan. 13, 2022	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 53-3		Mar. 2, 2023		Mar. 2, 2028	90,000	Feb. 17, 2023	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 54-1		Oct. 30, 2023		Oct. 30, 2026	100,000	Oct. 18, 2023	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 54-2		Oct. 30, 2023		Oct. 30, 2028	60,000	Oct. 18, 2023	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 55-1		Jan. 22, 2024		Jan. 22, 2027	170,000	Jan. 10, 2024	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 55-2		Jan. 22, 2024		Jan. 22, 2029	60,000	Jan. 10, 2024	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 56—1		Dec. 4, 2024		Dec. 3, 2027	130,000	Nov. 22, 2024	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 56-2		Dec. 4, 2024		Dec. 4, 2029	115,000	Nov. 22, 2024	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 56—3		Dec. 4, 2024		Dec. 4, 2031	50,000	Nov. 22, 2024	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 57—1		Apr. 29, 2025		Apr. 28, 2028	50,000	Apr. 17, 2025	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 57-2		Apr. 29, 2025		Apr. 29, 2030	120,000	Apr. 17, 2025	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 57-3		Apr. 29, 2025		Apr. 29, 2035	30,000	Apr. 17, 2025	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 58-1		Jun. 19, 2025		Jun. 19, 2030	480,000	Jun. 9, 2025	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 58-2		Jun. 19, 2025		Jun. 19, 2035	50,000	Jun. 9, 2025	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 59-1		Feb. 12, 2026		Feb. 12, 2031	210,000	Feb. 2, 2026	Korea Securities<br>Finance Corp.
Unsecured Bond – Series 59-2		Feb. 12, 2026		Feb. 12, 2036	30,000	Feb 2, 2026	Korea Securities<br>Finance Corp.
Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 400%
---	---	---	---	---
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 200% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 70% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Restriction on changes of ownership structure
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 20, 2026

IV.	MANAGEMENT’S DISCUSSION AND ANALYSIS

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

V.	AUDITOR’S OPINION

1. Independent Auditors and Audit Opinions

A.	Independent Auditor and Audit Opinion (Separate and Consolidated)
Period		Classification		Independent auditor		Audit opinion		Emphasis of Matter		Critical Audit Matters
---	---	---	---	---	---	---	---	---	---	---
Three months ended March 31, 2026		Audit report<br>(Separate)		KPMG Samjong		Unqualified		—		—
		Audit report<br>(Consolidated)		KPMG Samjong		Unqualified		—		—
Year ended December 31, 2025		Audit report<br>(Separate)		KPMG Samjong		Unqualified		—		Existence and accuracy of the Company’s cellular services revenue
		Audit report<br>(Consolidated)		KPMG Samjong		Unqualified		—		Existence and accuracy of the Company’s cellular services revenue; impairment assessment of goodwill for the fixed-line telecommunications services cash generating unit
Year ended December 31, 2024		Audit report<br>(Separate)		Ernst & Young Han Young		Unqualified		—		Timing of revenue recognition related to the Company’s cellular services
		Audit report<br>(Consolidated)		Ernst & Young Han Young		Unqualified		—		Timing of revenue recognition related to the Company’s cellular services; impairment assessment of goodwill for the fixed-line telecommunications services cash generating unit
B.	Audit Services Contracts with Independent Auditors
---	---
(Unit: in millions of Won except number of hours)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Period		Auditors		Contents		Audit Contract						Actual Performance
						Fee			Totalnumber ofhours			Fee			Totalnumber ofhours
Three months ended March 31, 2026		KPMG Samjong		Quarterly and semi-annual review			2,597			24,500			208			1,960
				Separate financial statements audit
				Consolidated financial statements audit
				English financial statements review and other audit task
				Internal accounting system audit
Year ended December 31, 2025		KPMG Samjong		Quarterly and semi-annual review			2,597			24,500			2,597			24,500
				Separate financial statements audit
				Consolidated financial statements audit
				English financial statements review and other audit task
				Internal accounting system audit
Year ended December 31, 2024		Ernst & Young Han Young		Quarterly and semi-annual review			2,880			25,000			2,880			25,000
				Separate financial statements audit
				Consolidated financial statements audit
				English financial statements review and other audit task
				Internal accounting system audit

C.	Non-Audit Services Contracts with Independent Auditors
(Unit: in millions of Won)
---	---	---	---	---	---
Period	Contract date	Service provided	Service duration	Fee
Three months ended March 31, 2026	April 24, 2026	Consulting on enhancement of net zero strategy	April 24, 2026 – July 31, 2026		80
	April 7, 2026	Consulting on international taxation, including transfer pricing and tariffs	April 7, 2026 – March 5, 2027		65
	March 31, 2026	Consulting on enhancement of ESG management	April 2, 2026 – November 28, 2026		160
Year ended December 31, 2025	December 11, 2025	Financial confirmation letter for frequency reallocation application	December 16, 2025 – December 27, 2025		3
	July 28, 2025	Consulting on overseas value-added tax	July 28, 2025 – October 31, 2025		21
	March 28, 2025	Research on international cases of carbon neutrality information disclosures	March 28, 2025 – May 31, 2025		100
	March 26, 2025	Consulting on international taxation	March 26, 2025 – March 31, 2026		50
	March 24, 2025	Interpretation of customs value	March 24, 2025 – June 30, 2026		15
	November 25, 2022	Appeal of overseas value-added tax	December 1, 2022 – April 30, 2025		176
Year ended December 31, 2024	—	—	—		—
D.	Non-Audit Service Contracts with Network Accounting Firms of theIndependent Auditors
---	---
(Unit: in millions of Won)
---	---	---	---	---	---	---	---	---	---	---
Period		Name of networkaccounting firm		Contract date		Service provided		Service duration		Fee
Three months ended March 31, 2026		—		—		—		—		—
Year ended December 31, 2025		KPMG LLP		February 26, 2025		Tax adjustment and advisory services		February 26, 2025 – September 11, 2025		62
Year ended December 31, 2024		—		—		—		—		—
E.	Discussions Between Audit Committee and Independent Auditors
---	---
Date		Attendance		Method		Key Matters Discussed
---	---	---	---	---	---	---
February 24, 2026		Company’s Audit Committee: 4<br><br><br>Auditor: 2		In-person		Report on 2025 results of audit of financial statements; report on results of 2025 internal accounting management system audit
April 22, 2026		Company’s Audit Committee: 4<br><br><br>Auditor: 2		In-person		Report on 2025 results of Public Company Accounting Oversight Board audit
April 22, 2026		Company’s Audit Committee: 4<br><br><br>Auditor: 2		In-person		Report on audit plans for fiscal year 2026

VI.	CORPORATE ORGANIZATION INCLUDING BOARD OF DIRECTORS

1. Board of Directors

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

2. Audit System

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

3. Shareholders’ Exercise of Voting Rights

A.	Voting System
(As of March 31, 2026)
---	---	---	---	---	---	---
Classification of Voting System		Cumulative voting system		Written voting system		Electronic voting system
Adoption status		Selected		Not adopted		Adopted
Implementation status		—		—		Conducted during the 42nd General Meeting of Shareholders

The Company implemented a proxy solicitation procedure for the 42nd General Meeting of Shareholders, pursuant to which shareholders were permitted to provide written proxy to exercise their voting rights.

VII.	SHAREHOLDERS

1. Shareholdings of the Largest Shareholder and Related Persons

A.	Shareholdings of the Largest Shareholder and Related Persons
(As of March 31, 2026)									(Unit: in shares and percentages)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Name		Relationship		Type of share		Number of shares owned and ownership ratio
						Beginning of Period						End of Period
						Number ofshares			Ownershipratio			Number ofshares			Ownershipratio
SK Inc.		Largest shareholder		Common share			65,668,397			30.57			65,668,397			30.57
Tae Won Chey		Officer of affiliated company		Common share			303			0.00			303			0.00
Dong Hyun Jang		Officer of affiliated company		Common share			762			0.00			762			0.00
Young Sang Ryu		Officer of affiliated company		Common share			20,309			0.01			23,774			0.01
Jaihun Jung		Officer of the Company		Common share			0			0.00			1,518			0.00
Myung Jin Han		Officer of the Company		Common share			0			0.00			11,379			0.01
Poong Young Yoon		Officer of the Company		Common share			2,733			0.00			4,639			0.00
Chang Bo Kim		Officer of the Company		Common share			868			0.00			1,493			0.00
Mi Kyung Noh		Officer of the Company		Common share			1,846			0.00			1,846			0.00
Hae Yun Oh		Officer of the Company		Common share			3,184			0.00			3,184			0.00

Total				Common share			65,709,344			30.59			65,717,295			30.60

*	At the 42nd General Meeting of Shareholders held on March 26, 2026, Jaihun Jung was newly appointed as<br>Chief Executive Officer and Myung Jin Han was newly appointed as an executive director. As a result of their inclusion as the largest shareholder and related persons, their shareholdings have been reflected in the changes in shareholdings of the<br>largest shareholder and related persons.
---	---
**	The number of shares owned and ownership ratio as of the beginning of the period account for the 10,942 shares<br>owned by Yong-Hak Kim (former independent director) and Junmo Kim (former independent director), whose respective terms expired in March 2026.
---	---
B.	Overview of the Largest Shareholder
---	---

As of March 31, 2026, the Company’s largest shareholder was SK Inc. SK Inc. was established on April 13, 1991 and was made public on the securities market on November 11, 2009 under the identification code “034730.” SK Inc. is located at 26, Jong-ro, Jongno-gu, Seoul, Korea. SK Inc.’s telephone number is +82-2-2121-5114 and its website is https://www.sk-inc.com/.

C.	Changes in Shareholdings of the Largest Shareholder and Related Persons

Changes in shareholdings of the largest shareholder are as follows:

(As of March 31, 2026)					(Unit: in shares and percentages)
Largest Shareholder		Date of the change	Shares Held	Holding Ratio	Remarks
SK Inc.		January 29, 2024	65,736,363	30.04	Young Sang Ryu, representative director of the Company, and Jong Ryeol Kang, executive director of the Company, acquired 8,335 and 3,065<br>shares, respectively.
		March 26, 2024	65,733,123	30.60	Retirement of Youngmin Yoon, independent director of the Company (2,785 shares) and Kyu-nam Choi,<br>non-executive director of the company (455 shares)
		April 29, 2024	65,738,600	30.61	Four independent directors of the Company, Seok-Dong Kim, Junmo Kim, Mi Kyung Noh, Haeyun Oh, each acquired 978 shares. Yong-Hak Kim, another independent director of the Company, acquired<br>1,565 shares.
		September 22, 2024	65,717,070	30.60	Elimination of related party relationship of Jung Ho Park, officer of affiliated company (21,530 shares).
		March 26, 2025	65,704,484	30.59	Retirement of Jong Ryeol Kang, executive director of the Company (8,823 shares) and Seok-Dong Kim, independent director of the Company (3,763 shares).
		April 28, 2025	65,709,344	30.59	Four independent directors of the Company, Junmo Kim, Haeyun Oh, Mi Kyung Noh and Chang Bo Kim, each acquired 868 shares. Yong-Hak Kim, another independent director of the Company, acquired<br>1,388 shares.
		March 6, 2026	65,709,969	30.59	Independent director Chang Bo Kim acquired 625 shares.
		March 26, 2026	65,699,027	30.59	Retirement of two independent directors of the Company, Yong-Hak Kim (6,311 shares) and Junmo Kim (4,631 shares).
		March 26, 2026^(1)^	65,720,028^(1)^	30.60^(1)^	Young Sang Ryu, officer of affiliated company, Jaihun Jung, Chief Executive Officer of the Company, Myung Jin Han, executive director of the Company, and Poong Young Yoon, non-executive<br>director of the Company, acquired 3,465, 1,518, 11,379 and 1,906 shares, respectively.^(1)^
(1)	At the 42nd General Meeting of Shareholders held on March 26, 2026, Jaihun Jung was newly appointed as<br>Chief Executive Officer and Myung Jin Han was newly appointed as an executive director. As a result of their inclusion as the largest shareholder and related persons, their shareholdings have been reflected in the changes in shareholdings of the<br>largest shareholder and related persons.
---	---
*	The figures for shares held and holding ratio are based on the shareholding of the largest shareholder and its<br>related persons.
---	---
**	The figures for holding ratio are calculated based on the total number of issued common shares.<br>
---	---
***	The changes in holding ratio also reflects the cancellation of treasury shares (1.8% of total shares issued) in<br>February 2024.
---	---

VIII.	EMPLOYEES AND DIRECTORS

1. Officers and Employees

A.	Registered Directors
(As of March 31, 2026)
---	---	---	---	---	---	---	---	---	---	---
Name	Gender	Date of Birth		Position		Professional Background		Duration ofTerm		End ofCurrentTerm
Jaihun Jung	Male	Jun. 1968		President and Chief Executive Officer; Representative Director		Bachelor of Laws in Public Law, Seoul National University; Chief Growth Officer, SK Telecom; Chairperson, Governance Committee, SUPEX Council (Current)		1 month		—
Myung Jin Han	Male	Oct. 1973		Head of MNO CIC		Bachelor of Business Administration, Korea University; President and Chief Executive Officer, SK Square		1 month		—
Poong Young Yoon	Male	Nov. 1974		Non-executive Director		MBA, INSEAD; President, SK AX; President in Charge, SUPEX Council (Current)		1 month		—
Chang Bo Kim	Male	Jul. 1959		Independent Director		Bachelor of Laws, Seoul National University; Chief Judge, Seoul High Court; Presiding Judge, Seoul Central<br>District Court; Attorney, DR &<br> <br>AJU LLC (Current)		1 year and 1 month		—
Haeyun Oh	Female	Nov. 1974		Independent Director		Ph.D. in Electrical Engineering and Computer Science, Massachusetts Institute of Technology; Director, KAIST Center for MARS Artificial Intelligence Research; Professor of Computing, KAIST (Current); Head of Global<br>Cooperation Subcommittee, National AI Strategy Committee (Current)		3 years and 1 month		—
Mi Kyung Noh	Female	Aug. 1965		Independent Director		MBA, Sogang University; Regional Head of Credit Risk Review and Asia Pacific Risk, HSBC Hong Kong		2 years and 1 month		—
Seong Yeob Lee	Male	Aug. 1967		Independent Director		Ph.D. in Law, Seoul National University; Foreign Attorney (U.S.), Kim & Chang; Professor, Graduate School of Management of Technology, Korea University (Current); President, Korea<br>Information & Communication Technology Law Association (Current)		1 month		—
Tay Seop Lim	Male	Sep. 1963		Independent Director		Ph.D. in Business Administration, University of North Carolina; Representative Director, Macquarie Securities Korea Limited; Chief Executive Officer, Goldman Sachs Asset Management Korea; Professor of Graduate<br>School of Business, Sungkyunkwan University (Current)		1 month		—
*	At the 42nd General Meeting of Shareholders held on March 26, 2026, Jaihun Jung was newly elected as Chief<br>Executive Officer, Myung Jin Han was newly elected as an executive director, and Poong Young Yoon was newly elected as a non-executive director. Haeyun Oh was re-elected<br>as an independent director, and Seong Yeob Lee and Tay Seop Lim were newly elected as independent directors and members of the Audit Committee.
---	---

2. Compensation of Directors and Officers

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

IX.	RELATED PARTY TRANSACTIONS

1. Line of Credit Extended to the Largest Shareholder and Related Parties

None.

2.	Transfer of Assets to/from the Largest Shareholder and Related Parties and Other Transactions

None.

See Note 10 of the notes to the Company’s interim consolidated financial statements attached hereto for information relating to acquisitions and dispositions of investments in related parties.

3. Transactions with the Largest Shareholder and Related Parties

None.

4. Related Party Transactions

See Note 30 of the notes to the Company’s interim consolidated financial statements attached hereto for information regarding related party transactions.

5. Share-based Compensation Transactions with the Largest Shareholder and Related Parties

(As of March 31, 2026)
Program Name		Grantee	Relationship	GrantDate	Issuance Date(Cancellation Date)	Shares Granted		Shares Issued		Unissued
						New	Cumulative	CurrentPeriod	Cumulative	Unissuedat End ofPeriod
Performance Stock Unit (“PSU”)		Jaihun Jung	Chief<br>Executive<br>Officer	March 26,<br>2024	Within one month of the<br>Board of Directors’ 2027<br>resolution on the disposal<br>of treasury shares	—	6,449	—	—	6,449
		Myung Jin<br>Han	Executive<br>Director	March 28,<br>2023	Within one month of the<br>Board of Directors’ 2026<br>resolution on the disposal<br>of treasury shares	—	2,400	—	—	2,400**
		Young Sang<br>Ryu	Officer of<br>Affiliated<br>Company	March 28,<br>2023	Within one month of the<br>Board of Directors’ 2026<br>resolution on the<br>disposal of treasury shares	—	25,380	—	—	25,380**
				March 26,<br>2024	Within one month of the<br>Board of Directors’ 2027<br>resolution on the disposal<br>of treasury shares	—	26,555	—	—	26,555
*	Since 2023, the Company has been granting PSUs to certain of its and its subsidiaries’ directors<br>(including the representative director) and executive officers in order to align management and shareholder interests and further align growth in the Company’s enterprise value with management compensation. Future performance targets were set<br>when entering into the relevant stock compensation agreement, and the final number of shares to be received by each grantee, which would be settled out of the Company’s treasury shares, were determined based on the achievement levels of such<br>targets subject to approval by the Board of Directors.
---	---
**	The PSUs granted in 2023 will be paid following the 42nd General Meeting of Shareholders three years later (in<br>2026) in accordance with the relevant agreement. Pursuant to the resolution of the Board of Directors on the disposal of treasury shares adopted on April 27, 2026, such PSUs have been definitively converted, on an<br>after-tax basis, into 539 common shares for Myung Jin Han, executive director, and 5,905 common shares for Young Sang Ryu, officer of affiliated company, with payment scheduled for May 2026.<br>
---	---

6. Other Related Party Transactions (excluding Transactions with the Largest Shareholderand Related Parties listed above)

A.	Provisional Payment and Loans (including loans on marketable securities)
(As of March 31, 2026)												(Unit: in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Name (Corporate name)		Relationship		Account category		Change details												Accruedinterest			Remarks
						Beginning			Increase			Decrease			Ending
Baekmajang and others		Agency		Long-term and short-<br>term loans			61,096			44,867			34,691			71,272			—			—
B.	Other transactions
---	---

See Note 31 of the notes to the Company’s interim consolidated financial statements attached hereto for more information regarding other related party transactions relating to pledges and guarantees, sale and purchase of securities and real properties, transfers of business and assets, and long-term supply agreements.

See Note 30 of the notes to the Company’s interim consolidated financial statements attached hereto for more information regarding other related party transactions relating to the compensation for key management.

X.	OTHER INFORMATION RELATING TO THE PROTECTION OF INVESTORS

1. Developments in the Items Mentioned in Prior Reports on Important Business Matters

None.

2. Contingent Liabilities

A.	Legal Proceedings

[SK Telecom]

As of March 31, 2026, the Company is involved in various pending legal proceedings, and the provisions recognized for these proceedings are not material. The management of the Company has determined that there are currently no present obligations in connection with proceedings for which no provision has been recognized. The management has also determined that the outcome of these proceedings will not have a significant impact on the Company’s financial position and operating performance.

B.	Other Contingent Liabilities and Guarantees for Payment

[SK Telecom]

None.

See Note 31 of the notes to the Company’s interim consolidated financial statements attached hereto for more information regarding other contingent liabilities.

[SK Broadband]

See Note 31 of the notes to the Company’s interim consolidated financial statements attached hereto for more information regarding other contingent liabilities.

[PS&Marketing]

As of March 31, 2026, PS&Marketing has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guaranteed Amount			Guarantee Details
Seoul Guarantee Insurance Company			1,091		Performance guarantee

[SK Telink]

As of March 31, 2026, SK Telink provided the following material payment guarantees to other parties.

(Unit: in millions of Won)
Guarantor		Counterparty		Guaranteed Amount			Guarantee Details
SK Telink		Korea Coast Guard and others			1,741		Contract guarantee

As of March 31, 2026, SK Telink has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guaranteed Amount			Guarantee Details
Seoul Guarantee Insurance Company			1,010		Contract guarantee

[Home&Service]

As of March 31, 2026, Home&Service has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guaranteed Amount			Guarantee Details
Seoul Guarantee Insurance Company			38		Payment guarantees

As of March 31, 2026, Home&Service has entered into the following credit facilities with financial institutions.

(Unit: in millions of Won)
Financial Institution		Credit Limit			Details
Shinhan Bank			6,000		Revolving credit

[SK O&S]

As of March 31, 2026, SK O&S has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guaranteed Amount			Guarantee Details
Seoul Guarantee Insurance Company			50,000		Contract performance guarantee

[SK Stoa]

As of March 31, 2026, SK Stoa has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guaranteed Amount			Guarantee Details
Kookmin Bank			1,200		Performance guarantee

[Service Ace]

As of March 31, 2026, Service Ace has been provided with the following material payment guarantees by other parties.

(Unit: in millions of Won)
Guarantor		Guaranteed Amount			Guarantee Details
Seoul Guarantee Insurance Company			78		Contract performance guarantee

3. Status of Sanctions, etc.

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

4. Material Events Subsequent to the Reporting Period

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2025.

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.

SK Telecom Co., Ltd.
(Registrant)
By:	/s/ Taehee Kim
(Signature)
Name:	Taehee Kim
Title:	Vice President

Date: June 15, 2026

SK TELECOM CO., LTD. AND ITS SUBSIDIARIES

Condensed Consolidated Interim Financial Statements

For thethree-month periods ended March 31, 2026 and 2025

(With Independent Auditors’ Review Report)

Contents

Independent Auditors’ Review Report
	Page
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements of Financial Position		1
Condensed Consolidated Interim Statements of Income		3
Condensed Consolidated Interim Statements of Comprehensive<br>Income		4
Condensed Consolidated Interim Statements of Changes in Equity		5
Condensed Consolidated Interim Statements of Cash Flows		6
Notes to the Condensed Consolidated Interim Financial<br>Statements		8

Independent Auditors’ Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

SK TelecomCo., Ltd.

Reviewed financial statements

We have reviewed the accompanying condensed consolidated interim financial statements of SK Telecom Co., Ltd. and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as of March 31, 2026, the condensed consolidated interim statements of income, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2026 and 2025, and notes, including a summary of material accounting policies 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 controls as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ reviewresponsibility

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

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

Conclusion

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

Other matters

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

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.

KPMG Samjong Accounting Corp.

Seoul, Korea

May 12, 2026

This report is effective as of May 12, 2026, the review report date. Certain subsequent events or circumstances, which may occur between the review report<br>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<br>report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

SK TELECOM CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025 AND

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

The accompanying condensed consolidated interim financial statements, including all footnote disclosures, have been prepared by, and are the responsibility of, the Group.

Jung, Jaihun

Chief ExecutiveOfficer

SK TELECOM CO., LTD.

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position

As of March 31, 2026 and December 31, 2025

(In millions of won)		March 31, 2026			December 31,2025
Assets
Current Assets:
Cash and cash equivalents	28,29	~~W~~	1,474,680			1,490,024
Short-term investment securities	9,28,29		38,858			35,217
Short-term financial instruments	28,29		259,230			151,426
Accounts receivable – trade, net	5,28,29,30		1,958,799			1,918,502
Short-term loans, net	5,28,29		79,492			69,664
Accounts receivable – other, net	5,28,29,30,31		530,503			346,326
Contract assets	7,29		135,219			124,831
Prepaid expenses	6		2,239,284			2,135,763
Prepaid income taxes	26		454			6,217
Derivative financial assets	28,29		7,115			6,945
Inventories, net	8		202,071			167,640
Assets held for sale	34		157,790			143,489
Advanced payments and others	5,28,29		129,450			131,086

		****	7,212,945	****	****	6,727,130	****

Non-Current Assets:
Long-term financial instruments	28,29		386			370
Long-term investment securities	9,28,29		3,287,690			3,188,572
Investments in associates and joint ventures	10		2,271,228			2,238,470
Investment property, net	12		26,572			39,841
Property and equipment, net	11,13,30,31		11,348,717			11,902,173
Goodwill			2,072,493			2,072,493
Intangible assets, net	14		1,550,235			1,710,620
Long-term contract assets	7,29		61,916			63,778
Long-term loans, net	5,28,29		31,872			32,184
Long-term accounts receivable – other, net	5,28,29,30,31		171,621			164,762
Long-term prepaid expenses	6		1,324,162			1,280,751
Guarantee deposits, net	5,28,29,30		165,440			167,823
Long-term derivative financial assets	28,29		386,435			303,201
Defined benefit assets	18		99,554			205,477
Other non-current assets	5,28,29		10,692			10,138

		****	22,809,013	****	****	23,380,653	****

Total Assets		~~W~~	30,021,958	****	****	30,107,783	****

(Continued)

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position, Continued

As of March 31, 2026 and December 31, 2025

(In millions of won)		March 31, 2026			December 31,2025
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable – trade	28,29,30	~~W~~	205,569			110,867
Accounts payable – other	28,29,30		1,317,321			1,576,870
Withholdings	28,29,30		1,146,076			1,011,918
Contract liabilities	7		193,739			207,682
Accrued expenses	28,29		1,213,883			1,345,998
Income tax payable	26		92,236			28,482
Derivative financial liabilities	28		6,291			5,782
Short-term borrowings	15,28,29		130,000			130,000
Provisions	17,33		148,279			145,953
Current portion of long-term debt, net	15,28,29		1,089,769			1,122,584
Current portion of long-term payables – other	16,28,29		90,218			368,572
Lease liabilities	28,29,30		394,936			407,959
Liabilities held for sale	34		60,297			67,108

		6,088,614			6,529,775

Non-Current Liabilities:
Debentures, excluding current portion, net	15,28,29		7,263,684			7,294,445
Long-term borrowings, excluding current portion, net	15,28,29		300,000			300,000
Long-term payables – other	16,28,29		89,771			179,389
Long-term lease liabilities	28,29,30		1,037,335			1,117,839
Long-term contract liabilities	7		278,495			194,261
Long-term derivative financial liabilities	28,29		—			621
Long-term provisions	17		76,153			80,094
Deferred tax liabilities	26		1,445,927			1,363,191
Other non-current liabilities	28,29,30		94,362			92,876

		****	10,585,727	****	****	10,622,716	****

Total Liabilities		****	16,674,341	****	****	17,152,491	****

Shareholders’ Equity:
Share capital	1,19		30,493			30,493
Capital surplus and others	19,20		(13,850,352	)		(12,131,340	)
Retained earnings	21		24,935,298			22,938,268
Reserves	22		2,169,412			2,025,682

Equity attributable to owners of the Parent Company			13,284,851			12,863,103
Non-controlling interests			62,766			92,189

Total Shareholders’ Equity		****	13,347,617	****	****	12,955,292	****

Total Liabilities and Shareholders’ Equity		~~W~~	30,021,958	****	****	30,107,783	****

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

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Income

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

(In millions of won, except for earnings per share)		2026			2025
Operating revenue:	4,30
Revenue		~~W~~	4,392,312			4,453,717

Operating expenses:	30
Labor			634,265			671,601
Commission	6		1,364,974			1,325,088
Depreciation and amortization			846,511			867,191
Network interconnection			154,391			163,865
Leased lines			63,403			68,203
Advertising			27,554			33,924
Rent			34,874			35,683
Cost of goods sold	8		325,083			327,789
Others	23		403,666			392,989

			3,854,721			3,886,333

Operating profit	4	****	537,591	****	****	567,384	****
Finance income	4,25		45,060			43,701
Finance costs	4,25		(106,891	)		(110,700	)
Gain (loss) relating to investments in subsidiaries, associates and joint ventures, net	4,10		(15,131	)		132
Other non-operating income	4,24		12,419			14,224
Other non-operating expenses	4,24		(7,481	)		(6,861	)

Profit before income tax	4	****	465,567	****	****	507,880	****
Income tax expense	26		149,152			146,305

Profit for the period		~~W~~	316,415	****	****	361,575	****
Attributable to:
Owners of the Parent Company		~~W~~	322,389			364,422
Non-controlling interests			(5,974	)		(2,847	)
Earnings per share:	27
Basic earnings per share (in won)		~~W~~	1,490			1,689
Diluted earnings per share (in won)			1,488			1,684

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

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Comprehensive Income

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

(In millions of won)			2026			2025
Profit for the period			~~W~~	316,415	****	****	361,575	****
Other comprehensive income (loss):
Items that will not be reclassified subsequently to profit or loss, net of taxes:
Net change in accumulated other comprehensive income (loss) of investments in associates and joint<br>ventures	10,22			(35,930	)		28,108
Remeasurement of defined benefit plans				(28,622	)		(22,333	)
Valuation gain (loss) on financial assets at fair value through other comprehensive<br>income	22			55,137			(25,605	)
Items that are or may be reclassified subsequently to profit or loss, net oftaxes:
Net change in accumulated other comprehensive income (loss) of investments in associates and joint<br>ventures	10,22			70,939			(246	)
Net change in unrealized fair value of derivatives	22			5,707			4,583
Foreign currency translation differences for foreign operations	22			55,607			(1,294	)

Other comprehensive income (loss) for the period, net of taxes		****	****	122,838	****	****	(16,787	)

Total comprehensive income		****	~~W~~	439,253	****	****	344,788	****

Total comprehensive income (loss) attributable to:
Owners of the Parent Company			~~W~~	445,710			347,317
Non-controlling interests				(6,457	)		(2,529	)

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

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

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

(In millions of won)			Attributable to owners of the Parent Company															Non-<br>controllinginterests			Totalequity
	Note		Share capital			Capital surplus<br>and others			Retainedearnings			Reserves			Sub-total
Balance as of January 1, 2025			~~W~~	30,493	****	****	(11,954,936	)	****	22,976,127	****	****	646,943	****	****	11,698,627	****	****	129,007	****	****	11,827,634	****
Total comprehensive income (loss):
Profit (loss) for the period				—			—			364,422			—			364,422			(2,847	)		361,575
Other comprehensive income (loss)		10,22		—			—			(24,814	)		7,709			(17,105	)		318			(16,787	)

				—			—			339,608			7,709			347,317			(2,529	)		344,788

Transactions with owners:
Annual dividends				—			—			(223,531	)		—			(223,531	)		(1,533	)		(225,064	)
Share option		20		—			(107	)		—			—			(107	)		—			(107	)
Interest on hybrid bonds				—			—			(4,950	)		—			(4,950	)		—			(4,950	)
Changes in ownership in subsidiaries, etc.				—			1,990			—			—			1,990			(2,434	)		(444	)

				—			1,883			(228,481	)		—			(226,598	)		(3,967	)		(230,565	)

Balance as of March 31, 2025			~~W~~	30,493	****	****	(11,953,053	)	****	23,087,254	****	****	654,652	****	****	11,819,346	****	****	122,511	****	****	11,941,857	****

Balance as of January 1, 2026			~~W~~	30,493	****	****	(12,131,340	)	****	22,938,268	****	****	2,025,682	****	****	12,863,103	****	****	92,189	****	****	12,955,292	****
Total comprehensive income (loss):
Profit (loss) for the period				—			—			322,389			—			322,389			(5,974	)		316,415
Other comprehensive income (loss)		10,22		—			—			(20,409	)		143,730			123,321			(483	)		122,838

				—			—			301,980			143,730			445,710			(6,457	)		439,253

Transactions with owners:
Transfer from paid-in surplus to retained earnings				—			(1,700,000	)		1,700,000			—			—			—			—
Share option		20		—			(623	)		—			—			(623	)		—			(623	)
Interest on hybrid bonds				—			—			(4,950	)		—			(4,950	)		—			(4,950	)
Disposal of treasury shares		19		—			1,191			—			—			1,191			—			1,191
Changes in ownership in subsidiaries, etc.				—			(19,580	)		—			—			(19,580	)		(22,966	)		(42,546	)

				—			(1,719,012	)		1,695,050			—			(23,962	)		(22,966	)		(46,928	)

Balance as of March 31, 2026			~~W~~	30,493	****	****	(13,850,352	)	****	24,935,298	****	****	2,169,412	****	****	13,284,851	****	****	62,766	****	****	13,347,617	****

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

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows

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

(In millions of won)		2026			2025
Cash flows from operating activities:
Cash generated from operating activities:
Profit for the period		~~W~~	316,415			361,575
Adjustments for income and expenses	32		1,139,376			1,159,433
Changes in assets and liabilities related to operating activities	32		(291,760	)		(178,924	)

			1,164,031			1,342,084
Interest received			9,947			15,266
Dividends received			6,486			7,458
Interest paid			(94,165	)		(110,472	)
Income tax paid			(22,062	)		(2,304	)

Net cash provided by operating activities		****	1,064,237	****	****	1,252,032	****

Cash flows from investing activities:
Cash inflows from investing activities:
Decrease in short-term financial instruments, net			—			109,390
Proceeds from disposals of short-term investment securities			26,624			—
Collection of short-term loans			37,589			28,004
Proceeds from disposals of long-term investment securities			14,643			1,937
Proceeds from disposals of investments in associates and joint ventures			9,275			—
Proceeds from disposals of property and equipment			2,455			4,134
Proceeds from disposals of intangible assets			1,222			4,468
Proceeds from disposals of assets held for sale			52			—
Collection of long-term loans			987			694
Decrease in deposits			1,488			2,888
Proceeds from settlement of derivatives			132			447
Proceeds from disposals of subsidiaries			—			61,084

			94,467			213,046
Cash outflows for investing activities:
Increase in short-term financial instruments, net			(102,804	)		—
Increase in long-term financial instruments			(16	)		—
Increase in short-term loans			(45,624	)		(36,843	)
Increase in long-term loans			(2,395	)		(3,922	)
Acquisitions of short-term investment securities			(30,000	)		(40,000	)
Acquisitions of long-term investment securities			(2,779	)		(13,830	)
Acquisitions of investments in associates and joint ventures			(4,000	)		(1,006	)
Acquisitions of property and equipment			(361,282	)		(542,292	)
Acquisitions of intangible assets			(21,393	)		(11,068	)
Increase in deposits			(1,173	)		(8,466	)
Cash decrease due to changes in consolidation scope			—			(19,303	)

			(571,466	)		(676,730	)

Net cash used in investing activities		~~W~~	(476,999	)	****	(463,684	)

(Continued)

SK TELECOM CO., LTD. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows, Continued

For the three-month periods ended March 31, 2026 and 20254

(In millions of won)	2026			2025
Cash flows from financing activities:
Cash inflows from financing activities:
Proceeds from issuance of debentures	~~W~~	238,973			430,303
Proceeds from short-term borrowings, net		—			200,000
Transactions with non-controlling shareholders		—			971

		238,973			631,274
Cash outflows for financing activities:
Repayments of long-term payables – other		(369,150	)		(369,150	)
Repayments of debentures		(380,000	)		(487,340	)
Repayments of long-term borrowings		(3,125	)		(203,125	)
Payments of interest on hybrid bonds		(4,950	)		(4,950	)
Repayments of lease liabilities		(92,066	)		(82,358	)

		(849,291	)		(1,146,923	)

Net cash used in financing activities	****	(610,318	)	****	(515,649	)

Net increase (decrease) in cash and cash equivalents	****	(23,080	)	****	272,699	****
Cash and cash equivalents at beginning of the period		1,490,024			2,023,721
Effects of exchange rate changes on cash and cash equivalents		11,128			819
Cash and cash equivalents included in assets held for sale		(3,392	)		—

Cash and cash equivalents at end of the period	~~W~~	1,474,680	****	****	2,297,239	****

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

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

1.	Reporting Entity
(1)	General
---	---

SK Telecom Co., Ltd. (the “Parent Company”) was incorporated on March 29, 1984, under the laws of the Republic of Korea (“Korea”) to provide cellular telephone communication services in Korea. The head office of the Parent Company is located at 65, Eulji-ro, Jung-gu, Seoul, Korea.

The Parent Company’s common shares are listed on the Stock Market of Korea Exchange, and its depositary receipts (DRs) are listed on the New York Stock Exchange. As of March 31, 2026, the Parent Company’s total issued shares are held by the following shareholders:


SK Inc.	65,668,397	30.57
National Pension Service	16,817,486	7.83
Institutional investors and other shareholders	126,668,526	58.98
Kakao Investment Co., Ltd.	3,846,487	1.79
Treasury shares	1,789,157	0.83

	214,790,053	100.00

These condensed consolidated interim financial statements comprise the Parent Company and its subsidiaries (collectively referred to as the “Group”).

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

1.	Reporting Entity, Continued
(2)	List of consolidated subsidiaries
---	---

List of consolidated subsidiaries as of March 31, 2026 and December 31, 2025 is as follows:

					*Ownership (%)(1)**
Subsidiary			Location	Primary business	Mar. 31,<br>2026		Dec. 31,2025
Subsidiaries owned by the Parent Company		SK Telink Co., Ltd.	Korea	International telecommunication and Mobile Virtual Network Operator service		100.0		100.0
		SK Broadband Co., Ltd.(*2)	Korea	Fixed-line telecommunication services		100.0		99.1
		PS&Marketing Corporation	Korea	Communications device retail business		100.0		100.0
		SERVICE ACE Co., Ltd.	Korea	Call center management service		100.0		100.0
		SERVICE TOP Co., Ltd.	Korea	Call center management service		100.0		100.0
		SK O&S Co., Ltd.	Korea	Base station maintenance service		100.0		100.0
		SK Telecom China Holdings Co., Ltd.	China	Investment (Holdings company)		100.0		100.0
		Atlas Investment	Cayman<br>Islands	Investment		100.0		100.0
		SK Telecom Americas, Inc.	USA	Information gathering and consulting		100.0		100.0
		Happy Hanool Co., Ltd.	Korea	Service		100.0		100.0
		SK stoa Co., Ltd.	Korea	Other telecommunication retail business		100.0		100.0
		SAPEON Inc.	USA	Investment (Holdings company)		62.5		62.5
		Astra AI Infra LLC	USA	Investment		100.0		100.0
Subsidiaries owned by SK Broadband Co., Ltd.		Home & Service Co., Ltd.	Korea	Operation of information and communication facility		100.0		100.0
		Media S Co., Ltd.	Korea	Production and supply services of broadcasting programs		100.0		100.0
Subsidiary owned by SK Telecom Americas, Inc.		Global AI Platform Corporation	USA	Software development and supply business		100.0		100.0
Subsidiary owned by Global AI Platform Corporation		Global AI Platform Corporation Korea	Korea	Software development and supply business		100.0		100.0
Subsidiary owned by Atlas Investment		Forest AI Investment	Cayman<br>Islands	Investment		100.0		100.0
Other(*3)		SK Telecom Innovation Fund, L.P.	USA	Investment		100.0		100.0
(*1)	The ownership interest represents direct ownership interest in subsidiaries either by the Parent Company or<br>subsidiaries of the Parent Company.
---	---
(*2)	Pursuant to a resolution of the Board of Directors on March 26, 2026, the Parent Company entered into a<br>share swap agreement with SK Broadband Co., Ltd. through a small-scale and simplified share swap. Based on the terms and conditions of the agreement, the Parent Company concluded that, as of the agreement date, it had, in substance, an existing<br>ownership interest in SK Broadband Co., Ltd. Accordingly, the shares were accounted for as the Parent Company’s ownership interest.
---	---
(*3)	Other is owned by Atlas Investment and another subsidiary of the Parent Company.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

1.	Reporting Entity, Continued
(3)	Condensed financial information of subsidiaries
---	---
1)	Condensed financial information of significant consolidated subsidiaries as of and for the three-month period<br>ended March 31, 2026 is as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		As of March 31, 2026										For the three-month period<br>ended March 31, 2026
Subsidiary		Total assets				Totalliabilities			Totalequity			Revenue			Profit(loss)
SK Telink Co., Ltd.		~~W~~	211,704				118,128			93,576			76,440			3,554
SK Broadband Co., Ltd.			7,039,345				4,153,291			2,886,054			1,153,198			72,815
PS&Marketing Corporation			536,608				287,273			249,335			380,735			5,359
SERVICE ACE Co., Ltd.			86,383				63,618			22,765			44,702			187
SERVICE TOP Co., Ltd.			63,506				41,465			22,041			37,159			695
SK O&S Co., Ltd.			99,052				66,289			32,763			72,228			(593	)
Home & Service Co., Ltd.			137,873				99,310			38,563			128,829			1,004
SK stoa Co., Ltd.			133,206				61,378			71,828			73,118			4,681
2)	Condensed financial information of significant consolidated subsidiaries as of December 31, 2025 and for<br>the three-month period ended March 31, 2025 is as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		As of December 31, 2025										For the three-month period<br>ended March 31, 2025
Subsidiary		Total assets				Totalliabilities			Totalequity			Revenue			Profit(loss)
SK Telink Co., Ltd.		~~W~~	205,972				62,038			143,934			88,090			4,306
SK Broadband Co., Ltd.			6,824,041				4,011,668			2,812,373			1,115,660			64,702
PS&Marketing Corporation			454,512				210,013			244,499			350,887			4,203
SERVICE ACE Co., Ltd.			97,050				68,222			28,828			48,396			593
SERVICE TOP Co., Ltd.			69,385				46,453			22,932			41,970			550
SK O&S Co., Ltd.			124,327				87,023			37,304			72,641			542
Home & Service Co., Ltd.			148,382				110,021			38,361			129,286			(66	)
SK stoa Co., Ltd.			134,596				67,405			67,191			76,515			3,530
SK m&service Co., Ltd.(*)			—				—			—			46,240			(4,407	)
(*)	The condensed financial information of SK m&service Co., Ltd. represents the financial information up to<br>the date of disposal.
---	---
(4)	Changes in subsidiaries
---	---

There was no subsidiary newly included or excluded in the condensed consolidated interim financial statements for the three-month period ended March 31, 2026.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

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

These condensed consolidated interim financial statements were prepared in accordance with Korean International Financial Reporting Standard (“KIFRS”) 1034 Interim Financial Reporting as part of the period covered by the Group’s KIFRS annual financial statements. These condensed consolidated interim financial statements do not include all of the disclosures required for full annual financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since December 31, 2025. The accompanying condensed consolidated interim financial statements have been translated into English from the Korean language financial statements.

(2)	Use of estimates and judgments
1)	Critical judgments, assumptions and estimation uncertainties
---	---

The preparation of the condensed consolidated interim 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.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ended December 31, 2025.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

2.	Basis of Preparation, Continued
(2)	Use of estimates and judgments, Continued
---	---
2)	Fair value measurement
---	---

The Group’s accounting policies and disclosures require the measurement of fair values, for both a number of financial and non-financial assets and liabilities. The Group has established policies and processes with respect to the measurement of fair values, including Level 3 fair values, and the measurement of fair values is reviewed and directly reported to the finance executives.

The Group 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 Group 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 valuations 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:

•	Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;<br>
•	Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or<br>liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
---	---
•	Level 3: inputs for the asset or liability that are not based on observable market data (unobservable<br>inputs).
---	---

If the inputs used to measure the fair value of an asset or a liability fall into 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.

The information about assumptions used for fair value measurements is included in note 29.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

3.	Material Accounting Policies

The material accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2025, except for the adoption of new and revised KIFRS applied from January 1, 2026, which are summarized below.

(1)	New and amended standards and interpretations applied by the Group

The Group has applied the following new and amended standards and interpretations for annual period beginning after January 1, 2026. The following amended KIFRS is effective from January 1, 2026 and it did not have a material impact on the Group’s condensed consolidated interim financial statements.

•	Classification and measurement of financial instruments (Amendments to KIFRS 1109 ‘FinancialInstruments’ and KIFRS 1107 ‘Financial Instruments: Disclosures’)
•	Contracts referencing nature-dependent electricity (Amendments to KIFRS 1109 ‘FinancialInstruments’ and KIFRS 1107 ‘Financial Instruments: Disclosures’)
---	---
•	Annual Improvements to KIFRS - Volume 11
---	---
(2)	New and amended standards and interpretations that are issued, but not yet applied by the Group<br>
---	---

The new and amended standard and interpretation that is issued, but not yet effective is disclosed below.

•	KIFRS 1118 ‘Presentation and Disclosure in Financial Statements’

KIFRS 1118 ‘Presentation and Disclosure in Financial Statements’ replaces KIFRS 1001 ‘Presentation of FinancialStatements’. KIFRS 1118 is expected to enhance comparability of financial performance among similar entities by providing useful information to users in analyzing and comparing an entity’s financial performance, with a focus on the statement of profit or loss.

KIFRS 1118 shall be applied for annual periods beginning on or after January 1, 2027, and earlier application is permitted. An entity shall apply this standard retrospectively in accordance with KIFRS 1008 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. Accordingly, comparative information for the annual period ended December 31, 2026 will be restated in accordance with KIFRS 1118.

The Group is currently analyzing the key accounting policies that are expected to result in significant differences from those applied in the current financial statements upon adoption of KIFRS 1118.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

4.	Operating Segments

The Group’s operating segments have been identified to be each business unit, by which the Group provides different services and sells merchandise. The Group’s reportable segments include: cellular services, which mainly include cellular voice service, wireless data service and wireless internet services; fixed-line telecommunication services, which mainly include telephone services, internet services, and leased line services; and all other businesses, which include providing shopping channel and digital platform for selling products and other immaterial operations, each of which does not meet the quantitative threshold to be considered as a reportable segment and are presented collectively as others.

(1)	Segment information for the three-month periods ended March 31, 2026 and 2025 are as follows:<br>
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three-month period ended March 31, 2026
		Cellular<br>services				Fixed-line<br>telecommunication<br>services			Others			Sub-total			Elimination			Total
Total revenue		~~W~~	3,640,613				1,361,902			77,193			5,079,708			(687,396	)		4,392,312
Inter-segment revenue			371,825				312,667			2,904			687,396			(687,396	)		—
External revenue			3,268,788				1,049,235			74,289			4,392,312			—			4,392,312
Operating profit			414,888				120,700			2,652			538,240			(649	)		537,591
Finance income (costs), net																			(61,831	)
Loss relating to investments in associates and joint ventures, net																			(15,131	)
Other non-operating income (expense),<br>net																			4,938
Profit before income tax																			465,567
(In millions of won)
		For the three-month period ended March 31, 2025
		Cellular<br>services				Fixed-line<br>telecommunication<br>services			Others			Sub-total			Elimination			Total
Total revenue		~~W~~	3,681,348				1,337,053			130,617			5,149,018			(695,301	)		4,453,717
Inter-segment revenue			377,926				302,999			14,376			695,301			(695,301	)		—
External revenue			3,303,422				1,034,054			116,241			4,453,717			—			4,453,717
Operating profit (loss)			485,129				101,028			(6,948	)		579,209			(11,825	)		567,384
Finance income (costs), net																			(66,999	)
Gain relating to investments in subsidiaries, associates and joint ventures,<br>net																			132
Other non-operating income (expense),<br>net																			7,363
Profit before income tax																			507,880

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

4.	Operating Segments, Continued
(1)	Segment information for the three-month periods ended March 31, 2026 and 2025 are as follows, Continued:<br>
---	---

The Group principally operates its businesses in Korea, and substantially all of its operations are conducted in Korea, with activities outside Korea being immaterial. Therefore, no entity-wide geographical information is presented.

No single customer contributed 10% or more to the Group’s total revenue for the three-month period ended March 31, 2026 and for the year ended December 31, 2025.

(2)	Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing<br>and uncertainty of the Group’s revenue and future cash flows is as follows:
(In millions of won)				For the three-month period ended
---	---	---	---	---	---	---	---	---	---	---
				March 31, 2026				March 31, 2025
Goods and Services transferred at a point in time:
Cellular revenue		Goods and others(*1)		~~W~~	292,769				270,881
Fixed-line telecommunication revenue		Goods and others			26,997				15,753
Other revenue		Others(*2)			73,067				88,991

					392,833				375,625

Goods and Services transferred over time:
Cellular revenue		Wireless service(*3)			2,520,900				2,593,267
		Cellular interconnection			88,823				94,999
		Other(*4)			366,296				344,275
Fixed-line telecommunication revenue		Fixed-line service			31,162				39,345
		Cellular interconnection			3,244				3,452
		Internet Protocol Television(*5)			452,691				456,284
		International calls			40,406				50,804
		Internet service and miscellaneous(*6)			494,735				468,417
Other revenue		Miscellaneous			1,222				27,249

					3,999,479				4,078,092

				~~W~~	4,392,312				4,453,717

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

4.	Operating Segments, Continued
(2)	Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing<br>and uncertainty of the Group’s revenue and future cash flows is as follows, Continued:
---	---
(*1)	Cellular revenue includes revenue from sales of handsets and other electronic accessories.<br>
---	---
(*2)	Other revenue includes revenue from considerations received for providing data-broadcasting channel and<br>broadcasting services for product sale programs, as well as revenue from the sale of goods through data-broadcasting channel.
---	---
(*3)	Wireless service revenue includes revenue from wireless voice and data transmission services, which is<br>collected from the wireless subscribers.
---	---
(*4)	Other revenue includes revenue from billing and collection services, solution services, and other miscellaneous<br>services.
---	---
(*5)	Internet Protocol Television (“IPTV”) service revenue includes revenue from IPTV services<br>principally derived from usage charges to IPTV subscribers.
---	---
(*6)	Internet service and miscellaneous revenue includes revenue from high speed broadband internet service<br>principally derived from usage charges to subscribers as well as other miscellaneous services.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

5.	Trade and Other Receivables
(1)	Details of trade and other receivables as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---
		Gross<br>amount				Lossallowance				Carryingamount
Current assets:
Accounts receivable – trade		~~W~~	2,236,491				(277,692	)			1,958,799
Short-term loans			80,202				(710	)			79,492
Accounts receivable – other(*)			552,073				(21,570	)			530,503
Accrued income			1,635				—				1,635
Guarantee deposits (Other current assets)			99,010				—				99,010

			2,969,411				(299,972	)			2,669,439
Non-current assets:
Long-term loans			51,118				(19,246	)			31,872
Long-term accounts receivable – other			171,621				—				171,621
Guarantee deposits			165,440				—				165,440
Long-term accounts receivable – trade (Other<br>non-current assets)			8,704				(2	)			8,702

			396,883				(19,248	)			377,635

		~~W~~	3,366,294				(319,220	)			3,047,074

(*)	Gross and carrying amounts of accounts receivable – other as of March 31, 2026 include<br>~~W~~335,873 million of financial instruments classified as fair value through profit or loss (“FVTPL”).
---	---
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
		Gross<br>amount				Lossallowance				Carryingamount
Current assets:
Accounts receivable – trade		~~W~~	2,185,983				(267,481	)			1,918,502
Short-term loans			70,271				(607	)			69,664
Accounts receivable – other(*)			366,785				(20,459	)			346,326
Accrued income			1,998				—				1,998
Guarantee deposits (Other current assets)			102,396				—				102,396

			2,727,433				(288,547	)			2,438,886
Non-current assets:
Long-term loans			51,431				(19,247	)			32,184
Long-term accounts receivable – other			164,762				—				164,762
Guarantee deposits			167,823				—				167,823
Long-term accounts receivable – trade (Other<br>non-current assets)			8,402				(1	)			8,401

			392,418				(19,248	)			373,170

		~~W~~	3,119,851				(307,795	)			2,812,056

(*)	Gross and carrying amounts of accounts receivable – other as of December 31, 2025 include<br>~~W~~189,963 million of financial instruments classified as fair value through profit or loss (“FVTPL”).
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

5.	Trade and Other Receivables, Continued
(2)	Changes in the loss allowance on trade and other receivables measured at amortized cost for the three-month<br>periods ended March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three-month period ended March 31, 2026
		Beginningbalance				Impairment			*Write-offs()**			Collection ofreceivablespreviously<br>written- off			Transfer			Ending<br>balance
Accounts receivable – trade		~~W~~	267,482				10,214			(1,671	)		1,854			(185	)		277,694
Accounts receivable – other, etc.			40,313				1,208			(56	)		64			(3	)		41,526

		~~W~~	307,795				11,422			(1,727	)		1,918			(188	)		319,220

(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three-month period ended March 31, 2025
		Beginningbalance				Impairment			*Write-offs()**			Collection ofreceivablespreviously<br>written- off			Ending<br>balance
Accounts receivable – trade		~~W~~	258,030				7,502			(2,372	)		2,178			265,338
Accounts receivable – other, etc.			67,586				858			(72	)		190			68,562

		~~W~~	325,616				8,360			(2,444	)		2,368			333,900

(*)	The Group writes off the trade and other receivables that are determined to be uncollectable due to reasons<br>such as termination of operations or bankruptcy.
---	---
(3)	The Group applies the practical expedient that allows the Group to estimate the loss allowance for accounts<br>receivable – trade at an amount equal to the lifetime expected credit losses. The expected credit losses include the forward-looking information. To make the assessment, the Group uses its historical credit loss experience over the past three<br>years and classifies the accounts receivable – trade by their credit risk characteristics and days overdue.
---	---

Due to the nature of its business, which involves both fixed-line and wireless telecommunications, the Group’s accounts receivables from telecommunications revenue primarily consist of receivables from individual customers. As there are no significant differences in credit terms among customers, there is no material concentration of credit risk.

Receivables related to other revenue mainly consist of receivables from corporate customers. The Group transacts only with corporate customers whose credit risk is assessed as low. In addition, the Group is not exposed to significant credit concentration risk as the Group monitors the credit ratings of these customers on a regular basis and evaluates their creditworthiness accordingly. Although contract assets are subject to the expected credit loss assessment, no significant credit risk has been identified.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

6.	Prepaid Expenses

The Group pays commissions to its retail stores and authorized dealers, primarily for wireless and fixed-line telecommunication services based on their performance of attracting new customers and renewing contracts with existing customers. The Group recognizes costs among the commissions that would not have incurred if a contract had not been entered into with a customer as prepaid expenses. These prepaid expenses are amortized on a straight-line basis over the expected customer retention periods.

(1)	Details of prepaid expenses as of March 31, 2026 and December 31, 2025 are as follows:<br>
(In millions of won)
---	---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Current assets:
Incremental costs of obtaining contracts		~~W~~	2,134,502				2,061,667
Others			104,782				74,096

		~~W~~	2,239,284				2,135,763

Non-current assets:
Incremental costs of obtaining contracts		~~W~~	1,257,659				1,208,600
Others			66,503				72,151

		~~W~~	1,324,162				1,280,751

(2)	Incremental costs of obtaining contracts
---	---

Amortization in connection with incremental costs of obtaining contracts recognized as an asset for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)		For the three-month period ended
		March 31, 2026				March 31, 2025
Amortization recognized		~~W~~	689,826				626,412

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

7.	Contract Assets and Liabilities

In case of providing both wireless telecommunication services and sales of handsets, the Group allocated the consideration based on relative stand-alone selling prices and recognized unbilled receivables from handset sales as contract assets. The Group recognized receipts in advance for prepaid telecommunications services and solution services, and unearned revenue for customer loyalty programs as contract liabilities.

(1)	Details of contract assets and liabilities as of March 31, 2026 and December 31, 2025 are as follows:<br>
(In millions of won)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Contract assets		~~W~~	197,135				188,609
Contract liabilities:
Wireless service contracts			22,539				21,807
Customer loyalty programs			6,184				5,920
Fixed-line service contracts			377,116				288,421
Others			66,395				85,795

		~~W~~	472,234				401,943

(2)	Amounts of revenue recognized for the three-month periods ended March 31, 2026 and 2025 related to the<br>contract liabilities carried forward from the prior periods are ~~W~~55,126 million and ~~W~~38,175 million, respectively.
---	---
8.	Inventories
---	---
(1)	Details of inventories as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026										December 31, 2025
		Acquisitioncost				Valuationallowance			Carryingamount			Acquisitioncost			Valuationallowance			Carryingamount
Merchandise		~~W~~	191,505				(6,291	)		185,214			160,996			(6,942	)		154,054
Supplies			16,857				—			16,857			13,586			—			13,586

		~~W~~	208,362				(6,291	)		202,071			174,582			(6,942	)		167,640

(2)	Inventories recognized as operating expenses for the three-month periods ended March 31, 2026 and 2025 are<br>~~W~~324,482 million and ~~W~~327,157 million, respectively, which are included in cost of goods sold. In addition, reversal of valuation losses on inventories are included in the cost of goods sold and other<br>operating expenses amount to ~~W~~1,294 million and ~~W~~615 million for the three-month periods ended March 31, 2026 and 2025, respectively.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

9.	Investment Securities
(1)	Details of short-term investment securities as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---
		Category			March 31, 2026				December 31, 2025
Beneficiary certificates			FVTPL		~~W~~	38,858				35,217
(2)	Details of long-term investment securities as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---
		Category			March 31, 2026				December 31, 2025
Equity instruments			FVOCI	(*)	~~W~~	3,129,548				3,025,988
Debt instruments			FVTPL			158,142				162,584

					~~W~~	3,287,690				3,188,572

(*)	The Group designated investments in equity instruments that are not held for trading as financial assets at<br>FVOCI.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

10.	Investments in Associates and Joint Ventures
(1)	Investments in associates and joint ventures accounted for using the equity method as of March 31, 2026<br>and December 31, 2025 are as follows:
---	---
(In millions of won)					March 31, 2026							December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Country			Ownership<br>(%)			Carryingamount				Ownership(%)			Carryingamount
Investments in associates:
SK China Company Ltd.			China			27.3		~~W~~	1,071,966				27.3		~~W~~	1,045,903
Korea IT Fund(*1)			Korea			63.3			370,563				63.3			370,482
UniSK			China			49.0			29,736				49.0			26,442
SK Technology Innovation Company(*2)			Cayman Islands			49.0			26,974				49.0			33,523
SK MENA Investment B.V.			Netherlands			32.1			6,953				32.1			6,612
SK South East Asia Investment Pte. Ltd.			Singapore			20.0			390,182				20.0			368,776
Citadel Pacific Telecom Holdings, LLC(*3)			USA			15.0			58,787				15.0			55,167
SM Culture & Contents Co., Ltd.			Korea			22.8			29,496				22.8			29,305
Home Choice Corp.(*3)			Korea			17.8			1,282				17.8			2,773
Konan Technology Inc.(*3)			Korea			18.9			4,479				18.9			5,070
CMES Robotics Inc. (Formerly, CMES Inc.)(*3)			Korea			6.5			6,692				6.5			6,999
SK Japan Inc. (Formerly, SK telecom Japan Inc.)			Japan			24.9			3,867				24.9			3,629
Rebellions Inc.(*3)			Korea			18.1			169,325				18.2			187,466
SK m&service Co., Ltd.			Korea			30.0			24,434				30.0			24,551
Start-up Win-Win<br>Fund and others(*3,4)			—			—			70,890				—			65,661

								~~W~~	2,265,626						~~W~~	2,232,359

Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund(*5)			Korea			48.2			5,602				48.2			6,111

								~~W~~	2,271,228						~~W~~	2,238,470

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

10.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures accounted for using the equity method as of March 31, 2026<br>and December 31, 2025 are as follows, Continued:
---	---
(*1)	Investment in Korea IT Fund was classified as investment in associates as the Group does not have control over<br>the investee under the contractual agreement with other shareholders.
---	---
(*2)	The Group received ~~W~~7,861 million from the<br>paid-in capital reduction of SK Technology Innovation Company for the three-month period ended March 31, 2026, with no change in ownership interest.
---	---
(*3)	These investments were classified as investments in associates as the Group can exercise significant influence<br>through its right to appoint the members of the board of directors even though the Group has less than 20% of equity interests.
---	---
(*4)	The Group newly contributed ~~W~~4,000 million in cash to Solaire IPTV Video Fund for the<br>three-month period ended March 31, 2026.
---	---
(*5)	This investment was classified as investment in joint venture as the Group has a joint control pursuant to the<br>agreement with the other shareholders.
---	---
(2)	Market value of investments in listed associates as of March 31, 2026 and December 31, 2025 are as<br>follows:
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026										December 31, 2025
		Market priceper share<br>(in won)				Number ofshares			Marketvalue			Market price<br>per share<br>(in won)			Number ofshares			Marketvalue
SM Culture & Contents Co., Ltd.		~~W~~	1,092				22,033,898			24,061			1,330			22,033,898			29,305
Konan Technology Inc.			17,610				2,359,160			41,545			19,710			2,359,160			46,499
CMES Robotics Inc. (Formerly, CMES Inc.)			29,200				763,968			22,308			33,100			763,968			25,287

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

10.	Investments in Associates and Joint Ventures, Continued
(3)	Reconciliations of financial information of material associates to carrying amounts of investments in<br>associates in the consolidated financial statements as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026
		Net assets			Ownershipinterests (%)			Net assetsattributableto theownershipinterests			Cost-bookvaluedifferentials			Carryingamount
Korea IT Fund		~~W~~	585,099			63.3			370,563			—			370,563
SK China Company Ltd.			3,537,551			27.3			964,733			107,233			1,071,966
SK South East Asia Investment Pte. Ltd.(*1)			1,950,910			20.0			390,182			—			390,182
Rebellions Inc.(*2,3)			(506,451	)		18.1			(177,903	)		347,228			169,325
(*1)	Net assets of the entity represent net assets excluding those attributable to the non-controlling interests.
---	---
(*2)	Net assets of the entity exclude the goodwill held by Rebellions Inc. at the time the investment in the<br>associate was recognized.
---	---
(*3)	The ownership interest is based on the number of shares owned by the Parent Company divided by the total shares<br>issued by the investee, and the effective ownership interest applied for the equity method is 35.1% as of March 31, 2026.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

10.	Investments in Associates and Joint Ventures, Continued
(3)	Reconciliations of financial information of material associates to carrying amounts of investments in<br>associates in the consolidated financial statements as of March 31, 2026 and December 31, 2025 are as follows, Continued:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		December 31, 2025
		Net assets			Ownershipinterests (%)			Net assetsattributableto theownershipinterests			Cost-bookvaluedifferentials			Carryingamount
Korea IT Fund		~~W~~	584,972			63.3			370,482			—			370,482
SK China Company Ltd.			3,461,533			27.3			944,111			101,792			1,045,903
SK South East Asia Investment Pte. Ltd.(*1)			1,843,880			20.0			368,776			—			368,776
Rebellions Inc.(*2,3)			(462,479	)		18.2			(163,255	)		350,721			187,466
(*1)	Net assets of the entity represent net assets excluding those attributable to the non-controlling interests.
---	---
(*2)	Net assets of the entity exclude the goodwill held by Rebellions Inc. at the time the investment in the<br>associate was recognized.
---	---
(*3)	The ownership interest is based on the number of shares owned by the Parent Company divided by the total shares<br>issued by the investee, and the effective ownership interest applied for the equity method is 35.3% as of December 31, 2025.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

10.	Investments in Associates and Joint Ventures, Continued
(4)	Changes in investments in associates and joint ventures accounted for using the equity method for the<br>three-month periods ended March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Acquisitionanddisposal			Share of profit<br>(loss)			Other<br>compre-<br>hensive<br>income(loss)			Ending<br>balance
Investments in associates:
SK China Company Ltd.		~~W~~	1,045,903				—			2,658			23,405			1,071,966
Korea IT Fund			370,482				—			81			—			370,563
UniSK			26,442				—			1,445			1,849			29,736
SK Technology Innovation Company			33,523				(7,754	)		(362	)		1,567			26,974
SK MENA Investment B.V.			6,612				—			(13	)		354			6,953
SK South East Asia Investment Pte. Ltd.			368,776				—			1,192			20,214			390,182
Citadel Pacific Telecom Holdings, LLC			55,167				—			(896	)		4,516			58,787
SM Culture & Contents Co., Ltd.			29,305				—			112			79			29,496
Home Choice Corp.			2,773				—			(1,415	)		(76	)		1,282
Konan Technology Inc.			5,070				—			(591	)		—			4,479
CMES Robotics Inc. (Formerly, CMES Inc.)			6,999				16			(322	)		(1	)		6,692
SK Japan Inc. (Formerly, SK telecom Japan Inc.)			3,629				—			121			117			3,867
Rebellions Inc.			187,466				(762	)		(16,409	)		(970	)		169,325
SK m&service Co., Ltd			24,551				—			50			(167	)		24,434
Start-up Win-Win<br>Fund and others			65,661				4,000			454			775			70,890

			2,232,359				(4,500	)		(13,895	)		51,662			2,265,626
Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund			6,111				—			(509	)		—			5,602

		~~W~~	2,238,470				(4,500	)		(14,404	)		51,662			2,271,228

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

10.	Investments in Associates and Joint Ventures, Continued
(4)	Changes in investments in associates and joint ventures accounted for using the equity method for the<br>three-month periods ended March 31, 2026 and 2025 are as follows, Continued:
---	---
(In millions of won)		For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginningbalance				Acquisitionanddisposal			Share of profit<br>(loss)			Other<br>compre-hensive<br>income(loss)			Otherchanges			Ending<br>balance
Investments in associates:
SK China Company Ltd.		~~W~~	975,443				—			103			26,530			—			1,002,076
Korea IT Fund			363,138				—			185			—			—			363,323
UniSK			26,031				—			(10	)		230			—			26,251
SK Technology Innovation Company			34,516				—			1,197			(71	)		—			35,642
SK MENA Investment B.V.			17,273				—			86			(41	)		(11,041	)		6,277
SK Latin America Investment S.A.			1,357				—			445			58			—			1,860
SK South East Asia Investment Pte. Ltd.			391,572				—			(3,655	)		(2,106	)		—			385,811
Citadel Pacific Telecom Holdings, LLC			51,780				—			2,383			(1,607	)		—			52,556
SM Culture & Contents Co., Ltd.			39,567				—			(3,630	)		(154	)		—			35,783
Nam Incheon Broadcasting Co., Ltd.(*1)			15,635				—			(34	)		—			(137	)		15,464
Home Choice Corp.			3,238				—			(107	)		—			—			3,131
Konan Technology Inc.			3,575				—			(865	)		—			—			2,710
CMES Robotics Inc. (Formerly, CMES Inc.)			4,772				3,418			(440	)		1			—			7,751
SK Japan Inc. (Formerly, SK telecom Japan Inc.)			3,703				—			(102	)		175			—			3,776
Rebellions Inc.			298,327				—			(6,321	)		—			—			292,006
SK m&service Co., Ltd(*2)			—				—			(138	)		(498	)		23,566			22,930
Start-up Win-Win<br>Fund and others(*3,4)			102,702				1,006			(807	)		(289	)		(36,811	)		65,801

			2,332,629				4,424			(11,710	)		22,228			(24,423	)		2,323,148
Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund			9,198				—			(530	)		—			—			8,668

		~~W~~	2,341,827				4,424			(12,240	)		22,228			(24,423	)		2,331,816

(*1)	Dividends received from the associate are deducted from the carrying amount for the three-month period ended<br>March 31, 2025.
---	---
(*2)	The Group disposed of a portion of shares in SK m&service Co., Ltd., which was an indirect subsidiary of<br>the Parent Company, for the three-month period ended March 31, 2025, resulting in the reclassification of the remaining shares as an investment in associate as of March 31, 2025.
---	---
(*3)	The acquisition for the three-month period ended March 31, 2025 includes<br>~~W~~1,000 million of investments in AhnLab Blockchain Company.
---	---
(*4)	The Group reclassified the entire shares of id Quantique SA as assets held for sale.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

11.	Property and Equipment

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

(In millions of won)
		For the three-month period ended
		March 31, 2026			March 31, 2025
Beginning balance		~~W~~	11,902,173			12,617,394
Acquisition			214,845			164,297
Disposal			(66,282	)		(22,039	)
Depreciation			(682,903	)		(695,685	)
Impairment			—			(359	)
Transfer(*)			(19,116	)		(81,190	)

Ending balance		~~W~~	11,348,717			11,982,418

(*)	Transfer includes transfers to intangible assets, transfers to or from investment properties, transfers to<br>assets held for sale, and others.
---	---
12.	Investment Property
---	---

Changes in investment property for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)
		For the three-month period ended
		March 31, 2026			March 31, 2025
Beginning balance		~~W~~	39,841			26,611
Depreciation			(1,511	)		(612	)
Transfer(*)			(11,758	)		11,593

Ending balance		~~W~~	26,572			37,592

(*)	Transfer includes transfers to or from property and equipment, transfers to assets held for sale, and others.<br>
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

13.	Leases
(1)	Details of the right-of-use<br>assets as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Right-of-use<br>assets:
Land, buildings and structures		~~W~~	1,063,476				1,157,029
Others			226,423				215,496

		~~W~~	1,289,899				1,372,525

(2)	Details of amounts recognized in the condensed consolidated interim statements of income for the three-month<br>periods ended March 31, 2026 and 2025 as a lessee are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Depreciation of<br>right-of-use assets:
Land, buildings and structures		~~W~~	91,899				90,867
Others(*)			14,537				15,532

		~~W~~	106,436				106,399

Interest expense on lease liabilities		~~W~~	10,949				12,166
(*)	Others include the amount reclassified as research and development expenses related to the lease contract for<br>research and development facilities.
---	---

Expenses related to short-term leases and leases of low-value assets that the Group recognized are immaterial.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

14.	Intangible Assets
(1)	Changes in intangible assets for the three-month periods ended March 31, 2026 and 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Beginning balance		~~W~~	1,710,620				2,194,871
Acquisition			19,812				9,869
Disposal			(721	)			(1,757	)
Amortization			(194,216	)			(200,665	)
Transfer(*)			14,740				71,411

Ending balance		~~W~~	1,550,235				2,073,729

(*)	Transfer includes transfers from property and equipment, and others.
---	---
(2)	Details of frequency usage rights as of March 31, 2026 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Amount				Amortization methods			Commencementof amortization			Completion ofamortization
800 MHz license		~~W~~	10,979							Jul. 2021			Jun. 2026
1.8 GHz license			70,522							Dec. 2021			Dec. 2026
2.6 GHz license			91,055				Straight-line basis			Sep. 2016			Dec. 2026
2.1 GHz license			53,001							Dec. 2021			Dec. 2026
3.5 GHz license			321,164							Apr. 2019			Nov. 2028

		~~W~~	546,721

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

15.	Borrowings and Debentures
(1)	Short-term borrowings as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---
Lender		Annualinterest rate (%)		Maturity			March 31,<br>2026				December 31,<br>2025
Bank of China Ltd.		2.83			Oct. 29, 2026		~~W~~	130,000				130,000
(2)	Changes in long-term borrowings for the three-month period ended March 31, 2026 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Lender			Annual<br>interest rate (%)			Maturity			Book value
Current											~~W~~	203,125
Non-current												300,000

As of January 1, 2026												503,125

Repayments of long-term borrowings:
			Korea Development Bank(*)			1.87			Feb. 10, 2026			(3,125	)
Current												200,000
Non-current												300,000

As of March 31, 2026											~~W~~	500,000

(*)	The long-term borrowing was repaid by installments on an annual basis from 2022 to 2026 and was fully repaid at<br>maturity during the three-month period ended March 31, 2026.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

15.	Borrowings and Debentures, Continued
(3)	Changes in debentures for the three-month period ended March 31, 2026 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Purpose		Annual interestrate (%)			Maturity				Face value			Book value
Current											~~W~~	922,008			919,459
Non-current												7,314,900			7,294,445

As of January 1, 2026												8,236,908			8,213,904
Debentures newly issued:
Unsecured corporate bonds(*1)		Facility fund			3.94			Feb. 12, 2031				210,000			209,154
Unsecured corporate bonds(*1)		Facility fund			4.21			Feb. 12, 2036				30,000			29,819

												240,000			238,973

Debentures repaid:
Unsecured corporate bonds		Operating fund			2.08			Mar. 4, 2026				(90,000	)		(90,000	)
Unsecured corporate bonds		Refinancing fund			1.39			Jan. 15, 2026				(80,000	)		(80,000	)
Unsecured corporate bonds		Refinancing fund			3.65			Feb. 17, 2026				(110,000	)		(110,000	)
Unsecured corporate bonds(*1)		Operating and<br><br><br>refinancing fund			4.28			Feb. 27, 2026				(100,000	)		(100,000	)

												(380,000	)		(380,000	)

Other changes(*2)												78,883			80,576
Current(*3)												892,391			889,769
Non-current(*3)												7,283,400			7,263,684

As of March 31, 2026											~~W~~	8,175,791			8,153,453

(*1)	Unsecured corporate bonds were issued by SK Broadband Co., Ltd., a subsidiary of the Parent Company.<br>
---	---
(*2)	Other changes primarily reflect foreign currency translation effect of debentures and amortization of<br>debentures issuance discount for the three-month period ended March 31, 2026.
---	---
(*3)	~~W~~349,576 million was reclassified from<br>non-current to current for the three-month period ended March 31, 2026.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

16.	Long-term Payables – Other
(1)	As of March 31, 2026 and December 31, 2025, details of long-term payables – other which consist<br>of payables related to the acquisition of frequency usage rights are as follows (See note 14):
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---
		March 31,<br>2026				December 31,2025
Long-term payables – other		~~W~~	182,775				551,925
Present value discount on long-term payables – other			(2,786	)			(3,964	)
Current portion of long-term payables – other			(90,218	)			(368,572	)

Carrying amount at period end		~~W~~	89,771				179,389

(2)	Repayments of the principal portion of long-term payables – other amounted to<br>~~W~~369,150 million for each of the periods ended March 31, 2026 and 2025, respectively. The repayment schedule for the principal amount of long-term payables – other as of March 31, 2026 is as<br>follows:
---	---
(In millions of won)
---	---	---	---	---
		Amount
Less than 1 year		~~W~~	91,388
1~3 years			91,387

		~~W~~	182,775

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

17.	Provisions

Changes in provisions for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)
		For the three-month period ended March 31, 2026
		Beginning<br>balance				Increase			Utilization			Reversal			Other		Ending<br>balance
Provision for restoration		~~W~~	117,583				1,519			(1,769	)		(157	)		5		117,181
Emission allowance			530				1,108			—			—			—		1,638
Other provisions			107,934				—			(2,308	)		(13	)		—		105,613

		~~W~~	226,047				2,627			(4,077	)		(170	)		5		224,432

(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three-month period ended March 31, 2025
		Beginning<br>balance				Increase			Utilization			Reversal			Ending<br>balance
Provision for restoration		~~W~~	119,623				1,549			(1,669	)		(585	)		118,918
Emission allowance			437				535			—			(1	)		971

		~~W~~	120,060				2,084			(1,669	)		(586	)		119,889

18.	Defined Benefit Assets
---	---
(1)	Details of defined benefit assets as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Present value of defined benefit obligations		~~W~~	1,054,689				1,051,508
Fair value of plan assets			(1,154,243	)			(1,256,985	)

		~~W~~	(99,554	)			(205,477	)

(2)	Total cost of defined benefit plan, which is recognized in profit or loss for the three-month periods ended<br>March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Current service cost		~~W~~	27,736				31,762
Net interest income			(1,885	)			(1,309	)

		~~W~~	25,851				30,453

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

19.	Share Capital and Capital Surplus and Others
(1)	The Parent Company’s outstanding share capital consists of shares with a par value of<br>~~W~~100. The number of authorized and issued common shares and the details of share capital and capital surplus and others as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Number of authorized shares			670,000,000				670,000,000
Number of issued shares			214,790,053				214,790,053
Share capital:
Common shares(*1)		~~W~~	30,493				30,493
Capital surplus and others:
Paid-in surplus(*2)			71,000				1,771,000
Treasury shares			(87,989	)			(88,533	)
Hybrid bonds(*3)			398,509				398,509
Share option(Note 20)			14,203				14,511
Others(*4)			(14,246,075	)			(14,226,827	)

		~~W~~	(13,850,352	)			(12,131,340	)

(*1)	In 2002, 2003 and 2024, the Parent Company retired treasury shares with reduction of its retained earnings<br>before appropriation. As a result, the Group’s issued shares have decreased without change in share capital.
---	---
(*2)	~~W~~1,700,000 million was transferred from paid-in surplus to retained<br>earnings for the three-month period ended March 31, 2026.
---	---
(*3)	As the Parent Company has no contractual obligation to deliver cash or other financial assets to the holders of<br>its hybrid bonds, the instruments are classified as equity. In the event of liquidation or bankruptcy, the hybrid bonds rank senior only to common shares.
---	---
(*4)	The amount includes a change in equity amounting to ~~W~~13,340,037 million<br>due to the spin-off that was accounted for as a transaction under common control.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

19.	Share Capital and Capital Surplus and Others, Continued
(2)	There were no changes in share capital for the three-month periods ended March 31, 2026 and 2025, and<br>details of shares outstanding as of March 31, 2026 and 2025 are as follows:
---	---
(In shares)		March 31, 2026									March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Issued<br>shares			Treasuryshares			Outstandingshares			Issued<br>shares			Treasuryshares			Outstandingshares
Shares outstanding			214,790,053			1,789,157			213,000,896			214,790,053			1,903,711			212,886,342
(3)	Details of treasury shares as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Number of shares(*)			1,789,157				1,807,778
Acquisition cost		~~W~~	87,989				88,533
(*)	The Parent Company granted 18,621 treasury shares (acquisition cost: ~~W~~544<br>million) upon exercise of stock options for the three-month period ended March 31, 2026, resulting in a gain on disposal of treasury shares of ~~W~~880 million.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2025 and 2024

20.	Share-based payment arrangement

The Parent Company operates various share-based payment arrangements to align the interests of management with shareholders and to link executive compensation to the growth of corporate value. The Parent Company has recognized ~~W~~12,605 million of capital surplus and others related to equity-settled share-based payment arrangements, and ~~W~~4,717 million of accrued expenses related to share-based payment arrangements with cash alternatives, as of March 31, 2026.

There were no changes in the number of equity-settled share-based payment arrangements for the three-month periods ended March 31, 2026 and 2025, and the changes in the number of share-based payment arrangements with cash alternatives were as follows:

(In shares)		For the three-month period ended
		March 31, 2026			March 31, 2025
Beginning balance			299,918			637,326
Exercised			(99,688	)		—

Ending balance			200,230			637,326

21.	Retained Earnings
---	---

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

(In millions of won)
	March 31, 2026		December 31, 2025
Appropriated:
Legal reserve	~~W~~	22,320		22,320
Reserve		15,096,438		14,996,438

		15,118,758		15,018,758
Unappropriated		9,816,540		7,919,510

	~~W~~	24,935,298		22,938,268

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

22.	Reserves
(1)	Details of reserves, net of taxes, as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Valuation gain on FVOCI		~~W~~	1,617,253				1,570,314
Other comprehensive income of investments in associates and joint ventures			407,098				368,213
Valuation gain on derivatives			20,188				14,503
Foreign currency translation differences for foreign operations			124,873				72,652

		~~W~~	2,169,412				2,025,682

(2)	Changes in reserves for the three-month periods ended March 31, 2026 and 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Valuationgain (loss)on financialassets atFVOCI			Othercomprehensiveincome ofinvestments inassociates and<br>joint ventures			Valuationgain (loss)onderivatives			Foreigncurrencytranslationdifferencesfor foreignoperations			Total
Balance as of January 1, 2025		~~W~~	262,657			315,283			(8,044	)		77,047			646,943
Changes, net of taxes			(23,115	)		27,862			4,542			(1,580	)		7,709
Balance as of March 31, 2025		~~W~~	239,542			343,145			(3,502	)		75,467			654,652
Balance as of January 1, 2026		~~W~~	1,570,314			368,213			14,503			72,652			2,025,682
Changes, net of taxes			46,939			38,885			5,685			52,221			143,730

Balance as of March 31, 2026		~~W~~	1,617,253			407,098			20,188			124,873			2,169,412

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

23.	Other Operating Expenses

Details of other operating expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)		For the three-month period ended
		March 31, 2026		March 31, 2025
Communication		~~W~~	7,646		7,787
Utilities			146,634		134,672
Taxes and dues			12,559		12,865
Repair			100,250		100,749
Research and development			86,607		89,912
Training			7,550		7,050
Bad debt for accounts receivable – trade			10,214		7,502
Travel			3,651		4,490
Supplies and others			28,555		27,962

		~~W~~	403,666		392,989

24.	Other Non-Operating Income and Expenses
---	---

Details of other non-operating income and expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)	For the three-month period ended
	March 31, 2026		March 31, 2025
Other Non-Operating Income:
Gain on disposal of property and equipment and intangible assets	~~W~~	7,948		7,703
Others		4,471		6,521

	~~W~~	12,419		14,224

Other Non-Operating Expenses:
Loss on disposal of property and equipment and intangible assets	~~W~~	1,364		2,159
Loss on impairment of property and equipment and intangible assets		—		359
Loss on impairment of assets held for sale		2,094		—
Donations		2,520		2,357
Bad debt for accounts receivable – other		1,208		858
Others		295		1,128

	~~W~~	7,481		6,861

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

25.	Finance Income and Costs
(1)	Details of finance income and costs for the three-month periods ended March 31, 2026 and 2025 are as<br>follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Finance Income:
Interest income		~~W~~	14,706				18,572
Dividends			18,435				19,812
Gain on foreign currency transactions			7,278				2,709
Gain on foreign currency translations			3,818				2,464
Gain relating to financial instruments at FVTPL			823				144

		~~W~~	45,060				43,701

Finance Costs:
Interest expenses		~~W~~	89,682				97,629
Loss on sale of accounts receivable – other			3,777				4,943
Loss on foreign currency transactions			6,506				6,891
Loss on foreign currency translations			1,655				606
Loss relating to financial instruments at FVTPL			5,271				153
Loss on repayment of debentures			—				478

		~~W~~	106,891				110,700

(2)	Details of interest income included in finance income for the three-month periods ended March 31, 2026 and<br>2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Interest income on cash equivalents and financial instruments		~~W~~	8,007				12,508
Interest income on loans and others			6,699				6,064

		~~W~~	14,706				18,572

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

25.	Finance Income and Costs, Continued
(3)	Details of interest expenses included in finance costs for the three-month periods ended March 31, 2026<br>and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Interest expense on borrowings		~~W~~	5,848				8,317
Interest expense on debentures			68,126				67,735
Others			15,708				21,577

		~~W~~	89,682				97,629

(4)	Details of impairment losses for financial assets for the three-month periods ended March 31, 2026 and<br>2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Accounts receivable – trade		~~W~~	10,214				7,502
Other receivables			1,208				858

		~~W~~	11,422				8,360

26.	Income Tax Expense
---	---

The income tax expense was calculated by considering current tax expense, adjusted for changes in estimates related to prior periods, and deferred tax expense due to origination and reversal of temporary differences and income tax expense that relates to items recognized outside profit or loss.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

27.	Earnings per Share

Earnings per share is calculated for profit attributable to owners of the Parent Company per common share and dilutive potential common share, and details are as follows:

(1)	Basic earnings per share

Basic earnings per share for the three-month periods ended March 31, 2026 and 2025 are calculated as follows:

(In millions of won, except for share data and basic earnings per share)		For the three-month period ended
		March 31, 2026			March 31, 2025
Basic earnings per share attributable to owners of the Parent Company:							****
Profit attributable to owners of the Parent Company		~~W~~	322,389			364,422
Interest on hybrid bonds			(4,950	)		(4,950	)

Profit attributable to owners of the Parent Company on common shares			317,439			359,472
Weighted average number of common shares outstanding (in shares)(*)			212,989,275			212,886,342

Basic earnings per share (in won)		~~W~~	1,490			1,689

(*)	Weighted average number of common shares outstanding reflects adjustments for changes in the number of treasury<br>shares for the three-month periods ended March 31, 2026 and 2025.
---	---
(2)	Diluted earnings per share
---	---

Diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are calculated as follows:

(In millions of won, except for share data and diluted earnings per share)		For the three-month period ended
		March 31, 2026		March 31, 2025
Profit attributable to owners of the Parent Company on common shares		~~W~~	317,439		359,472
Adjusted weighted average number of common shares outstanding (in shares)(*)			213,273,001		213,455,085

Diluted earnings per share (in won)		~~W~~	1,488		1,684

(*)	Diluted earnings per share is calculated by applying the weighted average number of ordinary shares<br>outstanding, adjusted for the assumed conversion of all dilutive potential ordinary shares into ordinary shares.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

28.	Categories of Financial Instruments
(1)	Financial assets by category as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial<br>assets at<br>FVTPL				Equityinstruments atFVOCI			Financial<br>assets atamortizedcost			Derivativeshedginginstrument			Total
Cash and cash equivalents(*1)		~~W~~	882,507				—			592,173			—			1,474,680
Short-term investment securities			38,858				—			—			—			38,858
Financial instruments(*1)			5,500				—			254,116			—			259,616
Long-term investment securities(*2)			158,142				3,129,548			—			—			3,287,690
Accounts receivable – trade(*1)			—				—			1,967,501			—			1,967,501
Loans and other receivables(*1)			335,873				—			737,453			—			1,073,326
Derivative financial assets			108,737				—			—			284,813			393,550

		~~W~~	1,529,617				3,129,548			3,551,243			284,813			8,495,221

(*1)	Financial assets reclassified as assets held for sale as of March 31, 2026 are not included.<br>
---	---
(*2)	The Group designated ~~W~~3,129,548 million of equity instruments that are<br>not held for trading as financial assets at FVOCI.
---	---
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial<br>assets at<br>FVTPL				Equityinstruments atFVOCI			Financial<br>assets atamortizedcost			Derivativeshedginginstrument			Total
Cash and cash equivalents(*1)		~~W~~	657,905				—			832,119			—			1,490,024
Short-term investment securities			35,217				—			—			—			35,217
Financial instruments(*1)			13,000				—			138,796			—			151,796
Long-term investment securities(*2)			162,584				3,025,988			—			—			3,188,572
Accounts receivable – trade(*1)			—				—			1,926,903			—			1,926,903
Loans and other receivables(*1)			189,963				—			682,449			—			872,412
Derivative financial assets			108,884				—			—			201,262			310,146

		~~W~~	1,167,553				3,025,988			3,580,267			201,262			7,975,070

(*1)	Financial assets reclassified as assets held for sale as of December 31, 2025 are not included.<br>
---	---
(*2)	The Group designated ~~W~~3,025,988 million of equity instruments that are<br>not held for trading as financial assets at FVOCI.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

28.	Categories of Financial Instruments, Continued
(2)	Financial liabilities by category as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financialliabilities atFVTPL				Financial liabilities<br>at amortized cost			Derivatives hedginginstrument			Total
Accounts payable – trade		~~W~~	—				205,569			—			205,569
Derivative financial liabilities			6,066				—			225			6,291
Borrowings			—				630,000			—			630,000
Debentures			—				8,153,453			—			8,153,453
Lease liabilities(*1,2)			—				1,432,271			—			1,432,271
Accounts payable - other and others(*2)			—				2,945,213			—			2,945,213

		~~W~~	6,066				13,366,506			225			13,372,797

(*1)	The categorization of financial liabilities is not applicable to lease liabilities, but they are classified as<br>financial liabilities measured at amortized cost, considering the nature of measuring liabilities.
---	---
(*2)	Financial liabilities reclassified as liabilities held for sale as of March 31, 2026 are not included.<br>
---	---
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financialliabilities atFVTPL				Financial liabilities<br>at amortized cost			Derivatives hedginginstrument			Total
Accounts payable – trade		~~W~~	—				110,867			—			110,867
Derivative financial liabilities			5,782				—			621			6,403
Borrowings			—				633,125			—			633,125
Debentures			—				8,213,904			—			8,213,904
Lease liabilities(*1,2)			—				1,525,798			—			1,525,798
Accounts payable - other and others(*2)			—				3,506,048			—			3,506,048

		~~W~~	5,782				13,989,742			621			13,996,145

(*1)	The categorization of financial liabilities is not applicable to lease liabilities, but they are classified as<br>financial liabilities measured at amortized cost, considering the nature of measuring liabilities.
---	---
(*2)	Financial liabilities reclassified as liabilities held for sale as of December 31, 2025 are not included.<br>
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management
(1)	Financial risk management
---	---

The Group is exposed to market risk, credit risk and liquidity risk. Market risk refers to the risk of fluctuations in market variables such as foreign exchange rates, interest rates and the prices of financial instruments. The Group has established a risk management framework to monitor and manage these risks on an ongoing basis.

The Group’s financial assets consist of cash and cash equivalents, financial instruments, long-term investment securities, accounts receivable – trade and other, etc. Financial liabilities consist of accounts payable – other and others, borrowings, debentures, lease liabilities and others.

1)	Market risk
(i)	Currency risk
---	---

The Group is exposed to foreign currency risk arising from revenues and expenses denominated in foreign currencies in the course of its global operations. The primary foreign currencies in which such risk arises are the USD, EUR and others. The Group establishes its currency risk management policy by considering the nature of each business and the availability of hedging or risk-mitigating strategies for each Group entity. The Group regularly monitors, evaluates, and manages its foreign currency exposures through established risk management processes for receivables and payables denominated in foreign currencies. Currency risk arises from both forecasted transactions and recognized assets and liabilities which are denominated in a currency other than the functional currency of each Group entity.

The Group has entered into cross currency swaps to hedge against currency risk related to foreign currency debentures.

As of March 31, 2026, a hypothetical change in exchange rates by 10% would have increased (decreased) the Group’s profit before income tax and equity as follows:

(In millions of won)	Profit before income tax					Equity
		If increased by 10%		If decreased by 10%			If increased by 10%		If decreased by 10%
	~~W~~	7,957		(7,957	)	~~W~~	5,854		(5,854	)
		1,075		(1,075	)		791		(791	)
Others		20		(20	)		15		(15	)

		~~W~~	9,052		(9,052)		~~W~~	6,660		(6,660)

All values are in US Dollars.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management, Continued
(1)	Financial risk management, Continued
---	---

Market risk, Continued

(ii) Interest rate risk

The Group is exposed to interest rate risk arising from its borrowings, debentures and long-term payables – other. As the Group’s interest-bearing assets are predominantly fixed-rate instruments, changes in market interest rates do not have a significant impact on the Group’s revenue or operating cash flows.

The Group conducts various analyses to manage interest rate risk and optimize its financing structure. To mitigate the impact of interest rate fluctuations, the Group employs a range of strategies, including refinancing, renewing existing borrowings, alternative financing arrangements and hedging.

As of March 31, 2026, the par values of floating-rate borrowings and debentures amount to ~~W~~200,000 million and ~~W~~454,020 million, respectively. The Group has entered into interest rate swaps to hedge interest rate risk related to the floating-rate borrowings and debentures. Therefore, changes in interest rates on the underlying floating-rate borrowings and debentures would not have affected profit before income tax for the three-month period ended March 31, 2026.

As of March 31, 2026, the par values of floating-rate long-term payables – other amount to ~~W~~182,775 million. Assuming all other variables remain constant, the impact of changes in the interest rate of long-term payables – other by 1%p on profit before income tax and equity for the three-month period ended March 31, 2026 is as follows.

(In millions of won)		Profit before income tax							Equity
		If increased by 1%p				If decreased by 1%p			If increased by 1%p				If decreased by 1%p
		~~W~~	(457	)			457		~~W~~	(336	)			336

(iii) Price fluctuations risk

As of March 31, 2026, the Group holds equity instruments that are traded in an active market and is therefore exposed to the risk of fluctuations in market prices. Assuming all other variables remain constant, the impact of changes in per-share stock price of the equity securities on profit before income tax and equity for the three-month period ended March 31, 2026 is as follows.

(In millions of won)		Profit before income tax							Equity
		If increased by 10%				If decreased by 10%			If increased by 10%				If decreased by 10%
		~~W~~	—				—		~~W~~	75,527				(75,527	)

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management, Continued
(1)	Financial risk management, Continued
---	---
2)	Credit risk
---	---

Credit risk refers to the risk that the Group will suffer financial losses due to the failure of the customer or counterparty to fulfill their contractual obligations on the financial instrument. 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. To manage credit risk, the Group evaluates the credit worthiness of each customer or counterparty by considering the party’s financial information, its own trading records and other factors. Based on such information, the Group establishes credit limits for each customer or counterparty.

The Group recognizes a loss allowance for accounts receivable – trade. The allowance consists of a specific component for individually significant exposures and a collective component for groups of similar assets where credit losses are expected to occur. The collective loss allowance is determined based on historical data of collection statistics for similar financial assets. Also, the Group’s credit risk can arise from transactions with financial institutions related to its cash and cash equivalents, financial instruments and derivatives. To minimize such risk, the Group has a policy to deal only with financial institutions with high credit ratings.

The Group’s maximum exposure to credit risk is equal to each financial asset’s carrying amount as of March 31, 2026.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management, Continued
(1)	Financial risk management, Continued
---	---
3)	Liquidity risk
---	---

Liquidity risk is the risk that the Group encounters difficulty in meeting the obligations of the financial liabilities. The Group’s approach to managing liquidity is to ensure that it maintains sufficient cash and cash equivalents and secures adequate liquidity through various committed credit lines at all times. The Group maintains sufficient liquidity based on its cash-generating capacity from operating activities and available credit facilities.

The Group’s accounts payable – other and others includes amounts settled through supplier finance arrangements. The Group pays the amounts within the normal operating cycle, and no collateral is provided in connection with the agreements. As the payment terms have not been substantially modified, the related balances are classified as accounts payable – other and presented as operating cash flows in the statements of cash flows. Accounts payable – other and others relating to the supplier finance arrangements amount to ~~W~~306,772 million as of March 31, 2026, which equals the amounts already received by the suppliers from the finance provider.

As of March 31, 2026, periods in which cash flows from cash flow hedge derivatives are expected to occur are as follows:

(In millions of won)		Carryingamount			Contractualcash flows			Less than 1 year			1 -5 years
Assets		~~W~~	284,813			294,791			25,273			269,518
Liabilities			(225	)		(225	)		(225	)		—

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management, Continued
(2)	Capital management
---	---

The Group manages its capital to ensure its ability to continue as a going concern while seeking to maximize shareholder returns through the optimization of its debt and equity structure. The overall capital management strategy of the Group is the same as that of the Group as of and for the year ended December 31, 2025.

The Group monitors its debt-to-equity ratio as a key indicator of capital management. This ratio is calculated as total liabilities divided by total equity, based on the amounts presented in the consolidated financial statements.

Debt-to-equity ratio as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of won)
		March 31, 2026			December 31, 2025
Total liabilities		~~W~~	16,674,341			17,152,491
Total equity			13,347,617			12,955,292

Debt-to-equity ratios			124.92	%		132.40	%

(3)	Fair value
---	---
1)	Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of<br>March 31, 2026 are as follows:
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carryingamount				Level 1			Level 2			Level 3			Total
Financial assets that are measured at fair value:
FVTPL		~~W~~	1,529,617				—			1,262,738			266,879			1,529,617
Derivative hedging instruments			284,813				—			284,813			—			284,813
FVOCI			3,129,548				1,026,609			—			2,102,939			3,129,548

		~~W~~	4,943,978				1,026,609			1,547,551			2,369,818			4,943,978

Financial liabilities that are measured at fair value:
FVTPL		~~W~~	6,066				—			26			6,040			6,066
Derivative hedging instruments			225				—			225			—			225

		~~W~~	6,291				—			251			6,040			6,291

Financial liabilities that are not measured at fair value:
Borrowings		~~W~~	630,000				—			626,706			—			626,706
Debentures			8,153,453				—			7,977,108			—			7,977,108
Long-term payables – other			179,989				—			178,796			—			178,796

		~~W~~	8,963,442				—			8,782,610			—			8,782,610

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management, Continued
(3)	Fair value, Continued
---	---
2)	Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of<br>December 31, 2025 are as follows:
---	---
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carryingamount				Level 1			Level 2			Level 3			Total
Financial assets that are measured at fair value:
FVTPL		~~W~~	1,167,553				—			896,085			271,468			1,167,553
Derivative hedging instruments			201,262				—			201,262			—			201,262
FVOCI			3,025,988				966,666			—			2,059,322			3,025,988

		~~W~~	4,394,803				966,666			1,097,347			2,330,790			4,394,803

Financial liabilities that are measured at fair value:
FVTPL		~~W~~	5,782				—			26			5,756			5,782
Derivative hedging instruments			621				—			621			—			621

		~~W~~	6,403				—			647			5,756			6,403

Financial liabilities that are not measured at fair value:
Borrowings		~~W~~	633,125				—			634,241			—			634,241
Debentures			8,213,904				—			8,183,670			—			8,183,670
Long-term payables – other			547,961				—			553,807			—			553,807

		~~W~~	9,394,990				—			9,371,718			—			9,371,718

The above information does not include fair values of financial assets and liabilities of which fair values have not been measured as carrying amounts are reasonable approximation of fair values.

Fair value of the financial instruments that are traded in an active market (financial assets at FVOCI) is measured based on the bid price at the end of the reporting date.

The Group uses various valuation methods for determination of fair value of financial instruments that are not traded in an active market. Derivative financial contracts and long-term liabilities are measured using the discounted present value methods. Other financial assets are determined using the methods, such as discounted cash flow and market approach. Inputs used in such valuation methods include swap rate, interest rate, risk premium, and the volatility of stock price, and the Group performs valuation using the inputs which are consistent with natures of assets and liabilities measured.

Interest rates used by the Group for the fair value measurement as of March 31, 2026 are as follows:

		Interest rate
Derivative instruments		2.06% ~ 8.10%
Borrowings and debentures		3.49% ~ 4.00%
Long-term payables – other		3.43% ~ 3.56%

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

29.	Financial Risk Management, Continued
(3)	Fair value, Continued
---	---
3)	There have been no transfers between Level 1 and Level 2 for the three-month period ended<br>March 31, 2026. The changes of financial assets and liabilities classified as Level 3 for the three-month period ended March 31, 2026 are as follows:
---	---
(In millions of won)		Balance as of<br>January 1, 2026			Loss			OCI			Acquisition			Disposal			*Transfer()**			Balance as ofMarch 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Financial assets:
FVTPL		~~W~~	271,468			(111	)		4,956			1,314			(10,748	)		—			266,879
FVOCI			2,059,322			—			50,409			1,465			(8,640	)		383			2,102,939

		~~W~~	2,330,790			(111	)		55,365			2,779			(19,388	)		383			2,369,818

Financial liabilities:
FVTPL		~~W~~	(5,756	)		(284	)		—			—			—			—			(6,040	)
(*)	Transfer includes amounts transferred between levels in the fair value hierarchy due to changes in the<br>availability of observable market inputs for the financial instruments.
---	---
(4)	Enforceable master netting agreement or similar agreement
---	---

Carrying amounts of financial instruments recognized to which offset agreements are applicable as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of won)	March 31, 2026
	Gross financialinstrumentsrecognized		Amountoffset			Net financial instrumentspresented on the condensedconsolidated interim statementof financialposition
Financial assets:
Accounts receivable – trade and others	~~W~~	243,532		(229,752	)		13,780
Financial liabilities:
Accounts payable – other and others	~~W~~	235,240		(229,752	)		5,488
(In millions of won)	December 31, 2025
	Gross financialinstrumentsrecognized		Amountoffset			Net financial instrumentspresented on the<br>consolidated statement offinancial position
Financial assets:
Accounts receivable – trade and others	~~W~~	222,477		(209,487	)		12,990
Financial liabilities:
Accounts payable – other and others	~~W~~	213,881		(209,487	)		4,394

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

30.	Transactions with Related Parties
(1)	List of related parties
---	---
Relationship		Company
---	---	---
Ultimate controlling entity		SK Inc.
Joint venture		UTC Kakao-SK Telecom ESG Fund
Associates(*)		SK China Company Ltd. and 41 others
Others		The ultimate controlling entity’s subsidiaries and associates and others
(*)	Associates include investments that are measured in accordance with KIFRS 1109 in which the Group has<br>significant influence but is determined to have no substantive access to returns associated with its ownership interest.
---	---

As of March 31, 2026, the Group is part of SK Group, a conglomerate as defined in the Monopoly Regulation and Fair Trade Act of the Republic of Korea. All other entities within SK Group are therefore considered related parties of the Group.

(2)	Compensation for the key management

The Parent Company considers registered directors who have substantial roles and responsibilities in the planning, operations, and oversight of relevant controls of the business to be key management personnel. The compensation given to such key management for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)	For the three-month period ended

	March 31, 2026		March 31, 2025
Salaries	~~W~~	1,056		4,046
Defined benefit plan expenses		138		363
Share option		2,325		37

	~~W~~	3,519		4,446

Compensation for the key management includes salaries, non-monetary benefits, defined benefit relating to the pension plan, and share-based compensation expenses.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

30.	Transactions with Related Parties, Continued
(3)	Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as<br>follows:
---	---
(In millions of won)			For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---

Scope	Company		Operatingrevenue andothers				*Operatingexpenses andothers(1)**			Acquisition ofproperty andequipmentand others
Ultimate controlling entity	SK Inc.		~~W~~	8,445				103,033			3,955

Associates	SK m&service Co., Ltd.			767				10,321			45
	Penguin Solutions, Inc.(*2)			4,129				—			—
	Others			1,236				434			—

				6,132				10,755			45

Others	SK Innovation Co., Ltd.			2,244				4,167			—
	SK Energy Co., Ltd.			316				50			—
	SK Geo Centric Co., Ltd.			111				14			—
	SK Networks Co., Ltd.(*3)			493				301,886			—
	SK Networks Service Co., Ltd.			188				14,685			—
	SK Ecoplant Co., Ltd.			524				—			18,400
	SK hynix Inc.			17,967				170			—
	SK Shieldus Co., Ltd.			12,630				40,096			512
	Content Wavve Corp.			63				11,592			—
	Eleven Street Co., Ltd.			22,665				9,012			—
	SK Planet Co., Ltd.			1,634				16,725			95
	SK intellix Co.,Ltd.<br> <br>(Formerly, SK<br>Magic Co., Ltd.)			245				283			—
	Tmap Mobility Co., Ltd.			1,626				1,044			—
	One Store Co., Ltd.			2,847				6			—
	Dreamus Company			457				11,236			—
	UNA Engineering Inc.			24				12,796			2,502
	Happy Narae Co., Ltd.			125				2,154			176
	SK REIT Co., Ltd.			1				3,368			—
	Others			7,945				4,243			—

				72,105				433,527			21,685

			~~W~~	86,682				547,315			25,685

(*1)	Operating expenses and others include lease payments by the Group.
---	---
(*2)	Operating revenue and others include ~~W~~4,129 million of dividends<br>received.
---	---
(*3)	Operating expenses and others include costs for handset purchases amounting to<br>~~W~~287,908 million.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

30.	Transactions with Related Parties, Continued
(3)	Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as<br>follows, Continued:
---	---
(In millions of won)				For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
Scope		Company		Operatingrevenue andothers				*Operatingexpenses andothers(1)**			Acquisition ofproperty andequipmentand others
Ultimate controlling entity		SK Inc.(*2)		~~W~~	4,366				172,354			4,312

Associates		F&U Credit information Co., Ltd.			761				12,113			—
		SK m&service Co., Ltd.			364				2,793			233
		Others			405				1,925			—

					1,530				16,831			233

Others		SK Innovation Co., Ltd.			1,011				4,281			2,050
		SK Energy Co., Ltd.			320				46			—
		SK Geo Centric Co., Ltd.			148				13			—
		SK Networks Co., Ltd.(*3)			1,196				248,192			—
		SK Networks Service Co., Ltd.			1,271				15,309			—
		SK Ecoplant Co., Ltd.			583				—			—
		SK hynix Inc.			12,996				231			—
		SK Shieldus Co., Ltd.			13,589				39,700			749
		Content Wavve Corp.			4,399				15,823			—
		Eleven Street Co., Ltd.			3,450				9,241			—
		SK Planet Co., Ltd.			2,644				18,383			80
		SK intellix Co.,Ltd.<br> <br>(Formerly, SK<br>Magic Co., Ltd.)			326				313			—
		Tmap Mobility Co., Ltd.			4,412				1,159			—
		One Store Co., Ltd.			3,306				10			—
		Dreamus Company			1,502				13,826			—
		UNA Engineering Inc.			22				12,420			1,855
		Happy Narae Co., Ltd.			241				2,906			299
		Others			9,431				16,501			—

					60,847				398,354			5,033

				~~W~~	66,743				587,539			9,578

(*1)	Operating expenses and others include lease payments by the Group.
---	---
(*2)	Operating expenses and others include ~~W~~68,952 million of dividends<br>declared to be paid by the Parent Company.
---	---
(*3)	Operating expenses and others include costs for handset purchases amounting to<br>~~W~~233,640 million. .
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

30.	Transactions with Related Parties, Continued
(4)	Account balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)				March 31, 2026
---	---	---	---	---	---	---	---	---	---
				Receivables				Payables
Scope		Company		Accountsreceivable –<br>trade, etc.				Accountspayable –other, etc.
Ultimate controlling entity		SK Inc.		~~W~~	8,533				70,319
Associates		SK m&service Co., Ltd.			2,481				36,672
		Others			1,065				1,808

					3,546				38,480

Others		SK Innovation Co., Ltd.			3,645				19,467
		SK Networks Co., Ltd.			203				213,961
		Mintit Co., Ltd.			2,565				—
		SK hynix Inc.			13,246				81
		Happy Narae Co., Ltd.			—				845
		SK Shieldus Co., Ltd.			11,359				18,333
		Content Wavve Corp.			—				11,583
		Incross Co., Ltd.			1,276				4,298
		Eleven Street Co., Ltd.			31,643				5,333
		SK Planet Co., Ltd.			197				5,201
		UNA Engineering Inc.			—				3,483
		SK REIT Co., Ltd.			7,890				57,389
		Others			6,818				22,019

					78,842				361,993

				~~W~~	90,921				470,792

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

30.	Transactions with Related Parties, Continued
(4)	Account balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows,<br>Continued:
---	---
(In millions of won)				December 31, 2025
---	---	---	---	---	---	---	---	---	---
				Receivables				Payables
Scope		Company		Accountsreceivable –<br>trade, etc.				Accountspayable –other, etc.
Ultimate controlling entity		SK Inc.		~~W~~	9,193				170,652
Associates		SK m&service Co., Ltd.			700				32,081
		Others			1,009				1,790

					1,709				33,871

Others		SK Innovation Co., Ltd.			4,996				21,976
		SK Networks Co., Ltd.			258				123,865
		Mintit Co., Ltd.			2,553				2
		SK hynix Inc.			13,232				291
		Happy Narae Co., Ltd.			37				2,851
		SK Shieldus Co., Ltd.			15,393				18,754
		Content Wavve Corp.			—				6
		Incross Co., Ltd.			1,820				25,570
		Eleven Street Co., Ltd.			17,455				2,189
		SK Planet Co., Ltd.			259				5,933
		UNA Engineering Inc.			—				9,271
		SK REIT Co., Ltd.			7,890				61,835
		Others			11,895				24,816

					75,788				297,359

				~~W~~	86,690				501,882

(5)	The Group has granted SK REIT Co., Ltd. the right of first offer regarding the disposal of specified real<br>estates owned by the Group, and the negotiation period is three years from June 30, 2024, the date of agreement. In addition, the Group has been granted the right by SK REIT Co., Ltd. to lease the real estate in preference to a third party if<br>SK REIT Co., Ltd. purchases the real estate from the Group.
---	---
(6)	The details of additional investments and disposal of associates for the three-month period ended<br>March 31, 2026 are as presented in note 10.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

31.	Commitments and Contingencies
(1)	Collateral assets and commitments
---	---

SK Broadband Co., Ltd., a subsidiary of the Parent Company, has pledged its properties as collateral for leases on buildings in the amount of ~~W~~1,198 million as of March 31, 2026.

(2)	Legal claims and litigations

As of March 31, 2026, the Group is involved in various legal claims and litigations. The provision recognized in relation to these claims and litigations is immaterial. For legal claims and litigations for which no provision has been recognized, management does not believe the Group has a present obligation, nor is any such matter expected to have a material effect on the Group’s financial position or operating results in the event an outflow of resources becomes necessary.

(3)	Accounts receivable from sale of handsets

Retail stores and authorized dealers of the Parent Company sell handsets to the Parent Company’s subscribers on an installment basis. The Parent Company has entered into comprehensive agreements with these retail stores and authorized dealers to purchase the related accounts receivable from handset sales and to transfer the accounts receivable from handset sales to special purpose companies which were established with the purpose of liquidating receivables, respectively.

The accounts receivable from sale of handsets amounting to ~~W~~349,785 million and ~~W~~205,160 million as of March 31, 2026 and December 31, 2025, respectively, which the Parent Company purchased according to the relevant comprehensive agreements, are recognized as accounts receivable – other and long-term accounts receivable – other.

(4)	Obligation relating to spin-off

The Parent Company completed the spin-off of its business of managing investments in semiconductor, New Information and Communication Technologies(“ICT”) and other businesses and making new investments on November 1, 2021. In accordance with Article 530-9 (1) of the Korean Commercial Act, the Parent Company and SK Square Co., Ltd., the spin-off company, are jointly and severally liable for liabilities incurred by the Parent Company prior to the spin-off.

(5) According to the covenants associated with the Group’s bond issuances and borrowings, the Group is required to maintain certain financial ratios, including the debt ratio, within specified thresholds. The funds obtained must be used for specified purposes, and regular reporting to lenders is required. Additionally, the contracts include clauses that restrict the provision of additional collateral over the Group’s assets and limit the disposal of certain assets.

(6) The Parent Company entered into a contract with SK Inc. for the use of Amazon Web Services (“AWS”). In accordance with the contract, the Parent Company is entitled to receive AWS services for a ten-year period beginning in July 2025, with a total contract value of USD 800,000,000.

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

32.	Statements of Cash Flows
(1)	Adjustments for income and expenses from operating activities for the three-month periods ended March 31,<br>2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Interest income		~~W~~	(14,706	)			(18,572	)
Dividends			(18,435	)			(19,812	)
Gain on foreign currency translations			(3,818	)			(2,464	)
Gain (loss) relating to investments in subsidiaries, associates and joint ventures, net			15,131				(132	)
Gain on disposal of property and equipment and intangible assets			(7,948	)			(7,703	)
Gain relating to financial instruments at FVTPL			(823	)			(144	)
Interest expenses			89,682				97,629
Loss on foreign currency translations			1,655				606
Loss on sale of accounts receivable – other			3,777				4,943
Income tax expense			149,152				146,305
Expense related to defined benefit plan			25,851				30,453
Share option expenses (reversal)			5,412				(248	)
Depreciation and amortization			878,630				896,962
Bad debt for accounts receivable – trade			10,214				7,502
Impairment loss on property and equipment and intangible assets			—				359
Loss on disposal of property and equipment and intangible assets			1,364				2,159
Impairment loss on assets held for sale			2,094				—
Bad debt for accounts receivable – other			1,208				858
Loss relating to financial instruments at FVTPL			5,271				153
Loss on repayment of debentures			—				478
Other income (expenses)			(4,335	)			20,101

		~~W~~	1,139,376				1,159,433

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

32.	Statements of Cash Flows, Continued
(2)	Changes in assets and liabilities from operating activities for the three-month periods ended March 31,<br>2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Accounts receivable – trade		~~W~~	(45,608	)			4,681
Accounts receivable – other			(105,693	)			(142,339	)
Advanced payments			6,660				(2,885	)
Prepaid expenses			(149,906	)			(49,067	)
Inventories			(34,439	)			4,257
Long-term accounts receivable – other			(459	)			2,280
Contract assets			(8,525	)			3,760
Guarantee deposits			6,846				9,170
Accounts payable – trade			93,911				(14,661	)
Accounts payable – other			(152,264	)			(30,177	)
Withholdings			122,849				197,649
Contract liabilities			69,901				34,175
Deposits received			293				6,883
Accrued expenses			(130,398	)			(205,632	)
Provisions			(4,077	)			(600	)
Plan assets			115,290				56,616
Retirement benefits payment			(73,653	)			(49,814	)
Others			(2,488	)			(3,220	)

		~~W~~	(291,760	)			(178,924	)

(3)	Material non-cash transactions for the three-month periods ended<br>March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Decrease in accounts payable – other relating to the acquisition of property and equipment<br>and intangible assets		~~W~~	(237,032	)			(437,706	)
Increase of<br>right-of-use assets			89,014				58,512
Transfer from investment property to assets held for sale			12,713				—

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

33.	Emissions Liabilities
(1)	The quantities of emissions rights allocated free of charge for each implementation year as of March 31,<br>2026 are as follows:
---	---
(In tCO2-eQ)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Quantities<br>allocated in2026			Quantities<br>allocated in2027			Quantitiesallocated in2028			Quantitiesallocated in2029			Quantitiesallocated in2030			Total
Emissions rights allocated free of charge(*)			1,399,530			1,413,943			1,491,719			1,552,252			1,610,194			7,467,638
(*)	Finalized changes in allocated quantities, including additional allocations, cancellations and other<br>adjustments, have been reflected.
---	---
(2)	Changes in the quantities of emissions rights held by the Group are as follows:
---	---
(In tCO2-eQ)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Quantities<br>allocated in2024				Quantities<br>allocated in2025				Quantities<br>allocated in thethree-monthperiod ended<br>*March 31, 2026()**				Total
Beginning			414,356				517,280				—				931,636
Allocation at no cost			1,766,850				1,598,389				1,399,530				4,764,769
Purchase (sale)			(41,446	)			(241,848	)			184,406				(98,888	)
Surrender or shall be surrendered			(1,622,480	)			(1,873,821	)			(1,941,339	)			(5,437,640	)

Ending			517,280				—				(357,403	)			159,877

(*)	Changes for the three-month period ended March 31, 2026 are estimated quantities, and additionally<br>allocated and surrendered or shall be surrendered quantities will be fixed in the future.
---	---
(3)	As of March 31, 2026, the estimated annual greenhouse gas emissions quantities of the Group are 1,941,339 tCO2-eQ.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

34.	Assets and Liabilities Held for Sale
Assets	and liabilities held for sale as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---
				March 31,2026				December 31,2025
Assets:
Disposal groups(*)		Cash and cash equivalents		~~W~~	30,961				27,569
		Accounts receivable – trade and other, net			24,333				23,591
		Advanced payments			98				80
		Prepaid expenses			2,807				1,877
		Inventories, net			6,824				6,278
		Property and equipment, net			9,144				10,866
		Intangible assets, net			20,575				17,795
		Right of use, net			2,679				2,646
		Financial instruments			40,003				45,003
		Deferred tax assets			4,918				4,916
		Defined benefit assets			1,473				1,981
Investment in an associate		Daekyo Wipoongdangdang Contents Korea Fund			746				746
Property and equipment and investment properties		Land, buildings and others			13,229				141

				~~W~~	157,790				143,489
Liabilities:
Disposal groups(*)		Accounts payable – other			34,723				38,637
		Withholdings			13,838				16,863
		Lease liabilities			2,588				2,910
		Contract liabilities			79				43
		Provisions			275				275
		Other current liabilities			3,283				3,885
		Current tax liabilities			5,511				4,495

				~~W~~	60,297				67,108

(*)	For the year ended December 31, 2025, the Group decided to dispose of the shares of SK stoa Co., Ltd. and<br>Media S Co., Ltd., the consolidated subsidiaries. Accordingly, the assets and liabilities of SK stoa Co., Ltd. and Media S Co., Ltd. were reclassified as assets and liabilities held for sale.
---	---

SK TELECOM CO., LTD. and its Subsidiaries

Notes to the Condensed Consolidated Interim Financial Statements

March 31, 2026 and 2025

35.	Subsequent Events

The Board of Directors of the Parent Company resolved to pay interim dividends at the Board of Directors’ meeting held on April 27, 2026, and the details are as follows:

Classification		Description
Interim dividend amount		~~W~~830 per share (Total amount: ~~W~~176,691 million)
Dividend rate		0.84%
Record date		May 31, 2026
Date of distribution		Pursuant to Article 165-12 (3) of Capital Market and Financial Investment Business Act, the Parent Company shall distribute dividends no later than June 18, 2026

SK TELECOM CO., LTD.

Condensed Separate Interim Financial Statements

For thethree-month periods ended March 31, 2026 and 2025

(With Independent Auditors’ Review Report)

Contents

		Page
Independent Auditors’ Review Report
Condensed Separate Interim Financial Statements
Condensed Separate Interim Statements of Financial Position			1
Condensed Separate Interim Statements of Income			3
Condensed Separate Interim Statements of Comprehensive Income			4
Condensed Separate Interim Statements of Changes in Equity			5
Condensed Separate Interim Statements of Cash Flows			6
Notes to the Condensed Separate Interim Financial Statements			8

Independent Auditors’ Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

SK TelecomCo., Ltd.

Reviewed financial statements

We have reviewed the accompanying condensed separate interim financial statements of SK Telecom Co., Ltd. (the “Company”), which comprise the condensed separate interim statement of financial position as of March 31, 2026, the condensed separate interim statements of income, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2026 and 2025, and notes, including a summary of material accounting policies and other explanatory information.

Management’s responsibility

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

Auditors’ reviewresponsibility

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

Conclusion

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

Other matters

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

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

KPMG Samjong Accounting Corp.

Seoul, Korea

May 12, 2026

This report is effective as of May 12, 2026, the review report date. Certain subsequent events or circumstances, which may occur between the review report<br>date and the time of reading this report, could have a material impact on the accompanying condensed separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review<br>report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

SK TELECOM CO., LTD.

CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025 AND

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

The accompanying condensed separate interim financial statements, including all footnote disclosures, have been prepared by, and are the responsibility of, the Company.

Jung, Jaihun

Chief ExecutiveOfficer

SK TELECOM CO., LTD.

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position

As of March 31, 2026 and December 31, 2025

(In millions of won)		March 31,<br>2026			December 31,2025
Assets
Current Assets:
Cash and cash equivalents	27,28	~~W~~	502,360			771,861
Short-term financial instruments	27,28		89,155			89,155
Accounts receivable – trade, net	4,27,28,29		1,473,774			1,469,426
Short-term loans, net	4,27,28		70,246			60,122
Accounts receivable – other, net	4,27,28,29,30		643,027			393,136
Contract assets	6,28		5,869			5,958
Prepaid expenses	5		2,096,275			1,997,049
Guarantee deposits, net	4,27,28,29		55,226			58,513
Prepaid income taxes	25		—			8,827
Inventories, net			23,731			16,940
Non-current assets held for sale	33		53,310			40,081
Advanced payments and others	4,27,28		14,205			21,489

		5,027,178			4,932,557

Non-Current Assets:
Long-term financial instruments	27,28		370			354
Long-term investment securities	7,27,28		2,475,763			2,396,996
Investments in subsidiaries, associates and joint ventures	8		5,888,482			5,892,726
Property and equipment, net	9,11,29		7,229,934			7,680,504
Investment property, net	10		34,273			47,287
Goodwill			1,306,236			1,306,236
Intangible assets, net	12		1,092,400			1,230,202
Long-term loans, net	4,27,28		314			363
Long-term accounts receivable – other, net	4,27,28,30		237,317			235,980
Long-term contract assets	6,28		10,251			11,363
Long-term prepaid expenses	5		1,098,501			1,065,238
Guarantee deposits, net	4,27,28,29		89,439			92,213
Long-term derivative financial assets	27,28		212,469			156,256
Defined benefit assets	16		37,224			100,212
Other non-current assets			249			249

		19,713,222			20,216,179

Total Assets		~~W~~	24,740,400	****	****	25,148,736	****

(Continued)

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Financial Position, Continued

As of March 31, 2026 and December 31, 2025

(In millions of won)		March 31, 2026			December 31,2025
Liabilities and Shareholders’ Equity
Current Liabilities:
Short-term borrowings	13,27,28	~~W~~	130,000			130,000
Accounts payable – other	27,28,29		1,211,261			1,527,175
Contract liabilities	6		90,083			108,613
Withholdings	27,28		884,777			773,970
Accrued expenses	27,28		769,021			792,458
Income tax payable	25		70,072			—
Provisions	15,32		140,907			137,750
Current portion of long-term debt, net	13,27,28		764,609			864,696
Lease liabilities	27,28,29		354,285			354,906
Current portion of long-term payables – other	14,27,28		90,218			368,572
Derivative financial liabilities	27,28		806			581
Other current liabilities	27,28		3,935			11,521

		4,509,974			5,070,242

Non-Current Liabilities:
Debentures, excluding current portion, net	13,27,28		5,292,679			5,416,644
Long-term borrowings, excluding current portion, net	13,27,28		300,000			300,000
Long-term payables – other	14,27,28		89,771			179,389
Long-term contract liabilities	6		1,754			1,699
Long-term derivative financial liabilities	27,28		—			621
Long-term lease liabilities	27,28,29		721,444			782,702
Long-term provisions	15		65,088			69,517
Deferred tax liabilities	25		1,322,775			1,277,326
Other non-current liabilities	27,28		67,974			59,546

		7,861,485			8,087,444

Total Liabilities		****	12,371,459	****	****	13,157,686	****

Shareholders’ Equity:
Share capital	1,17		30,493			30,493
Capital surplus and others	17,18		(6,247,105	)		(4,547,673	)
Retained earnings	19		17,211,460			15,199,915
Reserves	20		1,374,093			1,308,315

Total Shareholders’ Equity		****	12,368,941	****	****	11,991,050	****

Total Liabilities and Shareholders’ Equity		~~W~~	24,740,400	****	****	25,148,736	****

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

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Income

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

(In millions of won, except for earnings per share)		2026			2025
Operating revenue:	21,29
Revenue		~~W~~	3,105,789			3,167,455
Operating expenses:	29
Labor			278,155			277,989
Commission	5		1,182,598			1,141,675
Depreciation and amortization			616,524			630,591
Network interconnection			103,244			108,104
Leased lines			47,972			48,469
Advertising			19,475			20,553
Rent			31,698			32,309
Cost of goods sold			141,280			145,290
Others	22		275,315			280,109

			2,696,261			2,685,089

Operating profit		****	409,528	****	****	482,366	****
Finance income	24		95,670			200,370
Finance costs	24		(79,186	)		(84,649	)
Other non-operating income	23		8,940			6,880
Other non-operating expenses	23		(4,486	)		(5,312	)
Gain relating to investments in subsidiaries, associates and joint ventures, net	8		3,476			1,359

Profit before income tax		****	433,942	****	****	601,014	****
Income tax expense	25		101,250			126,422

Profit for the period		~~W~~	332,692	****	****	474,592	****

Earnings per share:	26
Basic earnings per share (in won)		~~W~~	1,539			2,206
Diluted earnings per share (in won)			1,537			2,200

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

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Comprehensive Income

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

(In millions of won)		2026			2025
Profit for the period		~~W~~	332,692	****	****	474,592	****
Other comprehensive income (loss):
Items that will not be reclassified subsequently to profit or loss, net of taxes:
Remeasurement of defined benefit plans			(22,222	)		(18,783	)
Valuation gain (loss) on financial assets at fair value through other comprehensive<br>income	20		68,985			(10,157	)
Items that are or may be reclassified subsequently to profit or loss, net oftaxes:
Net change in unrealized fair value of derivatives	20		2,818			(890	)

Other comprehensive income (loss) for the period, net of taxes		****	49,581	****	****	(29,830	)

Total comprehensive income		~~W~~	382,273	****	****	444,762	****

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

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Changes in Equity

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

(In millions of won)						Capital surplus and others
	Note		Sharecapital			Paid-insurplus			Treasuryshares			Hybridbonds			Shareoption			Other			Sub-total			Retained<br>earnings			Reserves			Total equity
Balance as of January 1, 2025			~~W~~	30,493	****	****	1,771,000	****	****	(92,962	)	****	398,509	****	****	14,498	****	****	(6,642,865	)	****	(4,551,820	)	****	15,273,451	****	****	208,730	****	****	10,960,854	****
Total comprehensive income (loss):
Profit for the period				—			—			—			—			—			—			—			474,592			—			474,592
Other comprehensive loss		16,20		—			—			—			—			—			—			—			(21,273	)		(8,557	)		(29,830	)

				—			—			—			—			—			—			—			453,319			(8,557	)		444,762

Transactions with owners:
Annual dividends				—			—			—			—			—			—			—			(223,531	)		—			(223,531	)
Share option		18		—			—			—			—			13			(120	)		(107	)		—			—			(107	)
Interest on hybrid bonds				—			—			—			—			—			—			—			(4,950	)		—			(4,950	)

				—			—			—			—			13			(120	)		(107	)		(228,481	)		—			(228,588	)

Balance as of March 31, 2025			~~W~~	30,493	****	****	1,771,000	****	****	(92,962	)	****	398,509	****	****	14,511	****	****	(6,642,985	)	****	(4,551,927	)	****	15,498,289	****	****	200,173	****	****	11,177,028	****

Balance as of January 1, 2026			~~W~~	30,493	****	****	1,771,000	****	****	(88,533	)	****	398,509	****	****	14,511	****	****	(6,643,160	)	****	(4,547,673	)	****	15,199,915	****	****	1,308,315	****	****	11,991,050	****
Total comprehensive income:
Profit for the period				—			—			—			—			—			—			—			332,692			—			332,692
Other comprehensive income (loss)		16,20		—			—			—			—			—			—			—			(16,197	)		65,778			49,581

				—			—			—			—			—			—			—			316,495			65,778			382,273

Transactions with owners:
Transfer from paid-in surplus to retained earnings				—			(1,700,000	)		—			—			—			—			(1,700,000	)		1,700,000			—			—
Share option		18		—			—			—			—			(308	)		(315	)		(623	)		—			—			(623	)
Interest on hybrid bonds				—			—			—			—			—			—			—			(4,950	)		—			(4,950	)
Disposal of treasury shares				—			—			544			—			—			647			1,191			—			—			1,191

				—			(1,700,000	)		544			—			(308	)		332			(1,699,432	)		1,695,050			—			(4,382	)

Balance as of March 31, 2026			~~W~~	30,493	****	****	71,000	****	****	(87,989	)	****	398,509	****	****	14,203	****	****	(6,642,828	)	****	(6,247,105	)	****	17,211,460	****	****	1,374,093	****	****	12,368,941	****

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

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows

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

(In millions of won)		2026			2025
Cash flows from operating activities:
Cash generated from operating activities:
Profit for the period		~~W~~	332,692			474,592
Adjustments for income and expenses	31		751,348			689,228
Changes in assets and liabilities related to operating activities	31		(320,440	)		(197,370	)

			763,600			966,450
Interest received			3,933			8,084
Dividends received			6,036			7,304
Interest paid			(75,650	)		(92,983	)
Income tax paid			(579	)		(1,274	)

Net cash provided by operating activities		****	697,340	****	****	887,581	****

Cash flows from investing activities:
Cash inflows from investing activities:
Collection of short-term loans			34,641			25,386
Proceeds from disposals of long-term investment securities			11,532			239
Proceeds from disposals of investments in subsidiaries, associates and joint ventures			9,275			—
Proceeds from disposals of non-current assets held for<br>sale			—			6,096
Proceeds from disposals of property and equipment			1,542			3,168
Proceeds from disposals of intangible assets			213			2,082

			57,203			36,971
Cash outflows for investing activities:
Increase in long-term financial instruments			(16	)		—
Increase in short-term loans			(44,817	)		(35,268	)
Acquisitions of long-term investment securities			—			(500	)
Acquisitions of investments in subsidiaries, associates and joint ventures			(161	)		(14,314	)
Acquisitions of property and equipment			(229,940	)		(367,761	)
Acquisitions of intangible assets			(16,540	)		(5,412	)

			(291,474	)		(423,255	)

Net cash used in investing activities		~~W~~	(234,271	)	****	(386,284	)

(Continued)

SK TELECOM CO., LTD.

Condensed Separate Interim Statements of Cash Flows, Continued

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

(In millions of won)	2026			2025
Cash flows from financing activities:
Cash inflows from financing activities:
Proceeds from short-term borrowings, net	~~W~~	—			200,000
Proceeds from issuance of debentures		—			398,303

		—			598,303
Cash outflows for financing activities:
Repayments of long-term borrowings		—			(200,000	)
Repayments of long-term payables – other		(369,150	)		(369,150	)
Repayments of debentures		(280,000	)		(280,000	)
Payments of interest on hybrid bonds		(4,950	)		(4,950	)
Repayments of lease liabilities		(79,280	)		(71,225	)

		(733,380	)		(925,325	)

Net cash used in financing activities	****	(733,380	)	****	(327,022	)

Net increase (decrease) in cash and cash equivalents	****	(270,311	)	****	174,275	****
Cash and cash equivalents at beginning of the period		771,861			1,165,158
Effects of exchange rate changes on cash and cash equivalents		810			87

Cash and cash equivalents at end of the period	~~W~~	502,360	****	****	1,339,520	****

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

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

1.	Reporting Entity

SK Telecom Co., Ltd. (“the Company”) was incorporated on March 29, 1984, under the laws of the Republic of Korea (“Korea”) to provide cellular telephone communication services in Korea. The head office of the Company is located at 65, Eulji-ro, Jung-gu, Seoul, Korea.

The Company’s common shares are listed on the Stock Market of Korea Exchange, and its depositary receipts (DRs) are listed on the New York Stock Exchange. As of March 31, 2026, the Company’s total issued shares are held by the following shareholders:


SK Inc.		65,668,397	30.57
National Pension Service		16,817,486	7.83
Institutional investors and other shareholders		126,668,526	58.98
Kakao Investment Co., Ltd.		3,846,487	1.79
Treasury shares		1,789,157	0.83

		214,790,053	100.00

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

These condensed separate interim financial statements were prepared in accordance with Korean International Financial Reporting Standard (“KIFRS”) 1034 Interim Financial Reporting as part of the period covered by the Company’s KIFRS annual financial statements. These condensed separate interim financial statements do not include all of the disclosures required for full annual financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since December 31, 2025. The accompanying condensed separate interim financial statements have been translated into English from the Korean language financial statements.

These interim financial statements are condensed separate interim financial statements prepared in accordance with KIFRS 1027, SeparateFinancial Statements, presented by a parent, an investor with joint control of or significant influence over an investee, in which the investments are accounted for at cost less impairment, if any.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

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

Critical judgments, assumptions and estimation uncertainties

The preparation of the condensed separate interim 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.

In preparing these condensed separate interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the separate financial statements as of and for the year ended December 31, 2025.

Fair value measurement

The Company’s accounting policies and disclosures require the measurement of fair values, for both a number of financial and non-financial assets and liabilities. The Company has established policies and processes with respect to the measurement of fair values, including Level 3 fair values, and the measurement of fair values is reviewed and directly reported to the finance executives.

The Company 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 Company 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 valuations should be classified.

When measuring the fair value of an asset or a liability, the Company 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:

•<br><br>Level 1:	quoted prices (unadjusted) in active markets for identical assets or liabilities;
•<br><br>Level 2:	inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
•<br><br>Level 3:	inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into 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 Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

The information about assumptions used for fair value measurements is included in note 28.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

3.	Material Accounting Policies

The material accounting policies applied by the Company in these condensed separate interim financial statements are the same as those applied by the Company in its separate financial statements as of and for the year ended December 31, 2025, except for the adoption of new and revised KIFRS applied from January 1, 2026, which are summarized below.

(1)	New and amended standards and interpretations applied by the Company

The Company has applied the following new and amended standards and interpretations for annual period beginning after January 1, 2026. The following amended KIFRS is effective from January 1, 2026 and it did not have a material impact on the Company’s condensed separate interim financial statements.

•	Classification and measurement of financial instruments (Amendments to KIFRS 1109 ‘FinancialInstruments’ and KIFRS 1107 ‘Financial Instruments: Disclosures’)
•	Contracts referencing nature-dependent electricity (Amendments to KIFRS 1109 ‘FinancialInstruments’ and KIFRS 1107 ‘Financial Instruments: Disclosures’)
---	---
•	Annual Improvements to KIFRS - Volume 11
---	---
(2)	New and amended standards and interpretations that are issued, but not yet applied by the Company<br>
---	---

The new and amended standard and interpretation that is issued, but not yet effective is disclosed below.

•	KIFRS 1118 ‘Presentation and Disclosure in Financial Statements’

The Company is currently analyzing the key accounting policies that are expected to result in significant differences from those applied in the current financial statements upon adoption of KIFRS 1118.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

4.	Trade and Other Receivables
(1)	Details of trade and other receivables as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---
		Gross amount				Loss allowance				Carrying amount
Current assets:
Accounts receivable – trade		~~W~~	1,599,531				(125,757	)			1,473,774
Short-term loans			70,956				(710	)			70,246
Accounts receivable – other(*)			661,640				(18,613	)			643,027
Guarantee deposits			55,226				—				55,226
Accrued income			677				—				677

			2,388,030				(145,080	)			2,242,950
Non-current assets:
Long-term loans			19,204				(18,890	)			314
Long-term accounts receivable – other			237,317				—				237,317
Guarantee deposits			89,439				—				89,439

			345,960				(18,890	)			327,070

		~~W~~	2,733,990				(163,970	)			2,570,020

(*)	Gross and carrying amounts of accounts receivable – other as of March 31, 2026 include<br>~~W~~335,873 million of financial instruments classified as fair value through profit or loss (“FVTPL”).
---	---
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
		Gross amount				Loss allowance				Carrying amount
Current assets:
Accounts receivable – trade		~~W~~	1,586,131				(116,705	)			1,469,426
Short-term loans			60,729				(607	)			60,122
Accounts receivable – other(*)			410,657				(17,521	)			393,136
Guarantee deposits			58,513				—				58,513
Accrued income			1,089				—				1,089

			2,117,119				(134,833	)			1,982,286
Non-current assets:
Long-term loans			19,254				(18,891	)			363
Long-term accounts receivable – other			235,980				—				235,980
Guarantee deposits			92,213				—				92,213

			347,447				(18,891	)			328,556

		~~W~~	2,464,566				(153,724	)			2,310,842

(*)	Gross and carrying amounts of accounts receivable – other as of December 31, 2025 include<br>~~W~~189,963 million of financial instruments classified as fair value through profit or loss (“FVTPL”).
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

4.	Trade and Other Receivables, Continued
(2)	Changes in the loss allowance on trade and other receivables measured at amortized cost for the three-month<br>periods ended March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning<br>balance				Impairment			*Write-offs()**			Collection ofreceivablespreviouslywritten-off			Ending<br>balance
Accounts receivable – trade		~~W~~	116,705				7,650			(423	)		1,825			125,757
Accounts receivable – other, etc.			37,019				1,206			(56	)		44			38,213

		~~W~~	153,724				8,856			(479	)		1,869			163,970

(In millions of won)		For the three-month period ended March 31, 2025
		Beginning<br>balance				Impairment			*Write-offs()**			Collection ofreceivablespreviouslywritten-off			Ending<br>balance
Accounts receivable – trade		~~W~~	103,054				9,305			(375	)		1,806			113,790
Accounts receivable – other, etc.			63,668				829			(71	)		167			64,593

		~~W~~	166,722				10,134			(446	)		1,973			178,383

(*)	The Company writes off trade and other receivables that are determined to be uncollectable due to reasons such<br>as termination of operations or bankruptcy.
---	---
(3)	The Company applies the practical expedient that allows the Company to estimate the loss allowance for accounts<br>receivable – trade at an amount equal to the lifetime expected credit losses. The expected credit losses include the forward-looking information. To make the assessment, the Company uses its historical credit loss experience over the past<br>three years and classifies the accounts receivable – trade by their credit risk characteristics and days overdue.
---	---

Due to the nature of its business, which involves wireless telecommunications, the Company’s accounts receivables from telecommunications revenue primarily consist of receivables from individual customers. As there are no significant differences in credit terms among customers, there is no material concentration of credit risk.

Receivables related to other revenue mainly consist of receivables from corporate customers. The Company transacts only with corporate customers whose credit risk is assessed as low. In addition, the Company is not exposed to significant credit concentration risk as the Company monitors the credit ratings of these customers on a regular basis and evaluates their creditworthiness accordingly. Although contract assets are subject to the expected credit loss assessment, no significant credit risk has been identified.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

5.	Prepaid Expenses

The Company pays commissions to its retail stores and authorized dealers for wireless telecommunications services based on their performance of attracting new customers and renewing contracts with existing customers. The Company recognizes costs among the commissions that would not have incurred if a contract had not been entered into with a customer as prepaid expenses. These prepaid expenses are amortized on a straight-line basis over the expected customer retention periods.

(1)	Details of prepaid expenses as of March 31, 2026 and December 31, 2025 are as follows:<br>
(In millions of won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Current assets:
Incremental costs of obtaining contracts		~~W~~	2,027,431				1,950,442
Others			68,844				46,607

		~~W~~	2,096,275				1,997,049

Non-current assets:
Incremental costs of obtaining contracts		~~W~~	1,061,007				1,022,559
Others			37,494				42,679

		~~W~~	1,098,501				1,065,238

(2)	Incremental costs of obtaining contracts
---	---

Amortization in connection with incremental costs of obtaining contracts recognized as an asset for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)		For the three-month period ended
		March 31, 2026				March 31, 2025
Amortization recognized		~~W~~	640,428				578,985

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

6.	Contract Assets and Liabilities

In case of providing both wireless telecommunication services and sales of handsets, the Company allocated the consideration based on relative stand-alone selling prices and recognized unbilled receivables from handset sales as contract assets. The Company recognized receipts in advance for prepaid telecommunications services and solution services, and unearned revenue for customer loyalty programs as contract liabilities.

(1)	Details of contract assets and liabilities as of March 31, 2026 and December 31, 2025 are as follows:<br>
(In millions of won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Contract assets		~~W~~	16,120				17,321
Contract liabilities:
Wireless service contracts			20,307				19,503
Customer loyalty programs			6,184				5,920
Others			65,346				84,889

		~~W~~	91,837				110,312

(2)	Amounts of revenue recognized for the three-month periods ended March 31, 2026 and 2025 related to the<br>contract liabilities carried forward from the prior periods are ~~W~~26,051 million and ~~W~~16,743 million, respectively.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

7.	Long-term Investment Securities

Details of long-term investment securities as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of won)		Category			March 31, 2026				December 31, 2025
Equity instruments			FVOCI	(*)	~~W~~	2,421,286				2,337,149
Debt instruments			FVTPL			54,477				59,847

					~~W~~	2,475,763				2,396,996

(*)	The Company designated investments in equity instruments that are not held for trading as financial assets at<br>FVOCI.
---	---
8.	Investments in Subsidiaries, Associates and Joint Ventures
---	---
(1)	Investments in subsidiaries, associates and joint ventures as of March 31, 2026 and December 31, 2025<br>are as follows:
---	---
(In millions of won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Investments in subsidiaries		~~W~~	4,538,218				4,538,057
Investments in associates and joint ventures			1,350,264				1,354,669

		~~W~~	5,888,482				5,892,726

(2)	Details of investments in subsidiaries as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026										December 31, 2025
		Number ofshares			Ownership<br>(%)			Carrying<br>amount				Carrying<br>amount
SK Telink Co., Ltd.			1,432,627			100.0		~~W~~	244,040				244,040
SK Broadband Co., Ltd.			398,595,779			99.1			3,285,853				3,285,853
PS&Marketing Corporation			66,000,000			100.0			314,038				314,038
SERVICE ACE Co., Ltd.			4,385,400			100.0			21,963				21,963
SK Telecom China Holdings Co., Ltd.			—			100.0			40,365				40,365
SK Telecom Americas, Inc.			122			100.0			129,803				129,803
Atlas Investment(*)			—			100.0			240,801				240,640
SAPEON Inc.			400,000			62.5			48,456				48,456
Astra AI Infra LLC			—			100.0			182,733				182,733
SK O&S Co., Ltd. and others			—			—			30,166				30,166

								~~W~~	4,538,218				4,538,057

(*)	The Company contributed an additional ~~W~~161 million in cash for the<br>three-month period ended March 31, 2026, but there is no change in the ownership interest.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

8.	Investments in Subsidiaries, Associates and Joint Ventures, Continued
(3)	Details of investments in associates and joint ventures as of March 31, 2026 and December 31, 2025<br>are as follows, Continued:
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026										December 31, 2025
		Number ofshares			Ownership<br>(%)			Carrying<br>amount				Carrying<br>amount
Investments in associates:
SK China Company Ltd.			10,928,921			27.3		~~W~~	601,192				601,192
Korea IT Fund(*1)			190			63.3			220,957				220,957
SK Technology Innovation Company(*2)			6,586			49.0			20,417				23,699
SM Culture & Contents Co., Ltd.			22,033,898			22.8			29,305				29,305
SK South East Asia Investment Pte. Ltd.			300,000,000			20.0			344,240				344,240
Citadel Pacific Telecom Holdings, LLC(*3)			1,734,109			15.0			36,487				36,487
CMES Robotics Inc. (Formerly, CMES Inc.)(*3)			763,968			6.5			5,488				5,488
Konan Technology Inc.(*3)			2,359,160			18.9			22,413				22,413
Start-up Win-Win<br>Fund and others(*3)			—			—			61,765				62,888

									1,342,264				1,346,669

Investments in joint ventures:
UTC Kakao-SK Telecom ESG Fund(*4)			8,000			48.2			8,000				8,000

								~~W~~	1,350,264				1,354,669

(*1)	Investment in Korea IT Fund was classified as investment in associates as the Company does not have control<br>over the investee under the contractual agreement with other shareholders.
---	---
(*2)	The Company recognized a ~~W~~4,579 million gain relating to investments in<br>associates from the paid-in capital reduction of SK Technology Innovation Company for the three-month period ended March 31, 2026, with no change in ownership interest.
---	---
(*3)	These investments were classified as investments in associates as the Company can exercise significant<br>influence through its right to appoint the members of the board of directors even though the Company has less than 20% of equity interests.
---	---
(*4)	This investment was classified as investment in joint venture as the Company has a joint control pursuant to<br>the agreement with the other shareholders.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

8.	Investments in Subsidiaries, Associates and Joint Ventures, Continued
(4)	Market value of investments in listed associates as of March 31, 2026 and December 31, 2025 are as<br>follows:
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026										December 31, 2025
		Market price<br>per share(in won)				Number ofshares			Marketvalue			Market price<br>per share(in won)			Number ofshares			Marketvalue
SM Culture & Contents Co., Ltd.		~~W~~	1,092				22,033,898			24,061			1,330			22,033,898			29,305
Konan Technology Inc.			17,610				2,359,160			41,545			19,710			2,359,160			46,499
CMES Robotics Inc. (Formerly, CMES Inc.)			29,200				763,968			22,308			33,100			763,968			25,287
9.	Property and Equipment
---	---

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

(In millions of won)
		For the three-month period ended
		March 31, 2026			March 31, 2025
Beginning balance		~~W~~	7,680,504			8,515,225
Acquisition			69,440			65,549
Disposal			(25,248	)		(13,682	)
Depreciation			(484,067	)		(494,611	)
Impairment			—			(359	)
Transfer(*)			(10,695	)		(30,830	)

Ending balance		~~W~~	7,229,934			8,041,292

(*)	Transfer includes transfers to intangible assets, transfers to or from investment properties, transfers to non-current assets held for sale, and others.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

10.	Investment Property

Changes in investment property for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)
		For the three-month period ended
		March 31, 2026				March 31, 2025
Beginning balance		~~W~~	47,287				35,462
Depreciation			(444	)			(546	)
Transfer(*)			(12,570	)			29

Ending balance		~~W~~	34,273				34,945

(*)	Transfer includes transfers to or from property and equipment, transfers to<br>non-current assets held for sale, and others.
---	---
11.	Leases
---	---
(1)	Details of the right-of-use<br>assets as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Right-of-use<br>assets:
Land, buildings and structures		~~W~~	659,230				709,924
Others			241,011				259,359

		~~W~~	900,241				969,283

(2)	Details of amounts recognized in the condensed separate interim statements of income for the three-month<br>periods ended March 31, 2026 and 2025 as a lessee are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Depreciation of<br>right-of-use assets:
Land, buildings and structures		~~W~~	74,884				69,596
Others(*)			18,184				18,191

		~~W~~	93,068				87,787

Interest expense on lease liabilities		~~W~~	7,053				7,462
(*)	Others include the amount reclassified as research and development expenses related to the lease contract for<br>research and development facilities.
---	---

Expenses related to short-term leases and leases of low-value assets that the Company recognized are immaterial.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

12.	Intangible Assets
(1)	Changes in intangible assets for the three-month periods ended March 31, 2026 and 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Beginning balance		~~W~~	1,230,202				1,683,018
Acquisition			16,540				5,412
Disposal			(107	)			(1,026	)
Amortization			(164,131	)			(165,748	)
Transfer(*)			9,896				30,576

Ending balance		~~W~~	1,092,400				1,552,232

(*)	Transfer includes transfers from property and equipment, and others.
---	---
(2)	Details of frequency usage rights as of March 31, 2026 are as follows:
---	---
(In millions of won)		Amount				Amortizationmethods			Commencementof amortization			Completion ofamortization
---	---	---	---	---	---	---	---	---	---	---	---	---	---
800 MHz license		~~W~~	10,979							Jul. 2021			Jun. 2026
1.8 GHz license			70,522							Dec. 2021			Dec. 2026
2.6 GHz license			91,055				Straight-line basis			Sep. 2016			Dec. 2026
2.1 GHz license			53,001							Dec. 2021			Dec. 2026
3.5 GHz license			321,164							Apr. 2019			Nov. 2028

		~~W~~	546,721

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

13.	Borrowings and Debentures
(1)	Short-term borrowings as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---
Lender		Annualinterest rate (%)		Maturity			March 31, 2026				December 31, 2025
Bank of China Ltd.		2.83			Oct. 29, 2026		~~W~~	130,000				130,000
(2)	There were no changes in long-term borrowings for the three-month period ended March 31, 2026.<br>
---	---
(3)	Changes in debentures for the three-month period ended March 31, 2026 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Purpose			Annualinterest rate(%)			Maturity			Face value			Book value
Current											~~W~~	665,000			664,696
Non-current												5,429,430			5,416,644

As of January 1, 2026												6,094,430			6,081,340

Debentures repaid:
Unsecured corporate bonds			Operating fund			2.08			Mar. 4, 2026			(90,000	)		(90,000	)
			Refinancing fund			1.39			Jan. 15, 2026			(80,000	)		(80,000	)
			Refinancing fund			3.65			Feb. 17, 2026			(110,000	)		(110,000	)

												(280,000	)		(280,000	)

Other changes(*1)												54,950			55,948
Current(*2)												565,000			564,609
Non-current(*2)												5,304,380			5,292,679

As of March 31, 2026											~~W~~	5,869,380			5,857,288

(*1)	Other changes primarily reflect foreign currency translation effect of debentures and amortization of<br>debentures issuance discount for the three-month period ended March 31, 2026.
---	---
(*2)	~~W~~179,762 million was reclassified from<br>non-current to current for the three-month period ended March 31, 2026.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

14.	Long-Term Payables – Other
(1)	As of March 31, 2026 and December 31, 2025 details of long-term payables – other which consist<br>of payables related to the acquisition of frequency usage rights are as follows (See note 12):
---	---
(In millions of won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---	---
Long-term payables – other		~~W~~	182,775				551,925
Present value discount on long-term payables – other			(2,786	)			(3,964	)
Current portion of long-term payables – other			(90,218	)			(368,572	)

Carrying amount at period end		~~W~~	89,771				179,389

(2)	Repayment of the principal portion of long-term payables – other amounted to<br>~~W~~369,150 million for each of the three-month periods ended March 31, 2026 and 2025. The repayment schedule of the principal amount of long-term payables – other as of March 31, 2026 is as<br>follows:
---	---
(In millions of won)		Amount
---	---	---	---	---
Less than 1 year		~~W~~	91,388
1 ~ 3 years			91,387

		~~W~~	182,775

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

15.	Provisions

Changes in provisions for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)		For the three-month period ended March 31, 2026
		Beginning<br>balance				Increase			Utilization			Reversal			Ending<br>balance
Provision for restoration		~~W~~	99,346				1,397			(1,322	)		(147	)		99,274
Emission allowance			—				1,108			—			—			1,108
Other provisions			107,921				—			(2,308	)		—			105,613

		~~W~~	207,267				2,505			(3,630	)		(147	)		205,995

(In millions of won)		For the three-month period ended March 31, 2025
		Beginning<br>balance				Increase			Utilization			Reversal			Ending<br>balance
Provision for restoration		~~W~~	101,077				1,194			(1,069	)		(227	)		100,975
Emission allowance			28				534			—			(1	)		561

		~~W~~	101,105				1,728			(1,069	)		(228	)		101,536

16.	Defined Benefit Assets
---	---
(1)	Details of defined benefit assets as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---	---
Present value of defined benefit obligations		~~W~~	465,193				442,155
Fair value of plan assets			(502,417	)			(542,367	)

		~~W~~	(37,224	)			(100,212	)

(2)	Total cost of defined benefit plan, which is recognized in profit or loss for the three-month periods ended<br>March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Current service cost		~~W~~	11,034				12,690
Net interest income			(824	)			(862	)

		~~W~~	10,210				11,828

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

17.	Share Capital and Capital Surplus and Others
(1)	The Company’s outstanding share capital consists entirely of common shares with a par value of<br>~~W~~100. The number of authorized and issued common shares and the details of share capital and capital surplus and others as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Number of authorized shares			670,000,000				670,000,000
Number of issued shares			214,790,053				214,790,053
Share capital:
Common shares(*1)		~~W~~	30,493				30,493
Capital surplus and others:
Paid-in surplus(*2)			71,000				1,771,000
Treasury shares			(87,989	)			(88,533	)
Hybrid bonds(*3)			398,509				398,509
Share option(Note 18)			14,203				14,511
Others			(6,642,828	)			(6,643,160	)

		~~W~~	(6,247,105	)			(4,547,673	)

(*1)	In 2002, 2003 and 2024, the Company retired treasury shares with reduction of its retained earnings before<br>appropriation. As a result, the Company’s issued shares have decreased without a change in share capital.
---	---
(*2)	~~W~~1,700,000 million was transferred from paid-in surplus to retained earnings for the<br>three-month period ended March 31, 2026.
---	---
(*3)	As there is no contractual obligation to deliver financial assets to the holders of hybrid bonds, the Company<br>classified the hybrid bonds as equity. When in liquidation or bankruptcy, these hybrid bonds are senior only to common shares.
---	---
(2)	There were no changes in share capital for the three-month periods ended March 31, 2026 and 2025, and<br>details of shares outstanding as of March 31, 2026 and 2025 are as follows:
---	---
(In shares)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31, 2026									March 31, 2025
		Issued<br>shares			Treasuryshares			Outstandingshares			Issued<br>shares			Treasuryshares			Outstandingshares
Shares outstanding			214,790,053			1,789,157			213,000,896			214,790,053			1,903,711			212,886,342
(3)	Details of treasury shares as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won, except for share data)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Number of shares(*)			1,789,157				1,807,778
Acquisition cost		~~W~~	87,989				88,533
(*)	The Company granted 18,621 treasury shares (acquisition cost: ~~W~~544 million) upon exercise of<br>stock options for the three-month period ended March 31, 2026, resulting in a gain on disposal of treasury shares of ~~W~~880 million.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

18.	Share-Based Payment Arrangement

The Company operates various share-based payment arrangements to align the interests of management with shareholders and to link executive compensation to the growth of corporate value. The Company has recognized ~~W~~12,605 million of capital surplus and others related to equity-settled share-based payment arrangements, and ~~W~~4,717 million of accrued expenses related to share-based payment arrangements with cash alternatives, as of March 31, 2026.

(In shares)
	For the three-month period ended
	March 31, 2026			March 31, 2025
Beginning balance		299,918			637,326
Exercised		(99,688	)		—

Ending balance		200,230			637,326

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

19.	Retained Earnings

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

(In millions of won)
		March 31, 2026				December 31, 2025
Appropriated:
Legal reserve		~~W~~	22,320				22,320
Reserve			15,096,438				14,996,438

			15,118,758				15,018,758
Unappropriated			2,092,702				181,157

		~~W~~	17,211,460				15,199,915

20.	Reserves
---	---
(1)	Details of reserves, net of taxes, as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		March 31, 2026				December 31, 2025
Valuation gain on FVOCI		~~W~~	1,363,825				1,300,865
Valuation gain on derivatives			10,268				7,450

		~~W~~	1,374,093				1,308,315

(2)	Changes in reserves for the three-month periods ended March 31, 2026 and 2025 are as follows:<br>
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---
		Valuation gain (loss) on financialassets at FVOCI			Valuation gain (loss) onderivatives			Total
Balance at January 1, 2025		~~W~~	213,725			(4,995	)		208,730
Changes, net of taxes			(7,667	)		(890	)		(8,557	)

Balance at March 31, 2025		~~W~~	206,058			(5,885	)		200,173

Balance at January 1, 2026		~~W~~	1,300,865			7,450			1,308,315
Changes, net of taxes			62,960			2,818			65,778

Balance at March 31, 2026		~~W~~	1,363,825			10,268			1,374,093

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

21.	Operating Revenue

Disaggregation of operating revenues considering the economic factors that affect the nature, amounts, timing and uncertainty of the Company’s revenue and future cash flows is as follows:

(In millions of won)
		For the three-month period ended
		March 31, 2026		March 31, 2025
Products transferred at a point in time:
Product sales		~~W~~	33,201		39,226
Services transferred over time:
Wireless service revenue(*1)			2,581,328		2,661,557
Cellular interconnection revenue			91,230		97,461
Others(*2)			400,030		369,211

			3,072,588		3,128,229

		~~W~~	3,105,789		3,167,455

(*1)	Wireless service revenue includes revenue from wireless voice and data transmission services, which is<br>collected from the wireless subscribers.
---	---
(*2)	Other revenue includes revenue from billing and collection services, solution services, and other miscellaneous<br>services.
---	---

The Company has a right to receive consideration from a customer in an amount that corresponds directly with the value of telecommunications service provided; thus, the Company applies practical expedient method and recognizes revenue in the amount to which the Company has a right to invoice.

Most of the Company’s transactions are occurring in Korea as it principally operates its businesses in Korea.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

22.	Other Operating Expenses

Details of other operating expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)
		For the three-month period ended
		March 31, 2026		March 31, 2025
Communication		~~W~~	6,502		6,458
Utilities			95,071		96,882
Taxes and dues			6,305		6,756
Repair			59,096		60,251
Research and development			79,090		81,948
Training			6,129		5,365
Bad debt for accounts receivable – trade			7,650		9,305
Supplies and others			15,472		13,144

		~~W~~	275,315		280,109

23.	Other Non-Operating Income and Expenses
---	---

Details of other non-operating income and expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)
	For the three-month period ended
	March 31, 2026		March 31, 2025
Other Non-operating Income:
Gain on disposal of property and equipment and intangible assets	~~W~~	7,318		5,504
Others		1,622		1,376

	~~W~~	8,940		6,880

Other Non-operating Expenses:
Loss on disposal of property and equipment and intangible assets	~~W~~	789		1,707
Impairment loss on property and equipment and intangible assets		—		359
Donations		2,254		1,910
Bad debt for accounts receivable – other		1,206		829
Others		237		507

	~~W~~	4,486		5,312

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

24.	Finance Income and Costs
(1)	Details of finance income and costs for the three-month periods ended March 31, 2026 and 2025 are as<br>follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Finance Income:
Interest income		~~W~~	7,441				10,863
Dividends			80,969				187,068
Gain on foreign currency transactions			5,061				1,815
Gain on foreign currency translations			1,641				620
Gain relating to financial instruments at FVTPL			558				4

		~~W~~	95,670				200,370

Finance Costs:
Interest expenses		~~W~~	66,615				75,804
Loss on sale of accounts receivable – other			3,777				4,943
Loss on foreign currency transactions			5,353				3,363
Loss on foreign currency translations			403				386
Loss relating to financial instruments at FVTPL			3,038				153

		~~W~~	79,186				84,649

(2)	Details of interest income included in finance income for the three-month periods ended March 31, 2026 and<br>2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Interest income on cash equivalents and short-term financial instruments		~~W~~	2,353				5,865
Interest income on loans and others			5,088				4,998

		~~W~~	7,441				10,863

(3)	Details of interest expenses included in finance costs for the three-month periods ended March 31, 2026<br>and 2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Interest expense on borrowings		~~W~~	5,501				4,292
Interest expense on debentures			47,933				52,589
Others			13,181				18,923

		~~W~~	66,615				75,804

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

24.	Finance Income and Costs, Continued
(4)	Details of impairment losses for financial assets for the three-month periods ended March 31, 2026 and<br>2025 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Accounts receivable – trade		~~W~~	7,650				9,305
Other receivables			1,206				829

		~~W~~	8,856				10,134

25.	Income Tax Expense
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

26.	Earnings per Share

Earnings per share is calculated to profit of the Company per common share and dilutive potential common share, and details are as follows:

(1)	Basic earnings per share
Basic	earnings per share for the three-month periods ended March 31, 2026 and 2025 are calculated as follows:<br>
---	---
(In millions of won, except for share data and basic earnings per share)
---	---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31,2026				March 31, 2025
Profit for the period		~~W~~	332,692				474,592
Interest on hybrid bonds			(4,950	)			(4,950	)

Profit for the period on common shares			327,742				469,642
Weighted average number of common shares outstanding (in shares)(*)			212,989,275				212,886,342

Basic earnings per share (in won)		~~W~~	1,539				2,206

(*)	Weighted average number of common shares outstanding reflects adjustments for changes in the number of treasury<br>shares for the three-month periods ended March 31, 2026 and 2025.
---	---
(2)	Diluted earnings per share
---	---
Diluted	earnings per share for the three-month periods ended March 31, 2026 and 2025 are calculated as follows:<br>
---	---
(In millions of won, except for share data and diluted earnings per share)
---	---	---	---	---	---	---	---
		For the three-month period ended
		March 31, 2026				March 31, 2025
Profit for the period on common shares		~~W~~	327,742				469,642
Adjusted weighted average number of common shares outstanding (in shares)(*)			213,273,001				213,455,085

Diluted earnings per share (in won)		~~W~~	1,537				2,200

(*)	Diluted earnings per share is calculated by applying the weighted average number of ordinary shares<br>outstanding, adjusted for the assumed conversion of all dilutive potential ordinary shares into ordinary shares.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

27.	Categories of Financial Instruments
(1)	Financial assets by category as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financialassets atFVTPL				Equityinstruments atFVOCI			Financial<br>assets atamortized cost			Derivativeshedginginstrument			Total
Cash and cash equivalents		~~W~~	290,000				—			212,360			—			502,360
Financial instruments			—				—			89,525			—			89,525
Long-term investment securities(*)			54,477				2,421,286			—			—			2,475,763
Accounts receivable – trade			—				—			1,473,774			—			1,473,774
Loans and other receivables			335,873				—			746,964			—			1,082,837
Derivative financial assets			—				—			—			212,469			212,469

		~~W~~	680,350				2,421,286			2,522,623			212,469			5,836,728

(*)	The Company designated ~~W~~2,421,286 million of equity instruments that are not held for<br>trading as financial assets at FVOCI.
---	---
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financialassets atFVTPL				Equityinstruments atFVOCI			Financial<br>assets atamortized cost			Derivativeshedginginstrument			Total
Cash and cash equivalents		~~W~~	350,000				—			421,861			—			771,861
Financial instruments			—				—			89,509			—			89,509
Long-term investment securities(*)			59,847				2,337,149			—			—			2,396,996
Accounts receivable – trade			—				—			1,469,426			—			1,469,426
Loans and other receivables			189,963				—			638,789			—			828,752
Derivative financial assets			—				—			—			156,256			156,256

		~~W~~	599,810				2,337,149			2,619,585			156,256			5,712,800

(*)	The Company designated ~~W~~2,337,149 million of equity instruments that are not held for<br>trading as financial assets at FVOCI.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

27.	Categories of Financial Instruments, Continued
(2)	Financial liabilities by category as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial liabilities<br>at FVTPL				Financial liabilities atamortized cost			Derivativeshedging instrument			Total
Derivative financial liabilities		~~W~~	581				—			225			806
Borrowings			—				630,000			—			630,000
Debentures			—				5,857,288			—			5,857,288
Lease liabilities(*)			—				1,075,729			—			1,075,729
Accounts payable – other and others			—				2,545,378			—			2,545,378

		~~W~~	581				10,108,395			225			10,109,201

(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial liabilities<br>at FVTPL				Financial liabilities atamortized cost			Derivativeshedging instrument			Total
Derivative financial liabilities		~~W~~	581				—			621			1,202
Borrowings			—				630,000			—			630,000
Debentures			—				6,081,340			—			6,081,340
Lease liabilities(*)			—				1,137,608			—			1,137,608
Accounts payable – other and others			—				3,190,133			—			3,190,133

		~~W~~	581				11,039,081			621			11,040,283

(*)	The categorization of financial liabilities is not applicable to lease liabilities, but they are classified as<br>financial liabilities measured at amortized cost, considering the nature of measuring liabilities.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management
(1)	Financial risk management
---	---

The Company is exposed to market risk, credit risk and liquidity risk. Market risk refers to the risk of fluctuations in market variables such as foreign exchange rates, interest rates and the prices of financial instruments. The Company has established a risk management framework to monitor and manage these risks on an ongoing basis.

The Company’s financial assets consist of cash and cash equivalents, financial instruments, long-term investment securities, accounts receivable – trade and other, etc. Financial liabilities consist of accounts payable – other and others, borrowings, debentures, lease liabilities and others.

1)	Market risk
(i)	Currency risk
---	---

The Company’s currency risk is mainly related to changes in recognized assets and liabilities due to exchange rate fluctuations. If the Company determines that it is necessary to hedge currency risk for business purposes, the Company manages currency risk by using currency swaps, etc. Currency risk arises from forecasted transactions and recognized assets and liabilities which are denominated in a currency other than the functional currency of the Company.

The Company has entered into cross currency swaps to hedge against currency risk related to foreign currency debentures.

As of March 31, 2026, a hypothetical change in exchange rates by 10% would have increased (decreased) the Company’s profit before income tax and equity as follows:

(In millions of won)	Profit before income tax						Equity
		If increased by 10%		If decreased by 10%				If increased by 10%		If decreased by 10%
	~~W~~	4,680		(4,680	)		~~W~~	3,443		(3,443	)
		509		(509	)			374		(374	)
Others		27		(27	)			20		(20	)

		~~W~~	5,216		(5,216	)		~~W~~	3,837		(3,837	)

All values are in US Dollars.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management, Continued
(1)	Financial risk management, Continued
---	---
1)	Market risk, Continued
---	---
(ii)	Interest rate risk
---	---

The Company is exposed to interest rate risk arising from its borrowings, debentures and long-term payables – other. As the Company’s interest-bearing assets are predominantly fixed-rate instruments, changes in market interest rates do not have a significant impact on the Company’s revenue or operating cash flows.

The Company conducts various analyses to manage interest rate risk and optimize its financing structure. To mitigate the impact of interest rate fluctuations, the Company employs a range of strategies, including refinancing, renewing existing borrowings, alternative financing arrangements and hedging.

As of March 31, 2026, the par values of floating-rate borrowings and debentures amount to ~~W~~200,000 million and ~~W~~454,020 million, respectively. The Company has entered into interest rate swaps to hedge interest rate risk related to the floating-rate borrowings and debentures. Therefore, changes in interest rates on the underlying floating-rate borrowings and debentures would not have affected profit before income tax for the three-month period ended March 31, 2026.

(In millions of won)		Profit before income tax					Equity
		If increased by 1%p			If decreased by 1%p		If increased by 1%p			If decreased by 1%p
		~~W~~	(457	)		457	~~W~~	(336	)		336
(iii)	Price fluctuations risk
---	---

As of March 31, 2026, the Company holds equity instruments that are traded in an active market and is therefore exposed to the risk of fluctuations in market prices. Assuming all other variables remain constant, the impact of changes in the per-share stock price of the equity securities on profit before income tax and equity for the three-month period ended March 31, 2026 is as follows:

(In millions of won)		Profit before income tax							Equity
		If increased by 10%p				If decreased by 10%p			If increased by 10%p				If decreased by 10%p
		~~W~~	—				—		~~W~~	72,862				(72,862	)

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management, Continued
(1)	Financial risk management, Continued
---	---
2)	Credit risk
---	---

Credit risk refers to the risk that the Company will suffer financial losses due to the failure of the customer or counterparty to fulfill their contractual obligations on the financial instrument. Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. To manage credit risk, the Company evaluates the credit worthiness of each customer or counterparty by considering the party’s financial information, its own trading records and other factors. Based on such information, the Company establishes credit limits for each customer or counterparty.

The Company recognizes a loss allowance for accounts receivable – trade. The allowance consists of a specific component for individually significant exposures and a collective component for groups of similar assets where credit losses are expected to occur. The collective loss allowance is determined based on historical data of collection statistics for similar financial assets. Also, the Company’s credit risk can arise from transactions with financial institutions related to its cash and cash equivalents, financial instruments and derivatives. To minimize such risk, the Company has a policy to deal only with financial institutions with high credit ratings.

The Company’s maximum exposure to credit risk is equal to each financial asset’s carrying amount as of March 31, 2026.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management, Continued
(1)	Financial risk management, Continued
---	---
3)	Liquidity risk
---	---

Liquidity risk is the risk that the Company encounters difficulty in meeting the obligations of the financial liabilities. The Company’s approach to managing liquidity is to ensure that it will always maintain sufficient cash and cash equivalents balances and have enough liquidity through various committed credit lines. The Company maintains enough liquidity within credit lines through active operating activities.

The Company’s accounts payable – other and others includes amounts settled through supplier finance arrangements. The Company pays the amounts within the normal operating cycle, and no collateral is provided in connection with the agreements. As the payment terms have not been substantially modified, the related balances are classified as accounts payable – other and presented as operating cash flows in the statements of cash flows. Accounts payable – other and others relating to the supplier finance arrangements amount to ~~W~~306,772 million as of March 31, 2026, which equals to the amounts already received by the suppliers from the finance provider.

As of March 31, 2026, periods in which cash flows from cash flow hedge derivatives are expected to occur are as follows:

(In millions of won)		Carryingamount
Assets		~~W~~	212,469		222,447		18,961		203,486
Liabilities			(225	)	(225	)	(225	)	—
(2)	Capital management
---	---

The Company manages its capital to ensure its ability to continue as a going concern while seeking to maximize shareholder returns through the optimization of its debt and equity structure. The overall capital management strategy of the Company is the same as that for the year ended December 31, 2025.

The Company monitors its debt-to-equity ratio as a key indicator of capital management. This ratio is calculated as total liabilities divided by total equity, based on the amounts presented in the separate financial statements.

Debt-to-equity ratio as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of won)	March 31, 2026
Total liabilities	~~W~~	12,371,459		13,157,686
Total equity		12,368,941		11,991,050

Debt-to-equity ratios		100.02	%	109.73	%

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management, Continued
(3)	Fair value
---	---
1)	Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of<br>March 31, 2026 and December 31, 2025 are as follows:
---	---
(In millions of won)		March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carryingamount				Level 1			Level 2			Level 3			Total
Financial assets that are measured at fair value:
FVTPL		~~W~~	680,350				—			625,873			54,477			680,350
Derivative hedging instruments			212,469				—			212,469			—			212,469
FVOCI			2,421,286				989,970			—			1,431,316			2,421,286

		~~W~~	3,314,105				989,970			838,342			1,485,793			3,314,105

Financial liabilities that are measured at fair value:
FVTPL		~~W~~	581				—			26			555			581
Derivative hedging instruments			225				—			225			—			225

		~~W~~	806				—			251			555			806

Financial liabilities that are not measured at fair value:
Borrowings		~~W~~	630,000				—			626,706			—			626,706
Debentures			5,857,288				—			5,662,658			—			5,662,658
Long-term payables – other			179,989				—			178,796			—			178,796

		~~W~~	6,667,277				—			6,468,160			—			6,468,160

(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carryingamount				Level 1			Level 2			Level 3			Total
Financial assets that are measured at fair value:
FVTPL		~~W~~	599,810				—			539,963			59,847			599,810
Derivative hedging instruments			156,256				—			156,256			—			156,256
FVOCI			2,337,149				912,600			—			1,424,549			2,337,149

		~~W~~	3,093,215				912,600			696,219			1,484,396			3,093,215

Financial liabilities that are measured at fair value:
FVTPL		~~W~~	581				—			26			555			581
Derivative hedging instruments			621				—			621			—			621

		~~W~~	1,202				—			647			555			1,202

Financial liabilities that are not measured at fair value:
Borrowings		~~W~~	630,000				—			631,116			—			631,116
Debentures			6,081,340				—			6,013,856			—			6,013,856
Long-term payables – other			547,961				—			553,807			—			553,807

		~~W~~	7,259,301				—			7,198,779			—			7,198,779

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management, Continued
(3)	Fair value, Continued
---	---

Fair value and carrying amount of financial assets and liabilities, including fair value hierarchy as of March 31, 2026 and December 31, 2025 are as follows, Continued:

The above information does not include fair values of financial assets and liabilities of which fair values have not been measured as carrying amounts are reasonable approximation of fair values.

Fair value of the financial instruments that are traded in an active market (financial assets at FVOCI) is measured based on the bid price at the end of the reporting date.

The Company uses various valuation methods for determination of fair value of financial instruments that are not traded in an active market. Derivative financial contracts and long-term liabilities are measured using valuation methods such as discounted present value methods. Other financial assets are determined using the methods, such as discounted cash flow and market approach. Inputs used in such valuation methods include swap rate, interest rate, risk premium and the volatility of stock price, and the Company performs valuation using the inputs which are consistent with natures of assets and liabilities measured.

Interest rates used by the Company for the fair value measurement as of March 31, 2026 are as follows:

		Interest rate
Derivative instruments		2.06% ~ 4.20%
Borrowings and debentures		3.49% ~ 3.97%
Long-term payables – other		3.43% ~ 3.56%
2)	There have been no transfers between Level 1 and Level 2 for the three-month period ended<br>March 31, 2026. The changes in financial assets and liabilities classified as Level 3 for the three-month period ended March 31, 2026 are as follows:
---	---
(In millions of won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Balance as of<br>January 1, 2026			Loss			OCI			Disposal			*Transfer()**			Balance as of<br>March 31, 2026
Financial assets:																			****
FVTPL		~~W~~	59,847			(111	)		—			(5,259	)		—			54,477
FVOCI			1,424,549			—			15,024			(8,640	)		383			1,431,316

		~~W~~	1,484,396			(111	)		15,024			(13,899	)		383			1,485,793

Financial liabilities:
FVTPL		~~W~~	(555	)		—			—			—			—			(555	)
(*)	Transfer includes amounts transferred between levels in the fair value hierarchy due to changes in the<br>availability of observable market inputs for the financial instruments.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

28.	Financial Risk Management, Continued
(4)	Enforceable master netting agreement or similar agreement
---	---

Carrying amounts of financial instruments recognized to which offset agreements are applicable as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of won)		March 31, 2026
		Gross financialinstruments recognized				Amount offset				Net financial instrumentspresented on the condensed separateinterim statement of financial position
Financial assets:
Accounts receivable – trade and others		~~W~~	60,042				(60,042	)			—
Financial liabilities:
Accounts payable – other and others		~~W~~	62,437				(60,042	)			2,395
(In millions of won)		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
		Gross financialinstruments recognized				Amount offset				Net financial instrumentspresented on the separatestatement of financial position
Financial assets:
Accounts receivable – trade and others		~~W~~	63,777				(63,777	)			—
Financial liabilities:
Accounts payable – other and others		~~W~~	66,019				(63,777	)			2,242

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties
(1)	List of related parties
---	---
Relationship		Company
---	---	---
Ultimate controlling entity		SK Inc.
Subsidiaries		SK Broadband Co., Ltd. and 18 others
Joint venture		UTC Kakao-SK Telecom ESG Fund
Associates(*)		SK China Company Ltd. and 41 others
Others		The ultimate controlling entity’s subsidiaries, associates and others
(*)	Associates include investments that are measured in accordance with KIFRS 1109 in which the Company has<br>significant influence but is determined to have no substantive access to returns associated with its ownership interest.
---	---

As of March 31, 2026, the Company is part of SK Group, a conglomerate as defined in the Monopoly Regulation and Fair Trade Act of theRepublic of Korea. All other entities within SK Group are therefore considered related parties of the Company.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(2)	As of March 31, 2026, subsidiaries of the Company are as follows:
---	---
Subsidiary		*Ownershippercentage(%)(1)**		Primary business
---	---	---	---	---
Subsidiaries owned by the Company	SK Telink Co., Ltd.		100.0	International telecommunication and Mobile Virtual Network Operator service
	SK Broadband Co., Ltd.		99.1	Fixed-line telecommunication services
	PS&Marketing Corporation		100.0	Communications device retail business
	SERVICE ACE Co., Ltd.		100.0	Call center management service
	SERVICE TOP Co., Ltd.		100.0	Call center management service
	SK O&S Co., Ltd.		100.0	Base station maintenance service
	SK Telecom China Holdings Co., Ltd.		100.0	Investment (Holdings company)
	Atlas Investment		100.0	Investment
	SK Telecom Americas, Inc.		100.0	Information gathering and consulting
	Happy Hanool Co., Ltd.		100.0	Service
	SK stoa Co., Ltd.		100.0	Other telecommunication retail business
	SAPEON Inc.		62.5	Investment (Holdings company)
	Astra AI Infra LLC		100.0	Investment
Subsidiaries owned by SK Broadband Co., Ltd.	Home & Service Co., Ltd.		100.0	Operation of information and communication facility
	Media S Co., Ltd.		100.0	Production and supply services of broadcasting programs
Subsidiary owned by SK Telecom Americas, Inc.	Global AI Platform Corporation		100.0	Software development and supply services
Subsidiary owned by Global AI Platform Corporation	Global AI Platform Corporation Korea		100.0	Software development and supply services
Subsidiary owned by Atlas Investment	Forest AI Investment		100.0	Investment
Other(*2)	SK Telecom Innovation Fund, L.P.		100.0	Investment
(*1)	The ownership interest represents direct ownership interest in subsidiaries either by the Company or<br>subsidiaries of the Company.
---	---
(*2)	Other is owned by Atlas Investment and another subsidiary of the Company.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(3)	Compensation for the key management
---	---

The Company considers registered directors who have substantial roles and responsibilities in the planning, operations and oversight of relevant controls of the business to be key management personnel. The compensations given to such key management for the three-month periods ended March 31, 2026 and 2025 are as follows:

(In millions of won)
	For the three-month period ended
	March 31, 2026		March 31, 2025
Salaries	~~W~~	1,056		4,046
Defined benefit plan expenses		138		363
Share option		2,325		37

	~~W~~	3,519		4,446

Compensations for the key management include salaries, non-monetary benefits, defined benefit relating to the pension plan, and share-based compensation expenses.

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(4)	Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as<br>follows:
---	---
(In millions of won)				For the three-month period ended March 31, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---
Scope		Company		Operatingrevenue<br>and others				Operatingexpenses<br>*and others(1)**			Acquisition ofproperty<br>and equipmentand others
Ultimate controlling entity		SK Inc.		~~W~~	3,522				78,131			3,197

Subsidiaries		SK Broadband Co., Ltd.			46,154				159,715			—
		PS&Marketing Corporation(*2)			1,433				329,002			12
		SK O&S Co., Ltd.(*3)			4,179				67,725			1,395
		SK Telink Co., Ltd.(*4)			78,739				4,653			—
		SERVICE ACE Co., Ltd.(*5)			3,968				27,802			—
		SERVICE TOP Co., Ltd.(*6)			3,561				26,296			—
		Others(*7)			4,941				2,823			—

					142,975				618,016			1,407

Associates		SK m&service Co., Ltd.			160				6,634			45
		Others			—				422			—

					160				7,056			45

Others		SK Innovation Co., Ltd.			2,226				3,282			—
		SK Networks Co., Ltd.			219				2,511			—
		SK Networks Service Co., Ltd.			133				8,020			—
		SK Energy Co., Ltd.			310				50			—
		Content Wavve Corp.			63				11,582			—
		Happy Narae Co., Ltd.			—				1,245			47
		SK Shieldus Co., Ltd.			11,366				24,775			60
		Eleven Street Co., Ltd.			410				7,976			—
		SK Planet Co., Ltd.			614				16,003			95
		SK hynix Inc.			15,389				170			—
		Tmap Mobility Co., Ltd.			1,546				1,032			—
		Dreamus Company			198				11,232			—
		One Store Co., Ltd.			2,782				6			—
		UNA Engineering Inc.			—				1,387			185
		SK REIT Co., Ltd.			—				3,368			—
		Others			5,977				3,391			—

					41,233				96,030			387

				~~W~~	187,890				799,233			5,036

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(4)	Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as<br>follows, Continued:
---	---
(*1)	Operating expenses and others include lease payments by the Company.
---	---
(*2)	Operating expenses and others include ~~W~~160,102 million paid to PS&Marketing<br>Corporation relating to purchase of accounts receivable resulting from sale of handsets.
---	---
(*3)	Operating revenue and others include ~~W~~3,500 million of dividend income recognized.<br>
---	---
(*4)	Operating revenue and others include ~~W~~53,996 million of dividend income recognized.<br>
---	---
(*5)	Operating revenue and others include ~~W~~3,302 million of dividend income recognized.<br>
---	---
(*6)	Operating revenue and others include ~~W~~2,100 million of dividend income recognized.<br>
---	---
(*7)	Operating revenue and others include ~~W~~4,129 million of dividend received from Astra AI<br>Infra LLC.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(4)	Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as<br>follows, Continued:
---	---
(In millions of won)				For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
Scope		Company		Operatingrevenue<br>and others				Operatingexpenses<br>*and others(1)**			Acquisition of property<br>and equipment andothers
Ultimate controlling entity		SK Inc.(*2)		~~W~~	2,219				151,623			3,016

Subsidiaries		SK Broadband Co., Ltd.(*3)			193,465				152,060			—
		PS&Marketing Corporation(*4)			1,613				323,337			—
		SK O&S Co., Ltd.(*5)			4,833				66,830			1,428
		SK Telink Co., Ltd.(*6)			50,729				4,190			—
		SERVICE ACE Co., Ltd.			3,159				31,232			—
		SERVICE TOP Co., Ltd.			1,531				30,021			—
		Others(*7)			4,607				9,408			—

					259,937				617,078			1,428

Associates		F&U Credit information Co., Ltd.			191				11,104			—
		Others			401				3,624			233

					592				14,728			233

Others		SK Innovation Co., Ltd.			991				3,233			—
		SK Networks Co., Ltd.			235				2,667			—
		SK Networks Service Co., Ltd.			135				8,844			—
		SK Energy Co., Ltd.			314				46			—
		Content Wavve Corp.			4,399				15,810			—
		Happy Narae Co., Ltd.			37				900			90
		SK Shieldus Co., Ltd.			11,585				25,511			139
		Eleven Street Co., Ltd.			1,731				8,399			—
		SK Planet Co., Ltd.			1,445				17,376			80
		SK hynix Inc.			10,720				224			—
		Tmap Mobility Co., Ltd.			4,293				1,055			—
		Dreamus Company			1,151				13,818			—
		One Store Co., Ltd.			3,230				10			—
		UNA Engineering Inc.			—				968			158
		Others			5,675				15,978			—

					45,941				114,839			467

				~~W~~	308,689				898,268			5,144

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(4)	Transactions with the related parties for the three-month periods ended March 31, 2026 and 2025 are as<br>follows, Continued:
---	---
(*1)	Operating expenses and others include lease payments by the Company.
---	---
(*2)	Operating expenses and others include ~~W~~68,952 million of dividends<br>declared to be paid by the Company.
---	---
(*3)	Operating revenue and others include ~~W~~149,526 million of dividend income<br>recognized.
---	---
(*4)	Operating expenses and others include ~~W~~181,158 million paid to<br>PS&Marketing Corporation relating to purchase of accounts receivable resulting from sale of handsets.
---	---
(*5)	Operating revenue and others include ~~W~~4,000 million of dividend income<br>received.
---	---
(*6)	Operating revenue and others include ~~W~~11,991 million of dividend income<br>recognized.
---	---
(*7)	Operating revenue and others include ~~W~~3,242 million of dividend received<br>from Astra AI Infra LLC.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(5)	Account balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(In millions of won)				March 31, 2026
---	---	---	---	---	---	---	---	---	---
				Receivables				Payables
Scope		Company		Accountsreceivable –trade, etc.				Accounts payable– other, etc.
Ultimate controlling entity		SK Inc.		~~W~~	7,834				64,944

Subsidiaries		SK Broadband Co., Ltd.			120,301				196,490
		PS&Marketing Corporation			838				55,897
		SK O&S Co., Ltd.			3,545				27,463
		SK Telink Co., Ltd.			74,634				6,656
		SERVICE ACE Co., Ltd.			4,078				13,094
		SERVICE TOP Co., Ltd.			3,743				14,480
		Others			147				2,733

					207,286				316,813

Associates		SK m&service Co., Ltd.			1,775				32,358
		Others			—				1,806

					1,775				34,164

Others		SK hynix Inc.			13,246				81
		SK Planet Co., Ltd.			156				890
		Eleven Street Co., Ltd.			15,679				5,038
		One Store Co., Ltd.			545				10,328
		SK Shieldus Co., Ltd.			11,266				12,203
		SK Innovation Co., Ltd.			3,559				19,052
		SK Networks Co., Ltd.			163				24,996
		SK Networks Service Co., Ltd.			2,065				5,644
		Incross Co., Ltd.			1,006				3,811
		UNA Engineering Inc.			—				79
		Happy Narae Co., Ltd.			—				845
		Content Wavve Corp.			—				11,579
		SK REIT Co., Ltd.			7,890				57,389
		Others			5,746				3,257

					61,321				155,192

				~~W~~	278,216				571,113

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(5)	Account balances with the related parties as of March 31, 2026 and December 31, 2025 are as follows,<br>Continued:
---	---
(In millions of won)		Company		December 31, 2025
---	---	---	---	---	---	---	---	---	---
				Receivables				Payables
Scope				Accounts<br>receivable –trade, etc.				Accounts payable<br>– other, etc.
Ultimate controlling entity		SK Inc.		~~W~~	8,705				163,338

Subsidiaries		SK Broadband Co., Ltd.			159,296				235,104
		PS&Marketing Corporation			873				57,114
		SK O&S Co., Ltd.			7				40,377
		SK Telink Co., Ltd.			19,531				6,291
		SERVICE ACE Co., Ltd.			341				19,545
		SERVICE TOP Co., Ltd.			1,053				21,034
		Others			206				4,668

					181,307				384,133

Associates		SK m&service Co., Ltd.			448				28,430
		Others			—				1,788

					448				30,218

Others		SK hynix Inc.			13,232				291
		SK Planet Co., Ltd.			154				1,285
		Eleven Street Co., Ltd.			14,115				1,709
		One Store Co., Ltd.			537				10,403
		SK Shieldus Co., Ltd.			14,256				15,146
		SK Innovation Co., Ltd.			4,987				21,419
		SK Networks Co., Ltd.			199				27,698
		SK Networks Service Co., Ltd.			2,159				5,726
		Incross Co., Ltd.			1,557				25,416
		UNA Engineering Inc.			—				3,611
		Happy Narae Co., Ltd.			8				653
		Content Wavve Corp.			—				2
		Dreamus Company			7				1,810
		SK REIT Co., Ltd.			7,890				61,835
		Others			10,995				4,307

					70,096				181,311

				~~W~~	260,556				759,000

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

29.	Transactions with Related Parties, Continued
(6)	The Company has granted SK REIT Co., Ltd. the right of first offer regarding the disposal of specified real<br>estates owned by the Company, and the negotiation period is three years from June 30, 2024, the date of agreement. In addition, the Company has been granted the right by SK REIT Co., Ltd. to lease the real estate in preference to a third party<br>if SK REIT Co., Ltd. purchases the real estate from the Company.
---	---
(7)	The details of additional investments and disposal of subsidiaries and associates for the three-month period<br>ended March 31, 2026 are as presented in note 8.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

30.	Commitments and Contingencies
(1)	Accounts receivable from sale of handsets
---	---

Retail stores and authorized dealers of the Company sell handsets to the Company’s subscribers on an installment basis. The Company has entered into comprehensive agreements with these retail stores and authorized dealers to purchase the related accounts receivable from handset sales and to transfer the accounts receivable from handset sales to special-purpose companies which were established with the purpose of liquidating receivables, respectively.

The accounts receivable from sale of handsets amounting to ~~W~~349,785 million and ~~W~~205,160 million as of March 31, 2026 and December 31, 2025, respectively, which the Company purchased according to the relevant comprehensive agreement, are recognized as accounts receivable – other and long-term accounts receivable – other.

(2)	Legal claims and litigations

As of March 31, 2026, the Company is involved in various legal claims and litigations. The provision recognized in relation to these claims and litigations is immaterial. For legal claims and litigations for which no provision has been recognized, management does not believe the Company has a present obligation, nor is any such matter expected to have a material effect on the Company’s financial position or operating results in the event an outflow of resources becomes necessary.

(3)	Obligation relating to spin-off

The Company completed the spin-off of its business of managing investments in semiconductor, New Information and Communication Technologies(“ICT”) and other businesses and making new investments on November 1, 2021. In accordance with Article 530-9 (1) of the Korean Commercial Act, the Company and SK Square Co., Ltd., the spin-off company, are jointly and severally liable for liabilities incurred by the Company prior to the spin-off.

(4)	According to the covenants associated with the Company’s bond issuances and borrowings, the Company is<br>required to maintain certain financial ratios, including the debt ratio, within specified threshold. The funds obtained must be used for specified purposes, and regular reporting to lenders is required. Additionally, the contracts include clauses<br>that restrict the provision of additional collateral over the Company’s assets and limit disposal of certain assets.
(5)	The Company entered into a contract with SK Inc. for the use of Amazon Web Services (“AWS”). In<br>accordance with the contract, the Company is entitled to receive AWS services for a ten-year period beginning in July 2025, with a total contract value of USD 800,000,000.
---	---
(6)	Pursuant to a resolution of the Board of Directors on March 26, 2026, the Company entered into a share<br>swap agreement with SK Broadband Co., Ltd. through a small-scale and simplified share swap on March 27, 2026. In accordance with the agreement, on the share swap date scheduled for May 29, 2026, the Company will acquire the common shares<br>of SK Broadband Co., Ltd. held by shareholders other than the Company and will pay cash consideration of ~~W~~15,032 per common share.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

31.	Statements of Cash Flows
(1)	Adjustments for income and expenses from operating activities for the three-month periods ended March 31,<br>2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Gain on foreign currency translations		~~W~~	(1,641	)			(620	)
Interest income			(7,441	)			(10,863	)
Dividends			(80,969	)			(187,068	)
Gain relating to investments in subsidiaries, associates and joint ventures, net			(4,600	)			(2,298	)
Gain relating to financial instruments at FVTPL			(558	)			(4	)
Gain on disposal of property and equipment and intangible assets			(7,318	)			(5,504	)
Other income			—				(1,072	)
Loss on foreign currency translations			403				386
Bad debt for accounts receivable – trade			7,650				9,305
Bad debt for accounts receivable – other			1,206				829
Loss relating to investments in subsidiaries, associates and joint ventures, net			1,124				939
Loss relating to financial instruments at FVTPL			3,038				153
Depreciation and amortization			648,642				660,905
Loss on disposal of property and equipment and intangible assets			789				1,707
Impairment loss on property and equipment and intangible assets			—				359
Loss on sale of accounts receivable – other			3,777				4,943
Interest expenses			66,615				75,804
Expense related to defined benefit plan			10,210				11,828
Share option expenses (reversal)			5,412				(248	)
Income tax expense			101,250				126,422
Other expenses			3,759				3,325

		~~W~~	751,348				689,228

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

31.	Statements of Cash Flows, Continued
(2)	Changes in assets and liabilities from operating activities for the three-month periods ended March 31,<br>2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Accounts receivable – trade		~~W~~	(9,908	)			(35,508	)
Accounts receivable – other			(167,023	)			(65,576	)
Advanced payments			6,871				357
Prepaid expenses			(132,609	)			(19,561	)
Inventories			(6,792	)			1,083
Long-term accounts receivable – other			(6,669	)			(3,496	)
Guarantee deposits			7,072				9,343
Contract assets			1,201				562
Accounts payable – other			(106,551	)			(67,774	)
Withholdings			110,807				135,737
Deposits received			524				435
Accrued expenses			(13,993	)			(166,455	)
Provisions			(3,630	)			—
Plan assets			46,153				25,370
Retirement benefits payment			(25,009	)			(24,185	)
Contract liabilities			(18,474	)			14,272
Others			(2,410	)			(1,974	)

		~~W~~	(320,440	)			(197,370	)

(3)	Material non-cash transactions for the three-month periods ended<br>March 31, 2026 and 2025 are as follows:
---	---
(In millions of won)		For the three-month period ended
---	---	---	---	---	---	---	---	---
		March 31, 2026				March 31, 2025
Decrease in accounts payable – other relating to the acquisition of property and equipment<br>and intangible assets		~~W~~	(209,311	)			(343,176	)
Increase of<br>right-of-use assets			48,811				40,964
Transfer from investment property to non-current assets<br>held for sale			12,713				—

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

32.	Emissions Liabilities
(1)	The quantities of emissions rights allocated free of charge for each implementation year as of March 31,<br>2026 are as follows:
---	---
(In tCO2-eQ)		Quantitiesallocatedin 2026			Quantitiesallocatedin 2027			Quantitiesallocatedin 2028			Quantitiesallocatedin 2029			Quantitiesallocatedin 2030			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Emissions rights allocated free of charge(*)			918,993			909,994			899,086			888,166			877,264			4,493,503
(*)	Finalized changes in allocated quantities, including additional allocations, cancellations and other<br>adjustments, have been reflected.
---	---
(2)	Changes in quantities of emissions rights held by the Company are as follows:
---	---
(In tCO2-eQ)		Quantitiesallocated in 2024				Quantitiesallocated in 2025				*Quantitiesallocated in the three-month period endedMarch 31, 2026()**				Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Beginning			414,356				517,280				—				931,636
Allocation at no cost			1,332,500				1,021,864				918,993				3,273,357
Sale			(63,058	)			(293,002	)			—				(356,060	)
Surrender or shall be surrendered			(1,166,518	)			(1,246,142	)			(1,276,396	)			(3,689,056	)

Ending			517,280				—				(357,403	)			159,877

(*)	Changes for the three-month period ended March 31, 2026 are estimated quantities, and additionally<br>allocated and surrendered or shall be surrendered quantities will be fixed in the future.
---	---
(3)	As of March 31, 2026, the estimated annual greenhouse gas emissions quantities of the Company are<br>1,276,396 tCO2-eQ.
---	---

SK TELECOM CO., LTD.

Notes to the Condensed Separate Interim Financial Statements

March 31, 2026 and 2025

33.	Non-current Assets Held for Sale

Non-current assets held for sale as of March 31, 2026 and December 31, 2025 are as follows:

(In millions of won)		March 31,2026
Investment in a subsidiary	SK stoa Co., Ltd.	~~W~~	40,081	40,081
Property and equipment and investment property	Land, buildings and others		13,229	—

		~~W~~	53,310	40,081

34. Subsequent Events

The Board of Directors of the Company resolved to pay interim dividends at the Board of Directors’ meeting held on April 27, 2026, and the details are as follows:

Classification		Description
Interim dividend amount		~~W~~830 per share (Total amount: ~~W~~176,791 million)
Dividend rate		0.84%
Record date		May 31, 2026
Date of distribution		Pursuant to Article 165-12 (3) of Capital Market andFinancial Investment Business Act, the Company shall distribute dividends no later than June 18, 2026

6-K

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