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WF 6-K

Woori Financial Group Inc. (WF)

6-K 2025-03-05 For: 2025-03-05
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Added on July 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2025

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, 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 ☐

Submission of Audit Reports of Woori Financial Group Inc.

On March 5, 2025, Woori Financial Group Inc. disclosed audit reports for the fiscal year 2024 based on the International Financial Reporting Standards as adopted by the Republic of Korea.

The financial statements accompanying such reports have not been approved by the shareholders of Woori Financial Group Inc. and remain subject to change.

Please refer to the audit reports and the consolidated and separate financial statements, which have been furnished as Exhibits 99.1 and 99.2 hereto, respectively.

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.

Woori Financial Group Inc.
(Registrant)
Date: March 5, 2025 By: /s/ Sung-Wook Lee
(Signature)
Name: Sung-Wook Lee
Title:  Deputy President

EX-99.1

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

WOORI FINANCIAL GROUP INC.

Page(s)
Independent Auditor’s Report 1-4
Consolidated Financial Statements 5
Consolidated Statements of Financial Position 6
Consolidated Statements of Comprehensive Income 7-8
Consolidated Statements of Changes in Equity 9
Consolidated Statements of Cash Flows 10-11
Notes to the Consolidated Financial Statements 12-190
Independent Auditor’ Report on Internal Control over Financial Reporting for ConsolidationPurposes 191-192
Operating Status Report of Internal Control over Financial Reporting 193

Independent Auditor’s Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of

WooriFinancial Group Inc.

Opinion

We have audited the consolidated financial statements of Woori Financial Group Inc. and its subsidiaries (“the Group”), which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group’s Internal Control over Financial Reporting (“ICFR”) for consolidation purposes as of December 31, 2024, based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea, and our report dated March 5, 2025 expressed an unmodified opinion on the effectiveness of the Group’s internal control over financial reporting for consolidation purposes.

Basis for Opinion

We conducted our audits in accordance with Korean Standards on Auditing (KSAs). Our responsibilities under those standards are further described in theAuditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements as of and for the year ended December 31, 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

  • 1 -

Assessment of the allowance for credit losses for loans

As discussed in Note 10 to the consolidated financial statements, the Group recognized an allowance for credit losses using the expected credit loss (ECL) impairment model for loans at amortized cost amounting to KRW 3,357,625 million as of December 31, 2024. ECL allowances are measured at amounts equal to either (i) 12-month ECL; or (ii) lifetime ECL for those loans that have experienced a significant increase in credit risk (SICR) since initial recognition or are impaired. The Group measures ECL allowances on an individual basis for individually significant corporate loans which have had SICR or have become impaired. The allowance for credit losses for all other loans is measured on a collective basis. For these loans, the Group measures ECL by estimating the probability of default (PD), the loss given default (LGD) as well as the future economic forecast information. For the incorporation of future economic forecast information, the Group uses various information to select a model and this involves a high level of judgment by the Group. For corporate loans, the Group’s credit rating of the borrower is used in the determination of the PDs. The Group uses quantitative and qualitative factors to determine the credit rating of the borrower and the evaluation of the qualitative factors involves a high level of judgment by the Group.

We identified the following risk as a key audit matter, considering the likelihood of errors, the level of involvement of management judgement, and risk of material misstatement.

- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to error or<br>fraud in the manner in which future economic forecast information is incorporated.
- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to error or<br>fraud in the evaluation of the qualitative factors which is used for determining the internal credit ratings of corporate loans.
--- ---

The following are the primary procedures we performed to address this key audit matter:

- We evaluated the design and tested the operating effectiveness of certain internal controls related to:<br>(i) the assessment of qualitative factors in the process of determining the Group’s credit rating of corporate loans; and (ii) the assessment of the appropriateness of the model selection process to incorporate future economic<br>forecast information
- We checked whether, for a sample of corporate loans with ECL measured on a collective basis, the Group’s<br>policy was applied in the credit rating process
--- ---
- We involved credit risk professionals with specialized skills and knowledge, who assisted in: (i) using<br>statistical methods to analyze the correlation between the future economic forecast information and PDs and LGDs; (ii) assessing the reasonableness of the rationale for the selection of the final model by checking the appropriateness and the<br>reasonableness of the model selection criteria by statistically; and (iii) checking the accuracy of the PDs and LGDs which incorporated future economic forecast information by a recalculation.
--- ---

Other Matter

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

  • 2 -

Responsibilities of Management and Those Charged with Governance for the Consolidated FinancialStatements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to<br>fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is<br>higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br>appropriate in the circumstances.
--- ---
• Evaluate the appropriateness of accounting policies used in the preparation of the consolidated financial<br>statements and the reasonableness of accounting estimates and related disclosures made by management.
--- ---
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are<br>required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to<br>the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
--- ---
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the<br>disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
--- ---
  • 3 -
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br>activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.<br>

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 5, 2025

This report is effective as of March 5, 2025, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

  • 4 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

The accompanying consolidated financial statements including

all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

Presidentand Chief Executive Officer

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

(Phone Number)    02-2125-2000

  • 5 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OFDECEMBER 31, 2024 AND 2023

December 31,<br>2024 December 31,<br>2023
(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 6) 27,281,123 30,556,618
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, 12, 18<br>and 26) 25,202,672 21,544,756
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4,<br>8, 11, 12, and 18) 43,797,745 37,891,495
Securities at amortized cost (Notes 4, 9, 11, 12 and 18) 19,203,177 23,996,172
Loans and other financial assets at amortized cost (Notes 4, 10, 11, 12, 18 and 41) 398,471,816 373,148,148
Investments in joint ventures and associates (Note 13) 1,748,810 1,795,370
Investment properties (Notes 14 and 18) 450,788 472,768
Premises and equipment (Notes 15 and 18) 3,370,585 3,176,759
Intangible assets (Note 16) 1,091,402 996,842
Assets held for sale (Note 17) 73,989 20,345
Net defined benefit asset (Note 24) 146,109 240,260
Current tax assets (Note 38) 61,613 203,542
Deferred tax assets (Note 38) 72,937 93,366
Derivative assets (Designated for hedging) (Notes 4,11,12 and 26) 175,191 26,708
Other assets (Notes 19 and 41) 4,605,363 3,841,787
Total assets 525,753,320 498,004,936
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 12,<br>20 and 26) 9,896,597 6,138,313
Deposits due to customers (Notes 4,11,21 and 41) 366,821,156 357,784,297
Borrowings (Notes 4, 6, 11, 12 and 22) 30,117,031 30,986,746
Debentures (Notes 4, 6, 11 and 22) 48,207,103 41,239,245
Provisions (Notes 23, 40 and 41) 611,428 806,031
Net defined benefit liability (Note 24) 5,424 6,939
Current tax liabilities (Note 38) 127,126 103,655
Deferred tax liabilities (Note 38) 858,822 470,311
Derivative liabilities (Designated for hedging) (Notes 4,11,12 and 26) 102,815 153,007
Other financial liabilities (Notes 4, 6, 11, 12, 25 and 41) 32,314,051 26,115,005
Other liabilities (Notes 6, 25 and 41) 796,498 803,897
Total liabilities 489,858,051 464,607,446
EQUITY
Owners’ equity (Note 28)
Capital stock 3,802,676 3,802,676
Hybrid securities 3,810,435 3,611,129
Capital surplus 934,100 935,563
Other equity (1,400,885 ) (1,668,957 )
Retained earnings 26,950,510 24,986,470
34,096,836 31,666,881
Non-controlling interests 1,798,433 1,730,609
Total equity 35,895,269 33,397,490
Total liabilities and equity 525,753,320 498,004,936

The accompanying notes are part of these consolidated financial statements.

  • 6 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FORTHE YEARS ENDED DECEMBER 31, 2024 AND 2023

2024 2023
(Korean Won in millions)
Interest income 22,013,341 20,641,554
Financial assets at FVTPL 236,793 192,094
Financial assets at FVTOCI 1,281,642 999,407
Financial assets at amortized cost 20,494,906 19,450,053
Interest expense (13,127,005 ) (11,899,014 )
Net interest income (Notes 11, 30 and 41) **** 8,886,336 **** **** 8,742,540 ****
Fees and commissions income 2,874,216 2,565,814
Fees and commissions expense (788,046 ) (845,333 )
Net fees and commissions income (Notes 11, 31 and 41) **** 2,086,170 **** **** 1,720,481 ****
Dividend income (Notes 11, 32 and 41) 310,320 240,293
Net gain on financial instruments at FVTPL (Notes 11, 33 and 41) 1,492,783 488,486
Net gain (loss) on financial assets at FVTOCI (Notes 11 and 34) 96,620 (37,641 )
Net gain arising on financial assets at amortized cost (Note 11) 286,885 203,942
Impairment losses due to credit loss (Notes 35 and 41) (1,716,295 ) (1,894,916 )
General and administrative expense (Notes 36 and 41) (4,468,973 ) (4,443,433 )
Other net operating expense (Notes 11, 26, 36 and 41) (2,718,656 ) (1,520,723 )
Operating income **** 4,255,190 **** **** 3,499,029 ****
Share of gain of joint ventures and associates (Note 13) 76,265 109,831
Other non-operating expense (108,608 ) (91,407 )
Non-operating income (expenses) (Note 37) **** (32,343 ) **** 18,424 ****
Net income before income tax expense **** 4,222,847 **** **** 3,517,453 ****
Income tax expense (Note 38) (1,051,378 ) (890,559 )
Net income **** 3,171,469 **** **** 2,626,894 ****
Net gain (loss) on valuation of equity securities at FVTOCI (138,097 ) 193,191
Net gain on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL 1,348 —
Changes in capital due to equity method (1,663 ) 8,603
Remeasurement loss related to defined benefit plan (61,929 ) (79,460 )
Items that will not be reclassified to profit or loss: **** (200,341 ) **** 122,334 ****
Net gain on valuation of debt securities at FVTOCI 172,155 532,334
Changes in capital due to equity method (3,704 ) (5,638 )
Net gain on foreign currency translation of foreign operations 522,845 45,080
Net loss on valuation of hedges of net investments in foreign operations (114,827 ) (14,049 )
Net gain (loss) on valuation of cash flow hedge 6,591 (16,524 )
Items that may be reclassified to profit or loss: **** 583,060 **** **** 541,203 ****
Other comprehensive income, net of tax **** 382,719 **** **** 663,537 ****
Total comprehensive income **** 3,554,188 **** **** 3,290,431 ****

(Continued)

  • 7 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FORTHE YEARS ENDED DECEMBER 31, 2024 AND 2023 (CONTINUED)

2024 2023
(Korean Won in millions)
Net income attributable to: **** 3,171,469 **** **** 2,626,894 ****
Net income attributable to owners 3,085,995 2,506,296
Net income attributable to non-controlling interests 85,474 120,598
Total comprehensive income attributable to: **** 3,554,188 **** **** 3,290,431 ****
Comprehensive income attributable to owners 3,454,620 3,164,464
Comprehensive income attributable to non-controlling interests 99,568 125,967
Earnings per share (Note 39)
Basic and diluted earnings per share (Unit: In Korean Won) 3,950 3,230

The accompanying notes are part of these consolidated financial statements.

  • 8 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THEYEARS ENDED DECEMBER 31, 2024 AND 2023

Capital<br>Stock Hybridsecurities Capital<br>surplus Other<br>equity Retainedearnings Owners’equity intotal Non-controllinginterests Total<br>equity
(Korean Won in millions)
January 1, 2023 3,640,303 3,112,449 682,385 (2,423,392 ) 23,750,152 28,761,897 2,865,445 31,627,342
Total comprehensive income
Net income — — — — 2,506,296 2,506,296 120,598 2,626,894
Net gain on valuation of financial instruments at FVTOCI — — — 725,513 — 725,513 12 725,525
Net gain (loss) due to disposal of equity securities at FVTOCI — — — (86 ) 86 — — —
Changes in capital due to equity method — — — 2,996 (50 ) 2,946 19 2,965
Gain on foreign currency translation of foreign operations — — — 39,780 — 39,780 5,300 45,080
Loss on valuation of hedges of net investments in foreign operations — — — (14,049 ) — (14,049 ) — (14,049 )
Loss on valuation of cash flow hedge — — — (16,524 ) — (16,524 ) — (16,524 )
Remeasurement gain related to defined benefit plan — — — (79,498 ) — (79,498 ) 38 (79,460 )
Transactions with owners
Comprehensive stock exchange 162,373 — 249,008 — — 411,381 (414,015 ) (2,634 )
Dividends to common stocks — — — — (978,376 ) (978,376 ) (11,647 ) (990,023 )
Changes in treasury stocks — — 1,128 (35,529 ) (100,000 ) (134,401 ) — (134,401 )
Issuance of hybrid securities — 498,680 — — — 498,680 299,327 798,007
Dividends to hybrid securities — — — — (131,148 ) (131,148 ) (95,637 ) (226,785 )
Redemption of hybrid securities — — — (1,695 ) — (1,695 ) (1,097,697 ) (1,099,392 )
Changes in subsidiaries’ capital — — (1,869 ) 60,491 (60,490 ) (1,868 ) (1,927 ) (3,795 )
Changes in non-controlling interests related to business combinations — — — — — — 138,478 138,478
Others — — 4,911 73,036 — 77,947 (77,685 ) 262
December 31, 2023 3,802,676 3,611,129 935,563 (1,668,957 ) 24,986,470 31,666,881 1,730,609 33,397,490
January 1, 2024 3,802,676 3,611,129 935,563 (1,668,957 ) 24,986,470 31,666,881 1,730,609 33,397,490
Total comprehensive income
Net income — — — — 3,085,995 3,085,995 85,474 3,171,469
Net gain (loss) on valuation of financial instruments at FVTOCI — — — 34,203 — 34,203 (145 ) 34,058
Net gain (loss) due to disposal of equity securities at FVTOCI — — — (53,460 ) 53,460 — — —
Net gain on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL — — — 1,348 — 1,348 — 1,348
Changes in capital due to equity method — — — (5,357 ) (10 ) (5,367 ) — (5,367 )
Gain on foreign currency translation of foreign operations — — — 508,631 — 508,631 14,214 522,845
Loss on valuation of hedges of net investments in foreign operations — — — (114,827 ) — (114,827 ) — (114,827 )
Gain on valuation of cash flow hedge — — — 6,591 — 6,591 — 6,591
Remeasurement gain related to defined benefit plan — — — (61,954 ) — (61,954 ) 25 (61,929 )
Transactions with owners
Dividends to common stocks — — — — (878,330 ) (878,330 ) (3,829 ) (882,159 )
Changes in treasury stocks — — 733 3,832 (136,688 ) (132,123 ) — (132,123 )
Issuance of hybrid securities — 1,196,850 — — — 1,196,850 757,970 1,954,820
Dividends to hybrid securities — — — — (158,682 ) (158,682 ) (76,249 ) (234,931 )
Redemption of hybrid securities — (997,544 ) — (52,199 ) — (1,049,743 ) (658,470 ) (1,708,213 )
Changes in subsidiaries’ capital — — 12,256 1,264 (1,693 ) 11,827 (9,709 ) 2,118
Changes in non-controlling interests related to business combinations — — (1,148 ) — — (1,148 ) 5,599 4,451
Others — — (13,304 ) — (12 ) (13,316 ) (47,056 ) (60,372 )
December 31, 2024 3,802,676 3,810,435 934,100 (1,400,885 ) 26,950,510 34,096,836 1,798,433 35,895,269

The accompanying notes are part of these consolidated financial statements.

  • 9 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARSENDED DECEMBER 31, 2024 AND 2023

2024 2023
(Korean Won in millions)
Cash flows from operating activities:
Net income 3,171,469 2,626,894
Adjustments to net income:
Income tax expense 1,051,378 890,559
Interest income (22,013,341 ) (20,641,554 )
Interest expense 13,127,005 11,899,014
Dividend income (310,320 ) (240,293 )
(8,145,278 ) (8,092,274 )
Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI 4,611 46,335
Impairment loss due to credit loss 1,716,295 1,894,916
Loss on other provisions 41,938 99,444
Retirement benefit 129,029 113,435
Depreciation and amortization 1,163,799 993,176
Net loss on foreign currency translation 1,177,859 366,026
Loss on derivatives (designated for hedge) 24,252 35,583
Loss on fair value hedge 64,571 72,601
Loss on valuation of investments in joint ventures and associates 19,911 22,710
Loss on disposal of investments in joint ventures and associates 532 588
Loss on disposal of premises and equipment, intangible assets and other assets 2,233 1,873
Impairment loss on premises and equipment, intangible assets and other assets 3,627 129
Other loss 10,887 —
Other operating expenses 9,509 —
4,369,053 3,646,816
Deductions of income not involving cash inflows:
Gain on financial assets at FVTPL 1,299,919 571,179
Gain on financial assets at FVTOCI 101,231 8,694
Gain on other provisions 10,026 19,781
Gain on derivatives (designated for hedge) 192,000 114,875
Gain on fair value hedge 25,469 8,986
Gain on valuation of investments in joint ventures and associates 96,176 132,541
Gain on disposal of investments in joint ventures and associates 19,642 33,123
Gain on disposal of premises and equipment, intangible assets and other assets 7,064 5,267
Reversal of impairment loss on premises and equipment, intangible assets and other assets 147 230
1,751,674 894,676
Changes in operating assets and liabilities:
Financial instruments at FVTPL 1,594,646 (1,715,646 )
Loans and other financial assets at amortized cost (21,703,969 ) (18,598,117 )
Other assets (1,254,513 ) (1,264,071 )
Deposits due to customers 3,411,535 15,176,465
Provisions (203,770 ) 136,521
Net defined benefit liability (120,782 ) (172,759 )
Other financial liabilities 4,806,822 2,225,382
Other liabilities (9,173 ) 95,559
(13,479,204 ) (4,116,666 )
Interest income received 22,304,745 20,416,107
Interest expense paid (12,483,982 ) (10,626,911 )
Dividends received 310,341 202,257
Income tax paid (424,770 ) (1,539,605 )
9,706,334 8,451,848
Net cash inflow (outflow) from operating activities (6,129,300 ) 1,621,942

(Continued)

  • 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARSENDED DECEMBER 31, 2024 AND 2023 (CONTINUED)

2024 2023
(Korean Won in millions)
Cash flows from investing activities:
Net cash out-flows from obtaining control 2,008 (209,643 )
Net cash out-flows from losing control — (464 )
Disposal of financial instruments at FVTPL 11,659,750 10,487,513
Acquisition of financial instruments at FVTPL (11,111,809 ) (12,167,823 )
Disposal of financial assets at FVTOCI 26,921,313 20,648,897
Acquisition of financial assets at FVTOCI (31,718,677 ) (24,211,531 )
Redemption of securities at amortized cost 7,634,677 8,727,124
Acquisition of securities at amortized cost (2,586,171 ) (4,244,256 )
Cash outflows from changes in subsidiaries (674,625 ) (619,726 )
Disposal of investments in joint ventures and associates 1,253,301 101,051
Acquisition of investments in joint ventures and associates (979,480 ) (310,239 )
Disposal of investment properties 64,926 —
Acquisition of investment properties — (99,234 )
Disposal of premises and equipment 10,730 19,001
Acquisition of premises and equipment (221,856 ) (164,696 )
Disposal of intangible assets 4,596 2,513
Acquisition of intangible assets (190,126 ) (228,503 )
Disposal of assets held for sale 23,909 7,156
Net decrease of other assets (126,765 ) 8,719
Net cash outflow from investing activities (34,299 ) (2,254,141 )
Cash flows from financing activities:
Net cash in-flows (out-flows) from hedging activities (25,442 ) 23,394
Net increase (decrease) in borrowings (3,011,120 ) 2,332,376
Issuance of debentures 41,067,565 31,101,841
Redemption of debentures (35,473,345 ) (34,329,491 )
Redemption of lease liabilities (238,770 ) (160,673 )
Net increase (dcrease) of other liabilities (17,690 ) 118
Dividends paid (878,330 ) (978,376 )
Issuance of hybrid securities 1,954,820 798,007
Redemption of hybrid securities (1,726,936 ) (1,100,000 )
Dividends paid to hybrid securities (234,931 ) (226,785 )
Net increase in non-controlling equity liabilities 6,589 6,620
Dividends paid to non-controlling interest (3,829 ) (11,647 )
Changes in non-controlling interests (41,375 ) (180,514 )
Acquisition of treasury stocks (136,699 ) (158,165 )
Disposal of treasury stocks 4,834 23,118
Net cash inflow (outflow) from financing activities 1,245,341 (2,860,177 )
Effects of exchange rate changes on cash and cash equivalents 1,642,763 (170,154 )
Net decrease in cash and cash equivalents (3,275,495 ) (3,662,530 )
Cash and cash equivalents, beginning of the period 30,556,618 34,219,148
Cash and cash equivalents, end of the Period (Note 6) 27,281,123 30,556,618

The accompanying notes are part of these consolidated financial statements.

  • 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

1. GENERAL
(1) Summary of the Parent company
--- ---

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

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

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

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

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

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

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

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

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

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

  • 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

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

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

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

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

(2) Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of December 31, 2024 and<br>2023 are as follows:
Percentage of ownership<br>(%) Location Financial<br>statements date
--- --- --- --- --- --- --- --- --- ---
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Held by Woori Financial Group Inc.
Woori Bank Bank 100.0 100.0 Korea December 31
Woori Card Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Financial Capital Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Investment Securities Co., Ltd. (*11) Securities brokerage 99.5 100.0 Korea December 31
Woori Asset Trust Co., Ltd (*1) Real estate trust 99.6 95.3 Korea December 31
Woori Savings Bank Mutual saving bank 100.0 100.0 Korea December 31
Woori Financial F&I Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Asset Management Corp. (*1) Finance 100.0 73.0 Korea December 31
Woori Venture Partners Other financial services 100.0 100.0 Korea December 31
Woori Global Asset Management Co., Ltd. (*1) Finance — 100.0 Korea —
Woori Private Equity Asset Management Co., Ltd. Finance 100.0 100.0 Korea December 31
Woori Credit Information Co., Ltd. Credit information 100.0 100.0 Korea December 31
Woori Fund Service Co., Ltd. Financial support service business 100.0 100.0 Korea December 31
Woori FIS Co., Ltd. System software development & maintenance 100.0 100.0 Korea December 31
Woori Finance Research Institute Co., Ltd. Other service business 100.0 100.0 Korea December 31
Held by Woori Bank
Woori America Bank Finance 100.0 100.0 America December 31
  • 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Woori Global Markets Asia Limited Finance 100.0 100.0 Hong Kong December 31
Woori Bank China Limited Finance 100.0 100.0 China December 31
AO Woori Bank (*7) Finance 100.0 100.0 Russia December 31
PT Bank Woori Saudara Indonesia 1906 Tbk Finance 90.8 84.2 Indonesia December 31
Banco Woori Bank do Brasil S.A. Finance 100.0 100.0 Brazil December 31
Korea BTL Infrastructure Fund Finance 99.9 99.9 Korea December 31
Woori Finance Myanmar Co., Ltd. Finance 100.0 100.0 Myanmar December 31
Wealth Development Bank Finance 51.0 51.0 Philippines December 31
Woori Bank Vietnam Limited Finance 100.0 100.0 Vietnam December 31
Woori Bank (Cambodia) PLC Finance 100.0 100.0 Cambodia December 31
Woori Bank Europe Finance 100.0 100.0 Germany December 31
KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*2) Asset securitization 15.0 15.0 Korea December 31
Jeonju Iwon Ltd. (*2) Asset securitization — — Korea December 31
Wonju I one Inc. (*2) Asset securitization — — Korea December 31
Heitz Third Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori hansoop 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori International First Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori QS 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Display 2nd Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori Dream 2nd Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori K 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori S 1st Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori Display 3rd Co., Ltd. (*2) Asset securitization — — Korea December 31
TY 1st Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Quantum Jump the 2nd Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Gongdeok First Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori HW 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Dream 3rd Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori SJS 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Steel 1st Co., Ltd (*2) (*5) Asset securitization — — Korea —
SPG the 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori-HWC 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori HC 3rd Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Park I 1st co., Ltd (*2) Asset securitization — — Korea December 31
Woori DS 1st co., Ltd (*2) (*5) Asset securitization — — Korea —
Woori HC 4th Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori SKR 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori H chemical 1st Co.,Ltd (*2) Asset securitization — — Korea December 31
HE the 1st Co.,Ltd. (*2) Asset securitization — — Korea December 31
Woori Hub The 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori K The 3rd Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori KF 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
WooriI TS 1st Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori H Square 1st Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori L Yongsan 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori HC 5th Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Ladena 1st Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori HR 1st Co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori Lotte Dongtan 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori HC 6th Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori HO 1st Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori ESG 1st Co.,Ltd. (*2) Asset securitization — — Korea December 31
Woori Osiria 1st Co.,Ltd. (*2) Asset securitization — — Korea December 31
Woori Eco 2nd Co.,Ltd. (*2) (*5) Asset securitization — — Korea —
  • 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Gangnam Landmark 2nd Co., Ltd (*2) Asset securitization — — Korea December 31
Woori HP the 1st co.,Ltd. (*2) Asset securitization — — Korea December 31
Woori KF 2nd Co., Ltd. (*2) Asset securitization — — Korea December 31
Woori HD 1st co., Ltd. (*2) Asset securitization — — Korea December 31
Woori ST 1st co.,Ltd. (*2) Asset securitization — — Korea December 31
Woori High End 1st co., Ltd. (*2) (*5) Asset securitization — — Korea —
Woori HW 2nd co., Ltd. (*2) Asset securitization — — Korea December 31
Woori Mirae 1st co., Ltd. (*2) Asset securitization — — Korea December 31
Woori HR 2nd Co., Ltd. (*2) (*10) Asset securitization — — Korea December 31
Woori QS 2nd Co., Ltd. (*2) (*10) Asset securitization — — Korea December 31
Woori Plasma 1st Co., Ltd. (*2) (*10) Asset securitization — — Korea December 31
Woori EUGENE 1st Co.,Ltd (*2) (*10) Asset securitization — — Korea December 31
WOORIWON 1ST, CO,.LIMITED. (*2) (*10) Asset securitization — — Korea December 31
WOORI ENERBILITY 1ST, CO,.LIMITED. (*2) (*10) Asset securitization — — Korea December 31
WOORI HL 1ST, CO,.LIMITED. (*2) (*10) Asset securitization — — Korea December 31
WOORI SEOUL STATION AREA 1ST, CO,.LTD. (*2) (*10) Asset securitization — — Korea December 31
Heungkuk Global Private Placement Investment Trust No. 1 (*3) Securities investment and others 98.8 98.8 Korea December 31
AI Partners UK Water Supply Private Placement Investment Trust No.2 (*3) Securities investment and others 97.3 97.3 Korea December 31
Mirae Asset Multi Overseas Real Estate General Private Investment Trust<br>No. 5-2 (*3) Securities investment and others 99.0 99.0 Korea December 31
IGIS Australia Investment Trust No. 209-1 (*3) Securities investment and others 99.4 99.4 Korea December 31
Woori Global Secondary Private Placement Investment Trust No. 1 (*3) Securities investment and others 98.8 98.6 Korea December 31
JB Airline Private Placement Investment Trust No.8 (*3) Securities investment and others 97.0 97.0 Korea December 31
Kiwoom Harmony Private Placement Investment Trust No. 2 (*3) Securities investment and others 97.3 97.2 Korea December 31
Kiwoom Harmony Private Placement Investment Trust No. 1 (*3) Securities investment and others 97.4 97.4 Korea December 31
Kiwoom Harmony Private Placement Investment Trust No. 4 (*3) Securities investment and others 96.2 96.2 Korea December 31
Principal Guaranteed Trust (*4) Trust — — Korea December 31
Principal and Interest Guaranteed Trust (*4) Trust — — Korea December 31
Held by Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 MAGI<br>No.5 LuxCo S.a.r.l. Asset securitization 54.6 54.6 Luxembourg December 31
Held by MAGI No.5 LuxCo S.a.r.l. ADP 16 Brussels Asset securitization 100.0 100.0 Belgium December 31
Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1:
  • 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Woori Global Infrastructure Development Co., Ltd. (*10) Other financial services 100.0 — Korea December 31
Namyangju Resource Circulation Facility Development Co., Ltd. (*10) Other professional services 100.0 — Korea December 31
Held by Woori Card Co., Ltd.
TUTU Finance –WCI Myanmar Co., Ltd. Finance 100.0 100.0 Myanmar December 31
PT Woori Finance Indonesia Tbk. Finance 84.5 84.5 Indonesia December 31
Woori Card 2020-1 Asset Securitization Specialty Co., Ltd. (*2) (*5) Asset securitization — 0.5 Korea —
Woori Card 2021-1 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 0.5 0.5 Korea December 31
Woori Card 2022-1 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 0.5 0.5 Korea December 31
Woori Card 2022-2 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 0.5 0.5 Korea December 31
Woori Card 2023-1 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 0.5 0.5 Korea December 31
Woori Card 2023-2 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 0.5 0.5 Korea December 31
Woori Card 2024-1 Asset Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 0.5 — Korea December 31
Held by Woori Financial Capital Co., Ltd.
Specified Money Market Trust Trust 100.0 100.0 Korea December 31
Held by Woori Investment Securities Co., Ltd.
Seari Second Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
Namjong 1st Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
Bukgeum First Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
Bukgeum Second Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WS1909 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WS2003 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WS2006 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WH2103 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WN2103 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WH2106 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
Held by Woori Asset Management Corp.
Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid)<br>(*3) Securities investment and others 89.5 84.7 Korea December 31
Woori China Convertible Bond Master Fund (*3) (*8) (*10) Securities investment and others 63.3 — Korea December 31
  • 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Woori Together TDF 2025 (*3) (*5) Securities investment and others — 30.1 Korea —
Woori Together TDF 2035 (*3) (*5) Securities investment and others — 48.0 Korea —
Woori Together TDF 2040 (*3) Securities investment and others 34.3 49.2 Korea December 31
Woori Together TDF 2045 (*3) Securities investment and others 56.0 61.0 Korea December 31
Woori Together TDF 2050 (*3) Securities investment and others 31.5 48.9 Korea December 31
Woori K-New Opening Target Return Securities Investment Trust (Equity) (*3) (*5) (*10) Securities investment and others — — Korea —
Woori Rooftop Solar Private Special Asset Investment Trust No.1 (*3) (*10) Securities investment and others 40.1 — Korea December 31
Woori Didim US Technology and Bio-Healthcare Feeder Investment Trust (*3) (*10) Securities investment and others 44.6 — Korea December 31
Woori Franklin Technology Master Fund (USD) (*3) (*5) (*8) Securities investment and others — 67.3 Korea —
Woori Franklin Technology Feeder Fund (H) (*3) (*5) Securities investment and others — 31.4 Korea —
Woori High Graded Bond Target Return Fund 1 (*3) (*5) Securities investment and others — 87.4 Korea —
Woori Global Multi Asset Income Private Placement Investment Trust Class Cs (*3) (*5) Securities investment and others — 37.7 Korea —
Held by Woori Financial F&I Co., Ltd.
WI2203 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WM2203 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WNI2206 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WI2209 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WN2212 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WK2212 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WH2306 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WN2306 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WNKN2309 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WB2309 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WI2311 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WSB2312 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WK2312 Asset Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WBS2312 Securitization Specialty Co., Ltd. (*2) Asset securitization 5.0 5.0 Korea December 31
WK2403 Asset Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
WH2403 Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
WSB2406 Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
WK2406 Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
  • 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
WI2406 Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
WKN2406 Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
WS2409 Asset Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
WSB2409 Asset Securitization Specialty Co., Ltd. (*2) (*10) Asset securitization 5.0 — Korea December 31
VOGO DL General Private Equity Investment Trust 1(*3) Securities investment and others 99.8 99.0 Korea December 31
WFBS 1st Corporate Recovery Private Equity Fund (*10) Finance 96.2 — Korea December 31
Held by Woori Venture Partners Co., Ltd.
Woori Venture Partners US Other financial services 100.0 100.0 America December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Private Equity Asset Management<br>Co., Ltd. (*6)
Green ESG Growth No.1 Private Equity Fund (*3) Securities investment and others 34.8 30.3 Korea December 31
Woori New Growth Credit Fund 1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori PE Secondary Fund 1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Held by Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and<br>Woori Investment Securities Co., Ltd. (*6)
Japanese Hotel Real Estate Private Equity Fund 1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd.,<br>Woori Savings Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (*3) Securities investment and others 90.0 90.0 Korea December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and<br>Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (*3) Securities investment and others 85.0 85.0 Korea December 31
Woori Innovative Growth New Deal Private Investment Trust No.3 (*3) Securities investment and others 94.3 94.3 Korea December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Securities Co., Ltd.<br>(*6)
Woori GP Commitment Loan General Type Private Investment Trust No.1 (*3) Securities investment and others 100.0 100.0 Korea December 31
  • 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Woori Equity Bridge Loan General Type Private Investment Trust No.1 (*3) Securities investment and others 80.0 80.0 Korea December 31
Woori GP Commitment Loan General Type Private Investment Trust No.2 (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori GP Commitment Loan General Type Private Investment Trust No.3 (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori Junior Equity General Type Private Investment Trust (*3) (*10) Securities investment and others 100.0 — Korea December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Management Corp.<br>(*6)
Woori New Deal(Infrastructure) Policy Fund No.1(*3) Securities investment and others 70.0 70.0 Korea December 31
Held by Woori bank and Woori Investment Securities Co., Ltd. (*6)
Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust<br>(*3) Securities investment and others 100.0 100.0 Korea December 31
Woori NorthAmerica Infra Private Placement Investment Trust No. 1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1<br>(*3) Securities investment and others 100.0 100.0 Korea December 31
Woori General Type Private Real Estate Investment Trust No.2 (*3) Securities investment and others 30.1 30.1 Korea December 31
Woori ESG Infrastructure Development General Type Private Investment Trust No.1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Held by Woori bank (*6)
Woori WooriBank Partners General Type Private Investment Trust No.1 (*3) Securities investment and others 92.6 92.6 Korea December 31
Woori General Type Private Real Estate Investment Trust No.1 (*3) Securities investment and others 84.9 84.3 Korea December 31
Woori Global Mid-market Secondary General Type Private Investment Trust No.1 (*3) Securities investment and others 80.0 80.0 Korea December 31
Woori Woori Bank Partners Professional Type Private Investment Trust No. 2 (*3) Securities investment and others 90.9 90.9 Korea December 31
Woori General Type Private Real Estate Investment Trust No.5 (*3) Securities investment and others 87.0 87.0 Korea December 31
Woori Senior Loan General Type Private Investment Trust No.2 (*3) Securities investment and others 50.0 50.0 Korea December 31
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (*3) Securities investment and others 98.8 98.8 Korea December 31
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*3) Securities investment and others 99.9 99.9 Korea December 31
  • 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Woori Clean Energy General Type Private Investment Trust No.2 (*3) Securities investment and others 30.8 30.8 Korea December 31
Woori Together Institutional USD MMF No.1 C-F (*3) (*5) Securities investment and others — 63.4 Korea —
Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (*3) Securities investment and others 50.0 50.0 Korea December 31
Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust<br>(*3) Securities investment and others 40.0 40.0 Korea December 31
Woori Partners General Private Investment Trust No. 3 (*3) (*10) Securities investment and others 90.9 — Korea December 31
Woori Natixis Partnership Global Private Debt Fund No. 1-1(USD) (*3) (*10) Securities investment and others 80.0 — Korea December 31
Woori Natixis Partnership Global Private Debt Fund No. 1-2(EUR) (*3) (*10) Securities investment and others 80.0 — Korea December 31
Woori General Type Private Real Estate Investment Trust No.7 (*3)(*10) Securities investment and others 87.0 — Korea December 31
Woori Senior Loan General Type Private Investment Trust No.3 (*3)(*10) Securities investment and others 45.8 — Korea December 31
Woori General Private Equity Investment Trust 1 (*3) (*5) (*10) Securities investment and others — — Korea —
Held by Woori Bank and Woori Financial Capital Co., Ltd. (*6)
Woori Renewable New Deal Fund No.1 (*3) Securities investment and others 60.0 60.0 Korea December 31
Woori Equity Investment General Type Private Investment Trust No.1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori Fund Financing General Type Private Investment Trust (*3) (*10) Securities investment and others 99.7 — Korea December 31
Held by Woori Financial Capital Co., Ltd. (*6)
Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 (*3) Securities investment and others 63.2 63.2 Korea December 31
Held by Woori Bank and Woori Asset Management Corp. (*6)
Woori General Type Private Real Estate Investment Trust No.6 (*3) Securities investment and others 85.8 85.8 Korea December 31
Woori Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (*3) Securities investment and others 46.4 46.4 Korea December 31
Held by Woori bank, Woori Investment Securities Co., Ltd., and Woori Asset Management Corp.<br>(*6)
Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (*3)<br>(*10) Securities investment and others 100.0 — Korea December 31
  • 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership<br>(%) Location Financial<br>statements date
Subsidiaries Main business December 31,<br>2024 December 31,<br>2023
Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd. and Woori Financial<br>Capital Co., Ltd. (*6)
Woori FG Digital Investment Fund 1st (*3) Securities investment and others 100.0 100.0 Korea December 31
Woori Financial Dino Lab Investment Association No. 1 (*3) (*10) Securities investment and others 100.0 — Korea December 31
Held by Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 and Woori Japan<br>Investment Trust No. 1-2 (*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.1 (*3) (*8) Securities investment and others 100.0 100.0 Korea December 31
Held by Woori Financial Capital Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.2-1 (*3) Securities investment and others 100.0 100.0 Korea December 31
Held by Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Corporate Turnaround No.1 Private Equity Fund (*3) Securities investment and others 36.4 36.4 Korea December 31
Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 and Woori<br>Japan General Type Private Real Estate Feeder Investment Trust No.2-1 (*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.2 (*3) (*8) Securities investment and others 100.0 100.0 Korea December 31
Held by Woori Japan Private Placement Real Estate Master Investment Trust No.1
GK OK Chatan (*3) Other financial services 99.9 99.9 Japan October 30 (*9)
Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1<br>(*6)
Woori Private Placement Investment Trust No. 3 (*3) (*8) Securities investment and others 76.5 76.5 Korea December 31
Held by Woori Private Placement Investment Trust No. 3
GK Woorido (*3) Other financial services 100.0 100.0 Japan September 30 (*9)
Held by Woori Infrastructure New Deal General Type Private Investment Trust (*6)
Woori Seoul- Chuncheon Highway Private Placement Special Asset Investment Trust No.1 (*3)<br>(*5) Securities investment and others — 48.0 Korea —
  • 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(*1) The Company acquired additional shares of Woori Asset Trust Co., Ltd. and Woori Asset Management Corp. during<br>the year ended December 31, 2024. Additionally, Woori Asset Management Corp. merged with Woori Global Management Co., Ltd. through a business combination.
(*2) The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority<br>shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.
--- ---
(*3) The entity is a structured entity for the purpose of investment in securities. Although the Group is not a<br>majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.
--- ---
(*4) The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act.<br>Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.<br>
--- ---
(*5) Companies are excluded from the consolidation as of December 31, 2024.
--- ---
(*6) Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2)<br>is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.
--- ---
(*7) The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were<br>imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to<br>transfer funds, decrease in the profit. As of December 31, 2024, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot<br>reasonably predict the financial impacts.
--- ---
(*8) As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.<br>
--- ---
(*9) As the financial statements for the end of the reporting period were not available, the most recent financial<br>statements available from the date of settlement were used.
--- ---
(*10) Companies are included in the consolidation during the year ended December 31, 2024.<br>
--- ---
(*11) The Group owned interest in Korea Foss Securities Co., Ltd. as a result of the merger between Korea Foss<br>Securities Co., Ltd. (surviving company) and Woori Investment Bank Co., Ltd. (dissolution company) for the year ended December 31, 2024. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.<br>
--- ---
(3) The Group has not consolidated the following entities as of December 31, 2024 and 2023 despite having more<br>than 50% ownership interest:
--- ---
As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Subsidiaries Location Main Business Percentage of<br>ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1) Korea Securities Investment 59.7
Kiwoom Yonsei Private Equity Investment Trust (*1) Korea Securities Investment 88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2) Korea Securities Investment 97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1) Korea Securities Investment 75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1) Korea Securities Investment 75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1) Korea Securities Investment 66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1) Korea Securities Investment 55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1) Korea Securities Investment 55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1) Korea Securities Investment 58.3
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3) Korea Securities Investment 100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1) Korea Securities Investment 93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W() (*2) Korea Securities Investment 99.5
KOTAM Global Infra Private Fund 1-4 (*2) Korea Securities Investment 99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1) Korea Securities Investment 51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1) Korea Securities Investment 50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1) Korea Securities Investment 77.4
Consus Solar Energy Private Placement Investment Truns No.1(*1) Korea Securities Investment 50.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1) Korea Securities Investment 60.0
NH-Amundi WSCP VIII Private Fund 2 (*1) Korea Securities Investment 65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2<br>(*2) Korea Securities Investment 100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1) Korea Securities Investment 60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2) Korea Securities Investment 99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2) Korea Securities Investment 97.7

All values are in Euros.

  • 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

As of December 31, 2024
Subsidiaries Location Main Business Percentage of<br>ownership (%)
Woori Asset Global Partnership Fund No.5 (*4) Korea Securities Investment 57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1) Korea Securities Investment 76.9
Project Chile PMGD Solar (*2) Korea Securities Investment 75.2
NH-Amundi BXD Private Fund 2[FoF] (*2) Korea Securities Investment 77.8
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2) Korea Securities Investment 55.0
Hangang Green Environment Private Placement Special Asset Investment Trust (*1) Korea Securities Investment 50.0
(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to<br>decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds<br>more than 50% of ownership interest.
--- ---
(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of<br>the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest. The Group does not have the power over the fund’s activities even though the<br>Group holds ownership interest.
--- ---
(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities<br>are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
--- ---
(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment<br>business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.
--- ---
As of December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Subsidiaries Location Main Business Percentage of<br>ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1) Korea Securities Investment 59.7
Kiwoom Yonsei Private Equity Investment Trust (*1) Korea Securities Investment 88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2) Korea Securities Investment 97.9
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1) Korea Securities Investment 75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1) Korea Securities Investment 75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1) Korea Securities Investment 66.7
Hangang Blue Water Private Placement Special Asset Investment Trust(*1) Korea Securities Investment 55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1) Korea Securities Investment 55.1
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1) Korea Securities Investment 58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3) Korea Securities Investment 100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1) Korea Securities Investment 93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W() (*2) Korea Securities Investment 99.5
KOTAM Global Infra Private Fund 1-4 (*2) Korea Securities Investment 99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1) Korea Securities Investment 51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1) Korea Securities Investment 50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1) Korea Securities Investment 77.3
Consus Solar Energy Private Placement Investment Trust No.1 (*1) Korea Securities Investment 50.0
IGIS ESG General Private Investment Trust No.1 (*1) Korea Securities Investment 60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1) Korea Securities Investment 60.0
NH-Amundi WSCP VIII Private Fund 2 (*1) Korea Securities Investment 65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2<br>(*2) Korea Securities Investment 100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1) Korea Securities Investment 60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2) Korea Securities Investment 99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2) Korea Securities Investment 97.7
Woori Asset Global Partnership Fund No.5 (*4) Korea Securities Investment 57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1) Korea Securities Investment 76.9
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2) Korea Securities Investment 55.0

All values are in Euros.

(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to<br>decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds<br>more than 50% of ownership interest.
  • 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of<br>the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities<br>are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
--- ---
(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment<br>business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.
--- ---
(4) The summarized financial information of the major subsidiaries are as follows. The financial information of<br>each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):
--- ---
As of and for the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Subsidiaries Assets Liabilities Operating<br>revenue Net income<br>(loss)<br>attributable to<br>owners Comprehensive<br>income (loss)<br>attributable to<br>owners
Woori Bank 485,888,941 456,944,053 41,881,143 3,039,372 3,381,799
Woori Card Co., Ltd. 16,613,482 13,828,816 2,293,739 147,179 160,121
Woori Financial Capital Co., Ltd. 12,770,681 11,045,686 1,759,842 141,419 138,826
Woori Investment Securities Co., Ltd. 7,186,431 6,041,109 430,599 2,552 6,279
Woori Asset Trust Co., Ltd. 499,279 39,470 107,154 1,803 1,609
Woori Savings Bank 1,874,624 1,680,378 136,417 (85,879 ) (84,907 )
Woori Financial F&I Co., Ltd. 1,251,854 914,388 90,373 13,306 13,199
Woori Asset Management Corp. 203,232 39,077 57,562 11,801 11,870
Woori Venture Partners Co., Ltd. 350,066 15,060 62,261 36,786 37,213
Woori Private Equity Asset Management Co., Ltd. 101,164 5,589 9,974 4,148 3,987
Woori Credit Information Co., Ltd. 43,985 6,555 42,796 1,614 1,252
Woori Fund Service Co., Ltd. 31,154 2,799 18,069 4,646 4,646
Woori FIS Co., Ltd. 58,868 12,094 175,624 (1,709 ) (1,485 )
Woori Finance Research Institute Co., Ltd. 7,663 3,892 9,022 59 (70 )
As of and for the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Subsidiaries Assets Liabilities Operating<br>revenue Net income<br>(loss)<br>attributable to<br>owners Comprehensive<br>income (loss)<br>attributable to<br>owners
Woori Bank 458,017,067 431,313,615 37,719,811 2,505,587 3,203,099
Woori Card Co., Ltd. 17,491,193 14,830,408 2,099,755 110,998 85,647
Woori Financial Capital Co., Ltd. 12,417,338 10,796,683 1,538,360 127,836 125,562
Woori Investment Securities Co., Ltd. 6,375,625 5,273,890 429,764 (53,374 ) (50,735 )
Woori Asset Trust Co., Ltd. 337,976 79,747 129,982 32,297 31,849
Woori Savings Bank 1,938,948 1,759,489 133,872 (49,139 ) (48,974 )
Woori Financial F&I Co., Ltd. 877,702 673,265 31,290 3,866 3,858
Woori Asset Management Corp. 161,868 32,780 41,311 6,408 6,267
Woori Venture Partners Co., Ltd. (*) 328,782 30,190 14,676 3,929 5,484
Woori Global Asset Management Co., Ltd. 37,512 13,526 13,857 (3,913 ) (3,913 )
Woori Private Equity Asset Management Co., Ltd. 96,006 4,418 10,216 1,960 1,826
Woori Credit Information Co., Ltd. 45,662 7,981 43,774 5,014 4,626
Woori Fund Service Co., Ltd. 27,526 2,758 17,059 3,539 3,539
Woori FIS Co., Ltd. 80,563 32,304 339,163 (7,511 ) (9,214 )
Woori Finance Research Institute Co., Ltd. 6,444 2,603 7,792 72 (11 )
(*) Additional investment occurred and added it as a consolidated subsidiary during the year ended<br>December 31, 2023.
--- ---
  • 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) The financial support that the Group provides to consolidated structured entities is as follows:<br>
• Structured entity for asset securitization
--- ---

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

• Structured entity for the investments in securities

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

• Money trust under the Financial Investment Services and Capital Markets Act

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

As of December 31, 2024 and 2023, the Group provides 2,166,871 million Won and 2,445,644 million Won of credit facilities, respectively, for the structured entities mentioned above. As of December 31, 2024 and 2023, the purchase commitment amounts to 2,817,626 million Won and 2,848,921 million Won, respectively.

(6) The Group has entered into various agreements with structured entities such as asset securitization, structured<br>finance, investment fund, and trust contract. The characteristics of interests and the nature of risks related to unconsolidated structured entities over which the Group does not have control in accordance with K-IFRS 1110 are as follows:<br>

The interests in unconsolidated structured entities that the Group hold are classified into asset securitization, structured finance, investment fund and real-estate trust, based on the nature and the purpose of each structured entity.

Unconsolidated structured entities classified as ‘asset securitization’ are entities that issue asset-backed securities, pay the principal and interest or distributes dividends on asset-backed securities through borrowings or profits from the management, operation and sale of securitized assets. The Group has been purchasing commitments of asset-backed securities or issuing asset-backed securities through credit grants, and recognizes related interest or fee revenue. There are entities that provide additional funding and conditional debt acquisition commitments before the Group’s financial support, but the Group is still exposed to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew the securities.

Unconsolidated structured entities classified as ‘structured finance’ include real estate project financing investment vehicle, social overhead capital companies, and special purpose companies for ship (aircraft) financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently pursue business goals and the fund is raised by equity investment or loans from financial institutions and participating institutions. ‘Structured financing’ is a financing method for large-scale risky business, with investments made based on feasibility of the specific business or project, instead of credit of business owner or physical collaterals. The investors receive profits from the operation of the business. The Group recognizes interest revenue, profit or loss from assessment or transactions of financial instruments, or dividend income. With regard to uncertainties involving structured financing, there are entities that provide financial support such as additional fund, guarantees and prioritized credit grants prior to the Group’s intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.

  • 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income as an investor in the same way as ‘structured finance’, and may be exposed to losses due to reduction in investment value. Investments in MMF(Money Market Funds) as of December 31, 2024 and 2023 are 65,861 million Won and 1,451,874 million Won, respectively, and there is no additional commitments for MMF.

‘Real estate trust’ is to be entrusted the underlying property for the purpose of managing, disposing, operating or developing from the consignor who owns the property and distributes the proceeds achieved through the trust to the beneficiary. When the consignee does not fulfill his or her important obligations in the trust contract or it is, in fact, difficult to run the business, the Group may be exposed to the threat of compensating the loss.

The total assets of the unconsolidated structured entity held by the Group, the carrying amount of the items recognized in the consolidated financial statements, the maximum loss exposure, and the losses from the unconsolidated structured entity are as follows. The maximum loss exposure includes the amount of investment recognized in the consolidated financial statements and the amount that is likely to be confirmed in the future when satisfies certain conditions by contracts such as purchase commitments, credit offerings.

(unit : Korean Won in millions))
December 31, 2024
Asset securitization Structured Finance Investment Fund Real-estate trust
Total asset of the unconsolidated structured entities 9,725,385 130,281,870 268,076,078 2,541,640
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities 6,941,360 5,512,070 7,694,857 183,036
Financial assets at FVTPL 10,923 20,898 6,787,853 12,644
Financial assets at FVTOCI 1,813,481 44,477 — —
Financial assets at amortized cost 5,116,956 5,444,604 79,879 170,392
Investments in joint ventures and associates — — 824,536 —
Derivative assets — 2,091 2,589 —
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities 242 2,270 — 10,769
Derivative liabilities — 421 — —
Other liabilities (provisions) 242 1,849 — 10,769
The maximum exposure to risks 7,026,784 6,402,819 11,588,447 348,947
Investment assets 6,941,360 5,512,070 7,694,857 183,036
Purchase commitment — — 3,892,107 —
Credit offerings and others 85,424 890,749 1,483 165,911
Loss recognized on unconsolidated structured entities — 84,962 200,672 79,152
  • 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(unit : Korean Won in millions))
December 31, 2023
Asset securitization Structured Finance Investment Fund Real-estate trust
Total asset of the unconsolidated structured entities 14,595,681 99,568,859 189,034,319 1,604,210
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities 9,256,063 5,414,037 6,884,658 93,222
Financial assets at FVTPL 205,449 118,026 6,000,877 8,297
Financial assets at FVTOCI 2,802,592 43,696 — —
Financial assets at amortized cost 6,248,022 5,252,191 66 84,925
Investments in joint ventures and associates — — 881,531 —
Derivative assets — 124 2,184 —
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities 248 3,251 2,006 28,838
Derivative liabilities — 1,243 2,006 —
Other liabilities (provisions) 248 2,008 — 28,838
The maximum exposure to risks 9,333,448 6,444,559 11,069,599 206,651
Investment assets 9,256,063 5,414,037 6,884,658 93,222
Purchase commitment — — 4,181,631 —
Credit offerings and others 77,385 1,030,522 3,310 113,429
Loss recognized on unconsolidated structured entities 149 83,885 63,372 19,337
(7) As of December 31, 2024 and 2023, the share of non-controlling interests on the net income and equity of<br>subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in millions):
--- ---

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

December 31, 2024 December 31, 2023
Woori Bank (*1) 1,645,947 1,546,447
Woori Investment Securities Co., Ltd. (*2) 5,571 —
Woori Asset Trust Co., Ltd. (*3) 1,901 12,517
Woori Asset Management Corp (*4) — 35,638
PT Bank Woori Saudara Indonesia 1906 Tbk 104,023 103,176
Wealth Development Bank 23,975 21,142
PT Woori Finance Indonesia Tbk. 16,179 13,631
(*1) Hybrid securities issued by Woori Bank
--- ---
(*2) The non-controlling interests were recognized in accordance with merger with Korea Foss Securities Co., Ltd.<br>during the year ended December 31, 2024.
--- ---
(*3) The non-controlling interests decreased in accordance with paid-in capital increase and stock retirement and<br>additional acquisition of minority interests during the year ended December 31, 2024.
--- ---
(*4) The Group made the subsidiary a wholly-owned subsidiary through the merger with Woori Global Asset Management<br>Co., Ltd. and acquisition of shares of Yuanta Securities Korea Co., Ltd. during the year period ended December 31, 2024.
--- ---
  • 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

  1. Net income attributable to non-controlling interests
For the years ended December 31
2024 2023
Woori Bank (*) 76,249 95,637
Woori Investment Securities Co., Ltd. (16 ) 5,687
Woori Asset Trust Co., Ltd. 276 5,720
Woori Asset Management Corp 530 1,603
Woori Venture Partners Co., Ltd. — 1,391
PT Bank Woori Saudara Indonesia 1906 Tbk 6,764 9,521
Wealth Development Bank 764 (68 )
PT Woori Finance Indonesia Tbk. 872 1,067
(*) Distribution of the hybrid securities issued by Woori Bank
--- ---
  1. Dividends to non-controlling interests
For the years ended December 31
2024 2023
Woori Bank (*) 76,249 95,637
Woori Investment Securities Co., Ltd. — 8,302
Woori Asset Trust Co., Ltd — 365
PT Bank Woori Saudara Indonesia 1906 Tbk 3,450 2,802
PT Woori Finance Indonesia Tbk. 343 138
Others 37 40
(*) Distribution of the hybrid securities issued by Woori Bank
--- ---
  • 28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2. BASIS OF Preparation and material Accounting Policies

(1) Basis of presentation

The Group maintains its accounting records in Korean won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (K-IFRS). The accompanying consolidated financial statements have been condensed, restructured and translated into English from the Korean language financial statements.

Certain information attached to the Korean language financial statements, but not required for a fair presentation of the Group’s financial position, financial performance or cash flows, is not presented in the accompanying consolidated financial statements.

The consolidated financial statements of the Group have been prepared in accordance with K-IFRS. These are the standards, subsequent amendments and related interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the Republic of Korea.

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The consolidated financial statements, as described in following paragraphs of accounting policy, are prepared at the end of each reporting period in historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value of consideration given to acquire assets.

Meanwhile, the consolidated financial statements of the Group were initially approved by the Board of Directors on February 7, 2025, and the final approval will be made in the annual general shareholders’ meeting on March 26, 2025.

1) The standards and interpretations that are newly adopted by the Group during the current period, and the<br>changes in accounting policies thereof are as follows:

i) Amendments to Korean IFRS 1001 Presentation of FinancialStatements – Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability includes the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. In addition, covenants that an entity is required to comply with after the end of the reporting period would not affect classification of a liability as current or non-current at the reporting date. When an entity classifies a liability that is subject to the covenants which an entity is required to comply with within twelve months of the reporting date as non-current at the end of the reporting period, the entity shall disclose information in the notes to understand the risk that non-current liabilities with covenants could become repayable within twelve months after the reporting period. The amendments do not have a significant impact on the consolidated financial statements.

ii) Amendments to Korean IFRS 1007 Statement ofCash Flows, Korean IFRS 1107 Financial Instruments: Disclosures – Supplier finance arrangements

When applying supplier finance arrangements, an entity shall disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The amendments do not have a significant impact on the consolidated financial statements.

  • 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

iii) Amendments to Korean IFRS 1116 Leases – Lease Liability in a Sale and Leaseback

When subsequently measuring lease liabilities arising from a sale and leaseback, a seller-lessee shall determine lease payments or revised lease payments in a way that the seller-lessee would not recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The amendments do not have a significant impact on the consolidated financial statements.

iv) Amendments to Korean IFRS 1001 Presentationof Financial Statements – Disclosure of Cryptographic Assets

The amendments require an additional disclosure if an entity holds cryptographic assets, or holds cryptographic assets on behalf of the customer, or issues cryptographic assets. The amendments do not have a significant impact on the consolidated financial statements.

2) The details of K-IFRSs that have been issued and published as of December 31, 2024 but have not yet<br>reached the effective date, and which the Group have not been early adopted by the Group are as follows:

i) Amendments to Korean IFRS 1021 The Effects of Changes in Foreign Exchange Rates and 1101 First-time Adoption of International Financial Reporting Standards – Lack of Exchangeability

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments should be applied for annual periods beginning on or after January 1, 2025, and earlier application is permitted. The Group does not expect the amendments to have a significant impact on the consolidated financial statements.

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

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

• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception<br>for some financial liabilities settled through an electronic cash transfer system;
• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal<br>and interest (SPPI) criterion;
--- ---
• add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of<br>financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and
--- ---
• update the disclosures for equity instruments designated at fair value through other comprehensive income<br>(FVOCI).
--- ---
  • 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

iii) Annual Improvements to Korean IFRS -Volume 11

Annual Improvements to Korean IFRS -Volume 11 should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group does not expect the amendments to have a significant impact on the consolidated financial statements.

• Korean IFRS 1101 First-time Adoption of International Financial Reporting Standards: Hedge accounting by afirst-time adopter
• Korean IFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition and implementationguidance
--- ---
• Korean IFRS 1109 Financial Instruments: Derecognition of lease liabilities and definition of transactionprice
--- ---
• Korean IFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’<br>
--- ---
• Korean IFRS 1007 Statement of Cash Flows: Cost method
--- ---

The above enacted or amended standards will not have a significant impact on the Group.

(2) Basis of consolidated financial statement presentation

The consolidated financial statements consist of the financial statements of the parent company and the entities (including structured entities) controlled by the parent company (or its subsidiaries, which is the “Group”). Control is achieved where the Group 1) has the power over the investee, 2) is exposed, or has rights, to variable returns from its involvement with the investee, and 3) able to use its power to affect its returns. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Group has less than most of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group’s voting rights in an investee are enough to give it power, including:

• The relative size of the Group’s holding of voting rights and dispersion of holdings of the other vote<br>holders;
• Potential voting rights held by the Group, other vote holders or other parties;
--- ---
• Rights arising from other contractual arrangements;
--- ---
• Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to<br>direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.
--- ---

Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. The carrying amount of the non-controlling interest after the acquisition is the amount initially recognized plus the amount of proportionate interest of the non-controlling interest in the changes in equity since the acquisition. Total comprehensive income of subsidiaries is attributed to the owner of the Group and to the non-controlling interests even if this results in the non-controlling interests having a negative (-) balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

  • 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

All intra-group transactions and, related assets and liabilities, income and expenses are eliminated in full on consolidation.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owner of the parent company.

When the Group loses control of a subsidiary, a gain or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under K-IFRS 1109 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

(3) Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the sum of the acquisition-date fair values of the assets transferred by the Group in exchange for control of the acquiree, liabilities assumed by the Group for the former owners of the acquiree and the equity interests issued by the Group. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the acquiree’s identifiable acquires assets, liabilities and contingent liabilities are recognized at their fair value, except for the followings:

• Deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are<br>recognized and measured in accordance with K-IFRS 1012 Income Taxes and K-IFRS 1019 Employee Benefits, respectively;
• Liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based<br>payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with K-IFRS 1102 Share-based Payment at the acquisition date; and
--- ---
• Non-current assets (or disposal groups) that are classified as held for sale are measured in accordance with<br>K-IFRS 1105 Non-current Assets Held for Sale and Discontinued Operations
--- ---

Any excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest (if any) in the acquiree over the net of identifiable assets and liabilities assumed of the acquiree at the acquisition date is recognized as goodwill.

If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognized immediately in net income as a bargain purchase gain.

The subsidiary’s non-controlling interests are identified separately from the Group’s equity. If the element of the non-controlling interest in the acquiree is the current interest at the acquisition date and the holder is entitled to a proportional share of the entity’s net assets, the non-controlling interest can be measured in 1) fair value or 2) proportionate share of the current equity instrument of the amount recognized for the acquiree’s identifiable net assets at the acquisition date. The selection of these metrics is made for each acquisition transaction. All other non-controlling interests are measured at fair value at the acquisition date.

  • 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

The carrying amount of the non-controlling interest after acquisition reflects the proportional interest of the non-controlling interest in changes in equity after acquisition in the initial recognition amount. Even if the non-controlling interest is a negative (-) balance, total comprehensive income is attributed to the non-controlling interest.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration other than the above is remeasured at subsequent reporting dates as appropriate, with the corresponding gain or loss being recognized in profit or loss.

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured at fair value at the acquisition date (i.e., the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in net income(or other comprehensive income, if applicable). Amounts arising from changes in value of interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are recognized, identical to the treatment assuming interests are sold directly.

If the initial accounting for a business combination is not completed by the end of the reporting period in which the business combination occurred, the Group reports in consolidated financial statements the provisional amount of items that have not been accounted for. If there is new information about the facts and circumstances that existed as of the acquisition date during the measurement period (see above), the Group retrospectively adjusts the provisional amounts recognized at the acquisition date or recognizes additional assets and liabilities to reflect the information that would have affected the measurement of the amount recognized at the acquisition date if it had already known at the acquisition date.

(4) Investments in joint ventures and associates

An associate is an entity over which the Group has significant influence, and that is not a subsidiary or a joint venture. Significant influence is the power to participate in making decision on the financial and operating policy of the investee but is not control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to net assets relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

The net income of current period and the assets and liabilities of the joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with K-IFRS 1105 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in the joint ventures and associates is initially recognized in the consolidated statements of financial position at cost and adjusted thereafter to recognize the Group’s share of the net assets of the joint ventures and associates and any impairment. When the Group’s share of losses of the joint ventures and associates exceeds the Group’s interest in the associate, the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint ventures and associates.

  • 33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Investment in joint ventures and associates are accounted for and applied with the equity method from the time the investee becomes an associate or a joint venture.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint ventures and associates recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition exists after the review, it is recognized immediately in net income.

The requirements of K-IFRS 1028 - Investments in Associates and Joint Ventures to determine whether there has been a loss event are applied to identify whether it is necessary to recognize any impairment loss with respect to the Group’s investment in the joint ventures and associates. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 - Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized is not allocated to any asset (including goodwill), which forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

The Group ceases to use the equity method from the time it fails meet the definition of an associate or a joint venture. Upon a loss of significant influence over the joint ventures and associates, the Group discontinues the use of the equity method and measures at fair value of any investment that the Group retains in the former joint ventures and associates from the date when the Group loses significant influence. The fair value of the investment is regarded as its fair value on initial recognition as a financial asset in accordance with K-IFRS 1109 Financial Instruments; Recognition and Measurement. The Group recognized differences between the carrying amount and fair value in net income and it is included in determination of the gain or loss on disposal of joint ventures and associates. The Group accounts for all amounts recognized in other comprehensive income in relation to that joint ventures and associates on the same basis as would be required if the joint ventures and associates had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by an associate or a joint venture would be reclassified to net income on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to net income as a reclassification adjustment.

When the Group’s ownership of interest in an associate or a joint venture decreases but the Group continues to maintain significant influence over an associate or a joint venture, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that decrease in ownership interest if the gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Meanwhile, if interest on associate or joint venture meets the definition of non-current asset held for sale, it is accounted for in accordance with K-IFRS 1105.

The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests.

When the Group transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

The Group applies K-IFRS 1109 Financial Instruments, including the impairment requirements, to its long-term investment interests in associates and joint ventures that form part of its net investment without applying the equity method. In addition, when applying K-IFRS 1109 to long-term investments, the Group does not consider adjustments to the carrying amount required by K-IFRS 1028. Examples of such adjustments include an impairment assessment or an adjustment to the carrying amount of the long-term investment interest resulting from the allocation of losses to the investee in accordance with K-IFRS 1028.

  • 34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) Investment in joint operation

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

When the Group operates as a joint operator, it recognizes in relation to its interest in a joint operation:

• its assets, including its share of any assets held jointly;
• its liabilities, including its share of any liabilities incurred jointly;
--- ---
• its revenue from the sale of its share of the output arising from the joint operation;
--- ---
• its share of the revenue from the sale of the output by the joint operation;
--- ---
• its expenses, including its share of any expenses incurred jointly.
--- ---

The Group accounts for the assets, liabilities, revenues and expenses that correspond to its interest in a joint operation in accordance with the K-IFRSs applicable to the specific assets, liabilities, revenues and expenses.

When the Group enters into a transaction with a joint operation in which it is a joint operator, such as a sale or contribution of assets, it is conducting the transaction with the other parties to the joint operation and, as such, the Group recognizes gains and losses resulting from such a transaction only to the extent of the other parties’ interests in the joint operation.

When the Group enters a transaction with a joint operation in which it is a joint operator, such as a purchase of assets, it does not recognize proportional share of profit or loss until the asset is sold to a third party.

(6) Revenue recognition

K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Group performs that obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue and loan origination fee (cost), are recognized through effective interest rate method.

1) Revenues from contracts with customers

The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer. When a performance obligation is satisfied, the Group shall recognize as a revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

The Group is recognizing revenue by major sources as shown below:

① Fees and commission received for brokerage

The fees and commission received for agency are the amount of consideration or fee expected to be entitled to receive in return for providing goods or services to the other parties with the Group acting as an agency, such as in the case of sales of bancassurance and beneficiary certificates. Most of these fees and commission received for brokerage are from the business activities relevant to Banking segment.

② Fees and commission received related to credit

The fees and commission received related to credit mainly include the lending fees received from the loan activity and the fees received in the L/C transactions. Except for the fees and commission accounted for in calculating the effective interest rate, it is generally recognized when the performance obligation has been performed. Most of these fees and commission received related to credit are from the business activities relevant to Banking, Credit card and Investment banking segment.

  • 35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

③ Fees and commission received for electronic finance

The fees and commission received for electronic finance include fees received in return for providing various kinds of electronic financial services through firm-banking and CMS. These fees are recognized as revenue immediately upon the completion of services. Most of these fees and commission received for electronic finance are from the business activities relevant to Banking and Investment banking segment.

④ Fees and commission received on foreign exchange handling

The fees and commission received on foreign exchange handling consist of various fees incurred when transferring foreign currency. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange handling are substantially attributable to Banking segment.

⑤ Fees and commission received on foreign exchange

The fees and commission received on foreign exchange consist of fees related to the issuance of various certificates, such as exchange, import and export performance certificates, purchase certificates, etc. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange are substantially attributable to Banking segment.

⑥ Fees and commission received for guarantee

The fees and commission received for guarantee include the fees received for the various warranties. The activities related to the warranty consist mainly of performance obligations satisfied over time and fees and commission are recognized over the guarantee period. The business activities relevant to these fees and commission received for guarantee are substantially attributable to Banking segment.

⑦ Fees and commission received on credit card

The fees and commission received on credit card consist mainly of merchant account fees and annual fees. The Group recognizes merchant account fees by multiplying agreed commission rate to the amount paid by using the credit card. The annual fees are performance obligation satisfied over time and are recognized over agreed periods after the annual fees are paid in advance. The business activities relevant to these fees and commission received on credit card are substantially attributable to Credit cards segment.

⑧ Fees and commission received on securities business

The fees and commission received on securities business consist mainly of fees and commission for the sale of beneficiary certificates, and these fees are recognized when the beneficiary certificates are sold to customers. The business activities relevant to these fees and commission received on securities business are substantially attributable to Banking and Investment banking segment.

  • 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

⑨ Fees and commission from trust management

The fees and commission from trust management consist of fees and commission received in return for the operation and management services for entrusted assets. These operation and management services are performance obligations satisfied over time, and revenue is recognized over the service period. Among the fees and commission from trust management, variable considerations such as profit commission that are affected by the value of entrusted assets and base return of the future periods are recognized as revenue when limitations to the estimates are lifted. Most of these fees and commission received for brokerage are from the business activities relevant to Banking segment.

⑩ Fees and commission received on credit Information

The fees and commission received on credit Information are composed of the fees and commission received by performing credit investigation and proxy collection services. Credit investigation fees and commission are the amount received in return for verifying the information requested by the customer and are recognized as revenue at the time the verification is completed. Proxy collection service fees are recognized by applying the applicable rate to the collected amount at the time when collection services are completed. Most of these fees and commission received for brokerage are from the business activities relevant to other segments.

LOGO Other fees

Other fees are usually fees related to remittances, but include fees related to various other services provided to customers by the Group. These fees are recognized when transactions occur at the customers’ request and services are provided, at the same time when commission are received. These other fees occur across all operating segments.

2) Revenues from sources other than contracts with customers
① Interest income
--- ---

Interest income on financial assets measured at FVTOCI and financial assets at amortized costs is measured using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument’s initial unamortized cost over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points(limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties when calculating the effective interest rate, but does not include expected credit losses. All contractual terms of a financial instrument are considered when estimating future cash flows.

For purchased or originated credit-impaired financial assets, interest revenue is recognized by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. Even if the financial asset is no longer impaired in the subsequent periods due to credit improvement, the basis of interest revenue calculation is not changed from amortized cost to unamortized cost of the financial assets.

② Loan origination fees and costs

The commission fees earned on loans, which is part of the effective interest of loans, is accounted for as deferred origination fees. Incremental costs related to the origination of loans are accounted for as deferred origination fees and is being added or deducted to/from interest income on loans using effective interest rate method.

  • 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

3) Dividend income

Dividend income is recognized when the right to receive dividends as a shareholder is confirmed. Dividend income is recognized as an appropriate item of profit or loss in the statement of comprehensive income according to the classification of financial instruments.

(7) Accounting for foreign currencies

The Group’s consolidated financial statements are presented in Korean Won, which is the functional currency of the Group. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date. The effective portion of the changes in fair value of a derivative that qualifies as a cash flow hedge and the foreign exchange differences on monetary items that form part of net investment in foreign operations are recognized in equity.

Assets and liabilities of the foreign operations subject to consolidation are translated into Korean Won at foreign exchange rates at the end of the reporting period. Except for situations in which it is required to use exchange rates at the date of transaction due to significant changes in exchange rates during the period, items that belong to profit or loss shall be measured by average exchange rate, with foreign exchange differences recognized as other comprehensive income and added to equity (allocated to non-controlling interests, if appropriate). When foreign operations are disposed, the controlling interest’s share of accumulated foreign exchange differences related to such foreign operations will be reclassified to profit or loss, while non-controlling interest’s corresponding share will not be reclassified.

Adjustments to fair value of identifiable assets and liabilities, and goodwill arising from the acquisition of foreign operations will be treated as assets and liabilities of the corresponding foreign operation, and translated using foreign exchange rates at the end of the period. The foreign exchange differences are recognized in other comprehensive income.

(8) Cash and cash equivalents

The Group is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of up to three months on acquisition date, and highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.

(9) Financial assets and financial liabilities

1) Financial assets

A regular way purchase or sale of financial assets is recognized or derecognized on the trade or settlement date. A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose term requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost according to its business model and contractual cash flows.

a) Business model

The Group evaluates the way business is being managed, and the purpose of the business model for managing a financial asset best reflects the way information is provided to the management at its portfolio level. Such information considers the following:

• The accounting policies and purpose specified for the portfolio, the actual operation of such policies. This<br>includes strategy of the management focusing on the receipt of contractual interest revenue, maintaining a certain level of interest income, matching the duration of financial assets and the duration of corresponding liabilities to obtain the asset,<br>and outflow or realization of expected cash flows from disposal of assets
  • 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

• The way the performance of a financial asset held under the business model is evaluated, and the way such<br>evaluation is being reported to the management
• The risk affecting the performance of the business model (and financial assets held under the business model),<br>and the way such risk is being managed
--- ---
• The compensation plan for the management (e.g. whether the management is being compensated based on the fair<br>value of assets or based on contractual cash flows received)
--- ---
• Frequency, amount, timing and reason for sale of financial assets in the past, and forecast of future sale<br>activities.
--- ---
b) Contractual cash flows
--- ---

The principal is defined to be the fair value of a financial assets at initial recognition. Interest is not only composed of consideration for the time value of money, consideration for the credit risk related to remaining principal at a certain period of time, and consideration for other cost (e.g. liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.

When evaluating whether contractual cash flows are solely payments of principal and interests, the Group considers the contractual terms of the financial instrument. When a financial asset contains contractual conditions that modify the timing and amount of contractual cash flows, it is required to determine whether contractual cash flows that arise during the remaining life of the financial instrument due to such contractual condition are solely payments of principal and interest. The Group considers the following elements when evaluating the above:

• Conditions that lead to modification of timing or amount of cash flows
• Contractual terms that adjust contractual nominal interest, including floating rate features<br>
--- ---
• Early payment features and maturity extension features
--- ---
• Contractual terms that limit the Group’s claim on cash flows arising from certain assets<br>
--- ---
① Financial assets at FVTPL
--- ---

The Group is classifying those financial assets that are not classified as either financial assets at amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related profit or loss is recognized in net income. Transaction costs related to acquisition at initial recognition is recognized in net income immediately upon its occurrence.

It is possible to designate a financial asset as financial asset at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial asset at FVTPL; (b) the financial asset forms part of the Group’s financial instrument group (a group composed of a combination of financial asset or liability), is measured at fair value and is being evaluated for its performance, and such information is provided internally; and (c) the financial asset is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial asset at FVTPL is allowed under K-IFRS 1109 Financial Instruments. However, the designation is irrevocable.

② Financial assets at FVTOCI

When financial assets are held under a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not held for short-term trade, an irrevocable election is available at initial recognition to present subsequent changes in fair value as other comprehensive income.

  • 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

At initial recognition, financial assets at FVTOCI are measured at its fair value plus any direct transaction cost, and is subsequently measured in fair value. However, for equity instruments that do not have a quotation in an active market and in which fair value cannot be measured reliably, they are measured at cost. The income tax effects related to the changes in fair value except for profit or loss items such as impairment losses (reversals), interest revenue calculated by using effective interest method, and foreign exchange gain or loss about debt instrument are recognized as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated other comprehensive income is reclassified from equity to net income for FVTOCI (debt instrument), and reclassified within the equity for FVTOCI (equity instruments).

③ Financial assets at amortized cost

When financial assets are held under a business model whose objective is to hold financial assets in order to collect contractual cash flows, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at fair value plus any direct transaction cost. Financial assets at amortized cost are presented at amortized cost using effective interest method, less any loss allowance.

2) Financial liabilities

At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or financial liabilities at amortized cost.

Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired with a purpose to repurchase them within a short period of time, when they are part of a certain financial instrument portfolio that is actually and recently being managed with a purpose of short-term profit and joint management by the Group at initial recognition, and when they are derivatives that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value plus direct transaction cost at initial recognition, and are subsequently measured at fair value. Profit or loss arising from financial liabilities at FVTPL is recognized in net income when occurred.

It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial liability at FVTPL; (b) the financial asset forms part of the Group’s financial instrument group (a group composed of a combination of financial asset or liability) according to the Group’s documented risk management or investment strategy, is measured at fair value and is being evaluated for its performance, and such information is provided internally; and (c) the financial liability is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL is allowed under K-IFRS 1109 Financial Instruments.

Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct transaction cost recognized in profit or loss, and are subsequently measured at fair value. Any profit or loss from financial liabilities at FVTPL are recognized in profit or loss.

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost.

3) Reclassification

Financial assets are not reclassified after initial recognition unless the Group modifies the business model used to manage financial assets. When the Group modifies the business model used to manage financial assets, all affected financial assets are reclassified on the first day of the first reporting period after the modification.

  • 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

4) Derecognition

Financial assets are derecognized when contractual rights to cash flows from the financial assets are expired, or when substantially all of risk and reward for holding financial assets is transferred to another entity as a result of a sale of financial assets. If the Group does not have and does not transfer substantially all of the risk and reward of holding financial assets with control of the transferred financial assets retained, the Group recognizes financial assets to the extent of its continuing involvement. If the Group holds substantially all the risk and reward of holding a financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized borrowings.

When a financial asset is fully derecognized, the difference between the carrying amount and the sum of proceeds and accumulated other comprehensive income is recognized as profit or loss in case of FVTOCI (debt instruments), and as retained earnings for FVTOCI (equity instruments).

In case when a financial asset is not fully derecognized, the Group allocates the carrying amount into amounts retained in the books and removed from the books, based on the relative fair value of each portion at the date of sale, and based on the degree of continuing involvement. For the derecognized portion of the financial assets, the difference between its carrying amount and the sum of proceeds and the portion of accumulated other comprehensive income attributable to that portion will be recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments. The accumulated other comprehensive income is distributed to the portion of carrying amount retained in the books, and to the portion of carrying amount removed from the books.

The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability.

5) Fair value of financial instruments

Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in consolidated financial statements at their fair values, and all derivatives are also subject to fair value measurement.

Fair value is defined as the price that would be received to exchange an asset or paid to transfer a liability in a recent transaction between independent parties that are reasonable and willing. Fair value is the transaction price of identical financial assets or financial liabilities generated in an active market. An active market is a market where trade volume is sufficient and objective price information is available due to the fact that bid and ask price differences are small.

When trade volume of a financial instrument is low, when transaction prices within the market show large differences among them, or when it cannot be concluded that a financial instrument is being traded within an active market due to disclosures being extremely shallow, fair value is measured using valuation techniques based on alternative market information or using internal valuation techniques based on general and observable information obtained from objective sources. Market information includes maturity and characteristics, duration, similar yield curve, and variability measurement of financial instruments of similar nature. Fair value amount contains unique assumptions on each entity (the Group concluded that it is using assumptions applied in valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does not exist).

  • 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

The market approach and income approach, which are valuation techniques used to estimate the fair value of financial instruments, both require significant judgment. Market approach measures fair value using either a recent transaction price that includes the financial instrument, or observable information on comparable firm or assets. Income approach measures fair value through discounting future cash flows with a discount rate reflecting market expectations, and revenue, operating income, depreciation, capital expenditures, income tax, working capital and estimated residual value of financial investments are being considered when deriving future cash flows. Valuation techniques such as the above include estimates based on the financial instruments’ complexity and usefulness of observable information in the market.

The valuation techniques used in the evaluation of financial instruments are explained below.

a) Financial assets at FVTPL and Financial assets at FVTOCI

The fair value of equity securities included in financial assets at FVTPL and financial assets at FVTOCI category is recognized in the statement of financial position at its available market price. Debt securities traded in the over-the-counter market are generally recognized at an amount computed by an independent appraiser. When the Group uses the fair value determined by independent appraisers, the Group usually obtains three values from three different appraisers for each financial instrument, and selects the minimum amount without making additional adjustments. For equity securities without marketability, the Group uses the amount determined by the independent appraiser. The Group verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers’ competency, indirect verification through comparison between appraisers’ price and other available market information, and reperformed by employees who have knowledge of valuation models and assumptions that appraisers used.

b) Derivatives

The Group’s transactions involving derivatives such as futures and exchange traded options are measured at market value. For exchange traded derivatives classified as level 2 in the fair value hierarchy, the fair value is estimated using internal valuation techniques. If there are no publicly available market prices because they are traded over-the-counter, fair value is measured through internal valuation techniques. When using internal valuation techniques to derive fair value, the types of derivatives, base interest rate or characteristics of prices, or stock market indices are considered. When variables used in the internal valuation techniques are not observable information in the market, such variables may contain significant estimates.

c) Adjustment of valuation amount

The Group is exposed to credit risk when a counterparty to a derivative contract does not perform its contractual obligation, and the exposure amount is equal to the amount of derivative asset recognized in the statement of financial position. When the Group earns income through valuation of derivatives, such income is recognized as derivative asset in the statement of financial position. Some of the derivatives are traded in the market, but most of the derivatives are measured at estimated fair value derived from internal valuation models that use observable information in the market. As such, in order to estimate the fair value there should be an adjustment made to incorporate counterparty’s credit risk, and credit risk adjustment is being considered when valuing derivative assets such as over-the counter derivatives. The amount of financial liabilities is also adjusted by the Group’s own credit risk when valuing them.

The amount of adjustment is derived from counterparty’s probability of default and loss given default. This adjustment considers contractual matters that are designed to reduce the Group’s exposure to each counterparty’s credit risk. When derivatives are under master netting arrangement, the exposure used in the computation of credit risk adjustment is a net amount after adding/deducting cash collateral received (or paid) from loss(or gain) position derivatives with the same counterparty.

  • 42 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

6) Expected credit losses on financial assets

The Group recognizes loss allowance on expected credit losses for the following assets:

• Financial assets at amortized cost
• Debt instruments measured at FVTOCI
--- ---
• Contract assets as defined by K-IFRS 1115
--- ---

Expected credit losses are weighted-average value of a range of possible results, considering the time value of money, and are measured by incorporating information on current conditions and forecasts of future economic conditions that are available without undue cost or effort.

The methods to measure expected credit losses are classified into following three categories in accordance with K-IFRS:

• General approach: Financial assets that does not belong to below two models and unused loan commitments<br>
• Simplified approach: When financial assets are either trade receivables, contract assets or lease receivables<br>
--- ---
• Credit impairment model: Purchased or originated credit-impaired financial assets
--- ---

The measurement of loss allowance under general approach is differentiated depending on whether the credit risk has increased significantly after initial recognition. That is, loss allowance is measured based on 12-month expected credit loss when the credit risk has not increased significantly after initial recognition, while loss allowance is measured at lifetime expected credit loss when credit risk has increased significantly. Lifetime is the expected remaining life of the financial instrument up to the maturity date of the contract.

The measurement of loss allowance under simplified approach is always based on lifetime expected credit loss, and loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

a) Measurement of expected credit losses on financial asset at amortized cost

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flows during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses. When financial assets that are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the group are calculated collectively.

Expected credit losses are deducted through loss allowance account, and when the financial asset is determined to be uncollectible, the loss allowance is written off from the books along with the related financial asset.

b) Measurement of expected credit losses on financial asset at FVTOCI(Debt instruments)

The measurement method of expected credit loss is identical to financial asset at amortized cost, but changes in the loss allowance is recognized in other comprehensive income. When financial assets at FVTOCI is disposed or repaid, the related loss allowance is reclassified from accumulated other comprehensive income to net income.

  • 43 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(10) Offsetting financial instruments

Financial assets and liabilities are presented as a net amount in the statements of financial position when the Group has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle the liability simultaneously.

(11) Investment properties

The Group classifies a property held to earn rentals and/or for capital appreciation as an investment property. Investment properties are measured initially at cost, including transaction costs, less subsequent depreciation and impairment.

Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset if it is probable that future economic benefits associated with the assets will flow into the Group and the cost of an asset can be measured reliably, and the carrying amount of a portion of an asset that are replaced by a subsequent expenditure is removed from the books. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, all other investment properties are depreciated based on the depreciation method and useful lives of premises and equipment. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, and when it is deemed appropriate to change them, the effect of any change is accounted for as a change in accounting estimates.

An investment property is derecognized from the consolidated financial statements on disposal or when it is permanently withdrawn from use and no future economic benefits are expected even from its disposal. The gain or loss on the derecognition of an investment property is calculated as the difference between the net disposal proceeds and the carrying amount of the property and is recognized in profit or loss in the period of the derecognition.

(12) Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of premises and equipment is expenditure directly attributable to their purchase or construction, which includes any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. It also includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it is probable that future economic benefit associated with the assets will flow into the Group and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, for all other premises and equipment, depreciation is charged to net income on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or revalued amount less residual value.

Useful life
Buildings used for business purpose 26 to 57 years
Structures in leased office 4 to 5 years
Properties for business purpose 4 to 7 years

The Group reassesses the depreciation method, the estimated useful lives and residual values of premises and equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment and the carrying amount of a premises and equipment item exceeds the estimated recoverable amount, the carrying amount of such asset is reduced to the recoverable amount.

  • 44 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(13) Intangible assets and goodwill

The Group recognizes the acquisition cost of an intangible asset as the manufacturing cost or purchase cost plus additional incidental expenses. Development costs are the sum of expenditures incurred after the asset recognition requirements, such as technical feasibility and future economic benefits, are met. After the initial recognition, the carrying value is presented as the accumulated amortization and accumulated impairment losses deducted from the cost.

The Group’s intangible asset are amortized over the following economic lives using the straight-line method. However, for some intangible assets, the period of time that is expected to be available is not predictable, so the useful life of some intangible assets is assessed as indefinite and not depreciated.

The estimated useful life and amortization method of intangible assets with a finite useful life are reviewed at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate.

Useful life
Industrial property rights 5 to 10 years
Development costs 5 years
Software and others 1 to 10 years

In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its recoverable amount.

Goodwill acquired in a business combination is included in intangible assets. Goodwill is not amortized, but is subject to an impairment test at the cash-generating unit level every year, and whenever there is an indicator that goodwill is impaired.

Goodwill is allocated to each of the Group’s cash-generating unit (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.

(14) Impairment of non-monetary assets

Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested for impairment annually, regardless of whether there is any indication of impairment. All other assets are tested for impairment by estimating the recoverable amount when there is an objective indication that the carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value, less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized immediately in net income.

(15) Leases

The Group determines whether the contract is a lease or includes a lease at the time of the contract agreement. In exchange for consideration in a contract, the contract is either a lease or includes a lease if the control over the use of the identified asset is transferred for a period of time. In determining whether a contract transfers control over the use of the asset to which it is identified, the Group uses the definition of lease in K-IFRS 1116.

  • 45 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

① The Group as a lessee

The Group recognizes the right-of-use asset and the lease liability at the commencement date of the lease. The right-of-use asset is measured at cost, which comprises the amount of the initial measurement of the lease liability, lease payments made at or before the commencement date(less any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located.

The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement of the lease to the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a fixed asset from the commencement date to the end of the useful life of the underlying asset. The right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by remeasurement of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that cannot be readily determined, the Group uses its incremental borrowing rate. The Group generally uses the incremental borrowing rate.

The Group makes adjustments to reflect the terms of the lease and the characteristics of the lease asset in interest rates obtained from external financial information, and calculates the incremental borrowing rate.

The Group calculates the lease term by including the relevant period when it is quite certain that the lessee will exercise the extension option or the termination option. The Group calculates the enforceable period in consideration of the economic disadvantages of terminating the contract if the lessee and the lessor have the right to terminate it without the consent of the other parties.

The lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments (including in-substance fixed payments)
• Variable lease payments that depend on an index(or a rate), initially measured using the index or a rate as at<br>the commencement date
--- ---
• Amounts expected to be payable by the lessee under residual value guarantees
--- ---
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, lease<br>payments of the extended period if the lessee is reasonably certain to exercise extension option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease<br>
--- ---

The lease liability is subsequently increased be the interest expense recognized for the lease liability and decreased by reflecting the payment of the lease payments. The lease liability is remeasured if the future lease payments change depending on changes in the index(or a rate), changes in the expected amount to be paid under the residual value guarantee, and changes in the assessment of whether the purchase or extension option is reasonably certain to be exercised or not to exercise the terminate option.

When remeasuring a lease liability, the related right-of-use asset is adjusted and if the carrying amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in profit or loss.

The Group applies its judgment when determining the lease term for some lease contracts that include the extension option. The assessment of whether the Group is reasonably certain to exercise the option significantly affects the lease term and therefore has a significant impact on the amount of lease liabilities and the right-of-use asset.

  • 46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Because the Group can replace the asset without significant cost or business discontinuation, the option to extend the lease is not included in the lease liability in most offices and vehicle transport leases.

The Group reevaluates the lease term when the option is exercised (or not exercised) or the Group is liable to exercise (or not exercise) the option. Group will change its judgment only when significant events occur that affect the lessee’s control and the determination of the lease term, or there is a significant change in the circumstances.

Lease liabilities and right-of-use-asset increased by 7,373 million Won, reflecting the exercise impact of the extension and termination options during the current term.

In the statement of financial position, the Group classified the right-of-use assets that do not meet the definition of investment property as ‘premises and equipment’ and the lease liabilities as ‘other financial liabilities.’

The Group has chosen a practical expedient that does not recognize the right-of-use asset and lease liabilities for short-term leases with a lease term less than 12 months and leases for which the underlying asset is of low value. The Group recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

② The Group as a lessor

At the date of the agreement or the effective date of the modification containing the lease element, the Group allocates the consideration of the contract to each lease element based on its relative stand-alone price.

As a lessor, the Group classifies its leases as either a finance lease or an operating lease at the commencement date.

The Group subsequently judges whether the lease transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset, otherwise a lease is classified as an operating lease.

If the agreement contains both lease and non-lease elements, the Group applies K-IFRS 1115 to allocate the consideration of the contract.

The Group applies the derecognition and impairment provisions of K-IFRS 1109 to its net investment in the lease. The Group also carries out regular review of the unguaranteed residual value used to calculate total lease investment.

The Group recognizes lease payments from operating lease as income on a straight-line basis.

The accounting policy that the Group has applied as a lessor is not different from K-IFRS 1116.

(16) Derivative instruments

Derivative instruments are classified as forwards, futures, options and swaps, depending on the types of transactions and are classified at the point of transaction as either trading or hedging based on its purpose.

Derivatives are initially recognized at fair value at the date of contract and are subsequently measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in net income immediately unless the derivative is designated or effective as a hedging instrument. If derivatives have been designated as hedging instruments and if it is effective, the point of recognition of gain or loss depends on the characteristics of hedging relationship.

  • 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Derivatives that have positive (+) fair values are recognized as financial assets and those that have negative (-) fair values are recognized as financial liabilities. Derivatives are not offset in the consolidated financial statements unless they have legally enforceable right to set off or are intended to set off.

1) Embedded derivatives

Embedded derivatives are components of a hybrid financial instrument that includes a non-derivative host contract. It has an effect of modifying part of cash flows of the hybrid financial instrument similar to an independent derivative.

Embedded derivatives that are part of a hybrid contract of which the host contract is a financial asset within the scope of K-IFRS 1109 are not separated. The classification is done by considering the hybrid contract as a whole, and subsequent measurement is either at amortized cost or fair value.

If embedded derivatives are part of a hybrid contract of which the host contract is not a financial asset within the scope of K-IFRS 1109 (e.g. financial liability), then these are treated as separate derivatives if embedded derivatives meet the definition of a derivative, characteristics & risk of the embedded derivatives are not closely related to that of host contract, and if the host contract is not measured at FVTPL.

2) Hedge accounting

The Group is applying K-IFRS 1109 in regard to hedge accounting. The Group is designating certain derivatives as hedging instrument against fair value changes in relation to the interest rate risk, foreign currency translation and interest rate risk, and foreign currency translation risk.

The Group is documenting the relationship between hedging instruments and hedged items at the commencement of hedging in accordance with their purpose and strategy. Also, the Group documents at the commencement and subsequent dates whether the hedging instrument effectively counters the changes in fair value of hedged items. A hedging instrument is effective only when it meets all the following criteria:

• When there is an economic relationship between the hedged items and hedging instruments
• When the effect of credit risk is not stronger than the change in value due to the economic relationship between<br>the hedged items and hedging instruments
--- ---
• When the hedge ratio of hedging relationship is equal to the proportion of the number of items that the group<br>actually hedges and the number of hedging instruments that the Group actually uses to hedge the number of hedged items
--- ---

When a hedging relationship no longer meets the hedging effectiveness requirements related to hedge ratio, but when the purpose of risk management on designated hedging relationship is still maintained, the hedge ratio of the hedging relationship is adjusted so that hedging relationship may meet the requirements again (Hedge ratio readjustment).

The Group has designated derivatives as hedging instrument except for the portion on foreign currency basis spread. The fair value change due to foreign currency basis spread is recognized in other comprehensive income and is accumulated in equity. If the hedged item is related to transactions, the accumulated other comprehensive income is reclassified to profit or loss when the hedged item affects the profit or loss. However, when non-monetary items are subsequently recognized due to hedged items, the accumulated equity is removed from the equity directly, and is included in the initial carrying amount of the recognized non-monetary items. Such transfers does not affect other comprehensive income. But if part or all of accumulated equity is not expected to be recovered in the future periods, the amount not expected to be recovered is immediately reclassified to profit or loss. If the hedged item is time-related, then the foreign currency basis spread on the day the derivative is designated as a hedging instrument that is related to the hedged item is reclassified to profit or loss over the term of the hedge.

  • 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

3) Fair value hedge

Gain or loss arising from valid hedging instrument is recognized in profit or loss. However, when the hedging instrument mitigates risks on equity instruments designated as financial assets at FVTOCI, related gain or loss is recognized in other comprehensive income.

The carrying amount of hedged items that are not measured in fair value is adjusted by the changes in fair value arising from the hedged risk, with resulting gain or loss reflected in net income. In case of debt instruments measured at FVTOCI, carrying amount is an amount that is already adjusted to fair value and thus gain or loss arising from the hedged risk is recognized in profit or loss instead of other comprehensive income without adjustments in carrying amount. When the hedged item is equity instruments measured at FVTOCI, the gain or loss arising from hedged risk is retained at other comprehensive income in order to match the gain or loss with hedging instruments.

When gains or losses arising from the hedged risk are recognized in profit or loss of the current term, they are recognized as items related to the hedged items.

Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this cease of treatment applies prospectively. The fair value adjustments made to carrying amount of hedged item due to hedged risk is amortized from the date of discontinuance of hedge accounting and is recognized in profit or loss.

4) Cash flow hedge

The Group recognizes the effective portion of changes in the fair value of derivatives and other valid hedging instruments that are designated and qualified as cash flow hedges in other comprehensive income to the extent of cumulative fair value changes of the hedged item from the starting date of hedge accounting and it is cumulated in the cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognized immediately in net income.

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to net income when the hedged item affects net income. However, when non-monetary assets or liabilities are subsequently recognized due to expected transactions involving hedged items, the valuation gain or loss accumulated in the equity as other comprehensive income is removed from the equity and included in the initial carrying amount of the recognized non-monetary assets or liabilities. Such transfers does not affect other comprehensive income. Also, if the cash flow hedge reserve is loss and accumulated other comprehensive income is a loss and part or all of the losses are not expected to be recovered in the future periods, the said amount is immediately reclassified to profit or loss.

Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this cease of treatment applies prospectively. At the point of cessation of cash flow hedge, the valuation gain or loss recognized as accumulated other comprehensive income continues to be recognized as equity, and is reclassified to profit or loss when the expected transaction is ultimately recognized as profit or loss. However, when transactions are no longer expected to occur, the valuation gain or loss of hedging instrument recognized as accumulated other comprehensive income is immediately reclassified to profit or loss.

(17) Assets (or disposal group) held for sale

The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

  • 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(18) Provisions

Provisions are recognized if it has present or contractual obligations as a result of the past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation is reliably estimated. A provision is not recognized for the future operating losses.

The Group recognizes provisions related to the payment guarantees, loan commitment and litigations. Under the terms of lease agreement, the cost incurred by the Group to recover the leased asset to its original state are recognized as provisions at the commencement of the lease or during a specific period in which the obligation is incurred as a result of the using the asset. The provisions are measured as the best estimate of the expenditure required to recover the asset, which is regularly reviewed and sated to the new situation.

Where there are a number of similar obligations, the probability that an outflow will be required in settlement is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a whole, a provision is recognized.

At the end of each reporting period, the remaining provision balance is reviewed an assessed to determine if the current best estimate is being recognized.

(19) Equity instruments issued by the Group

1) Capital and compound financial instruments

The Group classifies a financial instrument that it issues as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. A financial liability is a contractual obligation to deliver cash or another financial asset to another entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. The compound financial instruments are financial instruments where it is neither a financial liability nor an equity instrument because it was designed to contain both equity and debt elements.

If the Group reacquires its own equity instruments, the consideration paid including the direct transaction costs (net of tax expense) are presented as a deduction from total equity until such instruments are retired or reissued. When these instruments are reissued, the consideration received (net of direct transaction costs) is included in the shareholder’s equity.

2) Hybrid securities

The Group classifies hybrid securities that have the unconditional right to avoid contractual obligations, such as to deliver cash or other financial assets in relation to financial instruments into equity instruments and presents as part of equity. Meanwhile, hybrid securities issued by subsidiaries of the group are classified as non-controlling interests according to the criteria, and the distribution paid is treated as net profit attributable to non-controlling interests in the consolidated comprehensive income statement.

(20) Financial guarantee contracts

A financial guarantee contract is a contract where the issuer must pay a certain amount of money in order to compensate losses suffered by the creditor when debtor defaults on a debt instrument in accordance with original or modified contractual terms.

A financial guarantee is initially measured at fair value and is subsequently measured at the higher of the amounts below unless it is designated to be measured at FVTPL or when it arises from disposal of an asset.

• Loss allowance in accordance with K-IFRS 1109
• Initial carrying amount less accumulated profit measured in accordance with K-IFRS 1115
--- ---
  • 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(21) Employee benefits and pensions

The Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by the employees. Also, the Group recognizes expenses and liabilities in the case of accumulating compensated absences when the employees render services that entitle their right to future compensated absences. Similarly, the Group recognizes expenses and liabilities for customary profit distribution or bonuses when the employees render services, even though the Group does not have legal obligation to do so because it can be construed as constructive obligation.

The Group is operating defined contribution plans and defined benefit plans. Contributions to defined contribution plans are recognized as an expense when employees have rendered services entitling them to receive the benefits. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method every end of the reporting period, conducted by a professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding the amount included in net interest from net defined benefit liability (asset)), and the effect of the changes to the asset ceiling is reflected immediately in the consolidated statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur.

Remeasurement recognized in the consolidated statement of comprehensive income is not reclassified to profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are composed of service cost (including current service cost and past service cost, as well as gains and losses on settlements), net interest expense (income) and remeasurement.

The Group presents the service cost and net interest expense (income) components in profit or loss, and the remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is recognized as an asset limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Liabilities for termination benefits are recognized at the earlier of either the date when the Group is no longer able to cancel its proposal for termination benefits or the date when the Group has recognized the cost of restructuring that accompanies the payment of termination benefits.

(22) Income taxes

Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards. Temporary differences are the differences between the carrying values of assets and liabilities for financial reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is settled or asset is realized. Deferred tax assets, including the carryforwards of unused tax losses, are recognized to the extent it is probable that the deferred tax assets will be realized.

Deferred income tax assets and liabilities are offset if, and only if, the Group has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities and assets on a net basis with different taxable entities.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

  • 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Deferred liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit(tax loss) nor the accounting profit.

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity or when it arises from business combination.

The tax uncertainty arises from the compensation claim filed by the Group, and refund litigation for the amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Group paid taxes in accordance with K-IFRS 2123 due to the tax authority’s claim, but recognized as a corporate tax asset if it is highly probable of a refund in the future. In addition, the Group appropriately estimates and reflects the amount of corporate tax liabilities based on the analysis of corporate tax laws and the evaluation of many factors, including past experiences.

(23) Criteria of calculating earnings per share (“EPS”)

Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential common shares.

(24) Share-based payment

For cash-settled share-based payment transactions that provide cash in return for the goods or services received, the Group measures the goods or services received, and the corresponding liability at the fair value and recognizes as employee benefit expenses and liabilities during the vesting period. The fair value of the liability is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes in fair value are recognized as employee benefits.

  • 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Material accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results. The accounting estimates and assumptions that include a significant risk of materially changing the carrying amounts of assets and liabilities currently recognized in the following accounting period are as follows.

1) Income taxes

The Group has recognized current and deferred taxes based on best estimates of expected future income tax effect arising from the Group’s operations until the end of the current reporting period. However, actual tax payment may not be identical to the related assets/liabilities already recognized, and these differences may affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized. Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized only to the extent that it is probable that future taxable profit will be available against which the tax losses carried forward and the deductible temporary differences can be utilized. In this case the Group’s evaluation considers various factors such as estimated future taxable profit based on forecasted operating results, which are based on historical financial performance. The Group is reviewing the carrying amount of deferred tax assets every end of the reporting period and in the event that the possibility of earning future taxable income changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary differences.

2) Valuation of financial instruments

Financial assets at FVTPL and FVTOCI are recognized in the consolidated financial statements at fair value. All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values of financial instruments where observable market prices do not exist. Financial instruments that are not actively traded and have low price transparency will have less objective fair value and require broad judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and other risks.

As described in ‘2. Basis of Preparation and Material Accounting Policies (9) 5) Fair value of financial instruments’, when valuation techniques are used to determine the fair value of a financial instrument, various general and internally developed techniques are used, and various types of assumptions and variables are incorporated during the process.

3) Impairment of financial instruments

The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for each borrower for estimating the individually assessed loan-loss allowance, and the assumptions and variables in the model used for estimating the collectively assessed loan-loss allowance payment, guarantee and unused commitment.

The Group has estimated the allowance for credit losses based on reasonable and supportable information that was available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

Information on measuring expected credit loss is described in 4. Risk Management (1) 2) Measurement of expected credit loss.

4) Defined benefit plan

The Group operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate, expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.

  • 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

5) Impairment of goodwill

The recoverable amount of a cash generating unit (CGU) is determined based on value-in-use calculations.

4. RISK MANAGEMENT

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

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

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

(1) Credit risk

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

1) Credit risk management

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

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

The Group mitigates credit risk resulting from the obligor’s credit condition by using financial and physical collateral, guarantees, netting agreements and purchase of credit derivatives that have low correlation with the obligor’s credit status. The Group has adopted the comprehensive method to mitigate its credit risk. Credit risk mitigation is reflected in qualifying financial collateral, trade receivables, guarantees, residential and commercial real estate and other collaterals. The Group regularly performs a revaluation of collateral reflecting such credit risk mitigation.

  • 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2) Measurement of expected credit loss

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

Classification Stage 1 Stage 2 Stage 3
Definition No significant increase in credit risk after initial recognition (*) Significant increase in credit risk after initial recognition Credit-<br>impaired
Loss<br> <br>allowance 12-month expected credit losses Lifetime expected credit losses
Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date Expected credit losses that result from all possible default events over the life of the financial instrument
(*) If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that<br>the credit risk has not increased significantly since initial recognition.
--- ---

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

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

Corporate Exposures Retail Exposures
Asset quality level ‘Precautionary’ or lower Asset quality level ‘Precautionary’ or lower
More than 30 days past due More than 30 days past due
‘Warning’ level in early warning system Significant decrease in credit rating(*)
Debtor experiencing financial difficulties<br><br><br>(Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors) Deferment of repayment of principal and interest
Significant decrease in credit rating (*) Deferment of interest
Deferment of repayment of principal and interest
Deferment of interest
(*) The Group has applied the below indicators of significant decrease in credit rating since initial recognition<br>as follows, and the estimation method is regularly being monitored
--- ---
Credit rating Significant increased indicator of the credit rating
--- --- --- --- ---
Corporate AAA ~ A+ More than or equal to 4 notches
A- ~ BBB More than or equal to 3 notches
BBB- ~ BB+ More than or equal to 2 notches
BB ~ BB- More than or equal to 1 notch
Retail 1 ~ 3 More than or equal to 3 notches
4 ~ 5 More than or equal to 2 notches
6 ~ 9 More than or equal to 1 notch

The Group determined that there is no significant increase in credit risk after initial recognition for debt securities, etc. with a credit rating of A + or higher, which are deemed to have low credit risk at the end of the reporting period.

  • 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

• When principal and interest of loan is overdue for 90 days or longer due to significant deterioration in credit<br>
• For loans overdue for less than 90 days, when it is determined that not even a portion of the loan will be<br>recovered unless claim actions such as disposal of collaterals are taken
--- ---
• When other objective indicators of impairment have been noted for the financial asset.
--- ---

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

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

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

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

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

• Development of estimation models through regression analysis of obligator (corporate, retail)/by-period and<br>collateral (credit, collateral)/by-period recover rate in the event of default (1- Loss Given Default) and macroeconomic indicator data by year
Major macroeconomic indicators Correlation between credit risk and macroeconomic<br>indicators
--- --- ---
Gross domestic product (real, original series) growth rate Negative(-) Correlation
Average capacity utilization rate for manufacturing Negative(-) Correlation
Unemployment rate (original series) Positive(+) Correlation
Apartment sales price index (KB, Seoul) Negative(-) Correlation
KOSPI Negative(-) Correlation
Gross domestic income (GDI) Negative(-) Correlation
Retail sales index Negative(-) Correlation
Actual apartment sales price index (Seoul Metropolitan Area) Negative(-) Correlation
KOSDAQ Negative(-) Correlation
• Calculation of estimated default rate and estimated default recovery rate by incorporating future economic<br>outlook using utilizing economic variable forecasts derived from various methods: 1) Economic variable forecasts provided by institutions verified to be reliable such as the Bank of Korea (BOK), Korea Development Institute (KDI), and Korea Institute<br>of Finance (KIF); 2) Forecasts derived from external institutions and regression analysis results; 3) Economic variable forecasts derived through time series trends, etc., to the estimation model developed as a result of modeling.<br>
--- ---
• Forecast of macroeconomic variables
--- ---
  • 56 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

a) Probability weight

As of December 31, 2024, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):

Normal<br>Scenario Good<br>Scenario Bad<br>Scenario Worst<br>Scenario
Probability weight 47.44 4.60 27.96 20.00
b) Economic forecast of each major macroeconomic variables by scenario (prospect period: 2025) As of<br>December 31, 2024, the forecasts of major macroeconomic variables by scenario is as follows (Unit: Won, %)
--- ---
Major economic indicators (*1) (*2) Normal<br>Scenario Good<br>Scenario Bad<br>Scenario Worst<br>Scenario
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Gross domestic product (real, original series) growth rate 1.97 5.74 (0.18 ) (5.11 )
Average capacity utilization rate for manufacturing 71.50 78.12 67.74 57.38
Unemployment rate (original series) 2.83 1.90 3.36 6.30
Apartment sales price index (KB, Seoul) 93.48 106.74 85.95 78.42
KOSPI 2,575.69 3,110.75 2,036.57 1,817.42
Gross domestic income (GDI) 2,307,889.89 2,393,479.82 2,259,290.15 2,084,178.80
Retail sales index 110.99 117.19 107.47 96.02
Actual apartment sales price index (Seoul Metropolitan Area) 148.78 172.67 135.22 121.66
KOSDAQ 824.83 995.37 616.12 543.09
(*1) Considering the default forecast period, the Group reflected the future economic outlook.<br>
--- ---
(*2) The forecast of macroeconomic variables is based on information from credible research institutions and<br>historical data available at the time of estimation. It is estimated by the Group for the purpose of calculating expected credit losses, and it may differ from predictions made by other organizations.
--- ---
• The increase rate from the predicted default rate and predicted recovery rate is used as a forward looking<br>adjustment coefficient and reflected to the applicable estimate for the current year.
--- ---
  • 57 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Considering internal and external uncertainties, The Group additionally applied the Worst scenario to the three macroeconomic variable scenarios: Normal, Good, and Bad. Assuming all other conditions remain the same, the sensitivity analysis the Group’s expected credit loss allowance, assuming a probability weighting of 100% for each scenario, are as follows (Unit: Korean Won in millions):

Scenario Applied probability weight Assuming 100% Difference from book value
Good 4.60 % 1,334,317 (753,242 )
Normal 47.44 % 1,485,847 (601,712 )
Bad 27.96 % 1,866,074 (221,484 )
Worst 20.00 % 4,205,947 2,118,388
  1. Maximum exposure

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

The maximum exposure to credit risk as of December 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):

December 31,<br>2024 December 31,<br>2023
Loans and other financial assets at amortized cost (*1) Korean treasury and government agencies 229,126 2,297,088
Banks 23,593,313 21,996,558
Corporates 179,986,851 159,343,530
Consumers 194,662,526 189,510,972
Sub-total 398,471,816 373,148,148
Financial assets at FVTPL (*2) Deposits 73,951 39,241
Debt securities 6,801,288 6,307,238
Loans 104,177 782,716
Derivative assets 10,094,532 5,798,329
Others 2,671 2,585
Sub-total 17,076,619 12,930,109
Financial assets at FVTOCI Debt securities 42,922,671 36,694,111
Securities at amortized cost Debt securities 19,203,177 23,996,172
Derivative assets Derivative assets (Designated for hedging) 175,191 26,708
Off-balance accounts Payment guarantees (*3) 16,611,262 13,793,301
Loan commitments 133,863,588 126,829,192
Sub-total 150,474,850 140,622,493
Total 628,324,324 587,417,741
(*1) Cash and cash equivalents are not included.
--- ---
(*2) Puttable financial instruments are not included.
--- ---
(*3) As of December 31, 2024 and 2023, the financial guarantee amount of 4,156,790 million Won and<br>3,661,656 million Won are included, respectively.
--- ---
  • 58 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

a) Credit risk exposure by geographical areas

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

December 31, 2024
Korea China USA UK Japan Others (*) Total
Loans and other financial assets at amortized cost 367,026,768 5,784,272 7,108,462 584,060 850,872 17,117,382 398,471,816
Securities at amortized cost 18,052,871 197,188 712,761 — — 240,357 19,203,177
Financial assets at FVTPL 12,643,738 88 1,824,414 553,842 430,341 1,624,196 17,076,619
Financial assets at FVTOCI 37,746,319 589,277 3,157,655 190,801 22,112 1,216,507 42,922,671
Derivative assets (Designated for hedging) 165,089 — 3,216 — 6,886 — 175,191
Off-balance accounts 144,006,247 1,213,479 1,805,060 87,755 20,758 3,341,551 150,474,850
Total 579,641,032 7,784,304 14,611,568 1,416,458 1,330,969 23,539,993 628,324,324
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.<br>
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Korea China USA UK Japan Others (*) Total
Loans and other financial assets at amortized cost 345,748,021 5,068,801 5,527,208 260,834 617,188 15,926,096 373,148,148
Securities at amortized cost 22,529,414 111,832 1,049,669 — — 305,257 23,996,172
Financial assets at FVTPL 10,103,182 519 1,507,518 355,478 143,229 820,183 12,930,109
Financial assets at FVTOCI 32,422,652 724,786 2,367,997 7 32,194 1,146,475 36,694,111
Derivative assets (Designated for hedging) 26,010 — — — 698 — 26,708
Off-balance accounts 136,287,485 921,904 745,832 20,045 26,351 2,620,876 140,622,493
Total 547,116,764 6,827,842 11,198,224 636,364 819,660 20,818,887 587,417,741
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.<br>
--- ---
  • 59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of December 31, 2024 and 2023 (Unit: Korean Won in millions):

December 31, 2024
Service Manufacturing Finance and<br>insurance Construction Individuals Others Total
Loans and other financial assets at amortized cost 92,018,694 47,835,603 33,986,585 6,219,603 190,902,940 27,508,391 398,471,816
Securities at amortized cost 169,352 — 10,248,257 59,866 — 8,725,702 19,203,177
Financial assets at FVTPL 287,401 539,092 10,833,850 31,527 123,339 5,261,410 17,076,619
Financial assets at FVTOCI 331,590 474,837 29,935,898 194,940 — 11,985,406 42,922,671
Derivative assets (Designated for hedging) — — 175,191 — — — 175,191
Off-balance accounts 22,460,440 28,514,078 14,147,757 3,192,714 73,212,057 8,947,804 150,474,850
Total 115,267,477 77,363,610 99,327,538 9,698,650 264,238,336 62,428,713 628,324,324
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Service Manufacturing Finance and<br>insurance Construction Individuals Others Total
Loans and other financial assets at amortized cost 84,704,246 44,591,685 30,388,823 5,583,281 185,083,452 22,796,661 373,148,148
Securities at amortized cost 189,193 — 14,151,799 69,720 — 9,585,460 23,996,172
Financial assets at FVTPL 330,193 233,528 7,184,371 81,731 2,600 5,097,686 12,930,109
Financial assets at FVTOCI 453,694 408,377 25,832,327 290,856 — 9,708,857 36,694,111
Derivative assets (Designated for hedging) — — 26,708 — — — 26,708
Off-balance accounts 22,561,220 22,897,412 13,804,163 2,826,738 73,042,394 5,490,566 140,622,493
Total 108,238,546 68,131,002 91,388,191 8,852,326 258,128,446 52,679,230 587,417,741
  • 60 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

4) Credit risk exposure
a) Financial assets
--- ---

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of December 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):

December 31, 2024
Stage 1 Stage 2
Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2) Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2) Stage 3 Credit<br>impairment<br>model Total Loss<br>allowance Total, net
Loans and other financial assets at amortized cost 343,186,708 27,086,126 13,280,849 14,344,066 3,003,886 1,147,147 402,048,782 (3,576,966 ) 398,471,816
Korean treasury and government agencies 229,733 22 — — — — 229,755 (629 ) 229,126
Banks 23,375,096 115,721 88,306 — 36,143 — 23,615,266 (21,953 ) 23,593,313
Corporates 150,732,338 19,561,385 3,130,814 6,264,461 1,416,152 1,147,147 182,252,297 (2,265,446 ) 179,986,851
General business 103,495,951 11,071,283 2,507,705 4,093,868 807,545 — 121,976,352 (1,409,387 ) 120,566,965
Small- and medium-sized enterprise 35,450,353 7,731,142 500,934 1,870,087 357,881 — 45,910,397 (586,059 ) 45,324,338
Project financing and others 11,786,034 758,960 122,175 300,506 250,726 1,147,147 14,365,548 (270,000 ) 14,095,548
Consumers 168,849,541 7,408,998 10,061,729 8,079,605 1,551,591 — 195,951,464 (1,288,938 ) 194,662,526
Securities at amortized cost 19,213,940 — — — — — 19,213,940 (10,763 ) 19,203,177
Financial assets at FVTOCI (*3) 42,766,477 156,194 — — — — 42,922,671 (29,084 ) 42,922,671
Total 405,167,125 27,242,320 13,280,849 14,344,066 3,003,886 1,147,147 464,185,393 (3,616,813 ) 460,597,664
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Collateral value
Stage1 Stage2 Stage3 Credit impairment<br>model Total
Loans and other financial assets at amortized cost 241,378,580 22,815,602 1,070,209 1,137,097 266,401,488
Korean treasury and government agencies 55,775 — — — 55,775
Banks 2,474,302 — — — 2,474,302
Corporates 101,666,963 7,536,068 645,842 1,137,097 110,985,970
General business 59,099,372 5,578,709 328,802 — 65,006,883
Small- and medium-sized enterprise 34,401,736 1,729,820 243,513 — 36,375,069
Project financing and others 8,165,855 227,539 73,527 1,137,097 9,604,018
Consumers 137,181,540 15,279,534 424,367 — 152,885,441
Securities at amortized cost — — — — —
Financial assets at FVTOCI (*3) — — — — —
Total 241,378,580 22,815,602 1,070,209 1,137,097 266,401,488
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
--- ---
(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.
--- ---
(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss<br>allowance does not reduce the carrying amount.
--- ---
  • 61 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Stage 1 Stage 2
Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2) Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2) Stage 3 Credit<br>impairment<br>model Total Loss<br>allowance Total, net
Loans and other financial assets at amortized cost 321,115,435 26,073,686 12,728,437 13,702,855 1,906,434 768,487 376,295,334 (3,147,186 ) 373,148,148
Korean treasury and government agencies 2,299,323 21 — — — — 2,299,344 (2,256 ) 2,297,088
Banks 21,880,151 122,383 21,771 — 15,295 — 22,039,600 (43,042 ) 21,996,558
Corporates 132,702,723 18,890,349 2,630,918 5,411,611 882,459 768,487 161,286,547 (1,943,017 ) 159,343,530
General business 87,551,345 10,147,028 1,773,713 3,150,829 548,169 — 103,171,084 (1,161,824 ) 102,009,260
Small- and medium-sized enterprise 36,220,660 8,182,558 753,275 1,587,473 225,463 — 46,969,429 (508,736 ) 46,460,693
Project financing and others 8,930,718 560,763 103,930 673,309 108,827 768,487 11,146,034 (272,457 ) 10,873,577
Consumers 164,233,238 7,060,933 10,075,748 8,291,244 1,008,680 — 190,669,843 (1,158,871 ) 189,510,972
Securities at amortized cost 24,010,113 — — — — — 24,010,113 (13,941 ) 23,996,172
Financial assets at FVTOCI (*3) 36,481,028 213,083 — — — — 36,694,111 (27,379 ) 36,694,111
Total 381,606,576 26,286,769 12,728,437 13,702,855 1,906,434 768,487 436,999,558 (3,188,506 ) 433,838,431
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Collateral value
Stage1 Stage2 Stage3 Credit impairment<br>model Total
Loans and other financial assets at amortized cost 224,611,919 21,235,346 767,731 768,275 247,383,271
Korean treasury and government agencies 39,199 — — — 39,199
Banks 2,136,530 — — — 2,136,530
Corporates 92,544,712 5,915,710 382,605 768,275 99,611,302
General business 52,951,331 4,058,593 169,855 — 57,179,779
Small- and medium-sized enterprise 33,580,230 1,590,947 112,117 — 35,283,294
Project financing and others 6,013,151 266,170 100,633 768,275 7,148,229
Consumers 129,891,478 15,319,636 385,126 — 145,596,240
Securities at amortized cost — — — — —
Financial assets at FVTOCI (*3) — — — — —
Total 224,611,919 21,235,346 767,731 768,275 247,383,271
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
--- ---
(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.
--- ---
(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss<br>allowance does not reduce the carrying amount.
--- ---
  • 62 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

b) Payment guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

December 31, 2024
Financial assets Stage 1 Stage 2 Stage3 Total
Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited<br>credit rating<br>(*2) Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited<br>credit rating<br>(*2)
Off-balance accounts:
Payment guarantees 15,679,374 808,182 41,866 59,688 22,152 16,611,262
Loan commitments 127,622,889 3,402,602 2,298,056 502,070 37,971 133,863,588
Total 143,302,263 4,210,784 2,339,922 561,758 60,123 150,474,850
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
--- ---
(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial assets Stage 1 Stage 2 Stage3 Total
Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2) Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited<br>credit rating<br>(*2)
Off-balance accounts:
Payment guarantees 12,515,536 1,150,185 73,192 40,890 13,498 13,793,301
Loan commitments 120,623,982 3,512,099 2,166,380 496,824 29,907 126,829,192
Total 133,139,518 4,662,284 2,239,572 537,714 43,405 140,622,493
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
--- ---
(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.
--- ---
5) Collateral and other credit enhancements
--- ---

For the years ended December 31, 2024 and 2023, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

6) Among financial assets that measured loss allowance at lifetime expected credit losses, amortized costs before<br>changes in contractual cash flows as of December 31, 2024 and 2023 are 153,361 million Won and 161,893 million Won, respectively, with net losses recognized along with the changes 15,335 million Won and 5,107 million Won,<br>respectively.
7) The Group determines which loan is subject to write-off in accordance with internal guidelines and writes off<br>loan receivables when it is determined that the loans are practically irrecoverable. For example, loans are practically irrecoverable when application is made for rehabilitation under the Debtor Rehabilitation and Bankruptcy Act and loans are<br>confirmed as irrecoverable by the court’s decision to waive debtor’s obligation, or when it is impossible to recover the loan amount through legal means such as auctioning of debtor’s assets or through any other means of recovery<br>available.
--- ---

As the Group manages receivables that have not lost the right of claim to the debtor for the grounds of incomplete statute limitation and uncollected receivables under the related laws as receivable charge-offs, the balance as of December 31, 2024 and 2023 are 9,018,290 million Won and 10,089,739 million Won. In addition, the contractual non-recoverable amount of financial assets amortized for the year ended December 31, 2024, but still in the process of recovery is 1,462,267 million Won.

  • 63 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) Market risk

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

1) Market risk management

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

a) Trading activities

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

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

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

Woori Bank, a major subsidiary subject to Basel III standard approach of market risk management, has the following equity capital required for market risk.(Unit : Korean Won in millions)

Risk Group December 31, 2024 December 31, 2023
Sensitivity-based risk General interest rate risk 29,029 37,832
Equity risk 3,006 9,376
Commodity risk 51 12
Foreign exchange risk 114,174 249,044
Non-securitization credit spread risk 18,258 27,371
Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk — —
CTP credit spread risk — —
Default risk Non-Securitization bankruptcy risk 8,604 —
Securitization (excluding CTP) default risk — —
CTP default risk — —
Residual risk Residual risk 1,182 692
Total 174,304 324,327
  • 64 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

b) Non-trading activities

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

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

ΔEVE and ΔNII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by subsidiary as of December 31, 2024 and 2023 are as follows(Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
ΔEVE (*1) ΔNII (*2) ΔEVE (*1) ΔNII (*2)
Woori Bank 952,830 668,290 683,660 743,489
Woori Card Co., Ltd. 120,153 79,515 80,720 76,846
Woori Financial Capital Co., Ltd. 67,877 16,151 48,523 17,585
Woori Investment Securities Co., Ltd. 29,325 24,911 4,464 15,303
Woori Asset Trust Co., Ltd. 1,817 12,802 1,210 7,018
Woori Asset Management Corp. 504 1,682 832 2,154
Woori Savings Bank 15,117 4,537 7,347 11,077
Woori Private Equity Asset Management Co., Ltd. 17 338 80 775
Woori Global Asset Management Co., Ltd. — — 536 269
Woori Financial F&I Co., Ltd. 97,936 6,858 63,852 3,961
Woori Venture Partners Co., Ltd.(*3) 705 3,231 340 2,782
(*1) ΔEVE: change in Economic Value of Equity
--- ---
(*2) ΔNII: change in Net Interest Income
--- ---
(*3) Additional investment occurred and added it as a consolidated subsidiary during the year ended<br>December 31, 2023.
--- ---
  • 65 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

At the interest rate re-pricing date, cash flows (both principal and interest) of interest bearing assets and liabilities, which is the basis of non-trading position interest rate risk management are as follows: (Unit: Korean Won in millions):

December 31, 2024
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Asset:
Loans and other financial assets at amortized cost 241,742,497 53,994,860 25,504,549 17,099,875 78,442,115 5,000,982 421,784,878
Financial assets at FVTPL 297,653 38,474 9,993 5,420 42,433 51 394,024
Financial assets at FVTOCI 7,276,254 4,996,536 2,350,787 2,570,750 26,459,375 1,421,185 45,074,887
Securities at amortized cost 1,318,853 1,651,266 1,856,726 629,079 12,972,012 1,862,090 20,290,026
Total 250,635,257 60,681,136 29,722,055 20,305,124 117,915,935 8,284,308 487,543,815
Liability:
Deposits due to customers 166,841,875 55,267,332 44,234,044 42,203,933 62,625,304 34,751 371,207,239
Borrowings 19,153,362 4,676,893 1,587,119 1,542,868 3,131,674 513,870 30,605,786
Debentures 5,189,563 5,370,343 4,438,800 3,168,918 30,963,968 2,673,453 51,805,045
Total 191,184,800 65,314,568 50,259,963 46,915,719 96,720,946 3,222,074 453,618,070
December 31, 2023
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Asset:
Loans and other financial assets at amortized cost 245,179,685 55,105,699 17,928,072 12,101,395 55,840,540 3,594,287 389,749,678
Financial assets at FVTPL 2,155,339 178,206 37,672 22,719 52,341 90 2,446,367
Financial assets at FVTOCI 5,976,531 3,489,341 2,425,700 3,008,905 22,852,783 756,272 38,509,532
Securities at amortized cost 1,451,409 1,230,486 3,335,565 1,416,082 15,907,380 2,171,914 25,512,836
Total 254,762,964 60,003,732 23,727,009 16,549,101 94,653,044 6,522,563 456,218,413
Liability:
Deposits due to customers 169,127,109 52,395,270 32,948,424 47,030,448 60,621,757 34,406 362,157,414
Borrowings 20,147,327 5,157,330 1,933,137 2,575,993 4,112,788 437,839 34,364,414
Debentures 7,741,466 5,188,081 4,104,309 5,168,597 18,443,853 3,223,255 43,869,561
Total 197,015,902 62,740,681 38,985,870 54,775,038 83,178,398 3,695,500 440,391,389
2) Currency risk
--- ---

Currency risk arises from the financial instruments denominated in foreign currencies other than the functional currency. Therefore, no currency risk arises from non-monetary items or financial instruments denominated in the functional currency.

  • 66 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Financial instruments in foreign currencies exposed to currency risk as of December 31, 2024 and 2023 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):

December 31, 2024
CNY Others Total
Foreigncurrency Korean Won<br>equivalent Foreigncurrency Korean<br>Won<br>equivalent Foreign<br>currency Korean<br>Won<br>equivalent Foreigncurrency Korean<br>Won<br>equivalent Korean<br>Won<br>equivalent Korean Won<br>equivalent
Asset Cash and cash equivalents 8,258 12,139,283 80,851 757,154 1,331 267,802 223 341,326 1,123,728 14,629,293
Loans and other financial assets at amortized cost 21,637 31,775,374 104,585 979,422 26,856 5,405,371 2,211 3,380,628 7,584,236 49,125,031
Financial assets at FVTPL 887 1,304,438 1,836 17,190 16 3,318 149 227,858 20,087 1,572,891
Financial assets at FVTOCI 3,588 5,274,144 — — 2,910 585,622 37 55,853 847,518 6,763,137
Securities at amortized cost 767 1,127,313 — — 980 197,188 36 55,074 175,895 1,555,470
Total 35,137 51,620,552 187,272 1,753,766 32,093 6,459,301 2,656 4,060,739 9,751,464 73,645,822
Liability Financial liabilities at FVTPL 112 164,400 36 334 — — 1 1,766 751 167,251
Deposits due to customers 23,607 34,702,743 250,528 2,346,146 27,301 5,494,893 2,024 3,094,378 5,348,009 50,986,169
Borrowings 8,302 12,203,906 56,465 528,785 110 22,235 545 832,661 3,334,191 16,921,778
Debentures 4,549 6,687,333 — — — — 195 297,766 446,349 7,431,448
Other financial liabilities 2,123 3,120,355 20,684 193,701 4,120 829,197 244 373,203 493,198 5,009,654
Total 38,693 56,878,737 327,713 3,068,966 31,531 6,346,325 3,009 4,599,774 9,622,498 80,516,300
Off-balance accounts 9,109 13,390,339 23,905 223,864 1,702 342,576 841 1,286,110 1,506,643 16,749,532

All values are in US Dollars.

December 31, 2023
CNY Others Total
Foreigncurrency Korean Won<br>equivalent Foreigncurrency Korean<br>Won<br>equivalent Foreign<br>currency Korean<br>Won<br>equivalent Foreigncurrency Korean<br>Won<br>equivalent Korean<br>Won<br>equivalent Korean Won<br>equivalent
Asset Cash and cash equivalents 8,540 11,011,576 108,421 989,519 1,377 248,965 641 914,960 1,145,464 14,310,484
Loans and other financial assets at amortized cost 24,463 31,542,764 138,242 1,261,674 30,536 5,522,075 1,791 2,554,897 4,585,588 45,466,998
Financial assets at FVTPL 884 1,140,110 49,640 453,047 — — 280 399,828 72,351 2,065,336
Financial assets at FVTOCI 3,136 4,044,155 — — 3,882 701,938 6 8,549 738,710 5,493,352
Securities at amortized cost 1,223 1,576,690 — — 618 111,839 68 97,393 184,938 1,970,860
Total 38,246 49,315,295 296,303 2,704,240 36,413 6,584,817 2,786 3,975,627 6,727,051 69,307,030
Liability Financial liabilities at FVTPL 350 451,700 23,806 217,266 — — 209 297,521 98,885 1,065,372
Deposits due to customers 23,962 30,896,247 279,377 2,549,759 23,162 4,188,690 2,122 3,027,521 5,531,242 46,193,459
Borrowings 9,339 12,041,139 70,741 645,621 1,658 299,748 225 321,529 2,632,379 15,940,416
Debentures 4,811 6,202,675 — — — — 195 277,871 — 6,480,546
Other financial liabilities 3,448 4,446,194 26,977 246,206 7,752 1,401,956 99 141,404 387,310 6,623,070
Total 41,910 54,037,955 400,901 3,658,852 32,572 5,890,394 2,850 4,065,846 8,649,816 76,302,863
Off-balance accounts 7,748 9,990,349 30,143 275,101 2,043 369,483 796 1,135,845 568,935 12,339,713

All values are in US Dollars.

  • 67 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Liquidity risk

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

1) Liquidity risk management

Liquidity risk management is to prevent potential cash shortages as a result of mismatching maturity of assets and liabilities or unexpected cash outflows. The consolidated financial liabilities that are relevant to liquidity risk are incorporated within the scope of risk management. Derivatives instruments are excluded from those financial liabilities as they reflect expected cash flows for a pre-determined period.

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

The information on early repayment related to asset securitization is described in Note 40. Contingent Liabilities and Commitments (4) 3).

2) Maturity analysis of non-derivative financial liabilities
a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial<br>liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over<br>5 years Total
Financial liabilities at FVTPL 74,205 — 69,534 112,944 — — 256,683
Deposits due to customers 237,078,927 41,568,072 33,229,547 43,680,907 16,991,574 1,441,654 373,990,681
Borrowings 11,589,854 6,676,926 4,781,377 3,676,310 3,561,696 563,870 30,850,033
Debentures 4,635,557 5,525,191 4,442,376 3,572,533 30,967,974 2,673,592 51,817,223
Lease liabilities 60,099 49,069 45,534 40,375 317,971 50,341 563,389
Other financial liabilities 19,417,326 108,361 30,995 27,093 1,118,751 4,287,489 24,990,015
Total 272,855,968 53,927,619 42,599,363 51,110,162 52,957,966 9,016,946 482,468,024
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over<br>5 years Total
Financial liabilities at FVTPL 39,524 89,287 — — 10,256 56,221 195,288
Deposits due to customers 236,125,560 39,103,357 22,776,074 50,089,672 16,898,791 1,549,490 366,542,944
Borrowings 11,415,214 6,626,722 4,345,143 4,579,032 4,331,196 437,839 31,735,146
Debentures 5,510,096 5,328,382 5,383,741 6,035,590 18,439,577 3,223,255 43,920,641
Lease liabilities 74,228 42,106 58,241 33,679 151,127 25,172 384,553
Other financial liabilities 15,059,935 233,081 21,356 26,403 1,025,252 4,195,930 20,561,957
Total 268,224,557 51,422,935 32,584,555 60,764,376 40,856,199 9,487,907 463,340,529
  • 68 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Financial liabilities at FVTPL 74,205 — 69,534 112,944 — — 256,683
Deposits due to customers 242,795,510 43,419,738 32,989,627 38,822,980 14,857,886 491,918 373,377,659
Borrowings 11,592,268 6,678,053 4,782,453 3,678,378 3,555,011 563,870 30,850,033
Debentures 4,635,557 5,525,191 4,442,376 3,572,533 30,967,974 2,673,592 51,817,223
Lease liabilities 60,092 50,205 46,727 41,569 322,272 50,341 571,206
Other financial liabilities 19,418,010 108,690 31,315 27,708 1,116,803 4,287,489 24,990,015
Total 278,575,642 55,781,877 42,362,032 46,256,112 50,819,946 8,067,210 481,862,819
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Financial liabilities at FVTPL 39,524 89,287 — — 10,256 56,221 195,288
Deposits due to customers 241,935,362 41,132,677 23,468,344 44,082,420 14,717,842 505,146 365,841,791
Borrowings 11,419,501 6,630,868 4,346,740 4,579,314 4,331,196 437,839 31,745,458
Debentures 5,512,545 5,330,733 5,386,014 6,037,688 18,443,853 3,223,255 43,934,088
Lease liabilities 74,228 43,350 59,604 35,057 162,874 25,834 400,947
Other financial liabilities 15,059,935 233,081 21,356 26,403 1,025,252 4,195,930 20,561,957
Total 274,041,095 53,459,996 33,282,058 54,760,882 38,691,273 8,444,225 462,679,529
3) Maturity analysis of derivative financial liabilities
--- ---

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

The cash flow by the maturity of derivative financial liabilities as of December 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):

Remaining maturity
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
December 31, 2024 Cash flow risk hedge (219 ) 193 31 62 207 — 274
Fair value risk hedge (6,816 ) 46,231 (11,740 ) 44,950 35,764 (5,834 ) 102,555
Trading purpose 9,092,008 90 — — — — 9,092,098
December 31, 2023 Cash flow risk hedge (1,223 ) (875 ) (590 ) (302 ) 13,689 — 10,699
Fair value risk hedge 29,176 34,370 157 35,272 30,241 — 129,216
Trading purpose 5,943,024 — — — — — 5,943,024
  • 69 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits. However, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
Payment guarantees 16,611,262 13,793,301
Loan commitments 133,863,588 126,829,192
Other commitments 4,572,323 4,854,099
(4) Operational risk
--- ---

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

1) Operational risk management

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

2) Operational risk measurement

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

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

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

  • 70 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) Capital management

The Group complies with the standard of capital adequacy provided by financial regulatory authorities. The capital adequacy standard is based on Basel III published by Basel Committee on Banking Supervision in Bank for International Settlement and was implemented in Korea in December 2013. The capital adequacy ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets) based on the consolidated financial statements of the Group.

According to the above regulations, the Group is required to meet the following minimum requirements: Tier 1 common capital ratio of 9.0% and 8.0%, a Tier 1 capital ratio of 10.5% and 9.5%, and a total capital ratio of 12.5% and 11.5% as of December 31, 2024 and 2023, respectively.

Details of the Group’s capital adequacy ratio as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

Details December 31, 2024(*) December 31, 2023
Tier 1 capital 28,522,910 26,343,941
Other Tier 1 capital 4,869,567 4,596,584
Tier 2 capital 3,535,362 3,815,920
Total risk-adjusted capital 36,927,839 34,756,445
Risk-weighted assets for credit risk 210,365,462 195,490,941
Risk-weighted assets for market risk 3,125,478 4,697,055
Risk-weighted assets for operational risk 21,609,530 19,603,749
Total risk-weighted assets 235,100,470 219,791,745
Common Equity Tier 1 ratio 12.13 % 11.99 %
Tier 1 capital ratio 14.20 % 14.08 %
Total capital ratio 15.71 % 15.81 %
(*) The capital ratio at the end of the current period is provisional
--- ---
  • 71 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

5. OPERATING SEGMENTS

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

(1) Segment by type of organization

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

Operational scope
Banking Loans/deposits and relevant services for customers of Woori Bank
Credit card Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd.
Investment securities Securities operation, sale of financial instruments, project financing and other related activities for investment securities of Woori Investment Securities Co., Ltd.
Others Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd., Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd., Woori Private<br>Equity Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute, Woori Venture Partners Co., Ltd.
  • 72 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) The composition of each organization’s sectors for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Banking(*1) Credit card Capital Investment<br>securities Others (*2) Sub-total Other<br>adjustments<br>(*3) Internal<br>adjustments<br>(*4) Consolidated<br>Adjustments<br>(*5) Total
Net interest income 6,542,449 706,130 231,596 106,558 129,900 7,716,633 126,600 1,042,561 542 8,886,336
Non-interest income(expense) 1,944,528 192,194 144,097 51,629 1,578,890 3,911,338 70,545 (769,593 ) (1,658,168 ) 1,554,122
Impairment losses due to credit loss (670,753 ) (403,805 ) (84,017 ) (91,351 ) (176,511 ) (1,426,437 ) (13,884 ) (273,889 ) (2,085 ) (1,716,295 )
General and administrative expense (3,746,916 ) (302,067 ) (103,870 ) (74,191 ) (420,370 ) (4,647,414 ) (1,104 ) — 179,545 (4,468,973 )
Net operating income(expense) 4,069,308 192,452 187,806 (7,355 ) 1,111,909 5,554,120 182,157 (921 ) (1,480,166 ) 4,255,190
Share of gain (loss) of associates 44,067 — (1,262 ) 215 5,316 48,336 (4 ) — 27,933 76,265
Other non-operating income(expense) (104,388 ) (4,053 ) (2,579 ) 7,476 10,440 (93,104 ) 8,535 921 (24,960 ) (108,608 )
Non-operating income(expense) (60,321 ) (4,053 ) (3,841 ) 7,691 15,756 (44,768 ) 8,531 921 2,973 (32,343 )
Net income(expense) before tax 4,008,987 188,399 183,965 336 1,127,665 5,509,352 190,688 — (1,477,193 ) 4,222,847
Tax expense (962,051 ) (40,349 ) (42,547 ) 2,216 (17,756 ) (1,060,487 ) — — 9,109 (1,051,378 )
Net income(loss) 3,046,936 148,050 141,418 2,552 1,109,909 4,448,865 190,688 — (1,468,084 ) 3,171,469
Total assets 485,888,941 16,613,482 12,770,681 7,186,431 30,774,925 553,234,460 3,565,728 — (31,046,868 ) 525,753,320
Investment in associate 1,067,880 — 32,207 3,297 24,475,044 25,578,428 7,347 — (23,836,965 ) 1,748,810
Other assets 484,821,061 16,613,482 12,738,474 7,183,134 6,299,881 527,656,032 3,558,381 — (7,209,903 ) 524,004,510
Total liabilities 456,944,053 13,828,816 11,045,686 6,041,109 4,919,608 492,779,272 73,587 — (2,994,808 ) 489,858,051
(*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).<br>
--- ---
(*2) Other segments includes Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori<br>Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture<br>Partners Co., Ltd.
--- ---
(*3) Other adjustments includes the funds subject to Group’s consolidation not included in the reporting<br>segment.
--- ---
(*4) Internal adjustments includes the adjustment of deposit insurance premiums of 509,832 million Won and fund<br>contribution fees of 533,335 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as<br>profit and loss in accordance with accounting standards.
--- ---
(*5) Consolidation adjustments include the elimination of 175,437 million Won of internal transactions between<br>Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,208,522 million Won of dividends received by the holding company from its subsidiaries.
--- ---
  • 73 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Banking Credit card Capital Investment<br>banking Others (*1) Sub-total Other<br>adjustments<br>(*2) Internal<br>adjustments<br>(*3) Consolidated<br>Adjustments<br>(*4) Total
Net interest income 6,535,929 667,053 324,013 100,041 115,089 7,742,125 79,401 917,949 3,065 8,742,540
Non-interest income(expense) 1,475,139 121,593 129,347 44,595 2,011,486 3,782,160 14,475 (740,918 ) (1,960,879 ) 1,094,838
Impairment losses due to credit loss (894,827 ) (355,879 ) (188,682 ) (160,182 ) (119,684 ) (1,719,254 ) — (177,384 ) 1,722 (1,894,916 )
General and administrative expense (3,799,282 ) (285,308 ) (96,469 ) (51,496 ) (556,427 ) (4,788,982 ) (823 ) — 346,372 (4,443,433 )
Net operating income(expense) 3,316,959 147,459 168,209 (67,042 ) 1,450,464 5,016,049 93,053 (353 ) (1,609,720 ) 3,499,029
Share of gain of associates 88,788 — 395 236 3,373 92,792 (143 ) — 17,182 109,831
Other non-operating expense (76,312 ) (4,163 ) (2,106 ) (990 ) (972 ) (84,543 ) 3,153 353 (10,370 ) (91,407 )
Non-operating income(expense) 12,476 (4,163 ) (1,711 ) (754 ) 2,401 8,249 3,010 353 6,812 18,424
Net income(expense) before tax 3,329,435 143,296 166,498 (67,796 ) 1,452,865 5,024,298 96,063 — (1,602,908 ) 3,517,453
Tax expense (814,354 ) (31,232 ) (38,662 ) 14,423 (31,833 ) (901,658 ) — — 11,099 (890,559 )
Net income(loss) 2,515,081 112,064 127,836 (53,373 ) 1,421,032 4,122,640 96,063 — (1,591,809 ) 2,626,894
Total assets 458,017,067 17,491,193 12,417,338 6,375,625 29,725,013 524,026,236 2,846,897 — (28,868,197 ) 498,004,936
Investment in associate 1,029,697 — 34,613 4,783 23,882,409 24,951,502 26,302 — (23,182,434 ) 1,795,370
Other assets 456,987,370 17,491,193 12,382,725 6,370,842 5,842,604 499,074,734 2,820,595 — (5,685,763 ) 496,209,566
Total liabilities 431,313,615 14,830,408 10,796,683 5,273,890 4,424,086 466,638,682 118,442 — (2,149,678 ) 464,607,446
(*1) Other segments includes gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori<br>Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co.,<br>Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.
--- ---
(*2) Other segments includes the funds subject to Group’s consolidation not included in the reporting segment.<br>
--- ---
(*3) Internal reconciliation includes the adjustment of deposit insurance premiums of 464,213 million Won and<br>fund contribution fees of 453,805 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as<br>profit and loss in accordance with accounting standards
--- ---
(*4) Consolidation adjustments include the elimination of 343,810 million Won of internal transactions between<br>Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,482,956 million Won of dividends received by the holding company from its subsidiaries.
--- ---
  • 74 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Operating profit or loss from external customers for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
For the years ended December 31
--- --- --- --- --- --- ---
Details 2024 2023
Domestic 3,767,897 3,055,926
Foreign 487,293 443,103
Total 4,255,190 3,499,029
(4) Major non-current assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):<br>
--- ---
Details (*) December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Domestic 6,068,817 5,804,919
Foreign 592,768 636,820
Total 6,661,585 6,441,739
(*) Major non-current assets included joint ventures and related business investments, investment properties,<br>premises and equipment, and intangible assets.
--- ---
(5) Information about major customers
--- ---

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the years ended December 31, 2024 and 2023.

  • 75 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

6. STATEMENTS OF CASH FLOWS
(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Cash 1,661,517 1,464,606
Foreign currencies 812,026 715,495
Demand deposits 24,634,075 28,248,420
Fixed deposits 173,505 128,097
Total 27,281,123 30,556,618
(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)<br>
--- ---
Counterparty December 31, 2024 Reason of restriction
--- --- --- --- --- --- --- --- --- --- --- --- ---
Due from banks in local currency:
Due from BOK BOK 9,712,194 Reserve deposits<br> <br>under the BOK Act
Due from banks in foreign currencies:
Due from banks on demand BOK and others 2,954,868 Reserve deposits, etc.
Total 12,667,062
Counterparty December 31, 2023 Reason of restriction
--- --- --- --- --- --- --- --- --- --- --- --- ---
Due from banks in local currency:
Due from BOK BOK 13,420,310 Reserve deposits<br> <br>under the BOK Act
Due from banks in foreign currencies:
Due from banks on demand Bank of Japan and<br>others 957,627 Reserve deposits, etc.
Total 14,377,937
(3) Significant transactions of investing activities and financing activities not involving cash inflows and<br>outflows are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Changes in other comprehensive income related to valuation of financial assets at FVTOCI 34,058 725,525
Changes in other comprehensive income related to valuation of assets of associate (5,367 ) 2,965
Changes in other comprehensive income related to valuation profit or loss on cash flow<br>hedge 6,591 (16,524 )
Changes in financial assets measure at FVTOCI due to debt-for-equity swap 18,536 206
Changes in the premises and equipment due to the transfer of assets held-for-sale (38,423 ) (2,504 )
Transfer of investment properties to premises and equipment (42,344 ) 2,098
Changes in account payables related to intangible assets 24,134 11,121
Changes in right-of-use assets and lease liabilities 427,926 219,531
Changes in other comprehensive income related to foreign operation translation 522,845 45,080
  • 76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Adjustments of liabilities from financing activities in current and prior year are as follows (Unit: Korean Won<br>in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Cash flow Not involving cash inflows and outflows Ending<br>balance
Foreign<br>Exchange Variation of<br>gain(loss) on<br>valuation of<br>hedged items Business<br>Combination Others (*)
Borrowings 30,986,746 (3,011,120 ) 2,113,979 — — 27,426 30,117,031
Debentures 41,239,245 5,594,220 870,846 39,102 — 463,690 48,207,103
Lease liabilities 334,456 (238,770 ) 13,555 — — 417,849 527,090
Other liabilities 28,147 (17,690 ) — — — 16,169 26,626
Total 72,588,594 2,326,640 2,998,380 39,102 — 925,134 78,877,850
(*) The change in lease liabilities due to the new contract includes 366,340 million Won.<br>
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Cash flow Not involving cash inflows and outflows Ending<br>balance
Foreign<br>Exchange Variation of<br>gain(loss) on<br>valuation of<br>hedged items Business<br>Combination Others (*)
Borrowings 28,429,603 2,332,376 191,250 — — 33,517 30,986,746
Debentures 44,198,486 (3,227,650 ) 82,210 63,615 — 122,584 41,239,245
Lease liabilities 319,161 (160,673 ) 1,130 — — 174,838 334,456
Other liabilities 27,384 118 — — 4 641 28,147
Total 72,974,634 (1,055,829 ) 274,590 63,615 4 331,580 72,588,594
(*) The change in lease liabilities due to the new contract includes 210,810 million Won.<br>
--- ---
  • 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

7. FINANCIAL ASSETS AT FVTPL
(1) Details of financial assets at FVTPL as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Financial assets at fair value through profit or loss measured at fair value 25,202,672 21,544,756
(2) Financial assets at fair value through profit or loss measured at fair value as of December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Deposits:
Gold banking asset 73,951 39,241
Securities:
Debt securities
Korean treasury and government agencies 5,053,592 4,310,612
Financial institutions 1,193,809 778,832
Corporates 348,929 433,488
Securities loaned 12,361 625,398
Others 192,597 158,908
Equity securities 421,313 421,989
Capital contributions 2,857,698 2,459,646
Beneficiary certificates 4,563,102 5,509,915
Others 236,595 181,691
Sub-total 14,879,996 14,880,479
Loans 104,177 782,716
Derivatives assets 10,094,532 5,798,329
Other financial assets 50,016 43,991
Total 25,202,672 21,544,756

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of December 31, 2024 and 2023.

  • 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

8. FINANCIAL ASSETS AT FVTOCI
(1) Details of financial assets at FVTOCI as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Debt securities:
Korean treasury and government agencies 7,787,052 5,728,241
Financial institutions 25,339,937 20,885,924
Corporates 3,032,609 3,994,432
Bond denominated in foreign currencies 6,763,073 5,493,295
Securities loaned — 592,219
Sub-total 42,922,671 36,694,111
Equity securities 875,074 1,197,384
Total 43,797,745 37,891,495
(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
--- ---
Purpose of acquisition December 31,<br>2024 December 31,<br>2023 Remarks
--- --- --- --- --- --- --- --- --- --- ---
Investment for strategic business partnership purpose 766,900 1,039,203
Debt-equity swap 108,168 158,175
Others 6 6 Insurance for mutual aid<br>association, etc.
Total 875,074 1,197,384
(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows (Unit:<br>Korean Won in millions):
--- ---
1) Allowance for credit losses
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (27,379 ) — — (27,379 )
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Net provision of loss allowance (8,868 ) — — (8,868 )
Disposal 6,788 — — 6,788
Others (*) 375 — — 375
Ending balance (29,084 ) — — (29,084 )
(*) Others consist of foreign currencies translation, etc.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (11,805 ) — — (11,805 )
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Net provision of loss allowance (16,542 ) — — (16,542 )
Disposal 1,519 — — 1,519
Others (*) (551 ) — — (551 )
Ending balance (27,379 ) — — (27,379 )
(*) Others consist of foreign currencies translation, etc.
--- ---
  • 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2) Gross carrying amount
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 36,694,111 — — 36,694,111
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Acquisition 31,921,268 — — 31,921,268
Disposal / Recovery (26,868,486 ) — — (26,868,486 )
Gain on valuation 224,898 — — 224,898
Amortization based on effective interest method 134,553 — — 134,553
Others (*) 816,327 — — 816,327
Ending balance 42,922,671 — — 42,922,671
(*) Others consist of foreign currencies translation, etc.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 32,145,758 — — 32,145,758
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Acquisition 24,350,759 — — 24,350,759
Disposal / Recovery (20,823,293 ) — — (20,823,293 )
Gain on valuation 707,739 — — 707,739
Amortization based on effective interest method 166,401 — — 166,401
Others (*) 146,747 — — 146,747
Ending balance 36,694,111 — — 36,694,111
(*) Others consist of foreign currencies translation, etc.
--- ---
(4) During the years ended December 31, 2024 and 2023, the Group sold its equity securities., designated as<br>financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 155,868 million Won and 3,194 million Won, respectively and cumulative gains and losses at disposal dates were<br>72,975 million Won in gain and 118 million Won in gain, respectively.
--- ---
  • 80 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

9. SECURITIES AT AMORTIZED COST
(1) Details of securities at amortized cost as of December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Korean treasury and government agencies 7,646,463 8,143,585
Financial institutions 4,004,011 6,660,465
Corporates 5,997,996 7,235,202
Bond denominated in foreign currencies 1,555,470 1,970,861
Others 10,000 —
Allowance for credit losses (10,763 ) (13,941 )
Total 19,203,177 23,996,172
(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows (Unit:<br>Korean Won in millions):
--- ---
1) Loss allowance
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (13,941 ) — — (13,941 )
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Net reversal of loss allowance 3,287 — — 3,287
Others (*) (109 ) — — (109 )
Ending balance (10,763 ) — — (10,763 )
(*) Changes due to foreign currencies translation, etc.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (8,385 ) — — (8,385 )
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Net provision of loss allowance (5,549 ) — — (5,549 )
Others (*) (7 ) — — (7 )
Ending balance (13,941 ) — — (13,941 )
(*) Changes due to foreign currencies translation, etc.
--- ---
  • 81 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2) Gross carrying amount
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 24,010,113 — — 24,010,113
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Acquisition 2,586,171 — — 2,586,171
Disposal / Recovery (7,634,677 ) — — (7,634,677 )
Amortization based on effective interest method 93,318 — — 93,318
Changes due to business combinations 10,000 10,000
Others (*) 149,015 — — 149,015
Ending balance 19,213,940 — — 19,213,940
(*) Changes due to foreign currencies translation, etc.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 28,276,901 — — 28,276,901
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Acquisition 4,244,256 — — 4,244,256
Disposal / Recovery (8,727,124 ) — — (8,727,124 )
Amortization based on effective interest method 167,219 — — 167,219
Others (*) 48,861 — — 48,861
Ending balance 24,010,113 — — 24,010,113
(*) Changes due to foreign currencies translation, etc.
--- ---
  • 82 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

10. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1) Details of loans and other financial assets at amortized cost as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Due from banks 2,630,604 1,950,573
Loans 386,069,294 358,577,179
Other financial assets 9,771,918 12,620,396
Total 398,471,816 373,148,148
(2) Details of due from banks are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Due from banks in local currency:
Due from depository banks 200,366 108,344
Due from non-depository institutions 152 136
Due from the Korea Exchange 239,222 68
Others 72,314 135,390
Loss allowance (4 ) (59 )
Sub-total 512,050 243,879
Due from banks in foreign currencies:
Due from banks on demand 177,886 221,292
Due from banks on time 193,654 366,117
Others 1,753,337 1,135,072
Loss allowance (6,323 ) (15,787 )
Sub-total 2,118,554 1,706,694
Total 2,630,604 1,950,573
(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):
--- ---
Counterparty December 31, 2024 Reason of restriction
--- --- --- --- --- --- --- ---
Due from banks in local currency:
Others Korea Federation of Savings Bank and others 77,835 Reserve deposits
Securities trading Korea Securities Finance Corporation 238,445 Customer deposit refund reserve and futures trading margin and others
Sub-total 316,280
Due from banks in foreign currencies:
Due from banks on demand National Bank of Cambodia and others 169,064 Reserve deposits and others
Due from banks on time National Bank of Cambodia 284 Usage deposits for fund settlement system and others
Others BNP-PARIBAS, PAR and others 1,093,853 CSA collateral and others
Sub-total 1,263,201
Total 1,579,481
  • 83 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Counterparty December 31, 2023 Reason of restriction
Due from banks in local currency:
Due from KSFC KB Securities Co., Ltd. and SI SECURITIES CORPORATION 68 Futures margin
Others Korea Federation of Savings Bank and others 129,974 Domestic currency exchange and collateral related to promissory notes and<br>others
Sub-total 130,042
Due from banks in foreign currencies:
Due from banks on demand National Bank of Cambodia and others 216,147 Reserve deposits and others
Due from banks on time National Bank of Cambodia 321 Usage deposits for fund settlement system
Others People’s Bank of China and others 1,062,130 Reserve deposits and others
Sub-total 1,278,598
Total 1,408,640
(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean Won in<br>millions):
--- ---
1) Allowance for credit losses
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (15,846 ) — — (15,846 )
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Reversal for allowance for credit loss 9,874 — — 9,874
Others (*) (355 ) — — (355 )
Ending balance (6,327 ) — — (6,327 )
(*) Changes due to foreign currencies translation, etc.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (12,317 ) — — (12,317 )
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Provision for allowance for credit loss (5,254 ) — — (5,254 )
Others (*) 1,725 — — 1,725
Ending balance (15,846 ) — — (15,846 )
(*) Changes due to foreign currencies translation, etc.
--- ---
  • 84 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2) Gross carrying amount
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 1,966,419 — — 1,966,419
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Net decrease 390,154 — — 390,154
Changes due to business combinations 165,476 — — 165,476
Others (*) 114,882 — — 114,882
Ending balance 2,636,931 — — 2,636,931
(*) Changes due to foreign currencies translation, etc.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 3,006,989 — — 3,006,989
Transfer to 12-month expected credit losses — — — —
Transfer to lifetime expected credit losses — — — —
Transfer to credit-impaired financial assets — — — —
Net decrease (1,154,265 ) — — (1,154,265 )
Changes due to business combinations 113,000 — — 113,000
Others (*) 695 — — 695
Ending balance 1,966,419 — — 1,966,419
(*) Changes due to foreign currencies translation, etc.
--- ---
(5) Details of loans are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Loans in local currency 315,597,374 298,157,823
Loans in foreign currencies 33,166,984 28,585,389
Domestic banker’s usance 2,803,761 2,726,633
Credit card accounts 12,488,523 12,531,620
Bills bought in foreign currencies 4,328,404 4,215,956
Bills bought in local currency 224,835 496,148
Factoring receivables 5,994 8,712
Advances for customers on guarantees 9,814 9,996
Private placement bonds 444,900 688,437
Securitized loans 3,300,876 3,203,135
Call loans 1,847,376 2,719,546
Bonds purchased under resale agreements 10,551,018 3,356,392
Financial lease receivables 1,106,912 1,362,279
Installment financial bond 2,620,534 2,635,720
Others — 119
Loan origination costs and fees 938,886 865,694
Discounted present value (9,272 ) (11,360 )
Allowance for credit losses (3,357,625 ) (2,975,060 )
Total 386,069,294 358,577,179
  • 85 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consumers Corporates
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance (196,845 ) (134,002 ) (220,845 ) (947,688 ) (762,644 ) (363,703 ) (89 )
Transfer to 12-month expected credit losses (27,467 ) 25,983 1,484 (76,352 ) 75,186 1,166 —
Transfer to lifetime expected credit losses 14,659 (17,333 ) 2,674 60,633 (63,280 ) 2,647 —
Transfer to credit-impaired financial assets 7,714 18,054 (25,768 ) 128,228 162,162 (290,390 ) —
Net provision of allowance for credit losses (28,741 ) (43,686 ) (378,285 ) (107,916 ) (121,901 ) (582,211 ) (7,663 )
Recovery — — (61,554 ) — — (36,318 ) —
Charge-off — — 262,651 — — 329,506 622
Disposal 1,442 2,032 75,603 23 6,675 297,533 837
Interest income from impaired loans — — 14,629 — — 30,185 —
Others 908 637 49,286 (28,427 ) 4,156 (14,336 ) (1,002 )
Ending balance (228,330 ) (148,315 ) (280,125 ) (971,499 ) (699,646 ) (625,921 ) (7,295 )
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit card accounts Total
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance (97,734 ) (118,112 ) (133,398 ) (1,242,267 ) (1,014,758 ) (717,946 ) (89 )
Transfer to 12-month expected credit losses (30,968 ) 30,740 228 (134,787 ) 131,909 2,878 —
Transfer to lifetime expected credit losses 8,951 (9,609 ) 658 84,243 (90,222 ) 5,979 —
Transfer to credit-impaired financial assets 1,196 2,400 (3,596 ) 137,138 182,616 (319,754 ) —
Net provision of allowance for credit losses (4,742 ) (20,449 ) (379,984 ) (141,399 ) (186,036 ) (1,340,480 ) (7,663 )
Recovery — — (24,021 ) — — (121,893 ) —
Charge-off — — 290,321 — — 882,478 622
Disposal — — 91,625 1,465 8,707 464,761 837
Interest income from impaired loans — — — — — 44,814 —
Others — — — (27,519 ) 4,793 34,950 (1,002 )
Ending balance (123,297 ) (115,030 ) (158,167 ) (1,323,126 ) (962,991 ) (1,064,213 ) (7,295 )
  • 86 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Consumers Corporates
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance (147,876 ) (128,089 ) (241,942 ) (453,621 ) (818,234 ) (241,465 ) (27 )
Transfer to 12-month expected credit losses (25,553 ) 22,750 2,803 (190,665 ) 190,047 618 —
Transfer to lifetime expected credit losses 10,881 (12,892 ) 2,011 28,452 (36,229 ) 7,777 —
Transfer to credit-impaired financial assets 7,085 24,577 (31,662 ) 17,959 33,272 (51,231 ) —
Net provision of allowance for credit losses (41,029 ) (41,105 ) (340,607 ) (361,735 ) (153,392 ) (515,711 ) (1,011 )
Recovery — — (65,639 ) — — (44,043 ) —
Charge-off — — 301,995 — — 298,665 —
Disposal 18 419 114,643 266 512 172,519 949
Interest income from impaired loans — — 15,553 — — 19,341 —
Others (371 ) 338 22,000 11,656 21,380 (10,173 ) —
Ending balance (196,845 ) (134,002 ) (220,845 ) (947,688 ) (762,644 ) (363,703 ) (89 )
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit card accounts Total
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance (71,139 ) (127,814 ) (103,946 ) (672,636 ) (1,074,137 ) (587,353 ) (27 )
Transfer to 12-month expected credit losses (30,312 ) 30,198 114 (246,530 ) 242,995 3,535 —
Transfer to lifetime expected credit losses 6,894 (7,420 ) 526 46,227 (56,541 ) 10,314 —
Transfer to credit-impaired financial assets 748 2,381 (3,129 ) 25,792 60,230 (86,022 ) —
Net provision of allowance for credit losses (3,864 ) (15,457 ) (338,618 ) (406,628 ) (209,954 ) (1,194,936 ) (1,011 )
Recovery — — (33,710 ) — — (143,392 ) —
Charge-off — — 306,005 — — 906,665 —
Disposal — — 39,360 284 931 326,522 949
Interest income from impaired loans — — — — — 34,894 —
Others (61 ) — — 11,224 21,718 11,827 —
Ending balance (97,734 ) (118,112 ) (133,398 ) (1,242,267 ) (1,014,758 ) (717,946 ) (89 )
  • 87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):<br>
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consumers Corporates
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance 132,812,981 14,714,396 642,086 188,612,028 10,621,387 856,844 768,487
Transfer to 12-month expected credit losses 4,575,673 (4,560,653 ) (15,020 ) 2,276,379 (2,273,396 ) (2,983 ) —
Transfer to lifetime expected credit losses (6,411,510 ) 6,439,154 (27,644 ) (5,689,553 ) 5,698,302 (8,749 ) —
Transfer to credit-impaired financial assets (301,556 ) (236,753 ) 538,309 (904,171 ) (752,177 ) 1,656,348 —
Charge-off — — (262,651 ) — — (329,506 ) (622 )
Disposal (43,168 ) (45,410 ) (329,255 ) (134 ) (72,244 ) (951,160 ) (351,530 )
Net increase(decrease) 10,371,126 (1,246,832 ) 236,043 21,730,474 (1,796,231 ) 271,022 730,812
Ending balance 141,003,546 15,063,902 781,868 206,025,023 11,425,641 1,491,816 1,147,147
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit card accounts Total
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance 11,287,068 983,611 253,351 332,712,077 26,319,394 1,752,281 768,487
Transfer to 12-month expected credit losses 336,985 (336,651 ) (334 ) 7,189,037 (7,170,700 ) (18,337 ) —
Transfer to lifetime expected credit losses (539,512 ) 540,471 (959 ) (12,640,575 ) 12,677,927 (37,352 ) —
Transfer to credit-impaired financial assets (57,937 ) (21,408 ) 79,345 (1,263,664 ) (1,010,338 ) 2,274,002 —
Charge-off — — (290,321 ) — — (882,478 ) (622 )
Disposal — — (147,812 ) (43,302 ) (117,654 ) (1,428,227 ) (351,530 )
Net increase(decrease) 145,281 (129,905 ) 386,703 32,246,881 (3,172,968 ) 893,768 730,812
Ending balance 11,171,885 1,036,118 279,973 358,200,454 27,525,661 2,553,657 1,147,147
  • 88 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Consumers Corporates
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance 131,328,377 14,020,582 564,057 179,552,435 9,486,297 625,998 313,717
Transfer to 12-month expected credit losses 4,038,074 (4,024,039 ) (14,035 ) 2,214,045 (2,209,035 ) (5,010 ) —
Transfer to lifetime expected credit losses (6,406,254 ) 6,422,979 (16,725 ) (4,944,087 ) 4,971,596 (27,509 ) —
Transfer to credit-impaired financial assets (263,965 ) (173,536 ) 437,501 (582,131 ) (242,382 ) 824,513 —
Charge-off — — (301,995 ) — — (298,665 ) —
Disposal (63 ) (491 ) (218,965 ) (18,149 ) (719 ) (404,876 ) (152,024 )
Net increase(decrease) 4,115,668 (1,531,099 ) 192,248 12,389,915 (1,384,370 ) 142,393 606,794
Changes due to business combinations 1,144 — — — — — —
Ending balance 132,812,981 14,714,396 642,086 188,612,028 10,621,387 856,844 768,487
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit card accounts Total
Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Credit<br>impairment<br>model
Beginning balance 9,115,460 1,066,380 179,410 319,996,272 24,573,259 1,369,465 313,717
Transfer to 12-month expected credit losses 343,929 (343,765 ) (164 ) 6,596,048 (6,576,839 ) (19,209 ) —
Transfer to lifetime expected credit losses (411,467 ) 412,222 (755 ) (11,761,808 ) 11,806,797 (44,989 ) —
Transfer to credit-impaired financial assets (40,236 ) (20,039 ) 60,275 (886,332 ) (435,957 ) 1,322,289 —
Charge-off — — (306,005 ) — — (906,665 ) —
Disposal — — (73,107 ) (18,212 ) (1,210 ) (696,948 ) (152,024 )
Net increase(decrease) 2,279,382 (131,187 ) 393,697 18,784,965 (3,046,656 ) 728,338 606,794
Changes due to business combinations — — — 1,144 — — —
Ending balance 11,287,068 983,611 253,351 332,712,077 26,319,394 1,752,281 768,487
  • 89 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(8) Details of other financial assets are as follows (Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Cash Management Account asset (CMA asset) 120,000 91,000
Receivables 6,411,884 9,061,936
Accrued income 1,779,310 1,972,330
Telex and telephone subscription rights and refundable deposits 778,986 793,510
Domestic exchange settlement debit 441,992 446,570
Other assets 452,760 411,330
Allowance for credit losses (213,014 ) (156,280 )
Total 9,771,918 12,620,396
(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in<br>millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (9,019 ) (17,062 ) (130,199 ) (156,280 )
Transfer to 12-month expected credit losses (557 ) 493 64 —
Transfer to lifetime expected credit losses 372 (429 ) 57 —
Transfer to credit-impaired financial assets 1,202 5,355 (6,557 ) —
Provision of loss allowance (7,662 ) (10,372 ) (31,336 ) (49,370 )
Charge-off 1,224 — 5,275 6,499
Disposal — 4 2,538 2,542
Others (6,494 ) (9 ) (9,902 ) (16,405 )
Ending balance (20,934 ) (22,020 ) (170,060 ) (213,014 )
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (4,178 ) (9,133 ) (125,869 ) (139,180 )
Transfer to 12-month expected credit losses (388 ) 285 103 —
Transfer to lifetime expected credit losses 223 (246 ) 23 —
Transfer to credit-impaired financial assets 50 266 (316 ) —
Provision of loss allowance (3,141 ) (8,235 ) (10,829 ) (22,205 )
Charge-off — — 4,341 4,341
Disposal — — 2,597 2,597
Others (1,585 ) 1 (249 ) (1,833 )
Ending balance (9,019 ) (17,062 ) (130,199 ) (156,280 )
  • 90 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):<br>
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 12,510,625 111,898 154,153 12,776,676
Transfer to 12-month expected credit losses 22,084 (19,273 ) (2,811 ) —
Transfer to lifetime expected credit losses (38,819 ) 38,881 (62 ) —
Transfer to credit-impaired financial assets (12,265 ) (15,695 ) 27,960 —
Charge-off (1,224 ) — (5,275 ) (6,499 )
Disposal — (7 ) (3,034 ) (3,041 )
Net increase (decrease) (3,048,051 ) (16,550 ) 279,298 (2,785,303 )
Changes due to business combinations 3,099 — — 3,099
Ending balance 9,435,449 99,254 450,229 9,984,932
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 8,886,721 21,454 78,502 8,986,677
Transfer to 12-month expected credit losses 14,252 (14,143 ) (109 ) —
Transfer to lifetime expected credit losses (30,528 ) 30,559 (31 ) —
Transfer to credit-impaired financial assets (7,299 ) (1,498 ) 8,797 —
Charge-off — — (4,341 ) (4,341 )
Disposal — — (3,318 ) (3,318 )
Net increase (decrease) 3,634,239 75,526 74,653 3,784,418
Changes due to business combinations 13,240 — — 13,240
Ending balance 12,510,625 111,898 154,153 12,776,676
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

11. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(1) The fair value hierarchy
--- ---

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

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

• Level 1 - fair value measurements are those derived from quoted prices (unadjusted) in active markets for<br>identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.
• Level 2 - fair value measurements are those derived from inputs other than quoted prices included within Level 1<br>that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and<br>derivatives traded in OTC but not required significant judgment.
--- ---
• Level 3 - fair value measurements are those derived from valuation technique that include inputs for the assets<br>or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques<br>require significant judgments and subjectivity.
--- ---

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean<br>Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Level 1 (*) Level 2 (*) Level 3 Total
Financial assets:
Financial assets at FVTPL
Deposits 73,951 — — 73,951
Debt securities 4,304,048 2,489,883 7,357 6,801,288
Equity securities 22,414 — 398,899 421,313
Capital contributions — 4,185 2,853,513 2,857,698
Beneficiary certificates 156,898 2,301,044 2,105,160 4,563,102
Loans — 69,401 34,776 104,177
Derivative assets — 10,093,344 1,188 10,094,532
Other financial assets in foreign currency — — 48,345 48,345
Others — — 238,266 238,266
Sub-total 4,557,311 14,957,857 5,687,504 25,202,672
Financial assets at FVTOCI
Debt securities 14,117,592 28,805,079 — 42,922,671
Equity securities 315,640 — 559,434 875,074
Sub-total 14,433,232 28,805,079 559,434 43,797,745
Derivative assets (designated for hedging) — 175,191 — 175,191
Total 18,990,543 43,938,127 6,246,938 69,175,608
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers 74,205 — — 74,205
Derivative liabilities — 9,090,696 1,402 9,092,098
Securities sold 182,478 — — 182,478
Sub-total 256,683 9,090,696 1,402 9,348,781
Financial instruments designated to be measured at FVTPL
Deposits due to customers — 547,816 — 547,816
Derivative liabilities (designated for hedging) — 102,815 — 102,815
Total 256,683 9,741,327 1,402 9,999,412
(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value.<br>The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Level 1 (*) Level 2 (*) Level 3 Total
Financial assets:
Financial assets at FVTPL
Deposits 39,241 — — 39,241
Debt securities 4,414,956 1,888,052 4,230 6,307,238
Equity securities 68,691 19 353,279 421,989
Capital contributions — — 2,459,646 2,459,646
Beneficiary certificates 169,012 3,634,938 1,705,965 5,509,915
Loans — 726,714 56,002 782,716
Derivative assets 113 5,669,078 129,138 5,798,329
Other financial assets in foreign currency — — 42,408 42,408
Others — — 183,274 183,274
Sub-total 4,692,013 11,918,801 4,933,942 21,544,756
Financial assets at FVTOCI
Debt securities 12,392,117 24,301,994 — 36,694,111
Equity securities 649,220 — 548,164 1,197,384
Sub-total 13,041,337 24,301,994 548,164 37,891,495
Derivative assets (designated for hedging) — 26,708 — 26,708
Total 17,733,350 36,247,503 5,482,106 59,462,959
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers 39,524 — — 39,524
Derivative liabilities 8,303 5,932,727 1,994 5,943,024
Securities sold 155,765 — — 155,765
Sub-total 203,592 5,932,727 1,994 6,138,313
Derivative liabilities (designated for hedging) — 153,007 — 153,007
Total 203,592 6,085,734 1,994 6,291,320
(*) There were no transfers between Level 2 and Level 1 of financial assets and liabilities measured at fair value.<br>The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

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

1) Valuation methods and input variables for each type of financial instrument classified into level 2 as of<br>December 31, 2024 and 2023 are as follows:
Valuation methods Input variables
--- --- --- --- ---
Debt securities Fair value is measured by discounting the future cash flows of debt securities applying the<br>risk-free market rate with credit spread or applying the market interest rate applied to entities with similar creditworthiness to the issuer of debt securities. Risk-free market rate, credit spread
Equity securities and beneficiary certificates Fair value is measured by using the net asset value method, FCFE(Free Cash Flow to Equity Mode),<br>Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, LSMC(Least-Squares Monte Carlo), and Hull-White model. Values of underlying assets such as bond, risk-free market rate, market risk premium, corporate<br>Beta, discount rate originated from credit grade, volatility of stocks , volatility of interest rate
Derivatives Fair value is measured by models such as option model. Discount rate, volatility, exchange rate, stock prices, fair value originated from forward price etc.
Loans The future cash flows of debt instruments are measured at a discount by applying the market<br>interest rate applied to entities with similar creditworthiness to the debtor. Risk-free market rate and credit spread
Deposits due to customers Fair value is measured by Hull-White model. Swaption Volume etc.
2) Valuation methods and input variables for each type of financial instrument classified into level 3 as of<br>December 31, 2024 and 2023 are as follows:
--- ---
Valuation methods Input variables
--- --- --- --- ---
Loans Fair value is measured by using the DCF model (Discounted Cash Flow Model) and risk-adjusted<br>discount rate method (Tsiveriotis-Fernandes). Discount rate, volatility of stock, risk-free market rate, credit spread
Stocks, capital contributions and beneficiary certificates Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company<br>Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, Binomial Tree Model, Hull-White and Precedent Transactions model, one or more methods are used given the characteristic of the subject of fair<br>value measurement. Risk-free market rate, market risk premium, corporate Beta, stock prices, volatility of underlying<br>asset, discount rate originated from credit grade, volatility of interest rate, volatility of real estate value, terminal growth rate, PBR, PSR etc.
Derivatives Fair value is measured by models such as option model. Correlation coefficient, stock price, volatility etc.
Others The fair value of the underlying asset, after calculating the fair value using the DCF model,<br>etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market. Stock price, volatility of underlying assets, etc.
  • 95 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

December 31, 2024
Fair value<br>measurement<br>technique Type Significant<br><br><br>unobservable inputs Range Impact of changes in<br>significant<br>unobservable inputs on fair value<br>measurement
Debt securities LSMC(Hull-White) Volatility 28.09%~88.35% Variation of fair value increases as volatility increases.
Loans DCF model Discount rate 4.17%~5.98% Fair value increases as discount rate decreases.
Derivatives Option valuation<br>model and others Equity related Correlation coefficient 0.29~0.65 Variation of fair value increases as correlation coefficient increases.
Stock prices, Volatility of underlying asset 25.71% Variation of fair value increases as volatility and stock price increases.
Discount rate 3.94%~19.62% Fair value increases as discount rate decreases.
Terminal growth rate 0.00% Fair value increases as terminal growth rate increases.
Stocks, capital contributions, and beneficiary certificates Binomial Tree Stock prices, Volatility of underlying asset 18.76%~36.37% Variation of fair value increases as volatility of underlying asset and stock price<br>increases.
DCF model and<br>others Discount rate 4.76%~19.84% Fair value increases as discount rate decreases.
Terminal growth rate 0.00%~1.00% Fair value increases as terminal growth rate increases.
Liquidation value -1.00%~1.00% Fair value increases as liquidation value increases.
LMSC(Hull-White) Volatility of stock 29.30% Variation of fair value increases as volatility increases.
Discount rate 6.45%~15.56% Fair value increases as discount rate decreases.
Others Binomial Tree Stock prices, Volatility of underlying asset 18.36%~36.90% Variation of fair value increases as volatility of underlying asset and stock price<br>increases.
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Fair value<br>measurement<br>technique Type Significant<br><br><br>unobservable inputs Range(%) Impact of changes in<br>significant<br>unobservable inputs on fair value<br>measurement
Loans DCF model and<br>others Discount rate 4.05%~6.58% Fair value increases as discount rate decreases.
LSMC(Hull-White) Volatility of stock 0.19%~0.24% Fair value increases as volatility of stock increases.
Volatility of interest rate 0.47%~0.91% Fair value increases as volatility of interest rate increases.
Discount rate 13.78%~21.92% Fair value increases as discount rate decreases.
Derivative assets Option valuation<br>model and others Equity related Correlation coefficient 0.32~0.68 Variation of fair value increases as correlation coefficient increases.
Derivative liabilities Option valuation<br>model and others Equity related Correlation coefficient 0.32~0.68 Variation of fair value increases as correlation coefficient increases.
Equity securities, capital contributions, and beneficiary certificates Binomial Tree Discount rate 3.58% Fair value increases as discount rate decreases.
Stock prices, Volatility of underlying asset, Volatility of stocks 27.34%~76.22% Variation of fair value increases as volatility of underlying asset and stock price<br>increases.
Risk-adjusted<br>discount rate<br>method<br>(Tsiveriotis-<br>Fernandes) Discount rate 6.98% Fair value increases as discount rate decreases.
Volatility of stock 34.60% Variation of fair value increases as volatility of stock increases.
DCF model and<br>others Discount rate 5.08%~19.90% Fair value increases as discount rate decreases.
Terminal growth rate 0.00%, 1.00% Fair value increases as terminal growth rate increases.
Liquidation value -1.00%~1.00% Fair value increases as liquidation value increases.
LSMC(Hull-White) Discount rate 5.06%~6.86% Fair value increases as discount rate decreases.
Others Binomial Tree Stock prices, Volatility of underlying asset 15.48%~76.22% Variation of fair value increases as volatility of underlying asset and stock price<br>increases.
Discount rate 10.42% Fair value increases as discount rate decreases.
Growth rate 0.00% Fair value increases as terminal growth rate increases

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

  • 97 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

December 31, 2024
Beginning<br>balance Net income<br>(loss) (*1) Other<br>comprehensive<br>income Purchases/<br>issuances Disposals /<br>settlements Transfer to<br>or out of<br>Level 3 (*2) Ending<br>balance
Financial assets:
Financial assets at FVTPL
Debt securities 4,230 727 — 5,000 (2,600 ) — 7,357
Equity securities 353,279 (3,909 ) — 72,230 (24,648 ) 1,947 398,899
Capital contributions 2,459,646 89,418 — 565,396 (254,369 ) (6,578 ) 2,853,513
Beneficiary certificates 1,705,965 58,640 — 403,439 (62,632 ) (252 ) 2,105,160
Loans 56,002 754 — 326,516 (348,496 ) — 34,776
Derivative assets 129,138 (1,169 ) — 327 (127,108 ) — 1,188
Other foreign currency financial assets 42,408 5,937 — — — — 48,345
Others 183,274 13,336 — 58,813 (17,157 ) — 238,266
Sub-total 4,933,942 163,734 — 1,431,721 (837,010 ) (4,883 ) 5,687,504
Financial assets at FVTOCI
Equity securities 548,164 — 10,920 2,841 (5,954 ) 3,463 559,434
Loans — — — 202,916 (202,916 ) — —
Sub-total 548,164 — 10,920 205,757 (208,870 ) 3,463 559,434
Total 5,482,106 163,734 10,920 1,637,478 (1,045,880 ) (1,420 ) 6,246,938
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities 1,994 1,115 — — (1,707 ) — 1,402
Total 1,994 1,115 — — (1,707 ) — 1,402
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers<br>represent gains that decrease balance. The gain amounts to 204,822 million Won for the year ended December 31, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.
--- ---
(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or<br>conditions have changed.
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Beginning<br>balance Business<br>combination Net income<br>(loss) (*1) Other<br>comprehensive<br>income Purchases/<br>issuances Disposals /<br>settlements Transfer to<br>or out of<br>Level 3 (*2) Ending<br>balance
Financial assets:
Financial assets at FVTPL
Debt securities 1,078 — 152 — 4,000 (1,000 ) — 4,230
Equity securities 307,851 10,628 10,632 — 62,638 (32,630 ) (5,840 ) 353,279
Capital contributions 1,976,474 10,977 65,437 — 655,921 (249,163 ) — 2,459,646
Beneficiary certificates 1,458,776 — 3,534 — 280,435 (36,780 ) — 1,705,965
Loans 104,505 — 483 — 577,296 (626,282 ) — 56,002
Derivative assets 93,970 — 41,620 — 2,273 (8,725 ) — 129,138
Other foreign currency financial assets 41,679 — 729 — — — — 42,408
Others 144,840 — 9,015 — 32,214 (2,795 ) — 183,274
Sub-total 4,129,173 21,605 131,602 — 1,614,777 (957,375 ) (5,840 ) 4,933,942
Financial assets at FVTOCI
Equity securities 557,065 — — (6,564 ) 343 (2,657 ) (23 ) 548,164
Loans — — — — 139,567 (139,567 ) — —
Sub-total 557,065 — — (6,564 ) 139,910 (142,224 ) (23 ) 548,164
Total 4,686,238 21,605 131,602 (6,564 ) 1,754,687 (1,099,599 ) (5,863 ) 5,482,106
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities 9,449 — 1,994 — — (9,449 ) — 1,994
Total 9,449 — 1,994 — — (9,449 ) — 1,994
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers<br>represent gains that decrease balance. The gain amounts to 171,095 million Won for the year ended December 31, 2023, which is from financial assets and liabilities that the Group holds as at the end of the year.
--- ---
(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or<br>conditions have changed.
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  • 99 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

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

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

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 6,248,340 million Won and 5,484,098 million Won as of December 31, 2024 and 2023, respectively, equity instruments of 5,655,401 million Won and 4,704,747 million Won whose carrying amount is considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of December 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):

December 31, 2024
Net income (loss) Other comprehensive<br>income (loss)
Favorable Unfavorable Favorable Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1) 50 (51 ) — —
Loans (*2) 155 (152 ) — —
Debt securities (*3) 469 (435 ) — —
Equity securities (*2) (*4) (*5) 19,824 (14,380 ) — —
Beneficiary certificates (*6) 706 (705 ) — —
Others (*4) (*6) 2,554 (2,402 ) — —
Financial assets at FVTOCI
Equity securities (*5)(*6)(*7) — — 47,087 (32,879 )
Total 23,758 (18,125 ) 47,087 (32,879 )
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1) — — — —
Total — — — —
(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing correlation or volatility, which are major unobservable variables, by 10% each, respectively.
--- ---
(*2) Fair value changes are calculated by increasing or decreasing growth rate (0%~1%) and discount rate or<br>liquidation value (-1%~1%), which are major unobservable variables.
--- ---
(*3) Fair value changes are calculated by increasing or decreasing stock price volatility by 10%, which are major<br>unobservable variables.
--- ---
(*4) Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and<br>volatility (-10%p~10%p), which are major unobservable variables.
--- ---
(*5) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and<br>discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.
--- ---
(*6) Even if the sensitivity analysis of the capital contributions and beneficiary certificates among equity<br>securities is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real<br>estate which are underlying assets and discount rate by 1%p.
--- ---
(*7) Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth<br>rate and discount rate, which are unobservable variables.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Net income (loss) Other comprehensive<br>income (loss)
Favorable Unfavorable Favorable Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1) 88 (95 ) — —
Loans (*2) 202 (199 ) — —
Debt securities(*3) 21 (22 ) — —
Equity securities (*2) (*3) 11,562 (8,953 ) — —
Beneficiary certificates (*4) 722 (722 ) — —
Others (*2) 4,098 (3,921 ) — —
Financial assets at FVTOCI
Equity securities (*3) (*4) — — 28,020 (22,302 )
Total 16,693 (13,912 ) 28,020 (22,302 )
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1) 10 (7 ) — —
Total 10 (7 ) — —
(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing correlation, which are major unobservable variables, by 10%, respectively.
--- ---
(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and<br>volatility (-10%p~10%p). The stock prices and volatility are major unobservable variables.
--- ---
(*3) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and<br>discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.
--- ---
(*4) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying<br>assets and discount rate by 1%.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as<br>follows (Unit: Korean Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Fair value Carrying<br>amount
Level 1 Level 2 Level 3 Total
Financial assets:
Securities at amortized cost 3,242,384 15,894,576 9,991 19,146,951 19,203,177
Loans and other financial assets at amortized cost — 7,149,151 393,995,021 401,144,172 398,471,816
Financial liabilities:
Deposits due to customers — 367,128,451 — 367,128,451 366,821,156
Borrowings — 29,622,705 432,561 30,055,266 30,117,031
Debentures — 48,273,103 — 48,273,103 48,207,103
Other financial liabilities (*) — 30,201,229 809,007 31,010,236 31,786,960
(*) Lease liabilities are excluded as of December 31, 2024.
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Fair value Carrying<br>amount
Level 1 Level 2 Level 3 Total
Financial assets:
Securities at amortized cost 2,361,627 21,303,099 — 23,664,726 23,996,172
Loans and other financial assets at amortized cost — 9,905,518 364,211,207 374,116,725 373,148,148
Financial liabilities:
Deposits due to customers — 360,186,521 — 360,186,521 357,784,297
Borrowings — 31,065,237 87,342 31,152,579 30,986,746
Debentures — 40,504,019 — 40,504,019 41,239,245
Other financial liabilities (*) — 24,584,447 609,620 25,194,067 25,780,550
(*) Lease liabilities are excluded as of December 31, 2023.
--- ---

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:

Valuation methods Input variables
Securities at amortized cost The fair value is measured by discounting the projected cash flows of debt securities by applying<br>risk-free market rate with credit spread. Risk-free market rate and credit spread
Loans and other financial assets at amortized cost The fair value is measured by discounting the projected cash flows of loan products by applying<br>the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor. Risk-free market rate, credit spread and prepayment rate
Deposits due to customers, borrowings, debentures and other financial liabilities The fair value is measured by discounting the projected cash flows of debt products by applying<br>the market discount rate that is reflecting credit rating of the Group. Risk-free market rate and credit spread
  • 102 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

December 31, 2024
Financial assets Financial<br>assets at<br>FVTPL Financial assets<br>at FVTOCI Financial assets<br>at amortized cost Derivatives<br>assets<br>(designated for<br>hedging) Total
Deposits 73,951 — 2,630,604 — 2,704,555
Securities 14,879,996 43,797,745 19,203,177 — 77,880,918
Loans 104,177 — 386,069,294 — 386,173,471
Derivative assets 10,094,532 — — 175,191 10,269,723
Other financial assets 50,016 — 9,771,918 — 9,821,934
Total 25,202,672 43,797,745 417,674,993 175,191 486,850,601
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial liabilities Financial<br>liabilities at<br>FVTPL Financial liabilities<br>designated to be<br>measured at FVTPL Financial<br>liabilities at<br>amortized cost Derivatives<br>liabilities<br>(designated for<br>hedging) Total
Deposits due to customers 74,205 547,816 366,821,156 — 367,443,177
Borrowings 182,478 — 30,117,031 — 30,299,509
Debentures — — 48,207,103 — 48,207,103
Derivative liabilities 9,092,098 — — 102,815 9,194,913
Other financial liabilities (*) — — 31,786,960 — 31,786,960
Total 9,348,781 547,816 476,932,250 102,815 486,931,662
(*) Lease liabilities are excluded as of December 31, 2024.
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial assets Financial<br>assets at<br>FVTPL Financial assets<br>at FVTOCI Financial<br>assets at<br>amortized cost Derivatives<br>assets<br>(designated for<br>hedging) Total
Deposits 39,241 — 1,950,573 — 1,989,814
Securities 14,880,479 37,891,495 23,996,172 — 76,768,146
Loans 782,716 — 358,577,179 — 359,359,895
Derivative assets 5,798,329 — — 26,708 5,825,037
Other financial assets 43,991 — 12,620,396 — 12,664,387
Total 21,544,756 37,891,495 397,144,320 26,708 456,607,279
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Financial liabilities Financial<br>liabilities at<br>FVTPL Financial<br>liabilities at<br>amortized cost Derivatives<br>liabilities<br>(designated for<br>hedging) Total
Deposits due to customers 39,524 357,784,297 — 357,823,821
Borrowings 155,765 30,986,746 — 31,142,511
Debentures — 41,239,245 — 41,239,245
Derivative liabilities 5,943,024 — 153,007 6,096,031
Other financial liabilities (*) — 25,780,550 — 25,780,550
Total 6,138,313 455,790,838 153,007 462,082,158
(*) Lease liabilities are excluded as of December 31, 2023.
--- ---
  • 103 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(7) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

For the year ended December 31, 2024
Interest income<br>(expense) Fees and<br>commissions<br>income<br>(expense) Reversal<br>(provision) of<br>credit loss Gain or loss<br>on<br>transactions<br>and valuation Dividends,<br>etc. Total
Financial instruments at FVTPL 236,793 1,174 — 1,512,430 291,123 2,041,520
Financial instruments designated to be measured at FVTPL (*) — — — (19,647 ) — (19,647 )
Financial assets at FVTOCI 1,281,642 951 (8,868 ) 96,620 19,198 1,389,543
Securities at amortized cost 643,056 — 3,287 — — 646,343
Loans and other financial assets at amortized cost 19,851,850 566,911 (1,715,074 ) 286,885 — 18,990,572
Financial liabilities at amortized cost (13,108,310 ) 56 — — — (13,108,254 )
Net derivatives (designated for hedging) — — — 128,646 — 128,646
Total 8,905,031 569,092 (1,720,655 ) 2,004,934 310,321 10,068,723
(*) The amounts recognized in other comprehensive income related to financial liabilities designated to be measured<br>at FVTPL are 1,831 million Won during the year ended December 31, 2024.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest income<br>(expense) Fees and<br>commissions<br>income<br>(expense) Reversal<br>(provision) of<br>credit loss Gain or loss<br>on<br>transactions<br>and valuation Dividends,<br>etc. Total
Financial assets at FVTPL 192,094 514 — 488,486 222,357 903,451
Financial assets at FVTOCI 999,407 1,621 (16,542 ) (37,641 ) 17,936 964,781
Securities at amortized cost 782,513 — (5,549 ) — — 776,964
Loans and other financial assets at amortized cost 18,667,540 578,387 (1,839,987 ) 203,942 — 17,609,882
Financial liabilities at amortized cost (11,887,127 ) 1,247 — — — (11,885,880 )
Net derivatives (designated for hedging) — — — 15,678 — 15,678
Total 8,754,427 581,769 (1,862,078 ) 670,465 240,293 8,384,876
  • 104 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

12. DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS
(1) Derecognition of financial instruments
--- ---

Transferred financial assets that do not meet the condition of derecognition in their entirety.

1) Bonds sold under repurchase agreements

The financial instruments that were disposed but the Group agreed to repurchase at the fixed amounts at the same time, so that they did not meet the conditions of derecognition, are as follows (Unit: Korean Won in millions):

December 31,<br>2024 December 31,<br>2023
Assets transferred Financial assets at FVTPL 1,271,304 238,461
Financial assets at FVTOCI 248,394 556,583
Securities at amortized cost 41,442 48,368
Total 1,561,140 843,412
Related liabilities Bonds sold under repurchase agreements 1,530,767 757,691
2) Securities loaned
--- ---

When the Group loans its securities to outside parties, the legal ownerships of the securities are transferred; however, they should be returned at the end of lending period. Therefore, the Group does not derecognize them from the consolidated financial statements as it owns majority of risks and benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying amount of the securities loaned are as follows (Unit: Korean Won in millions):

December 31,<br>2024 December 31,<br>2023 Loaned to
Financial assets at FVTPL Korean treasury and government bonds, etc. 12,361 625,398 The Korea Securities<br> <br>Finance<br>Corporation
Financial assets at FVTOCI Korean treasury and government bonds, etc. — 592,218 Korea Securities Depository and others
3) Liquidity of financial assets
--- ---

As of December 31, 2024 and 2023, the consolidated structured companies issued asset-backed securities with loans and corporate bonds held by the Group as liquid assets, and the Group bear related risks through the purchase agreements or credit contributions. The transaction details of the transfer of the financial instrument are as follows:

December 31, 2024 December 31, 2023
Carrying amount (*) Carrying amount (*)
Assets transferred Loans at amortized cost 5,205,022 5,098,217
Asset-backed borrowings 2,153,730 2,434,900
Related liabilities Asset-backed bonds 1,830,672 1,487,895

(*) The carrying amount is the amount before the allowance for bad debts.

On the other hand, the details of transferred financial assets that have not been removed, such as bonds sold under the repurchase agreement and loan securities, are also described in Note 18. The Group does not have financial instruments that are continuously involved.

  • 105 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) The offset of financial assets and liabilities

The Group possesses both the uncollected domestic exchange receivables and the unpaid domestic exchange payable, which satisfy offsetting criteria of K-IFRS 1032. Therefore, the total number of uncollected domestic exchange receivables has been offset with a part of unpaid domestic exchange payables, and they have been disclosed in loans at amortized cost and other financial assets and other financial liabilities of the Group’s statements of financial position, respectively.

The Group possesses the derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange that do not satisfy the offsetting criteria of K-IFRS 1032, but provide the Group under the circumstances of the trading party’s default, insolvency or bankruptcy, with the right of offsetting. Items such as cash collateral cannot satisfy the offsetting criteria of K-IFRS 1032, but in accordance with the collateral arrangements and under the circumstances of the trading party’s default, insolvency or bankruptcy, the net amount of derivative assets and derivative liabilities, receivable spot exchange and payable spot exchange can be offset.

The Group has entered into a sale and repurchase agreement and accounted it as a collateralized borrowing. The Group has also entered into a purchase and resale agreement and accounted it as a secured loans. The Group under the repurchase agreements has an offsetting right only upon the counterparty’s default, insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS 1032. The Group disclosed bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loan at amortized cost and other financial assets. In securities lending transactions, offsetting agreements are similarly executed through analogous arrangements, and the amounts of borrowed securities presented in the consolidated financial statements as of December 31, 2024 and 2023, are 182,478 million Won and 155,765 million Won, respectively. These amounts may be offset against bonds provided as collateral.

As of December 31, 2024 and 2023, the financial instruments to be offset and may be covered by master netting agreements and similar agreements are as follows (Unit: Korean Won in millions):

December 31, 2024
Gross<br>amounts of<br>recognized<br>financial<br>assets Gross<br>amounts of<br>recognized<br>financial<br>assets setoff Net<br>amounts of<br>consolidated<br>financial<br>assets<br>presented Related amounts not setoff<br>in the consolidated<br>statement of financial<br>position Net<br>amounts
Netting<br>agreements<br>and others Cash<br>collateral<br>received<br>and others
Financial assets:
Derivative assets (*1) 10,333,766 — 10,333,766 12,149,475 235,654 3,533,764
Receivable spot exchange (*2) 5,585,127 — 5,585,127
Bonds purchased under resale agreements (*2) 10,098,618 — 10,098,618 10,098,618 — —
Uncollected domestic exchange settlement debits (*2) (*5) 33,375,126 32,933,133 441,993 — — 441,993
Total 59,392,637 32,933,133 26,459,504 22,248,093 235,654 3,975,757
Financial liabilities:
Derivative liabilities (*1) 9,256,251 — 9,256,251 11,899,555 533,052 2,408,916
Payable spot exchange (*3) 5,585,272 — 5,585,272
Bonds sold under repurchase agreements (*4) 1,530,767 — 1,530,767 1,530,767 — —
Unpaid domestic exchange settlement credits (*3) (*5) 40,525,606 32,933,133 7,592,473 7,590,328 — 2,145
Total 56,897,896 32,933,133 23,964,763 21,020,650 533,052 2,411,061
(*1) The items include derivative assets and liabilities held for trading and designated for hedging.<br>
--- ---
(*2) The items are included in loan at amortized cost and other financial assets.
--- ---
(*3) The items are included in other financial liabilities.
--- ---
(*4) The items are included in borrowings.
--- ---
(*5) Certain financial assets and liabilities are presented as net amounts.
--- ---
(*6) The items are included in financial liabilities at FVTPL.
--- ---
  • 106 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Gross<br>amounts of<br>recognized<br>financial<br>assets Gross<br>amounts of<br>recognized<br>financial<br>assets setoff Net<br>amounts of<br>consolidated<br>financial<br>assets<br>presented Related amounts not setoff<br>in the consolidated<br>statement of financial<br>position Net<br>amounts
Netting<br>agreements<br>and others Cash<br>collateral<br>received<br>and others
Financial assets:
Derivative assets (*1) 5,200,277 — 5,200,277 11,328,147 424,466 1,089,011
Receivable spot exchange (*2) 7,641,347 — 7,641,347
Bonds purchased under resale agreements (*2) 3,256,392 — 3,256,392 3,256,392 — —
Domestic exchange settlement debits (*2) (*5) 49,034,521 48,587,951 446,570 — — 446,570
Total 65,132,537 48,587,951 16,544,586 14,584,539 424,466 1,535,581
Financial liabilities:
Derivative liabilities (*1) 5,126,697 — 5,126,697 11,425,925 139,143 1,203,575
Payable spot exchange (*3) 7,641,946 — 7,641,946
Bonds sold under repurchase agreements (*4) 1,119,991 — 1,119,991 1,119,991 — —
Domestic exchange settlement credits (*3) (*5) 49,974,648 48,587,951 1,386,697 1,367,709 — 18,988
Total 63,863,282 48,587,951 15,275,331 13,913,625 139,143 1,222,563
(*1) The items include derivative assets and liabilities held for trading and designated for hedging.<br>
--- ---
(*2) The items are included in loan at amortized cost and other financial assets.
--- ---
(*3) The items are included in other financial liabilities.
--- ---
(*4) The items are included in borrowings.
--- ---
(*5) Certain financial assets and liabilities are presented as net amounts.
--- ---
  • 107 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(1) Investments in associates accounted for using the equity method of accounting are as follows:<br>
--- ---
Percentage of ownership (%)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Joint ventures and associates Main business December 31,<br>2024 December 31,<br>2023 Location Financial<br>statements as of
Woori Bank
W Service Networks Co., Ltd. (*1)(*4) Freight & staffing<br>services 4.9 4.9 Korea 2024-11-30
Korea Credit Bureau Co., Ltd. (*2) Credit information 9.9 9.9 Korea 2024-12-31
Korea Finance Security Co., Ltd. (*2) (*4) Security service 15.0 15.0 Korea 2024-11-30
Wongwang Co., Ltd. (*3) Wholesale and real<br>estate 29.0 29.0 Korea —
Sejin Construction Co., Ltd. (*3) Construction 29.6 29.6 Korea —
ARES-TECH Co., Ltd. (*3) Electronic<br>component<br>manufacturing 23.4 23.4 Korea —
Beomgyo.,Ltd. (*3) Telecommunication<br>equipment retail<br>sales 23.1 23.1 Korea —
NK Eng Co., Ltd. (*3) Manufacturing 23.1 23.1 Korea —
K BANK Co., Ltd. (*2)(*4) Finance 12.0 12.6 Korea 2024-11-30
Partner One Value Up I Private Equity Fund Other financial<br>services 23.3 23.3 Korea 2024-12-31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership Other financial<br>services 20.0 20.0 Korea 2024-12-31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund Other financial<br>services 25.0 25.0 Korea 2024-12-31
LOTTE CARD Co., Ltd. (*4) Credit card and<br>installment<br>financing 20.0 20.0 Korea 2024-09-30
Union Technology Finance Investment Association Other financial<br>services 29.7 29.7 Korea 2024-12-31
Dicustody Co., Ltd.(*2)(*7) Other information<br>technology and<br>computer operation<br>related services — 1.0 Korea —
Orient Shipyard Co., Ltd. (*3)(*4) Manufacture of<br>sections for ships 22.7 22.7 Korea 2024-09-30
Joongang Network Solution Co.,Ltd. (*3)(*7) Other information<br>technology and<br>computer operation<br>related services — 25.3 Korea —
Win Mortgage Co.,Ltd. (*1)(*4) Other financial<br>services 4.5 4.5 Korea 2024-09-30
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] Other financial<br>services 100.0 100.0 Korea 2024-12-31
BTS 2nd Private Equity Fund Other financial<br>services 20.0 20.0 Korea 2024-12-31
STASSETS FUND III Other financial<br>services 28.3 28.3 Korea 2024-12-31
SF CREDIT PARTNERS, LLC(*2) Other financial<br>services 10.0 10.0 United<br>States 2024-12-31
Dongwoo C & C Co., Ltd. (*3) Construction 23.2 24.5 Korea —
G2 Collection Co., Ltd. (*3) Wholesale and<br>retail sales 28.9 29.2 Korea —
  • 108 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership (%)
Joint ventures and associates Main business December 31,<br>2024 December 31,<br>2023 Location Financial<br>statements as of
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2 Other financial<br>services 19.9 19.9 Korea 2024-12-31
Woori Seoul Beltway Private Special Asset Fund No.1 Trust and collective<br>investment 25.0 25.0 Korea 2024-12-31
Woori General Private Securities Investment Trust(Bond) No.1 (*7) Collective<br>investment business — 25.0 Korea —
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F(*7) Collective<br>investment business — 15.0 Korea —
Woori Safe Plus General Type Private Investment Trust S-8(Bond) (*7) Collective<br>investment business — 9.1 Korea —
Woori General Private Securities Investment Trust(Bond) No.2 (*7) Collective<br>investment business — 27.3 Korea —
Woori Smart General Private Equity Investment Trust 1(Bond) Collective<br>investment business 28.6 28.6 Korea 2024-12-31
Woori General Private Securities Investment Trust(Bond) No.3 (*7) Collective<br>investment business — 27.8 Korea —
Woori Asset Global Partnership Fund No. 5 Collective<br>investment business 57.7 57.7 Korea 2024-12-31
Woori Short Term Government and Special Bank Bond Active ETF(*7) Collective<br>investment business — 20.8 Korea —
Woori 25-09 Corporate Bond(AA- or higher) Active ETF(*7) Collective<br>investment business — 29.3 Korea —
Woori General Private Securities Investment Trust No. 5 (Bond) (*11) Collective<br>investment business 28.6 — Korea 2024-12-31
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond)<br>(*11) Collective<br>investment business 9.1 — Korea 2024-12-31
Woori General Private Securities Investment Trust No. 6 (Bond) (*11) Collective<br>investment business 28.6 — Korea 2024-12-31
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (*7) (*11) Collective<br>investment business — — Korea —
Woori General Private Securities Investment Trust No. 7 (Bond) (*11) Collective<br>investment business 28.6 — Korea 2024-12-31
Woori Smart General Private Equity Investment Trust No.1(bond) (*11) Collective<br>investment business 28.4 — Korea 2024-12-31
Woori Future Energy Private Special Asset Investment Trust(General) No.1 (*11) Collective<br>investment business 16.0 — Korea 2024-12-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund Other financial<br>services 25.6 25.6 Korea 2024-12-31
Portone-Cape Fund No.1 Other financial<br>services 20.0 20.0 Korea 2024-12-31
DeepDive WOORI 2021-1 Financial Investment Fund (*6) (*7) Other financial<br>services — 11.9 Korea —
  • 109 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership (%)
Joint ventures and associates Main business December 31,<br>2024 December 31,<br>2023 Location Financial<br>statements as of
Darwin Green Packaging Private Equity Fund Other financial<br>services 20.4 20.4 Korea 2024-12-31
Koreawide partners 2nd Private Equity Fund Other financial<br>services 26.7 26.7 Korea 2024-12-31
Woori Investment Securities Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2 Real estate business 12.0 12.0 Korea 2024-12-31
Woori Real Infrastructure Blind General Type Private Placement Investment Trust (*7) Investment trust and<br>discretionary<br>investment business — 0.1 Korea —
Woori Asset Management Co. Ltd.
Woori Together TDF 2025 (*11) Collective investment<br>business 24.7 — Korea 2024-12-31
Woori Together TDF 2030 Collective investment<br>business 22.2 28.0 Korea 2024-12-31
Woori Together OCIO Target Return Feeder fund (Balance Bond) (*7) Collective investment<br>business — 20.4 Korea —
Woori Treasury Target Return Bond FoF (*11) Collective investment<br>business 23.9 — Korea 2024-12-31
Woori Together TDF 2035 (*11) Collective investment<br>business 22.5 — Korea 2024-12-31
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF (*2) Other financial<br>services 4.0 4.0 Korea 2024-12-31
Aarden Woori Apparel 1st Private Equity Fund (*2) Other financial<br>services 0.5 0.5 Korea 2024-12-31
Woori Dyno 1st Private Equity Fund (*2) Other financial<br>services 19.6 19.6 Korea 2024-12-31
NH Woori Dino Co-Investment NO.2 Private Equity Fund (*2) (*11) Other financial<br>services 5.1 — Korea 2024-12-31
Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust NO 1-2 (*11) Collective investment<br>business 35.9 — Korea 2024-12-31
Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8) Asset Management 37.5 37.5 Korea 2024-12-31
KTB China Platform Fund (*7) (*10) Asset Management — 18.7 Korea —
KTBN Venture Fund No.7 (*7) (*9) Asset Management — 20.1 Korea —
KTBN Venture Fund No.8 (*9) Asset Management 21.7 21.7 Korea 2024-12-31
KTBN Digital Contents Korea Fund No.9 (*9) Asset Management 30.0 30.0 Korea 2024-12-31
KTBN Media Contents Fund (*10) Asset Management 15.0 15.0 Korea 2024-12-31
KTB China Synergy Fund (*10) Asset Management 15.1 15.1 Korea 2024-12-31
NAVER-KTB Audio Contents Fund (*10) Asset Management 1.0 1.0 Korea 2024-12-31
KTBN Venture Fund No.13 (*10) Asset Management 19.6 19.6 Korea 2024-12-31
KTBN Future Contents Fund (*10) Asset Management 13.3 13.3 Korea 2024-12-31
KTBN Venture Fund No.16 (*10) Asset Management 10.3 10.3 Korea 2024-12-31

All values are in US Dollars.

  • 110 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership (%)
Joint ventures and associates Main business December 31,<br>2024 December 31,<br>2023 Location Financial<br>statements as of
KTBN Venture Fund No.18 (*10) Asset Management 10.1 10.1 Korea 2024-12-31
KB-KTB Technology Venture Fund (*10) Asset Management 18.2 18.2 Korea 2024-12-31
Woori 2022 Scaleup Venture Fund Asset Management 20.0 20.0 Korea 2024-12-31
Woori 2022 Start-up Venture Fund Asset Management 30.1 30.1 Korea 2024-12-31
KTB-NHN China Private Equity Fund (*7) Asset Management — 33.3 Korea —
KTBN GI Private Equity Fund (*10) Asset Management 5.0 5.0 Korea 2024-12-31
Chirochem (*4) Medical material<br>Manufacturing 28.6 28.6 Korea 2023-12-31
Daishin Balance No.18 Special Purpose Acquisition Company (*7) (*11) Other financial<br>services — — Korea —
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*4) Other financial<br>services 47.8 47.8 Japan 2024-10-31
Woori Japan Private Placement Real Estate Master Investment Trust No.2
Woori Zip 1 (*7) Other financial<br>services — 62.4 Japan —
Woori Zip 2 (*7) Other financial<br>services — 62.8 Japan —
Woori bank and Woori card Co., Ltd. (*5)
SJCO Co., Ltd. (*3) Aggregate<br>transportation and<br>wholesale 29.8 29.8 Korea —
KG Fashion Co., Ltd. (*3) (*4) Manufacturing 20.8 20.8 Korea 2024-11-30
Kyesan Engineering Co., Ltd. (*3) Construction 23.3 23.3 Korea —
Good Software Lap Co., Ltd. (*3) Service 29.4 29.4 Korea —
DAEA SNC Co., Ltd. (*3) Wholesale and<br>retail sales 25.5 25.5 Korea —
PREXCO Co., Ltd. (*3) Manufacturing 28.1 28.1 Korea —
JiWon Plating Co., Ltd. (*3) Plating 20.8 20.8 Korea —
Youngdong Sea Food Co., Ltd. (*3) Processed sea food<br>manufacturing 24.5 24.5 Korea —
KUM HWA Co., Ltd. (*3) Telecommunication<br>equipment retail<br>sales 20.1 20.1 Korea 2024-12-31
Jinmyung Plus Co., Ltd. (*3) (*4) Manufacturing 21.3 21.3 Korea 2024-09-30
Rea Company (*3) Manufacturing 26.1 24.5 Korea —
ARAM CMC Co.,Ltd. (*3) Manufacturing 20.1 20.0 Korea —
MARKET&FARM CO.,LTD. (*3)(*11) Wholesale and<br> <br>commodity<br>brokerage 23.7 — Korea 2024-12-31
SAMJI TEXTILE CO.,LTD. (*3)(*11) Wholesale and<br> <br>commodity<br>brokerage 29.8 — Korea —
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund Other financial<br>services 23.4 23.5 Korea 2024-12-31
  • 111 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership (%)
Joint ventures and associates Main business December 31,<br>2024 December 31,<br>2023 Location Financial<br>statements as of
Dream Company Growth no.1 PEF (*7) Other financial<br>services — 27.8 Korea —
HMS-Oriens 1st Fund Other financial<br>services 22.8 22.8 Korea 2024-12-31
Woori Senior Loan Private Placement Investment Trust No.1 Collective investment<br>business 21.7 21.7 Korea 2024-12-31
Genesis Eco No.1 Private Equity Fund Other financial<br>services 29.0 29.0 Korea 2024-12-31
Paratus Woori Material Component Equipment joint venture company Other financial<br>services 29.9 29.9 Korea 2024-12-31
Midas No. 8 Private Equity Joint Venture Company Other financial<br>services 28.5 28.5 Korea 2024-12-31
Orchestra Private Equity Fund IV Other financial<br>services 28.2 28.2 Korea 2024-12-31
Synaptic Green No.1 PEF Other financial<br>services 21.1 21.1 Korea 2024-12-31
IGEN2022No. 1 Private Equity Fund Other financial<br>services 24.8 24.8 Korea 2024-12-31
PCC-Woori LP Secondary Fund Other financial<br>services 38.9 38.9 Korea 2024-12-31
Synaptic Future Growth Private Equity Fund 1 Other financial<br>investment 23.8 23.8 Korea 2024-12-31
Woori Bank and Woori Asset Management Co. Ltd. (*5)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond) (*7) Collective investment<br>business — 14.1 Korea —
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks) (*7) (*11) Collective investment<br>business — — Korea —
Woorinara Short-Term Bond Securities Investment Trust (Bond) (*7) (*11) Collective investment<br>business — — Korea —
Woori Investment Securities Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2<br>(*11) Collective investment<br>business 2.3 — Korea 2024-12-31
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund(*12) Other financial<br>services 34.6 32.4 Korea 2024-12-31
Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (*5)
NH Woori New deal Co-Investment No.1 Private Equity Fund (*11) Other financial<br>services 19.5 — Korea 2024-12-31
Woori Venture Partners Co., Ltd., Woori Asset Management Corp. (*5)
  • 112 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Percentage of ownership (%)
Joint ventures and associates Main business December 31,<br>2024 December 31,<br>2023 Location Financial<br>statements as of
Woori BIG SATISFACTION SHINJONG MMF 3RD (*11) Collective investment<br>business 2.3 — Korea 2024-12-31
Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori<br>Private Equity Asset Management Co., Ltd. (*5)
Woori-Shinyoung Growth-Cap Private Equity Fund I Other financial<br>services 35.0 35.0 Korea 2024-12-31
NH Woori Newdeal Growth Alpha Private Equity Fund 1 Other financial<br>services 32.9 32.7 Korea 2024-12-31
Woori Bank, Woori card Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Asset Management<br>Corp. (*5)
Woori Real Estate Investment No. 1 Limited Liability Company (*11) Collective investment<br>business 19.9 — Korea 2024-12-31
(*1) Most of the significant business transactions of associates are with the Group as of December 31, 2024 and<br>2023.
--- ---
(*2) The Group can participate in decision-making body and exercise significant influence over financial policies<br>and operational policies decision making of the associates.
--- ---
(*3) There is no investment balance as of December 31, 2024 and 2023.
--- ---
(*4) The equity method was applied using the most recent financial statements available from the settlement date<br>because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary<br>were duly reflected.
--- ---
(*5) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process<br>for activities related to the investee.
--- ---
(*6) The Group can participate as a co-operator to exert significant influence.
--- ---
(*7) It was excluded from associates in current year.
--- ---
(*8) It has been liquidating as of December 31, 2024.
--- ---
(*9) It was excluded from associates during the year.
--- ---
(*10) The Group classified it as an associate because it has significant influence as a general partner of the<br>investment association.
--- ---
(*11) It was added to associates in current period.
--- ---
(*12) It was classified as an associate due to holding of voting rights according to the initial investment agreement<br>ratio.
--- ---
  • 113 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) Changes in the carrying value of investments in associates accounted for using the equity method of accounting<br>are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Acquisition<br>cost January 1,<br>2024 Share of<br>profits(losses)<br>and others Acquisition Disposal/<br>Reclassification Dividends Change in<br>capital and<br>others December 31,<br>2024
W Service Networks Co., Ltd. 108 216 (7 ) — — (5 ) — 204
Korea Credit Bureau Co., Ltd. 3,313 6,433 2,658 — — (90 ) — 9,001
Korea Finance Security Co., Ltd. 3,267 3,285 331 — — — — 3,616
K BANK Co., Ltd. 224,657 260,052 13,747 — (13,029 ) — 1,480 262,250
Partner One Value Up I Private Equity Fund 5,039 3,230 (1,107 ) — — — — 2,123
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership — 8,247 (784 ) — (4,356 ) (844 ) — 2,263
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund 4,532 4,437 — 95 — — — 4,532
LOTTE CARD Co.,Ltd. 346,810 587,392 17,861 — — (15,591 ) (14,082 ) 575,580
Union Technology Finance Investment Association 13,449 12,270 (500 ) — — — — 11,770
Dicustody Co., Ltd. — 1 — — (1 ) — — —
Orient Shipyard Co., Ltd.(*) — — — — — — — —
Joongang Network Solution Co.,Ltd. — 88 100 — (101 ) — (87 ) —
Win Mortgage Co.,Ltd. 23 105 32 — — (2 ) — 135
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] 10,000 10,540 307 — — — — 10,847
BTS 2nd Private Equity Fund 8,146 4,838 41 2,920 — — — 7,799
STASSETS FUND III 12,000 8,406 (228 ) 3,000 — — — 11,178
SF CREDIT PARTNERS, LLC 13,059 12,845 1,326 — — — 1,829 16,000
Japanese Hotel Real Estate Private Equity Fund No.2 3,168 2,688 226 — (5 ) (176 ) 72 2,805
Woori Seoul Beltway Private Special Asset Fund No.1 15,926 12,590 558 3,487 — (559 ) — 16,076
Woori General Private Securities Investment Trust(Bond) No.1 — 51,686 586 — (50,102 ) (2,170 ) — —
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F — 105,564 1,864 50,000 (153,226 ) (4,202 ) — —
Woori Safe Plus General Type Private Investment Trust S-8(Bond) — 10,330 102 — (10,003 ) (429 ) — —
Woori General Private Securities Investment Trust(Bond) No.2 — 30,829 370 — (31,199 ) — — —
Woori Smart General Private Equity Investment Trust 1(bond) 40,000 41,135 2,443 — — (1,795 ) — 41,783
Woori General Private Securities Investment Trust(Bond) No.3 — 51,205 625 — (51,830 ) — — —
Woori Asset Global Partnership Fund No.5 52,500 22,071 2,906 30,000 — — — 54,977
WOORI TAERIM 1st Fund 1,100 988 — — — — — 988
Portone-Cape Fund No.1 340 445 (285 ) — — — — 160
DeepDive WOORI 2021-1 Financial Investment Fund — 1,236 (543 ) — (226 ) (467 ) — —
Darwin Green Packaging Private Equity Fund 4,000 3,957 (53 ) — — — — 3,904
Koreawide partners 2nd Private Equity Fund 20,000 19,235 — — — — — 19,235
Woori FirstValue Private Real Estate Fund No.2 9,000 560 7 — — — — 567
Woori Real Infrastructure Blind General Type Private Placement Investment Trust — 55 — — (55 ) — — —
Woori Together TDF 2025 3,000 — 332 — 3,245 — — 3,577
Woori Together TDF 2030 3,000 3,324 400 — — — — 3,724
  • 114 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2024
Acquisition<br>cost January 1,<br>2024 Share of<br>profits(losses)<br>and others Acquisition Disposal/<br>Reclassification Dividends Change in<br>capital and<br>others December 31,<br>2024
Woori Together OCIO Target Return Feeder fund (Balance Bond) — 10,376 — — (10,376 ) — — —
Woori Treasury Target Return Bond FoF 200 — 1 — 219 — — 220
Woori Together TDF 2035 3,000 — 42 — 3,406 — — 3,448
Australia Green Energy 1st PEF 4,913 4,811 453 — — — — 5,264
Aarden Woori Apparel 1st Private Equity Fund 100 133 (38 ) — — — — 95
Woori Dyno 1st Private Equity Fund 2,000 2,358 491 — — — — 2,849
NH Woori Dino Co-Investment NO.2 Private Equity Fund 2,000 — (4 ) 2,000 — — — 1,996
KTB-KORUS FUND 337 3,359 (1,149 ) — — (421 ) — 1,789
KTB China Platform Fund — 16,059 (2,164 ) — — (13,895 ) — —
KTBN Venture Fund No.7 — 16,044 (2,641 ) — — (13,403 ) — —
KTBN Venture Fund No.8 195 2,511 (413 ) — — (569 ) — 1,529
KTBN Digital Contents Korea Fund No.9 7,020 5,597 (591 ) — — — — 5,006
KTBN Media Contents Fund — 283 (129 ) — — — — 154
KTB China Synergy Fund 12,400 20,405 1,840 — — (3,296 ) — 18,949
NAVER-KTB Audio Contents Fund 300 288 (40 ) — — — — 248
KTBN Venture Fund No.13 4,400 14,158 5,302 — — (3,801 ) — 15,659
KTBN Future Contents Fund 4,000 4,561 (368 ) — — — — 4,193
KTBN Venture Fund No.16 12,200 18,561 1,492 — — (4,200 ) — 15,853
KTBN Venture Fund No.18 27,075 26,970 (39 ) — — (1,425 ) — 25,506
KB-KTB Technology Venture Fund 10,000 7,600 (250 ) 2,000 — — — 9,350
WOORI 2022 Scaleup Venture Fund 20,944 13,578 (2,545 ) 6,776 — — — 17,809
WOORI 2022 Start-up Venture Fund 13,100 2,433 (140 ) 10,480 — — — 12,773
KTB-NHN China Private Equity Fund — 3 (1 ) — — (2 ) — —
KTBN GI Private Equity Fund — 617 143 — — (718 ) (37 ) 5
Chirochem 250 102 2 — — — — 104
Daishin Balance No.18 Special Purpose Acquisition Company — — — — — — — —
Godo Kaisha Oceanos 1 10,800 7,978 63 — — (622 ) (72 ) 7,347
Woori Zip 1 — 7,629 (57 ) — (7,655 ) — 83 —
Woori Zip 2 — 10,695 (9 ) — (10,814 ) — 128 —
KG Fashion Co., Ltd.(*) — — — — — — — —
KUM HWA Co., Ltd. (*) — — — — — — — —
Jinmyung Plus Co., Ltd. — 14 (5 ) — — — — 9
JC Assurance No.2 Private Equity Fund (*) 29,349 — — — — — — —
Dream Company Growth no.1 PEF — 7,809 — — (7,552 ) (257 ) — —
HMS-Oriens 1st Fund 12,000 14,030 850 — — — — 14,880
Woori Senior Loan Private Placement Investment Trust No.1 17,595 75,590 1,966 — (57,785 ) (2,254 ) — 17,517
Genesis Eco No.1 Private Equity Fund 12,000 10,942 (95 ) — — — — 10,847
Paratus Woori Material Component Equipment joint venture company 17,700 16,979 (265 ) — — — — 16,714
Midas No. 8 Private Equity Joint Venture Company 18,419 18,465 272 — — (530 ) — 18,207
Orchestra Private Equity Fund IV 9,700 9,555 55 — — — — 9,610
Synaptic Green No.1 PEF 8,000 7,611 (112 ) — — — — 7,499
IGEN2022No. 1 Private Equity Fund 7,422 7,983 140 — — (151 ) — 7,972
PCC-Woori LP Secondary Fund 10,435 10,530 (1,882 ) — — — — 8,648
Synaptic Future Growth Private Equity Fund 6,760 7,069 4,848 2,262 (2,627 ) (3,867 ) — 7,685

All values are in US Dollars.

  • 115 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2024
Acquisition<br>cost January 1,<br>2024 Share of<br>profits(losses)<br>and others Acquisition Disposal/<br>Reclassification Dividends Change in<br>capital and<br>others December 31,<br>2024
Woori-Q Corporate Restructuring Private Equity Fund 29,627 20,283 1,539 12,185 — — — 34,007
Woori-Shinyoung Growth-Cap Private Equity Fund I 16,806 33,481 (3,589 ) — — (196 ) — 29,696
NH Woori Newdeal Growth Alpha Private Equity Fund 1 49,289 32,987 18,151 21,636 (5,925 ) (11,310 ) — 55,539
Woori Real Estate Investment No. 1 Limited Liability Company 34,200 — (281 ) 34,200 — — — 33,919
Woori BIG2 Plus Securities Investment Trust (Balanced Bond) — 2,543 (276 ) 1,000 (3,197 ) (70 ) — —
Woori Short Term Government and Special Bank Bond Active ETF — 12,286 118 — (12,404 ) — — —
Woori 25-09 Corporate Bond(AA- or higher) Active ETF — 29,821 1,148 — (30,969 ) — — —
Woori General Private Securities Investment Trust No. 5 (Bond) 60,000 — 3,099 60,000 — (3,075 ) — 60,024
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond) 10,000 — 493 10,000 — — — 10,493
Woori General Private Securities Investment Trust No. 6 (Bond) 40,000 — 2,090 40,000 — — — 42,090
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) — — 2,261 500,000 (502,261 ) — — —
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks) — — 31 1,000 (1,031 ) — — —
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 3,849 — 215 2,356 1,443 (3 ) — 4,011
Woorinara Short-Term Bond Securities Investment Trust (Bond) — — 339 50,000 (50,339 ) — — —
Woori General Private Securities Investment Trust No. 7 (Bond) 40,000 — 1,116 40,000 — — — 41,116
Woori Smart General Private Equity Investment Trust No.1(bond) 40,000 — 477 40,000 — — — 40,477
Woori Future Energy Private Special Asset Investment Trust(General) No.1 — — — — — — — —
Woori BIG SATISFACTION SHINJONG MMF 3RD 39,002 — 317 34,083 7,584 — — 41,984
NH Woori New deal Co-Investment No.1 Private Equity Fund 5,000 — 204 5,000 — — — 5,204
KCLAVIS NPL Investment Trust NO 1-2 15,000 — 422 15,000 — — — 15,422
1,463,824 1,795,370 76,212 979,480 (1,001,171 ) (90,395 ) (10,686 ) 1,748,810
(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was<br>19 million Won for Orient Shipyard Co.,Ltd., 39 million Won in KG FASHION CO., LTD., 295 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 47 million Won<br>for Orient Shipyard Co.,Ltd., 159 million Won in KG FASHION CO., LTD., 666 million Won in JC Assurance No.2 Private Equity Fund.
--- ---
  • 116 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Acquisition<br>cost January 1,<br>2024 Share of<br>profits(losses)<br>and others Acquisition Business<br>combination Disposal/<br>Reclassification Dividends Change in<br>capital December 31,<br>2024
W Service Networks Co., Ltd. 108 208 13 — — — (5 ) — 216
Korea Credit Bureau Co., Ltd. 3,313 5,709 814 — — — (90 ) — 6,433
Korea Finance Security Co., Ltd. 3,267 2,374 (99 ) — — — — 1,010 3,285
Woori Growth Partnerships New Technology Private Equity Fund — 10,889 (51 ) — — (10,838 ) — — —
2016KIF-IMM Woori Bank Technology Venture Fund — 9,474 539 — — (10,013 ) — — —
K BANK Co., Ltd. 236,232 247,789 5,327 — — — — 6,936 260,052
Woori Bank-Company K Korea Movie Asset Fund — 239 52 — — (103 ) (188 ) — —
Partner One Value Up I Private Equity Fund 5,039 4,278 (1,048 ) — — — — — 3,230
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership 4,356 10,285 1,162 — — (3,200 ) — — 8,247
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund 4,436 4,355 — 82 — — — — 4,437
LOTTE CARD Co.,Ltd. 346,810 514,131 91,533 — — — (13,199 ) (5,073 ) 587,392
Union Technology Finance Investment Association 13,449 14,462 (1,004 ) — — (1,188 ) — — 12,270
Dicustody Co., Ltd. 1 1 — — — — — — 1
Orient Shipyard Co., Ltd.(*) — — — — — — — — —
Joongang Network Solution Co.,Ltd. — — 1 — — — — 87 88
Win Mortgage Co.,Ltd. 23 — 84 23 — — (2 ) — 105
Together-Korea Government Private Pool Private Securities Investment Trust No.3 10,000 10,243 297 — — — — — 10,540
BTS 2nd Private Equity Fund 5,226 2,881 (243 ) 2,200 — — — — 4,838
STASSETS FUND III 9,000 1,230 (324 ) 7,500 — — — — 8,406
SF CREDIT PARTNERS, LLC 13,059 — 99 13,059 — — — (313 ) 12,845
Japanese Hotel Real Estate Private Equity Fund No.2 3,174 2,855 86 — — — (133 ) (120 ) 2,688
Woori Seoul Beltway Private Special Asset Fund No.1 12,464 9,874 451 2,709 — — (444 ) — 12,590
Woori General Private Securities Investment Trust(Bond) No.1 50,000 — 1,686 50,000 — — — — 51,686
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F 100,000 112,025 7,670 — — (10,352 ) (3,779 ) — 105,564
Woori Safe Plus General Type Private Investment Trust S-8(Bond) 10,000 10,182 507 — — — (359 ) — 10,330
Woori General Private Securities Investment Trust(Bond) No.2 30,000 — 829 30,000 — — — — 30,829
Woori Smart General Private Equity Investment Trust 1(bond) 40,000 — 1,135 40,000 — — — — 41,135
Woori General Private Securities Investment Trust(Bond) No.3 50,000 — 1,205 50,000 — — — — 51,205
Woori Asset Global Partnership Fund No.5 22,500 — (429 ) 22,500 — — — — 22,071
WOORI TAERIM 1st Fund 1,100 988 — — — — — — 988
Portone-Cape Fund No.1 340 464 (19 ) — — — — — 445
KIWOOM WOORI Financial 1st Fund — 953 (10 ) — — (943 ) — — —
DeepDive WOORI 2021-1 Financial Investment Fund 222 878 1,128 — — (678 ) (92 ) — 1,236
Darwin Green Packaging Private Equity Fund 4,000 3,945 92 — — — (80 ) — 3,957
DS Power Semicon Private Equity Fund — 2,976 495 — — (2,971 ) (500 ) — —
Koreawide partners 2nd Private Equity Fund 20,000 20,000 (765 ) — — — — — 19,235
Woori FirstValue Private Real Estate Fund No.2 9,000 558 2 — — — — — 560
  • 117 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Acquisition<br>cost January 1,<br>2024 Share of<br>profits(losses)<br>and others Acquisition Business<br>combination Disposal/<br>Reclassification Dividends Change<br>in<br>capital December 31,<br>2024
Woori Real Infrastructure Blind General Type Private Placement Investment Trust 52 102 4 — — (47 ) (4 ) — 55
Woori Star50 feeder fund(H) — 126 (12 ) — — (114 ) — — —
Woori Together TDF 2025 — 1,990 116 — — (2,106 ) — — —
Woori Together TDF 2030 3,000 2,033 291 1,000 — — — — 3,324
Woori Together OCIO Target Return Feeder fund (Balance Bond) 10,000 — 348 — — 10,028 — — 10,376
Australia Green Energy 1st PEF 4,913 4,858 (47 ) — — — — — 4,811
Aarden Woori Apparel 1st Private Equity Fund 100 97 36 — — — — — 133
Woori Dyno 1st Private Equity Fund 2,000 1,994 364 — — — — — 2,358
KTB-KORUS FUND 3,626 — (267 ) — 3,626 — — — 3,359
KTB China Platform Fund 17,023 — (964 ) — 17,023 — — — 16,059
KTBN Venture Fund No.7 16,972 — (225 ) — 16,972 — (703 ) — 16,044
KTBN Venture Fund No.8 3,325 — (814 ) — 3,325 — — — 2,511
KTBN Digital Contents Korea Fund No.9 5,329 — 268 — 5,329 — — — 5,597
KTBN Media Contents Fund 330 — (20 ) — 330 — (27 ) — 283
KTB China Synergy Fund 21,629 — (1,224 ) — 21,629 — — — 20,405
NAVER-KTB Audio Contents Fund 284 — 4 — 284 — — — 288
KTBN Venture Fund No.13 13,279 — 3,407 — 13,279 — (2,528 ) — 14,158
KTBN Future Contents Fund 3,892 — 669 — 3,892 — — — 4,561
KTBN Venture Fund No.16 17,546 — 1,015 — 17,546 — — — 18,561
KTBN Venture Fund No.18 26,308 — 662 2,850 23,458 — — — 26,970
KB-KTB Technology Venture Fund 7,755 — (155 ) 2,000 5,755 — — — 7,600
WOORI 2022 Scaleup Venture Fund 14,000 — (414 ) 13,645 355 — (8 ) — 13,578
WOORI 2022 Start-up Venture Fund 2,564 — (131 ) — 2,564 — — — 2,433
KTB-NHN China Private Equity Fund 1,272 — (103 ) — 1,272 — (1,024 ) (142 ) 3
KTBN GI Private Equity Fund 189 — 392 — 189 — — 36 617
Chirochem 102 — — — 102 — — — 102
Godo Kaisha Oceanos 1 10,800 8,788 92 — — — (748 ) (154 ) 7,978
Woori Zip 1 8,706 8,690 (127 ) — — (548 ) — (386 ) 7,629
Woori Zip 2 8,411 12,180 (107 ) — — (844 ) — (534 ) 10,695
KG Fashion Co., Ltd.(*) — — — — — — — — —
KUM HWA Co., Ltd. (*) — — — — — — — — —
Jinmyung Plus Co., Ltd. — 10 4 — — — — — 14
JC Assurance No.2 Private Equity Fund (*) 29,349 — — — — — — — —
Dream Company Growth no.1 PEF 7,153 7,861 362 — — — (414 ) — 7,809
HMS-Oriens 1st Fund 12,000 13,252 778 — — — — — 14,030
Woori Senior Loan Private Placement Investment Trust No.1 75,114 81,861 3,341 — — (5,975 ) (3,637 ) — 75,590
Genesis Eco No.1 Private Equity Fund 12,000 11,216 (274 ) — — — — — 10,942
Paratus Woori Material Component Equipment joint venture company 17,700 17,250 (271 ) — — — — — 16,979
Midas No. 8 Private Equity Joint Venture Company 18,537 18,713 282 — — — (530 ) — 18,465
Orchestra Private Equity Fund IV 9,700 9,698 457 — — (178 ) (422 ) — 9,555
Synaptic Green No.1 PEF 8,000 7,793 (182 ) — — — — — 7,611
IGEN2022No. 1 Private Equity Fund 7,422 8,010 336 — — — (363 ) — 7,983
PCC-Woori LP Secondary Fund 10,435 12,984 (2,450 ) — — (4 ) — — 10,530
Synaptic Future Growth Private Equity Fund 7,295 — (226 ) 7,295 — — — — 7,069
Woori-Q Corporate Restructuring Private Equity Fund 17,441 27,536 2,708 369 — (10,330 ) — — 20,283
  • 118 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

For the year ended December 31, 2023
Acquisition<br>cost January 1,<br>2024 Share of<br>profits(losses)<br>and others Acquisition Business<br>combination Disposal/<br>Reclassification Dividends Change in<br>capital December 31,<br>2024
Woori-Shinyoung Growth-Cap Private Equity Fund I 17,018 43,274 (9,793 ) — — — — — 33,481
NH Woori Newdeal Growth Alpha Private Equity Fund 1 34,006 — (1,019 ) 34,006 — — — — 32,987
Woori BIG2 Plus Securities Investment Trust(Balanced Bond) 2,200 1,074 543 2,000 — (1,074 ) — — 2,543
Woori Short Term Government and Special Bank Bond Active ETF 12,008 — 103 — — 12,183 — — 12,286
Woori 25-09 Corporate Bond(AA- or higher) Active ETF 29,001 — 820 29,001 — — — — 29,821
1,536,905 1,305,636 109,792 310,239 136,930 (39,295 ) (29,279 ) 1,347 1,795,370
(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was<br>2 million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co.,Ltd., 120 million Won in KG FASHION CO., LTD., 371 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won<br>for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co.,Ltd., 120 million Won in KG FASHION CO., LTD., 371 million Won in JC Assurance No.2 Private Equity Fund.
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  • 119 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Summary financial information relating to investments in associates accounted for using the equity method of<br>accounting is as follows (Unit: Korean Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets Liabilities Operating<br>revenue Net<br>income<br>(loss) Other<br>comprehensive<br>income<br>(loss) Total<br>comprehensive<br>income<br>(loss)
W Service Networks Co., Ltd. 6,621 2,475 16,788 738 — 738
Korea Credit Bureau Co., Ltd. 150,657 62,343 175,338 26,589 — 26,589
Korea Finance Security Co., Ltd. 36,797 12,692 42,640 1,695 — 1,695
K BANK Co., Ltd. 29,314,529 27,293,765 1,043,436 149,922 3,695 153,617
Partner One Value Up I Private Equity Fund 9,810 682 (4,358 ) (4,758 ) — (4,758 )
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership 11,474 165 (3,108 ) (3,887 ) — (3,887 )
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund 15,745 100 1 (388 ) — (388 )
LOTTE CARD Co.,Ltd. (*1) 24,416,416 20,937,932 2,103,130 100,468 (20,494 ) 79,974
Union Technology Finance Investment Association 40,269 641 19 (646 ) — (646 )
Orient Shipyard Co., Ltd. 7,025 23,626 — (76 ) — (76 )
Win Mortgage Co.,Ltd. 6,053 3,073 16,435 1,044 — 1,044
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] 10,849 1 306 300 — 300
BTS 2nd Private Equity Fund 39,431 432 628 (468 ) — (468 )
STASSETS FUND III 39,694 197 40 (802 ) — (802 )
SF CREDIT PARTNERS, LLC 185,463 30,752 35,820 14,319 18,291 32,610
ARAM CMC Co.,Ltd. 541 453 717 (31 ) — (31 )
Japanese Hotel Real Estate Private Equity Fund No.2 14,135 13 1,246 1,129 — 1,129
Woori Seoul Beltway Private Special Asset Fund No.1 64,308 3 2,298 2,233 — 2,233
Woori Smart General Private Equity Investment Trust 1 312,490 166,250 13,404 8,549 — 8,549
Woori Asset Global Partnership Fund No.5 95,548 254 6,479 5,038 — 5,038
WOORI TAERIM 1st Fund 4,045 183 — — — —
Portone-Cape Fund No.1 1,000 200 — (103 ) — (103 )
Darwin Green Packaging Private Equity Fund 19,128 — — (262 ) — (262 )
Koreawide partners 2nd Private Equity Fund 75,002 2,870 — — — —
Woori FirstValue Private Real Estate Fund No.2 67,081 62,357 62 57 — 57
Woori Together TDF 2025 14,500 30 1,232 1,206 — 1,206
Woori Together TDF 2030 16,849 41 1,574 1,544 — 1,544
Woori Treasury Target Return Bond FoF 921 — 164 144 — 144
Woori Together TDF 2035 15,537 241 1,031 1,011 — 1,011
Australia Green Energy 1st PEF 132,878 24 13,121 11,424 — 11,424
Aarden Woori Apparel 1st Private Equity Fund 20,083 89 — (8,136 ) — (8,136 )
Woori Dyno 1st Private Equity Fund 14,575 43 2,712 2,545 — 2,545
NH Woori Dino Co-Investment NO.2 Private Equity Fund 39,368 2 6 (83 ) — (83 )
KTB-KORUS FUND 4,772 — 691 (3,062 ) — (3,062 )
KTBN Venture Fund No.8 7,032 — 98 (1,902 ) — (1,902 )
KTBN Digital Contents Korea Fund No.9 18,343 1,656 937 (1,971 ) — (1,971 )
KTBN Media Contents Fund 1,029 — 60 (858 ) — (858 )
KTB China Synergy Fund 135,892 10,073 23,354 12,215 — 12,215
NAVER-KTB Audio Contents Fund 25,443 648 466 (3,972 ) — (3,972 )
KTBN Venture Fund No.13 80,487 625 38,903 27,039 — 27,039
KTBN Future Contents Fund 31,882 434 725 (2,763 ) — (2,763 )
KTBN Venture Fund No.16 156,157 1,592 31,459 14,540 — 14,540
KTBN Venture Fund No.18 254,010 2,532 31,976 (383 ) — (383 )
KB-KTB Technology Venture Fund 52,125 701 3,802 (1,377 ) — (1,377 )
WOORI 2022 Scaleup Venture Fund 89,006 76 926 (12,705 ) — (12,705 )

All values are in US Dollars.

  • 120 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2024
Assets Liabilities Operating<br>revenue Net<br>income<br>(loss) Other<br>comprehensive<br>income<br>(loss) Total<br>comprehensive<br>income<br>(loss)
WOORI 2022 Start-up Venture Fund 42,418 3 162 (466 ) — (466 )
KTBN GI Private Equity Fund 104 12 3,444 2,832 (732 ) 2,100
Chirochem 556 190 451 8 — 8
Godo Kaisha Oceanos 1 60,513 45,145 2,605 132 — 132
KG Fashion Co., Ltd. 2,201 2,850 544 (197 ) — (197 )
KUM HWA Co., Ltd. 4 167 — — — —
Jinmyung Plus Co., Ltd. 499 459 96 (32 ) — (32 )
JC Assurance No.2 Private Equity Fund 121,539 989 — (642 ) — (642 )
HMS-Oriens 1st Fund 65,227 7 — 3,723 — 3,723
Woori Senior Loan Private Placement Investment Trust No.1 80,919 5 9,664 9,101 — 9,101
Genesis Eco No.1 Private Equity Fund 38,043 622 — (634 ) — (634 )
Paratus Woori Material Component Equipment joint venture company 58,285 2,380 — (884 ) — (884 )
Midas No. 8 Private Equity Joint Venture Company 64,156 241 1,916 963 — 963
Orchestra Private Equity Fund IV 34,113 — 700 194 — 194
Synaptic Green No.1 PEF 35,623 5 2 703 — 703
IGEN2022No. 1 Private Equity Fund 32,215 126 1,056 565 — 565
PCC-Woori LP Secondary Fund 22,863 600 2,549 (4,767 ) — (4,767 )
Synaptic Future Growth Private Equity Fund 32,638 295 19,412 18,240 — 18,240
Woori-Q Corporate Restructuring Private Equity Fund 101,315 1,362 1,278 164 — 164
Woori-Shinyoung Growth-Cap Private Equity Fund I 84,775 419 4,422 (10,824 ) — (10,824 )
NH Woori Newdeal Growth Alpha Private Equity Fund 1 164,574 762 40,639 38,093 — 38,093
Woori Real Estate Investment No. 1 Limited Liability Company 405,845 235,058 6 (1,412 ) — (1,412 )
Woori General Private Securities Investment Trust No. 5 456,448 246,365 15,926 10,847 — 10,847
Woori Big Satisfaction General Private Securities Investment Trust No. 3 170,856 55,432 6,755 5,425 — 5,425
Woori General Private Securities Investment Trust No. 6 398,460 251,145 12,650 7,315 — 7,315
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 171,980 — 8,579 8,539 — 8,539
Woori General Private Securities Investment Trust No. 7 (Bond) 424,652 280,745 6,743 3,907 — 3,907
Woori Smart General Private Equity Investment Trust No.1(bond) 244,268 101,784 3,038 2,484 — 2,484
Woori Future Energy Private Special Asset Investment Trust(General) No.1 — — — — — —
Woori Big Satisfaction Corporation MMF No. 3 1,860,868 29 56,309 56,153 — 56,153
NH Woori New deal Co-Investment No.1 Private Equity Fund 29,382 254 3,682 3,428 — 3,428
KCLAVIS NPL Investment Trust NO 1-2 43,057 80 1,176 1,176 — 1,176
MARKET&FARM CO.,LTD. 954 902 4,933 (125 ) — (125 )
(*1) The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the<br>adjustments that occurred by difference of accounting policies with the Group.
--- ---
  • 121 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Assets Liabilities Operating<br>revenue Net<br>income<br>(loss) Other<br>comprehensive<br>income (loss) Total<br>comprehensive<br>income (loss)
W Service Networks Co., Ltd. 6,887 2,496 19,350 1,069 — 1,069
Korea Credit Bureau Co., Ltd. 131,164 68,756 163,707 8,012 — 8,012
Korea Finance Security Co., Ltd. 36,185 14,287 44,709 (464 ) 6,730 6,266
K BANK Co., Ltd. 20,799,599 18,903,298 826,894 49,853 47,885 97,738
Partner One Value Up I Private Equity Fund 14,182 293 (4,107 ) (4,505 ) — (4,505 )
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership 41,533 305 6,501 5,823 — 5,823
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund 15,754 100 2 (388 ) — (388 )
LOTTE CARD Co., Ltd. (*1) 22,329,308 19,191,007 1,937,383 363,673 (19,888 ) 343,785
Union Technology Finance Investment Association 41,543 233 2,261 (838 ) — (838 )
Dicustody Co., Ltd. 92 — — (3 ) — (3 )
Orient Shipyard Co., Ltd. 10,708 27,225 — (124 ) — (124 )
Joongang Network Solution Co.,Ltd. 1,505 3,156 5,758 5 — 5
Win Mortgage Co.,Ltd. 3,518 1,197 9,309 378 — 378
Together-Korea Government Private Pool Private Securities Investment Trust No. 3 10,543 1 227 222 — 222
BTS 2nd Private Equity Fund 25,030 837 4 (1,213 ) — (1,213 )
STASSETS FUND III 30,014 312 95 (1,145 ) — (1,145 )
SF CREDIT PARTNERS, LLC 149,157 25,996 7,618 (4,610 ) (2,819 ) (7,429 )
Rea Company 2,248 3,736 802 (694 ) — (694 )
ARAM CMC Co.,Ltd. 669 485 1,005 (254 ) — (254 )
Japanese Hotel Real Estate Private Equity Fund No.2 13,541 12 54 46 (602 ) (556 )
Woori Seoul Beltway Private Special Asset Fund No.1 50,362 2 1,858 1,805 — 1,805
Woori General Private Securities Investment Trust(Bond) No.1 414,760 208,014 12,617 6,746 — 6,746
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F 828,793 126,879 34,607 31,283 — 31,283
Woori Safe Plus General Type Private Investment Trust S-8(Bond) 113,413 6 4,774 4,542 — 4,542
Woori General Private Securities Investment Trust(Bond) No.2 224,205 111,165 5,767 3,040 — 3,040
Woori Smart General Private Equity Investment Trust 1(bond) 289,553 145,580 7,373 3,973 — 3,973
Woori General Private Securities Investment Trust(Bond) No.3 532,139 347,809 9,304 4,342 — 4,342
Woori Asset Global Partnership Fund No.5 38,537 281 — (744 ) — (744 )
WOORI TAERIM 1st Fund 4,045 183 — — — —
Portone-Cape Fund No.1 2,324 100 — (103 ) — (103 )
DeepDive WOORI 2021-1 Financial Investment Fund 10,400 19 9,607 9,467 — 9,467
Darwin Green Packaging Private Equity Fund 19,390 — 759 451 — 451
Koreawide partners 2nd Private Equity Fund 75,064 2,931 — (2,831 ) — (2,831 )
Woori FirstValue Private Real Estate Fund No.2 67,024 62,357 32 18 — 18
Woori Real Infrastructure Blind General Type Private Placement Investment Trust 114,909 92 6,053 4,892 — 4,892
Woori Together TDF 2030 11,944 61 2,528 1,017 — 1,017
Woori Together OCIO Target Return Feeder fund (Balance Bond) 50,831 1 2,446 2,444 — 2,444
Australia Green Energy 1st PEF 121,454 24 508 (1,189 ) — (1,189 )
Aarden Woori Apparel 1st Private Equity Fund 28,219 90 1 (332 ) — (332 )
Woori Dyno 1st Private Equity Fund 12,068 43 2,053 1,886 — 1,886
KTB-KORUS FUND 8,957 1 127 (712 ) — (712 )
KTB China Platform Fund 85,909 13 2,411 (5,160 ) — (5,160 )
KTBN Venture Fund No.7 79,871 — 6,420 508 — 508
  • 122 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Assets Liabilities Operating<br>revenue Net<br>income<br>(loss) Other<br>comprehensive<br>income(loss) Total<br>comprehensive<br>income(loss)
KTBN Venture Fund No.8 11,758 207 2,359 (4,559 ) — (4,559 )
KTBN Digital Contents Korea Fund No.9 20,257 1,599 3,030 (1,142 ) — (1,142 )
KTBN Media Contents Fund 1,887 — 199 (35 ) — (35 )
KTB China Synergy Fund 145,464 9,977 23,055 (8,686 ) — (8,686 )
NAVER-KTB Audio Contents Fund 29,419 652 1,017 237 — 237
KTBN Venture Fund No.13 72,943 737 21,662 18,507 — 18,507
KTBN Future Contents Fund 34,696 486 7,394 4,776 — 4,776
KTBN Venture Fund No.16 182,850 1,875 40,201 11,133 — 11,133
KTBN Venture Fund No.18 268,437 2,526 31,543 8,036 — 8,036
KB-KTB Technology Venture Fund 42,046 246 2,055 (1,076 ) — (1,076 )
WOORI 2022 Scaleup Venture Fund 68,626 826 504 (2,758 ) — (2,758 )
WOORI 2022 Start-up Venture Fund 8,237 156 42 (576 ) — (576 )
KTB-NHN China Private Equity Fund 16 7 946 (315 ) (319 ) (634 )
KTBN GI Private Equity Fund 12,391 45 — 7,146 712 7,858
Chirochem 732 375 4,215 148 — 148
Godo Kaisha Oceanos 1 62,021 45,334 2,765 192 — 192
Woori Zip 1 44,448 31,702 2,066 (198 ) — (198 )
Woori Zip 2 62,642 45,012 3,023 (167 ) — (167 )
KG Fashion Co., Ltd. 2,559 3,022 943 (569 ) — (569 )
KUM HWA Co., Ltd. 4 167 — — — —
Jinmyung Plus Co., Ltd. 519 454 146 (3 ) — (3 )
JC Assurance No.2 Private Equity Fund 121,596 8 — (628 ) — (628 )
Dream Company Growth no.1 PEF 28,366 255 1,490 1,300 — 1,300
HMS-Oriens 1st Fund 61,498 1 3,957 3,408 — 3,408
Woori Senior Loan Private Placement Investment Trust No.1 349,154 22 17,759 16,726 — 16,726
Genesis Eco No.1 Private Equity Fund 38,064 314 — (947 ) — (947 )
Paratus Woori Material Component Equipment joint venture company 58,298 1,510 — (906 ) — (906 )
Midas No. 8 Private Equity Joint Venture Company 65,063 242 1,956 1,002 — 1,002
Orchestra Private Equity Fund IV 34,041 122 1,680 1,172 — 1,172
Synaptic Green No.1 PEF 36,325 175 4 (867 ) — (867 )
IGEN2022No. 1 Private Equity Fund 32,255 124 1,847 1,350 — 1,350
PCC-Woori LP Secondary Fund 27,773 668 908 (6,350 ) — (6,350 )
Synaptic Future Growth Private Equity Fund 1 30,049 301 2 (951 ) — (951 )
Woori-Q Corporate Restructuring Private Equity Fund 63,265 456 4,945 3,018 — 3,018
Woori-Shinyoung Growth-Cap Private Equity Fund I 97,265 1,522 (26,435 ) (27,768 ) — (27,768 )
NH Woori Newdeal Growth Alpha Private Equity Fund 1 100,215 1,588 2 (3,605 ) — (3,605 )
Woori BIG2 Plus Securities Investment Trust(Balanced Bond) 16,630 5 1,383 1,383 — 1,383
Woori 25-09 Corporate Bond(AA- or higher) Active ETF 133,729 32,028 3,006 2,831 — 2,831
Woori Short Term Government and Special Bank Bond Active ETF 62,185 3,212 1,222 978 — 978
(*1) The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the<br>adjustments that occurred by difference of accounting policies with the Group.
--- ---
  • 123 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) The entities that the Group has not applied equity method of accounting although the Group’s ownership<br>interest is more than 20% as of December 31, 2024 and 2023 are as follows:
December 31, 2024
--- --- --- --- --- --- ---
Associate (*) Number of shares owned Ownership (%)
CL Tech Co., Ltd. 10,191 28.6
TH International Co.,Ltd. 6,802 21.5
WORK-LIFE BALANCE CO.,LTD 209 21.3
(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have<br>significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.
--- ---
December 31, 2024
--- --- --- --- --- --- ---
Associate (*) Number of shares owned Ownership (%)
CL Tech Co., Ltd. 10,191 28.6
(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have<br>significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.
--- ---
  • 124 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) As of December 31, 2024 and 2023, the reconciliations from the net assets of the associates to the<br>carrying amount of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Total net<br>asset Ownership<br>(%) Ownership<br>portion of<br>net assets Basis<br>difference Impairment Intercompany<br>transaction Book<br>value
W Service Networks Co., Ltd. 4,146 4.9 204 — — — 204
Korea Credit Bureau Co., Ltd. 88,314 9.9 8,755 246 — — 9,001
Korea Finance Security Co., Ltd. 24,105 15.0 3,616 — — — 3,616
K BANK Co., Ltd. (*) 2,018,704 12.0 241,429 20,821 — — 262,250
Partner One Value Up I Private Equity Fund 9,128 23.3 2,123 — — — 2,123
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership 11,309 20.0 2,263 — — — 2,263
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund 15,645 25.0 3,911 — — 621 4,532
LOTTE CARD Co., Ltd. (*) 2,877,907 20.0 575,580 — — — 575,580
Union Technology Finance Investment Association 39,628 29.7 11,770 — — — 11,770
Orient Shipyard Co., Ltd. (16,601 ) 22.7 (3,773 ) — — 3,773 —
Win Mortgage Co.,Ltd. 2,980 4.5 135 — — — 135
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] 10,848 100.0 10,847 — — — 10,847
BTS 2nd Private Equity Fund 38,999 20.0 7,799 — — — 7,799
STASSETS FUND III 39,497 28.3 11,178 — — — 11,178
SF CREDIT PARTNERS, LLC 154,711 10.0 15,470 — — 530 16,000
ARAM CMC Co.,Ltd. 88 20.1 18 — — (18 ) —
Japanese Hotel Real Estate Private Equity Fund No.2 14,122 19.9 2,810 — — (5 ) 2,805
Woori Seoul Beltway Private Special Asset Fund No.1 64,305 25.0 16,076 — — — 16,076
Woori Smart General Private Equity Investment Trust 1(bond) 146,240 28.6 41,825 — — (42 ) 41,783
Woori Asset Global Partnership Fund No.5 95,294 57.7 54,985 — — (8 ) 54,977
WOORI TAERIM 1st Fund 3,862 25.6 988 — — — 988
Portone-Cape Fund No.1 800 20.0 160 — — — 160
Darwin Green Packaging Private Equity Fund 19,128 20.4 3,904 — — — 3,904
Koreawide partners 2nd Private Equity Fund 72,132 26.7 19,235 — — — 19,235
Woori FirstValue Private Real Estate Fund No.2 4,724 12.0 567 — — — 567
Woori Together TDF 2025 14,470 24.7 3,577 — — — 3,577
Woori Together TDF 2030 16,808 22.2 3,724 — — — 3,724
Woori Treasury Target Return Bond FoF 921 23.9 220 — — — 220
Woori Together TDF 2035 15,296 22.5 3,448 — — — 3,448
Australia Green Energy 1st PEF 132,854 4.0 5,264 — — — 5,264
Aarden Woori Apparel 1st Private Equity Fund 19,994 0.5 95 — — — 95
Woori Dyno 1st Private Equity Fund 14,532 19.6 2,849 — — — 2,849

All values are in US Dollars.

  • 125 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2024
Total net<br>asset Ownership<br>(%) Ownership<br>portion of<br>net assets Basis<br>difference Impairment Intercompany<br>transaction Book<br>value
NH Woori Dino Co-Investment NO.2 Private Equity Fund 39,366 5.1 1,996 — — — 1,996
KTB-KORUS FUND 4,772 37.5 1,789 — — — 1,789
KTBN Venture Fund No.8 7,032 21.7 1,529 — — — 1,529
KTBN Digital Contents Korea Fund No.9 16,687 30.0 5,006 — — — 5,006
KTBN Media Contents Fund 1,029 15.0 154 — — — 154
KTB China Synergy Fund 125,819 15.1 18,949 — — — 18,949
NAVER-KTB Audio Contents Fund 24,795 1.0 248 — — — 248
KTBN Venture Fund No.13 79,862 19.6 15,659 — — — 15,659
KTBN Future Contents Fund 31,448 13.3 4,193 — — — 4,193
KTBN Venture Fund No.16 154,565 10.3 15,853 — — — 15,853
KTBN Venture Fund No.18 251,478 10.1 25,506 — — — 25,506
KB-KTB Technology Venture Fund 51,424 18.2 9,350 — — — 9,350
WOORI 2022 Scaleup Venture Fund 88,930 20.0 17,809 — — — 17,809
WOORI 2022 Start-up Venture Fund 42,415 30.1 12,773 — — — 12,773
KTBN GI Private Equity Fund 92 5.0 5 — — — 5
Chirochem 366 28.6 104 — — — 104
Godo Kaisha Oceanos 1 15,368 47.8 7,347 — — — 7,347
KG Fashion Co., Ltd. (649 ) 20.8 (135 ) — — 135 —
KUM HWA Co., Ltd. (163 ) 20.1 (33 ) — — 33 —
Jinmyung Plus Co., Ltd. 40 21.3 9 — — — 9
JC Assurance No.2 Private Equity Fund 120,550 23.4 28,246 — (28,246 ) — —
HMS-Oriens 1st Fund 65,220 22.8 14,880 — — — 14,880
Woori Senior Loan Private Placement Investment Trust No.1 80,914 21.7 17,517 — — — 17,517
Genesis Eco No.1 Private Equity Fund 37,421 29.0 10,847 — — — 10,847
Paratus Woori Material Component Equipment joint venture company 55,905 29.9 16,714 — — — 16,714
Midas No. 8 Private Equity Joint Venture Company 63,915 28.5 18,207 — — — 18,207
Orchestra Private Equity Fund IV 34,113 28.2 9,610 — — — 9,610
Synaptic Green No.1 PEF 35,618 21.1 7,499 — — — 7,499
IGEN2022No. 1 Private Equity Fund 32,089 24.8 7,972 — — — 7,972
PCC-Woori LP Secondary Fund 22,263 38.9 8,648 — — — 8,648
Synaptic Future Growth Private Equity Fund 1 32,343 23.8 7,685 — — — 7,685
Woori-Q Corporate Restructuring Private Equity Fund 99,953 34.6 34,619 — — (612 ) 34,007
Woori-Shinyoung Growth-Cap Private Equity Fund I 84,356 35.0 29,499 — — 197 29,696
NH Woori Newdeal Growth Alpha Private Equity Fund 1 163,812 32.9 53,948 — — 1,591 55,539
Woori Real Estate Investment No. 1 Limited Liability Company 170,787 19.9 33,919 — — — 33,919
  • 126 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2024
Total net<br>asset Ownership<br>(%) Ownership<br>portion of<br>net assets Basis<br>difference Impairment Intercompany<br>transaction Book<br>value
Woori General Private Securities Investment Trust No. 5 210,083 28.6 60,024 — — — 60,024
Woori Big Satisfaction General Private Securities Investment Trust No. 3 115,424 9.1 10,493 — — — 10,493
Woori General Private Securities Investment Trust No. 6 147,315 28.6 42,090 — — — 42,090
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 171,980 2.3 4,019 — — (8 ) 4,011
Woori General Private Securities Investment Trust No. 7 (Bond) 143,907 28.6 41,116 — — — 41,116
Woori Smart General Private Equity Investment Trust No.1(bond) 142,484 28.4 40,477 — — — 40,477
Woori Future Energy Private Special Asset Investment Trust(General) No.1 — 16.0 — — — — —
Woori Big Satisfaction Corporation MMF No. 3 1,860,839 2.3 42,038 — — (54 ) 41,984
NH Woori New deal Co-Investment No.1 Private Equity Fund 29,128 19.5 5,680 — — (476 ) 5,204
KCLAVIS NPL Investment Trust NO 1-2 42,977 35.9 15,422 — — — 15,422
MARKET&FARM CO.,LTD. 52 23.7 12 — — (12 ) —
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
--- ---
  • 127 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Total net<br>asset Ownership<br>(%) Ownership<br>portion of<br>net assets Basis<br>difference Impairment Intercompany<br>transaction Book<br>value
W Service Networks Co., Ltd. 4,391 4.9 216 — — — 216
Korea Credit Bureau Co., Ltd. 62,408 9.9 6,186 247 — — 6,433
Korea Finance Security Co., Ltd. 21,898 15.0 3,285 — — — 3,285
K BANK Co., Ltd. (*) 1,893,785 12.6 238,158 21,894 — — 260,052
Partner One Value Up I Private Equity Fund 13,889 23.3 3,230 — — — 3,230
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership 41,228 20.0 8,247 — — — 8,247
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund 15,654 25.0 3,914 — — 523 4,437
LOTTE CARD Co., Ltd. (*) 2,936,964 20.0 587,392 — — — 587,392
Union Technology Finance Investment Association 41,310 29.7 12,270 — — — 12,270
Dicustody Co., Ltd. 92 1.0 1 — — — 1
Orient Shipyard Co., Ltd. (16,517 ) 22.7 (3,754 ) — — 3,754 —
Joongang Network Solution Co.,Ltd. (1,651 ) 25.3 (419 ) — — 507 88
Win Mortgage Co.,Ltd. 2,321 4.5 105 — — — 105
Together-Korea Government Private Pool Private Securities Investment Trust No. 3 10,542 100.0 10,540 — — — 10,540
BTS 2nd Private Equity Fund 24,193 20.0 4,838 — — — 4,838
STASSETS FUND III 29,702 28.3 8,406 — — — 8,406
SF CREDIT PARTNERS, LLC 123,161 10.0 12,316 — — 529 12,845
Rea Company (1,488 ) 24.5 (365 ) — — 365 —
ARAM CMC Co.,Ltd. 184 20.0 37 — — (37 ) —
Japanese Hotel Real Estate Private Equity Fund No.2 13,529 19.9 2,688 — — — 2,688
Woori Seoul Beltway Private Special Asset Fund No.1 50,360 25.0 12,590 — — — 12,590
Woori General Private Securities Investment Trust(Bond) No.1 206,746 25.0 51,686 — — — 51,686
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F 701,914 15.0 105,564 — — — 105,564
Woori Safe Plus General Type Private Investment Trust S-8(Bond) 113,407 9.1 10,330 — — — 10,330
Woori General Private Securities Investment Trust(Bond) No.2 113,040 27.3 30,829 — — — 30,829
Woori Smart General Private Equity Investment Trust 1(bond) 143,973 28.6 41,135 — — — 41,135
Woori General Private Securities Investment Trust(Bond) No.3 184,330 27.8 51,205 — — — 51,205
Woori Asset Global Partnership Fund No.5 38,256 57.7 22,071 — — — 22,071
WOORI TAERIM 1st Fund 3,862 25.6 988 — — — 988
Portone-Cape Fund No.1 2,224 20.0 445 — — — 445
DeepDive WOORI 2021-1 Financial Investment Fund 10,381 11.9 1,236 — — — 1,236
  • 128 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Total net<br>asset Ownership<br>(%) Ownership<br>portion of<br>net assets Basis<br>difference Impairment Intercompany<br>transaction Book<br>value
Darwin Green Packaging Private Equity Fund 19,390 20.4 3,957 — — — 3,957
Koreawide partners 2nd Private Equity Fund 72,133 26.7 19,235 — — — 19,235
Woori FirstValue Private Real Estate Fund No.2 4,667 12.0 560 — — — 560
Woori Real Infrastructure Blind General Type Private Placement Investment Trust 114,817 0.1 55 — — — 55
Woori Together TDF 2030 11,894 28.0 3,324 — — — 3,324
Woori Together OCIO Target Return Feeder fund (Balance Bond) 50,837 20.4 10,376 — — — 10,376
Australia Green Energy 1st PEF 121,430 4.0 4,811 — — — 4,811
Aarden Woori Apparel 1st Private Equity Fund 28,129 0.5 133 — — — 133
Woori Dyno 1st Private Equity Fund 12,025 19.6 2,358 — — — 2,358
KTB-KORUS FUND 8,956 37.5 3,359 — — — 3,359
KTB China Platform Fund 85,895 18.7 16,059 — — — 16,059
KTBN Venture Fund No.7 79,871 20.1 16,044 — — — 16,044
KTBN Venture Fund No.8 11,551 21.7 2,511 — — — 2,511
KTBN Digital Contents Korea Fund No.9 18,658 30.0 5,597 — — — 5,597
KTBN Media Contents Fund 1,887 15.0 283 — — — 283
KTB China Synergy Fund 135,487 15.1 20,405 — — — 20,405
NAVER-KTB Audio Contents Fund 28,767 1.0 288 — — — 288
KTBN Venture Fund No.13 72,206 19.6 14,158 — — — 14,158
KTBN Future Contents Fund 34,210 13.3 4,561 — — — 4,561
KTBN Venture Fund No.16 180,975 10.3 18,561 — — — 18,561
KTBN Venture Fund No.18 265,911 10.1 26,970 — — — 26,970
KB-KTB Technology Venture Fund 41,800 18.2 7,600 — — — 7,600
WOORI 2022 Scaleup Venture Fund 67,800 20.0 13,578 — — — 13,578
WOORI 2022 Start-up Venture Fund 8,081 30.1 2,433 — — — 2,433
KTB-NHN China Private Equity Fund 9 33.3 3 — — — 3
KTBN GI Private Equity Fund 12,346 5.0 617 — — — 617
Chirochem 357 28.6 102 — — — 102
Godo Kaisha Oceanos 1 16,687 47.8 7,978 — — — 7,978
Woori Zip 1 12,746 62.4 7,629 — — — 7,629
Woori Zip 2 17,630 62.8 10,695 — — — 10,695
KG Fashion Co., Ltd. (463 ) 20.8 (96 ) — — 96 —
KUM HWA Co., Ltd. (163 ) 20.1 (33 ) — — 33 —
Jinmyung Plus Co., Ltd. 65 21.3 14 — — — 14
JC Assurance No.2 Private Equity Fund 121,588 23.5 28,610 — (28,610 ) — —
Dream Company Growth no.1 PEF 28,111 27.8 7,809 — — — 7,809
HMS-Oriens 1st Fund 61,497 22.8 14,030 — — — 14,030
Woori Senior Loan Private Placement Investment Trust No.1 349,132 21.7 75,590 — — — 75,590
Genesis Eco No.1 Private Equity Fund 37,750 29.0 10,942 — — — 10,942
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Total net<br>asset Ownership<br>(%) Ownership<br>portion of<br>net assets Basis<br>difference Impairment Intercompany<br>transaction Book<br>value
Paratus Woori Material Component Equipment joint venture company 56,788 29.9 16,979 — — — 16,979
Midas No. 8 Private Equity Joint Venture Company 64,821 28.5 18,465 — — — 18,465
Orchestra Private Equity Fund IV 33,919 28.2 9,555 — — — 9,555
Synaptic Green No.1 PEF 36,150 21.1 7,611 — — — 7,611
IGEN2022No. 1 Private Equity Fund 32,131 24.8 7,983 — — — 7,983
PCC-Woori LP Secondary Fund 27,105 38.9 10,530 — — — 10,530
Synaptic Future Growth Private Equity Fund 1 29,748 23.8 7,069 — — — 7,069
Woori-Q Corporate Restructuring Private Equity Fund 62,809 32.4 20,283 — — — 20,283
Woori-Shinyoung Growth-Cap Private Equity Fund I 95,743 35.0 33,481 — — — 33,481
NH Woori Newdeal Growth Alpha Private Equity Fund 1 98,627 32.7 32,987 — — — 32,987
Woori BIG2 Plus Securities Investment Trust(Balanced Bond) 16,625 14.1 2,543 — — — 2,543
Woori 25-09 Corporate Bond (AA- or higher) Active ETF 101,701 29.3 29,821 — — — 29,821
Woori Short Term Government and Special Bank Bond Active ETF 58,973 20.8 12,286 — — — 12,286
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

14. INVESTMENT PROPERTIES
(1) Details of investment properties are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Acquisition cost 497,787 510,990
Accumulated depreciation (46,913 ) (38,136 )
Accumulated impairment losses (86 ) (86 )
Net carrying value 450,788 472,768
(2) Changes in investment properties are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Beginning balance 472,768 387,707
Acquisition — 99,234
Disposal (62,467 ) —
Depreciation (8,216 ) (5,398 )
Transfer 42,344 (2,098 )
Foreign currencies translation adjustments 6,409 (6,677 )
Others (50 ) —
Ending balance 450,788 472,768
(3) Fair value of investment properties amounted to 795,216 million won and 802,109 million won as of<br>December 31, 2024 and 2023, respectively. The fair value of investment properties has been assessed on the basis of recent similar real estate market price and officially assessed land price in the area of the investment properties, is<br>classified as level 3 on the fair value hierarchy.
--- ---
(4) Rental fee earned from investment properties is amounting to 23,307 million won and 26,477 million<br>won for the years ended December 31, 2024 and 2023, respectively. Operating expenses directly related to the investment properties where rental fee was earned is amounting to 8,414 million won and 5,568 million won.<br>
--- ---
(5) The lease payments expected to be received in the future under lease contracts relating to investment<br>properties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Lease payments:
Within a year 13,702 14,784
More than 1 year and within 2 years 9,414 8,214
More than 2 years and within 3 years 7,667 3,744
More than 3 years and within 4 years 4,362 3,172
More than 4 years and within 5 years 3,438 2,994
More than 5 years 3,441 2,944
Total 42,024 35,852
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

15. PREMISES AND EQUIPMENT
(1) Details of premises and equipment as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land Building Equipment<br>and<br>vehicles Leasehold<br>improvement Construction<br>in progress Structures Total
Premises and equipment (owned) 1,662,448 683,221 305,581 71,952 68,440 — 2,791,642
Right-of-use asset — 557,049 21,894 — — — 578,943
Carrying value 1,662,448 1,240,270 327,475 71,952 68,440 — 3,370,585
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land Building Equipment<br>and<br>vehicles Leasehold<br>improvement Construction<br>in progress Structures Total
Premises and equipment (owned) 1,709,712 719,738 265,064 61,369 37,194 — 2,793,077
Right-of-use asset — 362,702 20,980 — — — 383,682
Carrying value 1,709,712 1,082,440 286,044 61,369 37,194 — 3,176,759
(2) Details of premises and equipment (owned) as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land Building Equipment<br>and vehicles Leasehold<br>improvement Construction<br>in progress Structures Total
Acquisition cost 1,663,108 1,087,536 1,305,020 505,417 68,440 20 4,629,541
Accumulated depreciation — (404,315 ) (999,439 ) (433,465 ) — (20 ) (1,837,239 )
Accumulated impairment losses (660 ) — — — — — (660 )
Net carrying value 1,662,448 683,221 305,581 71,952 68,440 — 2,791,642
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land Building Equipment<br>and vehicles Leasehold<br>improvement Construction<br>in progress Structures Total
Acquisition cost 1,710,372 1,098,682 1,229,740 486,763 37,194 20 4,562,771
Accumulated depreciation — (378,944 ) (964,676 ) (425,394 ) — (20 ) (1,769,034 )
Accumulated impairment losses (660 ) — — — — — (660 )
Net carrying value 1,709,712 719,738 265,064 61,369 37,194 — 2,793,077
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):<br>
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land Building Equipment<br>and<br>vehicles Leasehold<br>improvement Construction<br>in progress Structures Total
Beginning balance 1,709,712 719,738 265,064 61,369 37,194 — 2,793,077
Acquisitions 215 27,919 125,793 29,714 38,215 — 221,856
Disposals (7,602 ) — (2,358 ) (1,556 ) — — (11,516 )
Depreciation — (33,905 ) (99,634 ) (22,304 ) — — (155,843 )
Classification of assets held for sale (26,007 ) (12,416 ) — — — — (38,423 )
Transfer (22,991 ) (19,353 ) 6,440 853 (7,293 ) — (42,344 )
Foreign currencies translation adjustments 1,876 726 4,409 3,061 333 — 10,405
Business combination — — 1,283 — — — 1,283
Others 7,245 512 4,584 815 (9 ) — 13,147
Ending balance 1,662,448 683,221 305,581 71,952 68,440 — 2,791,642
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land Building Equipment<br>and<br>vehicles Leasehold<br>improvement Construction<br>in progress Structures Total
Beginning balance 1,695,357 730,676 261,278 58,352 32,184 — 2,777,847
Acquisitions 43 18,107 112,908 24,874 8,790 — 164,722
Disposals (367 ) (530 ) (13,630 ) (1,017 ) (3,600 ) — (19,144 )
Depreciation — (33,318 ) (96,684 ) (21,062 ) — — (151,064 )
Classification of assets held for sale (936 ) (1,568 ) — — — — (2,504 )
Transfer 5,445 (3,347 ) — — — — 2,098
Foreign currencies translation adjustments 638 322 296 186 (68 ) — 1,374
Business combination 9,530 9,530 318 — — — 19,378
Others 2 (134 ) 578 36 (112 ) — 370
Ending balance 1,709,712 719,738 265,064 61,369 37,194 — 2,793,077
(4) Details of right-of-use assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and vehicles Total
Acquisition cost 1,031,511 39,113 1,070,624
Accumulated depreciation (474,462 ) (17,219 ) (491,681 )
Net carrying value 557,049 21,894 578,943
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and vehicles Total
Acquisition cost 735,396 40,389 775,785
Accumulated depreciation (372,694 ) (19,409 ) (392,103 )
Net carrying value 362,702 20,980 383,682
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) Details of changes in right-of-use assets for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and vehicles Total
Beginning balance 362,702 20,980 383,682
New contracts 353,531 12,809 366,340
Changes in contract 80,622 78 80,700
Termination (17,579 ) (1,535 ) (19,114 )
Depreciation (230,345 ) (12,962 ) (243,307 )
Business combination 1,129 73 1,202
Others 6,989 2,451 9,440
Ending balance 557,049 21,894 578,943
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and vehicles Total
Beginning balance 349,494 15,589 365,083
New contracts 192,111 18,699 210,810
Changes in contract 25,570 138 25,708
Termination (15,340 ) (1,647 ) (16,987 )
Depreciation (201,232 ) (12,133 ) (213,365 )
Business combination 675 271 946
Others 11,424 63 11,487
Ending balance 362,702 20,980 383,682
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

16. INTANGIBLE ASSETS
(1) Details of intangible assets are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Goodwill Industrial<br>property rights Development<br>cost Other<br>intangible<br>assets Membership<br>deposit Construction<br>in progress Total
Acquisition cost 482,707 2,419 965,131 1,511,286 55,444 6,598 3,023,585
Accumulated amortization — (1,971 ) (689,440 ) (1,204,181 ) — — (1,895,592 )
Accumulated impairment losses — — — (33,552 ) (3,039 ) — (36,591 )
Net carrying value 482,707 448 275,691 273,553 52,405 6,598 1,091,402
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Goodwill Industrial<br>property rights Development<br>cost Other<br>intangible<br>assets Membership<br>deposit Construction<br>in progress Total
Acquisition cost 445,093 2,292 859,678 1,388,397 50,857 8,142 2,754,459
Accumulated amortization — (1,783 ) (617,587 ) (1,101,688 ) — — (1,721,058 )
Accumulated impairment losses — — — (33,553 ) (3,006 ) — (36,559 )
Net carrying value 445,093 509 242,091 253,156 47,851 8,142 996,842
(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Goodwill Industrial<br>property rights Development<br>cost Other<br>intangible<br>assets Membership<br>deposit Construction<br>in progress Total
Beginning balance 445,093 509 242,091 253,156 47,851 8,142 996,842
Acquisitions — 18 96,140 94,047 6,988 25,376 222,569
Disposal — — (113 ) (1,794 ) (2,665 ) — (4,572 )
Amortization (*) — (188 ) (75,417 ) (93,679 ) — — (169,284 )
Reversal of impairment losses — — — — (296 ) (575 ) (871 )
Transfer — 109 12,990 11,067 (77 ) (24,089 ) —
Business combination 15,139 — — 6,117 756 — 22,012
Foreign currencies translation adjustments 22,475 — — 4,502 345 586 27,908
Others — — — 137 (497 ) (2,842 ) (3,202 )
Ending balance 482,707 448 275,691 273,553 52,405 6,598 1,091,402
(*) Amortization of other intangible assets amounting to 28,509 million won is included in other operating<br>expenses.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Goodwill Industrial<br>property rights Development<br>cost Other<br>intangible<br>assets Membership<br>deposit Construction<br>in progress Total
Beginning balance 397,527 643 212,627 192,373 42,917 3,027 849,114
Acquisitions — 72 105,596 125,509 4,000 7,612 242,789
Disposal — — — (1,028 ) (1,290 ) — (2,318 )
Amortization (*) — (206 ) (76,192 ) (84,556 ) — — (160,954 )
Impairment losses — — — — 37 — 37
Transfer — — 61 650 (392 ) (350 ) (31 )
Business combination 41,527 — — 18,882 2,565 — 62,974
Foreign currencies translation adjustments 6,039 — (1 ) 854 4 (28 ) 6,868
Others — — — 472 10 (2,119 ) (1,637 )
Ending balance 445,093 509 242,091 253,156 47,851 8,142 996,842
(*) Amortization of other intangible assets amounting to 22,349 million won is included in other operating<br>expenses.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Goodwill
1) Details of allocated goodwill based on each cash-generating unit as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean won in million):
--- ---
Cash-generating unit (*1) December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Woori Asset Management Corp. 45,066 43,036
Woori Global Asset Management Co., Ltd.(*2) — 2,030
Woori Asset Trust Co., Ltd. 141,780 141,780
Woori Venture Partners Co., Ltd. 41,527 41,527
Woori Investment Securities Co., Ltd. 15,139 —
PT Bank Woori Saudara Indonesia 1906 Tbk (*3) 109,262 100,267
WOORI BANK (CAMBODIA) PLC (*4) 64,584 56,513
PT Woori Finance Indonesia Tbk.(*5) 57,861 53,097
Others 7,488 6,843
Total 482,707 445,093
(*1) Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination,<br>and the cash-generating unit is generally comprised of the operating segment or sub-sectors.
--- ---
(*2) Woori Asset Management Corp. merged with Woori Global Management Co., Ltd. through a business combination.<br>
--- ---
(*3) The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is<br>expected to strengthen the competitiveness by securing a local sales network in Indonesia.
--- ---
(*4) The Group has acquired VisionFund Cambodia to expand retail sales in Cambodia, and recognized goodwill based on<br>the economies of scale and acquired customer base.
--- ---
(*5) The company acquired PT Batavia Prosperindo Finance Tbk to expand its installment financing operations in<br>Indonesia. Goodwill was recognized due to the anticipated enhancement of competitiveness through securing a network in the Indonesian used car market and strengthening existing customer relationships.
--- ---
2) Impairment test
--- ---

The recoverable amount of the cash-generating unit is measured at larger amount between the fair value less costs to sell and the value to use.

The net fair value is calculated by deducting costs of disposal from the amount received from the sale of the cash-generating unit in an arm’s length transaction between the parties with reasonable judgment and willingness to negotiate. In case of difficulty in measuring this amount, the sale amount of a similar cash-generating unit in the past market is calculated by reflecting the characteristics of the cash-generating unit. If reliable information related to fair value less costs to sell is not available, value in use is considered as recoverable amount. Value in use is the present value of future cash flows expected to be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial budget approved by the management, with an estimated period of up to five years. The Group applied 1.0% growth rate to estimate future cash flow for the period over five years. The main assumptions used to estimate cash flows are about the size of the market and the share of the group. The appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including assumptions about risk-free interest rates, market risk premium, and systemic risk of cash-generating units. The impairment test, which compares the carrying amount and recoverable amount of the cash-generating unit to which goodwill has been allocated, is conducted every year and every time an impairment sign occurs.

Category Woori<br>Investment<br>Securities<br>Co., Ltd. Woori<br>Asset Trust<br>Co., Ltd. Woori Asset<br>Management<br>Corp. Woori Venture<br>Partners Co.,<br>Ltd. PT Bank Woori<br>Saudara<br>Indonesia 1906<br>Tbk WOORI BANK<br>(CAMBODIA)<br>PLC PT Woori<br>Finance<br>IndonesiaTbk
Discount rate (%) 11.47 12.65 20.47 12.98 16.70 14.08 13.59
Terminal growth rate (%) 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Recoverable amount 1,751,457 719,560 253,573 204,415 1,159,909 611,920 144,221
Carrying amount 1,171,779 612,513 208,862 185,565 1,157,185 608,181 143,312

As a result of the impairment test on goodwill, it is determined that the carrying amount of the cash-generating unit to which the goodwill has been allocated will not exceed the recoverable amount.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

3) Sensitivity analysis

The sensitivity of the fair value measurement to changes in significant but unobservable inputs used in measuring fair value is as follows (Unit: Korean Won in millions):

Category Woori<br>Investment<br>Securities<br>Co., Ltd. Woori<br>Asset Trust<br>Co., Ltd. Woori Asset<br>Management<br>Corp. Woori Venture<br>Partners Co.,<br>Ltd. PT Bank<br>Woori Saudara<br>Indonesia 1906<br>Tbk WOORI<br>BANK<br>(CAMBODIA)<br>PLC PT Woori<br>Finance<br>Indonesia Tbk
Discount rate (%) Increase by<br>1.0% point (158,579 ) (44,826 ) (7,872 ) (29,201 ) (94,117 ) (57,636 ) (11,494 )
Decrease by<br>1.0% point 204,651 55,470 9,010 36,971 110,818 69,745 13,521
Terminal growth rate (%) Increase by<br>1.0% point 141,716 34,519 4,508 25,817 35,178 23,170 8,899
Decrease by<br>1.0% point (110,941 ) (27,902 ) (3,964 ) (20,569 ) (32,488 ) (21,101 ) (7,589 )
17. ASSETS HELD FOR SALE
--- ---

Assets held for sale are as follows (Unit: Korean Won in millions):

Assets (*) December 31, 2024 December 31, 2023
Premises and equipment 31,266 11,573
Others 42,723 8,772
Total 73,989 20,345
(*) The Group classifies assets as held for sale that are highly likely to be sold within one year from<br>December 31, 2024 and 2023.
--- ---

The Group measured assets held for sale at the lower of their net fair value or carrying amount.

The Group has decided to sell some of the Premises and Equipment through internal consultation during the current year and classified the property as non-current assets held for sale. The assets are expected to be sold within 12 months, and those that were scheduled to be sold at the end of the prior year have been sold and removed. On the other hand, other assets that are expected to be sold as of the end of the current year are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

18. ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES
(1) Assets subjected to lien are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- ---
Collateral given to Amount Reason for collateral
Financial assets at FVTPL Korean treasury and government bonds, etc. Shinhan Bank, etc. 1,271,304 Related to bonds sold under repurchase agreements (*1)
Korean treasury and government bonds, etc. Korea Securities Depository 240,005 Securities borrowing collateral
Korean treasury and government bonds, etc. SHINHAN SECURITIES CO, etc. 11,134 Future trading collateral
Korean financial institutions’ debt securities, etc. DBS BANK LTD, SEL, etc. 698,231 Variable margin deposit for CSA, etc.
Korean capital contributions, etc. Korea Software Financial Cooperative 109 Bid guarantee, etc.
Financial assets at FVTOCI Korean financial institutions’ debt securities, etc. CITIBANK, LONDON, etc. 74,143 Related to bonds sold under repurchase agreements (*1)
Korean treasury and government bonds Industrial Bank of Korea 10,115 Related to bonds sold under repurchase agreements (*1)
Korean financial institutions’ debt securities, etc. The BOK, etc. 8,863,286 Settlement risk, etc.
Debt securities in<br><br><br>foreign currencies Central Bank of Brazil, etc. 164,136 Related to bonds sold under repurchase agreements (*1)
Debt securities in<br><br><br>foreign currencies RJF 110,530 Related to the borrowing limit
Debt securities in<br><br><br>foreign currencies SOCIETE GENERALE, PAR, etc. 358,781 Variable margin deposit for CSA, etc.
Securities at amortized cost Korean treasury and government bonds The BOK, etc. 11,526,197 Settlement risk, etc.
Debt securities in<br><br><br>foreign currencies NATIXIS 41,442 Related to bonds sold under repurchase agreements (*1)
Debt securities in<br><br><br>foreign currencies RJF, etc. 34,508 Related to the borrowing limit
Loan at amortized cost and other financial assets Due from banks in local currency KEB Hana Bank Co., Ltd., etc. 6,431 Collateral for difference settlement
Other due from banks in local currency Korea Exchange Co.,Ltd. 3 Korean Won CCP margin
Other due from banks in foreign currency BNP-PARIBAS, PAR, etc. 647,782 Variable margin deposit for CSA, etc.
Mortgage loan Public offering 1,790,810 Related to covered bonds
Premises and Equipment Land and building Gakorea Co., Ltd , etc. 1,808 Right to collateral and others (*2)
Investment properties Land and building Gakorea Co., Ltd. 5,211 Right to collateral (*2)
Total 25,855,966
(*1) The Group has the agreements to repurchase the sold assets at the predetermined price or the price that<br>includes the rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds<br>sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
--- ---
(*2) The maximum pledge amount is 339 million Won.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Collateral given to Amount Reason for collateral
Financial assets at FVTPL Korean treasury and government bonds, etc. Mirae Asset Global Investments Co., Ltd., etc. 238,461 Related to bonds sold under repurchase agreements (*1)
Korean treasury and government bonds, etc. Korea Securities Depository 675,815 Securities borrowing collateral
Korean treasury and government bonds, etc. SHINHAN SECURITIES CO, etc. 6,534 Future trading collateral
Korean financial institutions’ debt securities, etc. Korea Exchange Co., Ltd etc. 385,394 Variable margin deposit for CSA, etc.
Korean capital contributions, etc. Korea Software Financial Cooperative 107 Bid guarantee, etc.
Financial assets at FVTOCI Korean treasury and government bonds Korea Securities Depository 73,846 Related to bonds sold under repurchase agreements (*1)
Korean financial institutions’ debt securities, etc. The BOK, etc. 8,182,907 Settlement risk, etc.
Debt securities in<br><br><br>foreign currencies Korea Investment &<br><br><br>Securities, etc. 955,126 Substitute securities, etc.
Debt securities in<br><br><br>foreign currencies Postal Savings Bank of China 482,737 Related to bonds sold under repurchase agreements (*1)
Securities at amortized cost Korean treasury and government bonds The BOK, etc. 10,380,306 Settlement risk, etc.
Debt securities in<br><br><br>foreign currencies NATIXIS 48,368 Related to bonds sold under repurchase agreements (*1)
Debt securities in<br><br><br>foreign currencies FEDERAL RESERVE BANK 23,180 Related to the borrowing limit
Loan at amortized cost and other financial assets Other due from banks in local currency MORGAN STANLEY BANK INTL, SEL, etc. 26,854 Variable margin deposit for CSA, etc.
Other due from banks in foreign currency Korea Investment &<br><br><br>Securities, etc. 765,330 Overseas futures option deposit, etc.
Mortgage loan Public offering 1,242,963 Related to covered bonds
Premises and Equipment Land and building Gakorea Co., Ltd , etc. 1,808 Right to collateral and others (*2)
Investment properties Land and building Gakorea Co., Ltd. 5,211 Right to collateral (*2)
Total 23,494,947
(*1) The Group has the agreements to repurchase the sold assets at the predetermined price or the price that<br>includes the rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds<br>sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
--- ---
(*2) The maximum pledge amount is 339 million Won.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) As of December 31, 2024 and 2023 there is no asset acquired through foreclosures.
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Investment properties
Land 6,463 6,404
Building 23 148
Sub-total 6,486 6,552
Other assets
Land for non-business use 38,627 30,950
Building for non-business use (*1) 7,591 5,174
Movables for non-business use (*2) 110 111
Real estate assessment provision for non-business use (1,898 ) (1,611 )
Sub-total 44,430 34,624
Assets held for sale
Land 2,215 2,393
Building 1,780 1,853
Sub-total 3,995 4,246
Total 54,911 45,422
(*1) The cumulative depreciation amount as of December 31, 2024 and 2023 is 2,357 million Won and<br>1,471 million Won, respectively.
--- ---
(*2) The cumulative depreciation amount as of December 31, 2024 and 2023 is 387 million Won and<br>886 million Won, respectively.
--- ---
(3) Securities loaned are as follows (Unit: Korean Won in millions):
--- ---
December 31,<br>2024 December 31,<br>2023 Loaned to
--- --- --- --- --- --- --- --- --- --- ---
Financial assets at FVTPL Korean treasury and government bonds, etc. 12,361 625,398 Korea Securities Finance Corporation
Financial assets at FVTOCI Korean treasury and government bonds, etc. — 592,218 Korea Securities Depository and others

Securities loaned are lending of specific securities to borrowers who agree to return the same amount of the same security at the end of lending period. As the Group does not derecognize these securities.

(4) Collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties<br>

Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

December 31, 2024
Fair values of collaterals Fair values of collaterals<br>were disposed or<br>re-subjected to lien
Securities 10,640,153 —
December 31, 2023
Fair values of collaterals Fair values of collaterals<br>were disposed or<br>re-subjected to lien
Securities 3,443,822 —
  • 140 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

19. OTHER ASSETS

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

December 31, 2024 December 31, 2023
Lease assets 3,965,839 3,306,464
Prepaid expenses 359,638 345,202
Advance payments 194,881 95,025
Non-operational assets 44,430 34,625
Others 40,575 60,471
Total 4,605,363 3,841,787
20. FINANCIAL LIABILITIES AT FVTPL
--- ---
(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Financial instruments at fair value through profit or loss 9,348,781 6,138,313
Financial liabilities designated to be measured at FVTPL 547,816 —
Total 9,896,597 6,138,313
(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean<br>Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Deposits
Gold banking liabilities 74,205 39,524
Borrowings
Securities sold 182,478 155,765
Derivative liabilities 9,092,098 5,943,024
Total 9,348,781 6,138,313
(3) Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Deposits due to customers
Time deposits 547,816 —

In accordance with documented risk management or investment strategies, the group manages a portfolio of financial instruments on a fair value basis and evaluates their performance. Therefore, under K-IFRS 1109 Financial Instrument, financial liabilities are designated to be measured at FVTPL as this provides more relevant information.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured<br>at FVTPL are as follows (Unit: Korean Won in millions):
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- ---
Financial liabilities designated to be measured at FVTPL at the end of each period 547,816 —
Changes in fair value due to change in credit risk (*) (1,831 ) —
Accumulated change in fair value due to change in credit risk (*) (1,831 ) —
(*) The amounts recognized in other comprehensive income related to financial liabilities designated to be measured<br>at FVTPL are 1,831 million Won during the year ended December 31, 2024, with an accumulated profit of 1,831 million Won.
--- ---

The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of deposits due to customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the Group.

(5) The difference between carrying amount and nominal amount at maturity of financial liabilities designated to be<br>measured at FVTPL are as follows (Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Carrying amount 547,816 —
Nominal amount at maturity 530,000 —
Difference 17,816 —
21. DEPOSITS DUE TO CUSTOMERS
--- ---

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
Deposits in local currency:
Deposits on demand 7,880,603 8,803,962
Deposits at termination 290,908,040 282,846,971
Mutual installment 19,901 21,602
Deposits on notes payables 4,000,894 4,119,801
Deposits on CMA 120,666 95,237
Certificate of deposits 11,742,425 14,767,307
Other deposits 1,037,811 1,117,673
Sub-total 315,710,340 311,772,553
Deposits in foreign currencies:
Deposits in foreign currencies 50,988,673 46,196,650
Present value discount (144,359 ) (184,906 )
Customers’ deposits for beneficiary 266,502 —
Total 366,821,156 357,784,297
  • 142 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

22. BORROWINGS AND DEBENTURES
(1) Details of borrowings are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- ---
Lenders Interest rate (%) Amount
Borrowings in local currency:
Borrowings from the BOK The BOK 1.5 1,981,928
Borrowings from government funds Small Enterprise and Market Service and others 0.0 ~ 3.5 2,165,257
Others The Korea Development Bank and others 0.0 ~ 5.6 7,955,941
Sub-total 12,103,126
Borrowings in foreign currencies:
Borrowings in foreign currencies The Export-Import Bank of Korea and others 0.0 ~ 12.0 15,081,035
Bills sold Others 0.0 ~ 2.7 3,690
Call money Bank and others 1.7 ~ 4.9 1,402,780
Bonds sold under repurchase agreements Other financial institutions 1.0 ~ 12.2 1,530,767
Present value discount (4,367 )
Total 30,117,031
December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Lenders Interest rate (%) Amount
Borrowings in local currency:
Borrowings from The BOK The BOK 2.0 1,565,444
Borrowings from government funds Small Enterprise and Market Service and others 0.0 ~ 3.4 1,996,579
Others The Korea Development Bank and others 0.0 ~ 6.7 11,206,471
Sub-total 14,768,494
Borrowings in foreign currencies:
Borrowings in foreign currencies The Export-Import Bank of Korea and others 0.0 ~ 10.0 14,006,644
Bills sold Others 0.0 ~ 2.7 6,325
Call money Bank and others 4.1 ~ 6.6 1,115,923
Bonds sold under repurchase agreements Other financial institutions 1.0 ~ 11.7 1,119,991
Present value discount (30,631 )
Total 30,986,746
(2) Details of debentures are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest rate (%) Amount Interest rate (%) Amount
Face value of bond (*):
Ordinary bonds 0.8 ~ 7.5 41,665,997 0.8 ~ 7.5 34,393,418
Subordinated bonds 1.9 ~ 5.1 4,421,380 1.9 ~ 5.1 5,241,848
Other bonds 1.6 ~ 17.0 2,250,672 1.6 ~ 17.0 1,667,895
Sub-total 48,338,049 41,303,161
Discounts on bonds (130,946 ) (63,916 )
Total 48,207,103 41,239,245
(*) Included debentures under fair value hedge amounting to 3,952,047 million won and 3,943,224 million<br>won as of December 31, 2024 and 2023 respectively. Also, debentures under cash flow hedge amounting to 1,860,100 million won and 932,392 million won are included as of December 31, 2024 and 2023 respectively.<br>
--- ---
  • 143 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

23. PROVISIONS
(1) Details of provisions are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Asset retirement obligation 97,772 95,179
Provisions for guarantees (*1) 71,470 80,703
Provisions for unused loan commitments 137,562 135,335
Other provisions (*2) 304,624 494,814
Total 611,428 806,031
(*1) Provisions for guarantees includes provision for financial guarantee of 48,785 million won and<br>50,125 million won as of December 31, 2024 and 2023, respectively.
--- ---
(*2) Other provisions consist of provision for litigation, loss compensation and others.
--- ---
(2) Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):<br>
--- ---
1) Provisions for guarantees
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage1 Stage2 Stage3 Total
Beginning balance 70,678 2,800 7,225 80,703
Transfer to 12-month expected credit loss 317 (317 ) — —
Transfer to expected credit loss for the entire period (230 ) 230 — —
Transfer to credit-impaired financial assets (100 ) (90 ) 190 —
Net provision (reversal) of unused amount (9,352 ) (108 ) 4,211 (5,249 )
Others (*) (4,004 ) 19 1 (3,984 )
Ending balance 57,309 2,534 11,627 71,470
(*) Recognized as a result of changes in financial guarantee liabilities.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage1 Stage2 Stage3 Total
Beginning balance 44,496 24,327 7,685 76,508
Transfer to 12-month expected credit loss 20,503 (20,503 ) — —
Transfer to expected credit loss for the entire period (453 ) 453 — —
Transfer to credit-impaired financial assets (4 ) (3 ) 7 —
Net provision (reversal) of unused amount 5,492 (1,470 ) (467 ) 3,555
Others (*) 644 (4 ) — 640
Ending balance 70,678 2,800 7,225 80,703
(*) Recognized as a result of new financial guarantee contract valued at initial fair value.
--- ---
  • 144 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2) Provisions for unused loan commitment
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage1 Stage2 Stage3 Total
Beginning balance 108,775 26,328 232 135,335
Transfer to 12-month expected credit loss 9,966 (9,945 ) (21 ) —
Transfer to expected credit loss for the entire period (3,485 ) 3,491 (6 ) —
Transfer to credit-impaired financial assets (277 ) (321 ) 598 —
Net provision (reversal) of unused amount (7,731 ) 5,209 3,412 890
Others 970 134 233 1,337
Ending balance 108,218 24,896 4,448 137,562
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage1 Stage2 Stage3 Total
Beginning balance 67,640 38,188 205 106,033
Transfer to 12-month expected credit loss 19,492 (19,458 ) (34 ) —
Transfer to expected credit loss for the entire period (3,631 ) 3,670 (39 ) —
Transfer to credit-impaired financial assets (183 ) (263 ) 446 —
Net provision (reversal) of unused amount 25,438 4,191 (346 ) 29,283
Others 19 — — 19
Ending balance 108,775 26,328 232 135,335
(3) Changes in asset retirement obligation for the years ended December 31, 2024 and 2023, are as follows<br>(Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Beginning balance 95,179 82,717
Provisions provided 5,790 6,979
Provisions used (5,467 ) (1,542 )
Reversal of provisions unused (957 ) (1,202 )
Changes due to merger 218 —
Amortization 1,551 2,412
Increase in restoration costs and others 1,458 5,815
Ending balance 97,772 95,179

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased property as of December 31, 2024, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each property’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

  • 145 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Changes in other provisions for the years ended December 31, 2024 and 2023, are as follows (Unit: Korean<br>Won in millions):
For the years ended<br>December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Beginning balance 494,814 280,607
Provisions provided 31,028 265,574
Provisions used (186,343 ) (30,974 )
Reversal of provisions unused (9,069 ) (18,579 )
Foreign currencies translation adjustments 209 (1,844 )
Transfer (21,343 ) —
Others (4,672 ) 30
Ending balance 304,624 494,814
(5) Others
--- ---
1) The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund<br>(DLF) in 2019 and provisions for fines expected to be imposed by the Financial Services Commission as the best estimate of expenditure required to fulfill its current obligations at the end of the period.
--- ---
2) The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the<br>delay in the redemption of funds before the prior fiscal year and the dispute settlement as the best estimate of the expenditure amounting to 246,422 million won. In addition, The Group recognized provision amounting to 781 million won for<br>estimated compensation of expected customer loss related to equity-linked securities during the current period.
--- ---
  • 146 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

24. NET DEFINED BENEFIT LIABILITY(ASSET)

The Group’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset The defined benefit obligation was estimated with an interest rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in the return on high quality corporate bond A decrease in the return on high quality corporate bond will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.
(1) Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Present value of defined benefit obligation 1,751,605 1,574,087
Fair value of plan assets (1,892,290 ) (1,807,408 )
Net defined benefit liabilities(assets) (140,685 ) (233,321 )
(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- --- ---
2024 2023
Beginning balance 1,574,087 1,377,545
Current service cost 143,051 132,302
Interest cost 70,959 72,683
Remeasurements Financial assumption 88,078 70,284
Demographic assumptions (264 ) —
Experience adjustments (18,547 ) 13,926
Retirement benefit paid (101,008 ) (92,146 )
Foreign currencies translation adjustments 401 80
Others (5,152 ) (587 )
Ending balance 1,751,605 1,574,087
  • 147 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Beginning balance 1,807,408 1,661,623
Interest income 84,981 91,550
Remeasurements (15,323 ) (23,752 )
Employer’s contributions 115,159 175,220
Retirement benefit paid (94,940 ) (94,607 )
Others (4,995 ) (2,626 )
Ending balance 1,892,290 1,807,408
(4) The fair value of the plan assets by composition is as follows as of December 31, 2024 and 2023.<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Cash and due from banks and others 1,892,290 1,807,408

Meanwhile, among plan assets, realized returns on plan assets amount to 69,658 million won and 67,798 million won for the years ended December 31, 2024 and 2023, respectively. The contribution expected to be paid in the next accounting year amounts to 147,237 million won.

(5) Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive<br>income are as follows (Unit: Korean Won in millions):
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Current service cost 143,051 132,302
Net interest expense (14,022 ) (18,867 )
Cost recognized in net income 129,029 113,435
Remeasurements (*) 84,590 107,962
Cost recognized in total comprehensive income 213,619 221,397
(*) Amount before tax
--- ---

Retirement benefits related to defined contribution plans recognized as expenses are 5,470 million won, and 6,217 million won for the years ended December 31, 2024 and 2023, respectively.

(6) Key actuarial assumptions used in net defined benefit liability(asset) measurement are as follows:<br>
December 31, 2024 December 31, 2023
--- --- --- --- ---
Discount rate 3.68% ~ 4.62% 4.25% ~ 5.15%
Future wage growth rate 2.4% ~ 6.01% 2.24% ~ 5.79%
Mortality rate Issued by Korea Insurance<br><br><br>Development Institute Issued by Korea Insurance<br><br><br>Development Institute
Retirement rate Experience rate for each<br><br><br>employment classification Experience rate for each<br><br><br>employment classification

The weighted average maturity of defined benefit liability is a minimum of 3.87 to a maximum 10.67 years.

  • 148 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as follows<br>(Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Discount rate Increase by 1% point (182,522 ) (137,355 )
Decrease by 1% point 213,568 158,691
Future wage growth rate Increase by 1% point 214,942 160,663
Decrease by 1% point (185,974 ) (141,355 )
25. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
--- ---

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
Other financial liabilities:
Accounts payable 7,250,633 10,188,192
Accrued expenses 4,694,493 4,339,314
Borrowings from trust accounts 6,769,383 5,207,791
Agency business revenue 733,990 271,946
Foreign exchange payables 902,564 887,817
Domestic exchange settlement credits 7,592,473 1,386,697
Lease liabilities 527,090 334,456
Other miscellaneous financial liabilities 3,857,393 3,520,039
Present value discount (13,968 ) (21,247 )
Sub-total 32,314,051 26,115,005
Other liabilities:
Unearned income 407,525 390,455
Other miscellaneous liabilities 388,973 413,442
Sub-total 796,498 803,897
Total 33,110,549 26,918,902
  • 149 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

26. DERIVATIVES
(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets Liabilities
Nominal<br>amount For cash<br>flow hedge For fair value<br>hedge For<br>trading For cash<br>flow hedge For fair value<br>hedge For trading
Interest rate:
Futures 449,127 — — — — — —
Forwards 3,530,000 — — 52,855 — — 274,980
Swaps 138,816,980 — 10,102 308,333 180 102,635 199,761
Purchase options 50,000 — — 81 — — —
Written options 360,000 — — — — — 10,595
Currency:
Futures 2,837 — — — — — —
Forwards 111,927,474 — — 5,638,032 — — 1,805,299
Swaps 85,880,218 165,089 — 4,089,265 — — 6,796,459
Purchase options 175,221 — — 4,779 — — —
Written options 265,182 — — — — — 3,603
Equity:
Futures — — — — — — —
Forwards 1,520 — — 182 — — —
Swaps 7,698 — — — — — 1,401
Purchase options 1,767 — — 1,005 — — —
Written options — — — — — — —
Total 341,468,024 165,089 10,102 10,094,532 180 102,635 9,092,098
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets Liabilities
Nominal<br>amount For cash<br>flow hedge For fair value<br>hedge For<br>trading For cash<br>flow hedge For fair value<br>hedge For trading
Interest rate:
Futures 317,018 — — — — — —
Forwards 3,960,000 — — 83,198 — — 169,527
Swaps 138,734,758 — 698 367,333 512 135,263 213,885
Purchase options 150,000 — — 6,556 — — —
Written options 400,000 — — — — — 15,359
Currency:
Futures 1,728 — — — — — —
Forwards 97,713,561 — — 1,935,832 — — 885,870
Swaps 79,160,356 26,010 — 2,669,550 17,232 — 3,643,463
Purchase options 139,309 — — 1,500 — — —
Written options 122,696 — — — — — 585
Equity:
Futures 480,311 — — — — — —
Forwards 137 — — 36 — — —
Swaps 461,112 — — 126,028 — — 1,994
Purchase options 16,444,709 — — 608,296 — — —
Written options 16,887,247 — — — — — 1,012,341
Total 354,972,942 26,010 698 5,798,329 17,744 135,263 5,943,024

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 20), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) Overview of the Group’s hedge accounting
1) Fair value hedge
--- ---

As of December 31, 2024, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,792,388 million Won, and foreign currency loans amounting to 159,659 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

2) Cash Flow Hedge

As of the December 31, 2024, the Group has applied cash flow hedge on local currency denominated debentures amounting to 139,987 million won and debentures on foreign currency amounting to 1,720,113 million won The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

By exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, the variable interest rate terms of the Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factor in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

3) Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the fluctuation risk of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch.

A portion of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch are hedged in USD denominated foreign currency bonds (Carrying amount as of December 31, 2024: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the amount of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group’s policy is to hedge the net investment amount only within the principal range of the liabilities.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR, and Korean Won in millions):<br>
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
1 year or less 1 year to 5<br>years More than 5<br>years Total
Fair value hedge
Interest rate risk
Interest rate swap () 25,000,000 2,650,000,000 — 2,675,000,000
Interest rate swap (KRW) — — 155,000 155,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) 140,000 — — 140,000
Foreign currencies translation risk and interest rate risk
Currency swap () — 870,000,000 — 870,000,000
Foreign currencies translation risk
Currency swap () — 100,000,000 — 100,000,000
Currency swap () — 194,780,000 — 194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond () 191,568,880 672,390,437 — 863,959,317

All values are in US Dollars.

December 31, 2023
1 year or less 1 year to 5<br>years More than 5<br>years Total
Fair value hedge
Interest rate risk
Interest rate swap () 1,000,000,000 1,975,000,000 — 2,975,000,000
Interest rate swap (KRW) 240,000 — 20,000 260,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) — 140,000 — 140,000
Foreign currencies translation risk and interest rate risk
Currency swap () — 270,000,000 — 270,000,000
Foreign currencies translation risk
Currency swap () — 100,000,000 — 100,000,000
Currency swap () — 194,780,000 — 194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond () 400,000,000 463,959,317 — 863,959,317

All values are in US Dollars.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) The average interest rate and average currency rate of the hedging instrument as of December 31, 2024 and<br>2023 are as follows:
December 31, 2024
--- --- ---
Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap () Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW) Fixed 4.52% receipt and CD 3M + 0.02% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk Currency swap () USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45
Foreign currencies translation risk
Currency swap () USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap () EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures (/KRW) 1,363.09

All values are in US Dollars.

December 31, 2023
Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap () Fixed 3.60% receipt and (C.SOFR) + 1.47% paid
Interest rate swap (KRW) Fixed 4.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW) KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap () USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap () USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap () EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures (/KRW) 1,306.12

All values are in US Dollars.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR, and Korean Won<br>in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Nominal amounts<br>of the hedging<br>instrument Carrying amount of the hedging<br>instrument Line item in the<br><br><br>statement of financial<br><br><br>position where the<br> <br>hedging instrument<br>is<br> <br>located Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness
Assets Liabilities
Fair value hedge Interest rate risk Interest rate Swap() 2,675,000,000 10,102 102,635 Derivative assets<br><br><br>(designated for hedging)<br> <br>Derivative<br>liabilities<br> <br>(designated for hedging) 5,265
Interest rate Swap(KRW) 155,000
Cash flow hedge Interest rate risk Interest rate swap(KRW) 140,000 — 180 Derivative assets<br><br><br>(designated for hedging) 211
Foreign currency translation risk and interest rate risk Currency swap() 870,000,000 104,320 — Derivative assets<br><br><br>(designated for hedging)<br> <br>Derivative<br>liabilities<br> <br>(designated for hedging) 110,714
Foreign currency translation risk Currency swap() 100,000,000 29,861 — Derivative assets<br><br><br>(designated for hedging) 18,623
Currency swap() 194,780,000 30,908 — Derivative assets<br><br><br>(designated for hedging) 22,512
Hedges of net investment in foreign operations Exchange rate risk
Foreign currency bond() 863,959,317 — 1,270,020 Foreign currency<br><br><br>denominated debentures (156,015 )

All values are in US Dollars.

December 31, 2023
Nominal amounts<br>of the hedging<br>instrument Carrying amount of the<br>hedging instrument Line item in the<br><br><br>statement of financial<br> <br>position where<br>the<br> <br>hedging instrument is<br><br><br>located Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness
Assets Liabilities
Fair value hedge Interest rate risk Interest rate Swap() 2,975,000,000 698 135,263 Derivative assets<br><br><br>(designated for hedging) 55,651
Interest rate Swap(KRW) 260,000
Cash flow hedge Interest rate risk Interest rate swap(KRW) 140,000 — 512 Derivative liabilities<br><br><br>(designated for hedging) (2,433 )
Foreign currency translation risk and interest rate risk Currency swap() 270,000,000 7,356 17,232 Derivative assets (designated for hedging) Derivative liabilities (designated for hedging) (913 )
Foreign currency translation risk Currency swap() 100,000,000 10,956 — Derivative assets (designated for hedging) (5,644 )
Currency swap() 194,780,000 7,698 — Derivative assets<br><br><br>(designated for hedging) 19,063
Hedges of net investment in foreign operations Exchange rate risk

All values are in US Dollars.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

December 31, 2023
Nominal amounts of<br>the hedging<br>instrument Carrying amount of the<br>hedging instrument Line item in the<br><br><br>statement of financial<br> <br>position where<br>the<br> <br>hedging instrument is<br><br><br>located Changing in fair value<br>used for calculating<br>hedge ineffectiveness
Assets Liabilities
Foreign currency bond() 863,959,317 — 1,113,989 Foreign currency bond (19,088 )

All values are in US Dollars.

(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in<br>millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Carrying amount of the<br>hedged item Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item Line item in the<br>statement of<br>financial<br>position in<br>which the<br>hedged item is<br>included Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness Cash flow<br>hedge<br>reserve<br>(*2)
Assets Liabilities Assets Liabilities
Fair value hedge
Interest rate risk
Debentures (*1) — 3,952,047 — 129,306 Debentures (17,417 ) —
Cash flow hedge
Interest rate risk
Debentures — 139,987 — — Debentures (211 ) (133 )
Foreign currencies translation risk and interest rate risk Debentures — 1,275,768 — — Debentures (110,714 ) (7,825 )
Foreign currencies translation risk
Debentures — 444,345 — — Debentures (41,134 ) (7,479 )
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset — 1,270,020 — — Foreign<br>operations<br>net asset 156,015 (149,577 )
(*1) The accumulated profit on debentures on foreign currency amounted to 124,647 million Won, and the<br>accumulated loss on debentures on local currency amounted to 4,659 million Won, as of December 31, 2024.
--- ---
(*2) After tax amount
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Carrying amount of the<br>hedged item Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item Line item in the<br>statement of<br>financial<br>position in<br>which the<br>hedged item is<br>included Changing in<br>fair value used<br>for calculating<br>hedge<br>ineffectiveness Cash<br>flow<br>hedge<br>reserve<br>(*2)
Assets Liabilities Assets Liabilities
Fair value hedge
Interest rate risk
Debentures (*1) — 3,943,224 — 142,902 Debentures (58,306 ) —
Cash flow hedge
Interest rate risk
Debentures — 179,945 — — Debentures 2,433 25
Foreign currencies translation risk and interest rate risk Debentures — 346,388 — — Debentures 22,914 (8,819 )
Foreign currencies translation risk Debentures — 406,059 — — Debentures (13,419 ) (11,416 )
Hedges of net investment in foreign operations Exchange rate risk Foreign operations net<br>asset — 1,113,989 — — Foreign<br>operations<br>net asset 19,088 (34,750 )
(*1) The accumulated profit on debentures on foreign currency amounted to 141,818 million Won, and the<br>accumulated loss on debentures on local currency amounted to 1,084 million Won, as of December 31, 2023.
--- ---
(*2) After tax amount
--- ---
  • 156 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(7) Amounts recognized in profit or loss due to the ineffective portion of fair value hedges during the current<br>period are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- ---
Hedge ineffectiveness<br>recognized in profit or loss Line item in the profit or loss that<br>includes hedge ineffectiveness
Fair value hedge Interest rate risk (12,152 ) Other net operating<br> <br>income(expense)
For the year ended December 31, 2023
--- --- --- --- --- --- --- ---
Hedge ineffectiveness<br>recognized in profit or loss Line item in the profit or loss that<br><br><br>includes hedge ineffectiveness
Fair value hedge Interest rate risk (2,655 ) Other net operating<br><br><br>income(expense)
(8) Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are<br>as follows (Unit: Korean Won in millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Changes in<br>the value<br>of hedging<br>instruments<br>recognized<br>in OCI Hedge<br>ineffectiveness<br>recognized in<br>profit or loss Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized<br>in OCI Line item recognized<br>in the profit or loss Amounts<br>reclassified<br>from cash<br>flow hedge<br>reserve to<br>profit or<br>loss Line item<br><br><br>affected in profit<br> <br>or loss due<br>to<br>reclassification
Cash flow hedge Interest rate risk 211 — — Other net operating income (expense) — Other net operating<br><br><br>income (expense)
Foreign currencies<br><br><br>translation risk<br> <br>and interest<br>rate<br> <br>risk 110,714 — 3,481 Other net operating income (expense) (113,202) Other net operating<br><br><br>income (expense)
Foreign currencies<br><br><br>translation risk 41,135 — 980 Other net operating income (expense) (37,955) Other net<br><br><br>operating income<br><br><br>(expense)
For the year ended December 31,<br>2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Changes in<br>the value<br>of hedging<br>instruments<br>recognized<br>in OCI Hedge<br>ineffectiveness<br>recognized in<br>profit or loss Changes<br>in the<br>value of<br>foreign<br>basis<br>spread<br>recognized<br>in OCI Line item recognized<br>in the profit or loss Amounts<br>reclassified<br>from cash<br>flow hedge<br>reserve to<br>profit or<br>loss Line item<br><br><br>affected in profit<br> <br>or loss due<br>to<br>reclassification
Cash flow hedge Interest rate risk (2,433 ) — — Other net operating income (expense) — Other net operating income (expense)
Foreign currencies<br><br><br>translation risk<br> <br>and interest<br>rate<br> <br>risk (913 ) — (4,871 ) Other net operating income (expense) (11,683 ) Other net operating income (expense)
Foreign currencies<br><br><br>translation risk 13,419 — (3,521 ) Other net operating income (expense) (6,950 ) Other net operating income (expense)
  • 157 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(9) The amounts recognized in profit or loss and other comprehensive income related to the hedging of net<br>investments in foreign operations are as follows (Unit: Korean Won in millions):
For the years ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Other comprehensive income
Gain or loss on hedges<br><br><br>recognized in other<br><br><br>comprehensive income Income tax<br><br><br>effect Total
Hedges of net investment in foreign operation Exchange<br>rate risk (156,015) 41,188 (114,827 )
For the years ended December 31,<br>2024
--- --- --- --- --- --- --- --- ---
Profit or loss
Hedge ineffectiveness<br><br><br>recognized in profit or loss Account recognized for<br><br><br>hedge ineffectiveness
Hedges of net investment in foreign operation Exchange<br>rate risk — —
For the years ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Other comprehensive income
Gain or loss on hedges<br><br><br>recognized in other<br><br><br>comprehensive income Income tax<br><br><br>effect Total
Hedges of net investment in foreign operation Exchange<br>rate risk (19,088) 5,039 (14,049 )
For the years ended December 31,<br>2023
--- --- --- --- --- --- --- --- ---
Profit or loss
Hedge ineffectiveness<br><br><br>recognized in profit or loss Account recognized for<br><br><br>hedge ineffectiveness
Hedges of net investment in foreign operation Exchange<br>rate risk — —

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss.

27. DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):

For the years ended December 31
2024 2023
Beginning balance 7,848 17,964
Amounts recognized in losses (7,820 ) (10,116 )
Ending balance 28 7,848

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or losses for the years ended December 31, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

28. EQUITY
(1) Details of equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Capital
Common stock capital 3,802,676 3,802,676
Hybrid securities 3,810,435 3,611,129
Capital surplus
Paid in capital in excess of par 854,499 854,499
Others 79,601 81,064
Sub-total 934,100 935,563
Capital adjustments
Treasury stocks (35,517 ) (39,348 )
Other adjustments (*1) (1,699,038 ) (1,648,535 )
Sub-total (1,734,555 ) (1,687,883 )
Accumulated other comprehensive income
Net gain on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL 1,348 -
Financial assets at FVTOCI 60,438 79,694
Changes in capital due to equity method (1,886 ) 3,471
Gain on foreign currency translation of foreign operations 523,780 15,579
Loss on hedges of net investment in foreign operations (149,577 ) (34,750 )
Remeasurements of defined benefit plan (86,218 ) (24,262 )
Loss on valuation of cash flow hedge (14,215 ) (20,806 )
Sub-total 333,670 18,926
Retained earnings (*2) (*3) 26,950,510 24,986,470
Non-controlling interest (*4) 1,798,433 1,730,609
Total 35,895,269 33,397,490
(*1) Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and<br>(formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Kyongnam Bank and Gwangju Bank.
--- ---
(*2) The regulatory reserve for credit losses in retained earnings amounted to 2,392,542 million Won and<br>2,839,475 million Won as of December 31, 2024 and 2023, respectively in accordance with the relevant article.
--- ---
(*3) The earned surplus reserve in retained earnings amounted to 442,650 million Won and 300,190 million<br>Won as of December 31, 2024 and 2023 in accordance with the Article 53 of the Financial Holding Company Act.
--- ---
(*4) The hybrid securities issued by Woori Bank amounting to 1,645,947 million Won and 1,546,447 million<br>Won as of December 31, 2024 and 2023, respectively, are recognized as non-controlling interests 76,249 million Won and 95,637 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss<br>of the non-controlling interests for the years ended December 31, 2024 and 2023.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) The number of authorized shares and others of the Group are as follows:
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Shares of common stock authorized 4,000,000,000 Shares 4,000,000,000 Shares
Par value 5,000 Won 5,000 Won
Shares of common stock issued 742,591,501 Shares 751,949,461 Shares
Capital stock 3,802,676 million Won 3,802,676 million Won
(3) Hybrid securities
--- ---

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

Issue date Maturity Interest rate (%) December 31,<br>2024 December 31,<br>2023
Securities in local currency 2019-07-18 — 3.49 — 500,000
Securities in local currency 2019-10-11 — 3.32 — 500,000
Securities in local currency 2020-02-06 — 3.34 400,000 400,000
Securities in local currency 2020-06-12 — 3.23 300,000 300,000
Securities in local currency 2020-10-23 — 3.00 200,000 200,000
Securities in local currency 2021-04-08 — 3.15 200,000 200,000
Securities in local currency 2021-10-14 — 3.60 200,000 200,000
Securities in local currency 2022-02-17 — 4.10 300,000 300,000
Securities in local currency 2022-07-28 — 4.99 300,000 300,000
Securities in local currency 2022-10-25 — 5.97 220,000 220,000
Securities in local currency 2023-02-10 — 4.65 300,000 300,000
Securities in local currency 2023-09-07 — 5.04 200,000 200,000
Securities in local currency 2024-02-07 — 4.49 400,000 —
Securities in local currency 2024-06-19 — 4.27 400,000 —
Securities in local currency 2024-10-10 — 4.00 400,000 —
Issuance cost (9,565 ) (8,871 )
Total 3,810,435 3,611,129

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

For the year ended December 31, 2024
Beginning<br>balance Increase<br>(decrease) (*) Reclassification<br>adjustments Income<br>tax effect Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI 79,694 (12,498 ) (22,704 ) 15,946 60,438
Net gain on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL — 1,831 — (483 ) 1,348
Changes in capital due to equity method 3,471 (6,965 ) — 1,608 (1,886 )
Gain (loss) on foreign currency translation of foreign operations 15,579 529,531 — (21,330 ) 523,780
Gain (loss) on hedges of net investment in foreign operations (34,750 ) (156,015 ) — 41,188 (149,577 )
Remeasurement gain (loss) related to defined benefit plan (24,262 ) (84,590 ) — 22,634 (86,218 )
Gain (loss) on valuation of derivatives designated as cash flow hedges (20,806 ) 7,299 (461 ) (247 ) (14,215 )
Total 18,926 278,593 (23,165 ) 59,316 333,670
(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive<br>income and non-current assets held for sale are changes due to the period evaluation, and the reclassification adjustments amounting to 53,460 million Won and (10) million Won are due to disposal of equity securities and non-current assets<br>held for sale, respectively during the period.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Increase<br>(decrease) (*) Reclassification<br>adjustments Income tax<br>effect Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI (645,731 ) 783,583 200,309 (258,467 ) 79,694
Changes in capital due to equity method 475 (1,434 ) — 4,430 3,471
Gain (loss) on foreign currency translation of foreign operations (24,202 ) 39,458 — 323 15,579
Gain (loss) on hedges of net investment in foreign operations (20,701 ) (19,088 ) — 5,039 (34,750 )
Remeasurement gain (loss) related to defined benefit plan 55,235 (108,217 ) — 28,720 (24,262 )
Gain (loss) on valuation of cash flow hedge (4,282 ) (15,906 ) (944 ) 326 (20,806 )
Total (639,206 ) 678,396 199,365 (219,629 ) 18,926
(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive<br>income and non-current assets held for sale are changes due to the period evaluation, and the reclassification adjustments amounting to 86 million Won and (50) million Won are due to disposal of equity securities and non-current assets<br>held for sale, respectively during the period.
--- ---
  • 161 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(5) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
Beginning balance 2,392,542 2,839,475
Planned provision of regulatory reserve (reversal) for credit loss 276,300 (446,933 )
Ending balance 2,668,842 2,392,542
2) Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and<br>others
--- ---

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

For the years ended December 31
2024 2023
Net income before regulatory reserve 3,171,470 2,626,894
Provision of regulatory reserve (reversal) for credit loss 276,300 (446,933 )
Adjusted net income after the provision of regulatory reserve 2,895,170 3,073,827
Dividends to hybrid securities (158,682 ) (131,148 )
Adjusted net income after regulatory reserve and dividends to hybrid securities 2,736,488 2,942,679
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean<br>Won) 3,692 4,002
(6) Treasury stock
--- ---

Details of treasury stocks are as follows (Unit: Shares, Korean Won in millions):

December 31, 2024
Beginning<br>balance Acquisition Disposal and<br>others Ending<br>balance
Number of shares 3,427,497 9,359,819 (9,705,040 ) 3,082,276
Carrying amount 39,348 136,712 (140,543 ) 35,517
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Acquisition Disposal and<br>others Ending<br>balance
Number of shares 343,991 13,552,312 (10,468,806 ) 3,427,497
Carrying amount 3,819 157,222 (121,693 ) 39,348
  • 162 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

29. DIVIDENDS
(1) Dividends per share and the total dividends for the fiscal year ended December 31, 2023 were 640 Won and<br>481,213 million Won, respectively, and the dividends were approved at the regular general shareholders’ meeting held on March 22, 2024 and dividend record date as February 29, 2024. Dividends were paid in April 2024.<br>
--- ---
(2) At the Board of Directors meeting held on April 26, 2024, it was approved to pay a quarterly dividend of<br>180 Won per share (total dividends are 133,657 million Won) with a record date of March 31, 2024. The dividends were paid in May 2024.
--- ---
(3) At the Board of Directors meeting held on July 25, 2024, it was approved to pay a quarterly dividend of<br>180 Won per share (total dividends are 133,657 million Won) with a record date of June 30, 2024. The dividends were paid in August 2024.
--- ---
(4) At the Board of Directors meeting held on October 18, 2024, it was approved to pay a quarterly dividend of<br>180 Won per share (total dividends are 133,657 million Won) with a record date of September 30, 2024. The dividends were paid in November 2024.
--- ---
(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and<br>490,075 million Won, respectively, will be proposed at the regular general shareholders’ meeting to be held on March 26, 2025. The record date for the year-end dividend of the fiscal year ending December 31, 2024, is<br>February 28, 2025. The current financial statements do not include such outstanding dividends.
--- ---
30. NET INTEREST INCOME
--- ---
(1) Details of Interest income recognized are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Financial assets at FVTPL 236,793 192,094
Financial assets at FVTOCI 1,281,642 999,407
Financial assets at amortized cost:
Securities at amortized cost 643,056 782,513
Loans and other financial assets at amortized cost:
Interest on due from banks 624,006 543,789
Interest on loans 19,116,813 18,042,706
Interest of other receivables 111,031 81,045
Subtotal 19,851,850 18,667,540
Total 22,013,341 20,641,554
(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Interest on deposits due to customers 9,599,529 8,738,249
Interest on borrowings 1,351,612 1,294,710
Interest on debentures 1,760,003 1,507,108
Other interest expense 398,694 348,588
Interest on lease liabilities 17,167 10,359
Total 13,127,005 11,899,014
  • 163 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

31. NET FEES AND COMMISSIONS INCOME
(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Fees and commission received for brokerage 156,534 146,216
Fees and commission received related to credit 178,136 182,151
Fees and commission received for electronic finance 128,163 125,760
Fees and commission received on foreign exchange handling 57,335 55,993
Fees and commission received on foreign exchange 115,450 99,071
Fees and commission received for guarantee 104,301 88,580
Fees and commission received on credit card 638,573 640,918
Fees and commission received on securities business 69,935 58,553
Fees and commission from trust management 252,732 266,197
Fees and commission received on credit information 10,733 10,768
Fees and commission received related to lease 892,126 698,463
Other fees 270,198 193,144
Total 2,874,216 2,565,814
(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Fees and commissions paid 340,083 339,340
Credit card commission 426,820 488,742
Securities business commission 1,159 1,287
Others 19,984 15,964
Total 788,046 845,333
32. DIVIDEND INCOME
--- ---
(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Dividend income related to financial assets at FVTPL 291,123 222,357
Dividend income related to financial assets at FVTOCI 19,198 17,936
Total 310,321 240,293
(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Dividend income recognized from assets held:
Equity securities 19,198 17,936
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

33. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIRVALUE
(1) Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit:<br>Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- ---
2024 2023
Gain on financial instruments at FVTPL 1,512,430 488,486
Loss on financial instruments designated to be measured at FVTPL (19,647 ) —
Total 1,492,783 488,486
(2) Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair<br>value and financial instruments held for trading are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- --- --- --- ---
2024 2023
Financial assets at FVTPL Securities Gain on transactions and valuation 701,955 889,250
Loss on transactions and valuation (306,311 ) (191,144 )
Sub-total 395,644 698,106
Loans Gain on transactions and valuation 16,825 6,064
Loss on transactions and valuation (1,738 ) (2,289 )
Sub-total 15,087 3,775
Other financial assets Gain on transactions and valuation 12,715 9,742
Loss on transactions and valuation (20,280 ) (19,291 )
Sub-total (7,565 ) (9,549 )
Sub-total 403,166 692,332
Derivatives<br><br><br>(Held for trading) Interest rates derivatives Gain on transactions and valuation 2,981,638 4,741,233
Loss on transactions and valuation (2,945,172 ) (4,990,352 )
Sub-total 36,466 (249,119 )
Currency derivatives Gain on transactions and valuation 14,841,349 7,677,720
Loss on transactions and valuation (13,757,446 ) (7,528,291 )
Sub-total 1,083,903 149,429
Equity derivatives Gain on transactions and valuation 1,182,962 3,169,071
Loss on transactions and valuation (1,194,068 ) (3,273,202 )
Sub-total (11,106 ) (104,131 )
Other derivatives Gain on transactions and valuation 27 14
Loss on transactions and valuation (26 ) (39 )
Sub-total 1 (25 )
Sub-total 1,109,264 (203,846 )
Net, total 1,512,430 488,486
(3) Details of loss on financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in<br>millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- ---
2024 2023
Net loss on deposits due to customers
Net loss on valuation of time deposits (19,647 ) —
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

34. NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :

For the years ended December 31
2024 2023
Gain on redemption of securities — 104
Gain (loss) on transactions of securities 96,620 (37,745 )
Total 96,620 (37,641 )
35. REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS
--- ---

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

For the years ended December 31
2024 2023
Provision for impairment loss due to credit loss on financial assets at FVTOCI (8,868 ) (16,542 )
Reversal of (provision for) impairment loss due to credit loss on securities at amortized<br>cost 3,287 (5,549 )
Provision for impairment loss due to credit loss on loan and other financial assets at amortized<br>cost (1,715,074 ) (1,839,987 )
Reversal of provision for guarantee (Provision for guarantee) 5,250 (3,555 )
Provision for unused loan commitment (890 ) (29,283 )
Total (1,716,295 ) (1,894,916 )
  • 166 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

36. GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)
(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- --- --- ---
2024 2023
Employee benefits Short-term employee benefits Salaries 1,932,906 1,831,137
Employee fringe benefits 640,924 600,001
Share based payment 27,629 12,946
Retirement benefit service costs 134,514 119,670
Termination 1,533 164,922
Subtotal 2,737,506 2,728,676
Depreciation and amortization 539,924 503,035
Other general and administrative expenses Rent 124,041 124,355
Taxes and public dues 202,541 190,334
Service charges 257,113 245,656
Computer and IT related 142,979 144,017
Telephone and communication 93,178 88,018
Operating promotion 54,793 53,896
Advertising 156,795 161,896
Printing 5,955 6,072
Traveling 13,436 13,364
Supplies 9,021 9,156
Insurance premium 13,852 14,380
Maintenance 25,035 24,932
Water, light, and heating 19,415 19,161
Vehicle maintenance 14,394 14,725
Others (*) 58,995 101,760
Sub-total 1,191,543 1,211,722
Total 4,468,973 4,443,433
(*) In-house welfare fund contributions amounted to 40,047 million Won as of December 31, 2023.<br>
--- ---
(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Gains on transactions of foreign exchange 722,827 1,428,737
Gains related to derivatives (designated for hedging) 192,000 114,875
Gains on fair value hedged items 25,469 8,986
Others 349,033 288,862
Total 1,289,329 1,841,460
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):<br>
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Losses on transactions of foreign exchange 1,754,516 1,295,557
KDIC deposit insurance premium 509,832 464,213
Contribution to miscellaneous funds 533,335 453,805
Losses related to derivatives (Designated for hedging) 24,252 35,583
Losses on fair value hedged items 64,571 72,601
Others (*) 1,121,479 1,040,424
Total 4,007,985 3,362,183
(*) Other expense includes 28,509 million Won and 22,349 million Won for intangible asset amortization<br>cost and 587,148 million Won and 462,394 million Won for lease depreciation cost for the years ended December 31, 2024 and 2023, respectively.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2024 and 2023 are as follows.

1) Performance condition share-based payment
Subject to Shares granted for the year 2020 (*3)
--- --- --- --- ---
Type of payment Cash-settled
Vesting period January 1, 2020 ~ December 31, 2023
Date of payment 2024-01-01
Fair value (*1) —
Valuation method —
Expected dividend rate —
Expected maturity date —
Number of shares remaining As of December 31, 2024 —
As of December 31, 2023 944,343 shares
Number of shares granted (*2) As of December 31, 2024 —
As of December 31, 2023 944,343 shares
Subject to Shares granted for the year 2021
Type of payment Cash-settled
Vesting period January 1, 2021 ~ December 31, 2024
Date of payment 2025-01-01
Fair value (*1) 15,831 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date —
Number of shares remaining As of December 31, 2024 1,105,292 shares
As of December 31, 2023 1,105,515 shares
Number of shares granted (*2) As of December 31, 2024 1,105,292 shares
As of December 31, 2023 1,105,515 shares
Subject to Shares granted for the year 2022
Type of payment Cash-settled
Vesting period January 1, 2022 ~ December 31, 2025
Date of payment 2026-01-01
Fair value (*1) 14,839 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 1 years
Number of shares remaining As of December 31, 2024 960,777 shares
As of December 31, 2023 968,119 shares
Number of shares granted (*2) As of December 31, 2024 960,777 shares
As of December 31, 2023 968,119 shares
Subject to Shares granted for the year 2023
Type of payment Cash-settled
Vesting period January 1, 2023 ~ December 31, 2026
Date of payment 2027-01-01
Fair value (*1) 13,909 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 2 years
Number of shares remaining As of December 31, 2024 916,849 shares
As of December 31, 2023 924,077 shares
Number of shares granted (*2) As of December 31, 2024 916,849 shares
As of December 31, 2023 924,077 shares
  • 169 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

Subject to Shares granted for the year 2024
Type of payment Cash-settled
Vesting period January 1, 2024 ~ December 31, 2027
Date of payment 2028-01-01
Fair value (*1) 13,037 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 3 years
Number of shares remaining As of December 31, 2024 1,384,504 shares
As of December 31, 2023 —
Number of shares granted (*2) As of December 31, 2024 1,384,504 shares
As of December 31, 2023 —
(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average<br>stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of<br>each settlement.
--- ---
(*2) The number of payable stocks is granted at the initial contract date. This is a system in which the number of<br>shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of<br>payment. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.
--- ---
(*3) Payment was completed in current period.
--- ---
2) The Group accounts for performance condition share-based payments according to the cash-settled method and the<br>fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of December 31, 2024 and 2023, the carrying amount of the liabilities related to the performance condition share-based payments<br>recognized by the Group amounts to 62,557 million Won and 46,741 million Won, respectively, including the carrying amount of liabilities related to key management of 16,660 million Won and 19,924 million Won, respectively.<br>
--- ---
  • 170 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

37. NON-OPERATING INCOME (EXPENSES)
(1) Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit:<br>Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Gains on valuation of investments in joint ventures and associates 96,176 132,541
Losses on valuation of investments in joint ventures and associates (19,911 ) (22,710 )
Total 76,265 109,831
(2) Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Other non-operating incomes 88,398 117,746
Other non-operating expenses (197,006 ) (209,153 )
Total (108,608 ) (91,407 )
(3) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Rental fee income 23,307 26,477
Gains on disposal of investments in joint ventures and associates 19,642 33,123
Gains on disposal of premise and equipment, intangible assets and other assets 7,064 5,267
Reversal of impairment losses of premise and equipment, intangible assets and other<br>assets 147 230
Others (*) 38,238 52,649
Total 88,398 117,746
(*) ‘Others’ for the year ended December 31, 2024 and 2023 include 2,517 million Won and<br>14,060 million Won of other special gain related to other provisions.
--- ---
(4) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Depreciation on investment properties 8,216 5,398
Operating expenses on investment properties 2,110 2,058
Losses on disposal of investments in joint ventures and associates 532 588
Losses on disposal of premise and equipment, intangible assets and other assets 2,233 1,873
Impairment losses of premise and equipment, intangible assets and other assets 3,627 129
Donation 118,589 63,729
Others (*) 61,699 135,378
Total 197,006 209,153
(*) Other special losses related to other provisions for the years ended December 31, 2024 and 2023 are<br>31,023 million Won and 66,910 million Won, respectively.
--- ---
  • 171 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

38. INCOME TAX EXPENSE
(1) Details of income tax expenses are as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Current tax expense:
Current tax expense with respect to the current period 615,120 689,395
Adjustments recognized in the current period in relation to the tax expense of prior<br>periods (35,823 ) (22,825 )
Income tax expense directly attributable to other equity 41,188 5,039
Sub-total 620,485 671,609
Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences 408,941 442,852
Income tax expense(income) directly attributable to equity 18,128 (224,668 )
Others 3,824 766
Sub-total 430,893 218,950
Income tax expense 1,051,378 890,559
(2) Income tax expense reconciled to net income before income tax expense is as follows (Unit: Korean Won in<br>millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- ---
2024 2023
Net income before income tax expense 4,222,847 3,517,453
Tax calculated at statutory tax rate (*1) 1,014,678 859,608
Adjustments:
Effect of income that is exempt from taxation (46,946 ) (37,500 )
Effect of expenses that are not deductible in determining taxable income 53,719 12,163
Adjustments recognized in the current period in relation to the current tax of prior<br>periods (36,205 ) (22,456 )
Others 66,132 78,744
Sub-total 36,700 30,951
Income tax expense 1,051,378 890,559
Effective tax rate 24.90 % 25.32 %
(*1) The applicable income tax rate: 9.9% up to 200 million Won in tax basis, 20.9% over 200 million<br>Won to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.
--- ---
  • 172 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Changes in deferred tax assets and liabilities for the years ended December 31, 2024 and 2023, are as<br>follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Business<br>combination Recognized as<br>income (expense) Recognized as other<br>comprehensive<br>income (expense) Ending<br>Balance
Gain (loss) on financial assets (157,394 ) — (110,523 ) 15,463 (252,454 )
Gain (loss) on valuation of investment stocks accounted in equity method (10,372 ) — (8,391 ) 1,608 (17,155 )
Gain (loss) on valuation of derivatives 35,812 — (289,117 ) (247 ) (253,552 )
Accrued income (132,938 ) — 16,258 — (116,680 )
Provision for loan losses 40,988 — 41,496 — 82,484
Loan and receivables written off 9,772 — (1,069 ) — 8,703
Loan origination costs and fees (173,417 ) — (6,775 ) — (180,192 )
Defined benefit obligation 427,265 — 29,008 22,120 478,393
Deposits with employee retirement insurance trust (499,718 ) — (400 ) 514 (499,604 )
Provision for guarantee 8,274 — (2,474 ) — 5,800
Other provision 179,117 — (47,570 ) — 131,547
Others (*) (104,334 ) (544 ) (46,968 ) (21,330 ) (173,176 )
Net deferred tax assets(liabilities) (376,945 ) (544 ) (426,525 ) 18,128 (785,886 )
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising<br>from unused tax losses amounts to 12,507 million won.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Business<br>combination Recognized as<br>income (expense) Recognized as other<br>comprehensive<br>income (expense) Ending<br>Balance
Gain (loss) on financial assets 373,145 — (272,072 ) (258,467 ) (157,394 )
Gain (loss) on valuation of investment stocks accounted in equity method 20,555 — (35,357 ) 4,430 (10,372 )
Gain on valuation of derivatives 10,617 — 24,869 326 35,812
Accrued income (90,330 ) — (42,608 ) — (132,938 )
Provision for loan losses (20,105 ) — 61,093 — 40,988
Loan and receivables written off 7,926 — 1,846 — 9,772
Loan origination costs and fees (169,093 ) — (4,324 ) — (173,417 )
Defined benefit obligation 369,785 — 29,308 28,172 427,265
Deposits with employee retirement insurance trust (450,222 ) — (50,044 ) 548 (499,718 )
Provision for guarantee 8,328 — (54 ) — 8,274
Other provision 87,229 — 91,888 — 179,117
Others (*) (70,335 ) (11,593 ) (22,729 ) 323 (104,334 )
Net deferred tax assets(liabilities) 77,500 (11,593 ) (218,184 ) (224,668 ) (376,945 )
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising<br>from unused tax losses amounts to 1,998 million won.
--- ---
  • 173 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Deductible temporary differences 332,384 313,565
Tax loss carry forward 62,963 16,823
Taxable temporary differences (10,335,041 ) (9,138,085 )
Total (9,939,694 ) (8,807,697 )

No deferred income tax asset has been recognized for the deductible temporary difference of 304,997 million Won associated with investments in subsidiaries as of December 31, 2024, because it is not probable that the temporary differences will be reversed in the foreseeable future. Also, no deferred income tax asset has been recognized for the other 27,387 million won due to the uncertainty of its feasibility in the future.

No deferred income tax liability has been recognized for the taxable temporary difference of 10,335,041 million won associated with investment in subsidiaries as of December 31, 2024, due to the following reasons:

• The Group is able to control the timing of the reversal of the temporary difference.
• It is probable that the temporary difference will not be reversed in the foreseeable future.<br>
--- ---

As of December 31, 2024, the expected extinctive date of tax loss carry forward that are not recognized as deferred tax assets are as follows (Unit: Korean Won in millions):

1 year or less 1 – 2 years 2 – 3 years More than 3 years
Tax loss carry forward 7,609 7,204 6,661 41,489
(5) Details of accumulated current and deferred tax charged directly to other equity are as follows (Unit: Korean<br>Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Loss on valuation of financial assets at FVTOCI (28,645 ) (44,591 )
Loss on financial instruments designated to be measured at FVTPL (483 ) —
Gain on valuation of equity method investments 2,272 664
Gain on foreign currency translation of foreign operations (11,069 ) 10,261
Gain on valuation of hedge accounting of the net investment in foreign operations 56,042 14,854
Remeasurements of the defined benefit plan 30,770 8,136
Gain on derivatives designated as cash flow hedge (7 ) 240
Total 48,880 (10,436 )
(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Current tax assets 61,613 203,542
Current tax liabilities 127,126 103,655
(7) Impact of Pillar Two income taxes
--- ---

Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. All entities within the group have an effective tax rate that exceeds 15%. There is no pillar two income tax expense for the year ended December 31, 2024. The Group applied the exception to recognizing and disclosing information about deferred tax and assets and liabilities related to Pillar Two income Taxes.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

39. EARNINGS PER SHARE (“EPS”)
(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number<br>of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Net income attributable to common shareholders 3,085,995 2,506,296
Dividends to hybrid securities (158,682 ) (131,148 )
Net income attributable to common shareholders 2,927,313 2,375,148
Weighted average number of common shares outstanding (Unit: million shares) 741 735
Basic EPS (Unit: Korean Won) 3,950 3,230
(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares):<br>
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- ---
Number of shares Accumulated number of shares<br>outstanding during period
Common shares issued at the beginning of the year 751,949,461 275,213,502,726
Treasury stocks (3,427,497 ) (1,254,463,902 )
Acquisition of treasury stock (9,359,809 ) (2,742,480,364 )
Disposal of treasury stock 347,070 89,415,280
Sub-total (①) 271,305,973,740
Weighted average number of common shares outstanding (②=(①/365)) 741,273,152
For the year ended December 31, 2023
Number of shares Accumulated number of shares<br>outstanding during period
Common shares issued at the beginning of the year 728,060,549 265,742,100,385
Treasury stocks (343,991 ) (125,556,715 )
Acquisition and retirement of treasury stock etc. (13,500,691 ) (2,104,222,930 )
Acquisition of treasury stock (odd-lot stock at comprehensive share exchange) (51,621 ) (6,504,246 )
Disposal of treasury stock 1,883,007 171,193,865
Issuance of new shares (comprehensive share exchange) 32,474,711 4,741,307,806
Sub-total (①) 268,418,318,165
Weighted average number of common shares outstanding (②=(①/366)) 735,392,653

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2024 and 2023.

  • 175 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

40. CONTINGENT LIABILITIES AND COMMITMENTS
(1) Details of guarantees are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Confirmed guarantees
Guarantee for loans 60,571 58,205
Acceptances 617,599 467,964
Guarantees in acceptances of imported goods 75,265 74,916
Other confirmed guarantees 10,337,850 8,050,815
Sub-total 11,091,285 8,651,900
Unconfirmed guarantees
Local letters of credit 167,580 161,608
Letters of credit 3,213,170 2,873,350
Other unconfirmed guarantees 1,558,187 1,516,585
Sub-total 4,938,937 4,551,543
Commercial paper purchase commitments and others 581,040 589,858
Total (*) 16,611,262 13,793,301
(*) Includes financial guarantees of 4,156,790 million won and 3,661,656 million won as of<br>December 31, 2024 and 2023, respectively.
--- ---
(2) Details of loan commitments and others are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Loan commitments 133,863,588 126,829,192
Other commitments (*) 6,564,353 7,339,952
(*) As of December 31, 2024 and 2023, the amount of unsecured bills (purchase bills sales) and etc. are<br>1,992,030 million won and 2,485,853 million won, respectively.
--- ---
(3) Litigation case
--- ---

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 871 cases (litigation value of 862,669 million Won) and 603 cases (litigation value of 513,863 million Won) as of December 31, 2024 and 2023 respectively, and provisions for litigations are 23,233 million Won and 28,581 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Other commitments
1) Responsible completion type management land trust is a trust that bears the obligation of responsible<br>completion when the construction company fails to fulfill the obligation of responsible completion, and the obligation to compensate losses to the lending financial institution if Woori Asset Trust, a subsidiary, fails to fulfill the obligation of<br>responsible completion. As of December 31, 2024, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility for the completion of 7 projects (including completed projects), including knowledge industry center in Tangjeong-myeon,<br>Asan-si, Chungcheongnam-do. the initial total limit of PF (Project Financing) loans from PF lending financial institutions invested in the responsible completion type management land trust business (including completion) is 546,000 million Won.<br>After deduction of limits and other adjustments, the total limit of the PF lending financial institution is 384,680 million Won and the amount of PF loans is 354,830 million Won.
--- ---

As of December 31, 2024, Woori Asset Trust has committed to fulfill responsibility for the completion of 5 projects (excluding completed project), including an officetel in the Okjeong district, Yangju-si, Gyeonggi-do. As of December 31, 2024, the initial total limit of PF (Project Financing) loans from PF lending financial institutions invested in the responsible completion type management land trust business (excluding completion) is 476,500 million Won and the amount of PF loans is 310,580 million Won. Regarding these commitment about the responsibility for completion, additional losses may occur. However, since the possibility and amount of loss cannot be reliably estimated, these impacts have not been reflected in the financial statements at the end of the current period.

Meanwhile, Woori Asset Trust Co., Ltd. has failed to fulfill the responsibility of the completion of 4 projects (excluding completion) including Oncheon park in Oncheon-dong, Busan. The total amount of PF limit from PF lending financial institutions invested in projects is 386,500 million Won and the amount of PF loans is 241,980 million Won. The PF limit may be subject to change during the project progress due to reasons such as limit deductions. The total amount of trust account limit for projects is 110,500 million Won and the amount utilized in the trust account is 80,535 million Won. The trust account limit may be subject to change during the project progress due to reasons such as limit deductions.

As of December 31, 2024, Woori Asset Trust has 4 cases (including completion), such as Oncheon park in Oncheon-dong, Busan, where our company’s guaranteed completion deadlines have passed. As of December 31, 2024, the total PF limit of the PF loan financial institutions invested in the concerned project is 287,000 million Won and the PF loan amount is 137,530 million Won. The PF limit may be subject to change during the project progress due to reasons such as limit deductions.

The total amount of trust account limit for projects is 45,200 million Won and the amount utilized in the trust account is 39,266 million Won. The trust account limit may be subject to change during the project progress due to reasons such as limit deductions.

2) Also, as of December 31, 2024, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the<br>total project cost in relation to 33 debt-type land trust contracts including Boutique Terrace Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is 165,911 million Won. Whether or not Woori Asset Trust lends a trust<br>account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.
3) Pursuant to some contracts related to asset securitization, as of December 31, 2024, Woori Card, a<br>subsidiary, utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.<br>
--- ---
4) During the prior period, there was an investigation by Fair Trade Commission regarding Loan-To-Value ratio.<br>Woori Bank, a subsidiary, received the review report in January 2024, but cannot reasonably estimate its impact on consolidated financial statements.
--- ---
5) Woori Card, a subsidiary, is currently under investigation by regulatory authorities regarding the leak of<br>personal credit information of merchants’ representatives between January and April 2024. At this point, the outcome of the investigation cannot be predicted.
--- ---
  • 177 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

41. RELATED PARTY TRANSACTIONS

Related parties of the Group as of December 31, 2024 and 2023, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2024 and 2023 are as follows. Please refer to Note 13 for the details of joint ventures and associates.

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
Related parties Account title December 31,<br>2024 December 31,<br>2023
--- --- --- --- --- --- --- --- --- --- --- ---
Associates W Service Networks Co., Ltd. Loans 51 108
Deposits due to customers 3,054 3,245
Accrued expenses 86 7
Other liabilities 339 100
Korea Credit Bureau Co., Ltd. Loans 1 1
Deposits due to customers 780 771
Accrued expenses 13 1
Other liabilities — —
Korea Finance Security Co., Ltd. Loans 3,225 3,228
Loss allowance (43 ) (71 )
Deposits due to customers 1,145 1,323
Other liabilities 3 6
LOTTE CARD Co. Ltd. Loans 27,913 12,209
Account receivables 21 31
Loss allowance (297 ) (269 )
Derivative assets 1,075 —
Other assets 49 2
Deposits due to customers 20,207 62,587
Other liabilities 273 289
K BANK Co., Ltd. Loans 18 54
Account receivables 32 13
Other assets — 18
Other liabilities 193,719 214,135
Others (*1) Loans 38,819 65,558
Loss allowance (273 ) (61 )
Other assets 66,088 47,828
Deposits due to customers 3,575 4,212
Other liabilities 232 992
(*1) Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of<br>December 31, 2024 and 2023.
--- ---
  • 178 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
For the years ended<br>December 31
--- --- --- --- --- --- --- --- --- --- --- ---
Related parties Account title 2024 2023
Associates W Service Network Co., Ltd. Other income 35 —
Interest expenses 37 35
Fees expenses 483 552
Other expenses 1,095 1,575
Korea Credit Bureau Co., Ltd. Interest expenses — 9
Fees expenses 3,986 4,047
Other expenses 155 143
Korea Finance Security Co., Ltd. Interest income 142 181
Interest expenses 3 3
Provision (Reversal) of allowance for credit loss (32 ) 26
Other expenses 25 33
LOTTE CARD Co., Ltd. Interest income 1,586 10
Fees income 4,019 4,164
Gain on derivatives 1,075 —
Loss on derivatives 457 —
Interest expenses 4,127 5,665
Provision (Reversal) of allowance for credit loss 11 (455 )
K BANK Co., Ltd. Fees income 269 190
Fees expenses — 339
Others (*) Interest income 844 682
Fees income 53,562 15,295
Dividend income 3,729 1,700
Other income 2,890 4,760
Interest expenses 18,045 9,333
Other expenses 1,612 836
Provision (Reversal) of allowance for credit loss 212 (27 )
(*) Others include Win Mortgage Co., Ltd. and etc., for the years ended December 31, 2024 and 2023.<br>
--- ---
  • 179 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Major loan transactions with related parties for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties Beginning<br>balance Loan Collection Others Ending<br>balance (*)
Associates W Service Network Co., Ltd. 108 475 532 — 51
Korea Credit Bureau Co., Ltd. 1 3 3 — 1
Korea Finance Security Co., Ltd. 3,228 2,705 2,708 — 3,225
LOTTE CARD Co., Ltd. 12,209 288,794 274,484 1,394 27,913
K BANK Co., Ltd. 54 317 353 — 18
Win Mortgage Co.,Ltd. 15 243 250 — 8
ARAM CMC CO.LTD 41 — — — 41
Godo Kaisha Oceanos 1 38,121 — — 649 38,770
Woori Zip 1 11,317 — 11,227 (90 ) —
Woori Zip 2 16,063 — 15,936 (127 ) —
(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was<br>used for limited credit loan.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties Beginning<br>balance Loan Collection Others Ending<br>balance (*)
Associates W Service Network Co., Ltd. 120 483 495 — 108
Korea Credit Bureau Co., Ltd. 2 12 13 — 1
Korea Finance Security Co., Ltd. 3,433 2,911 3,116 — 3,228
LOTTE CARD Co., Ltd. 50,000 226,318 264,109 — 12,209
K BANK Co., Ltd. 3 218 167 — 54
Win Mortgage Co.,Ltd. — 262 247 — 15
ARAM CMC CO.LTD — 41 — — 41
Godo Kaisha Oceanos 1 39,814 — — (1,693 ) 38,121
Woori Zip 1 11,819 — — (502 ) 11,317
Woori Zip 2 16,776 — — (713 ) 16,063
Central Network Solutions Co., Ltd. 251 — 251 — —
(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was<br>used for limited credit loan.
--- ---
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Details of changes in major deposits due to customers with related parties for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties Beginning<br>balance Increase Decrease Ending<br>balance (*)
Associates W Service Networks Co., Ltd 1,000 2,000 2,000 1,000
Win Mortgage Co.,Ltd. 600 2,266 1,479 1,387
(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.<br>
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties Beginning<br>balance Increase Decrease Ending<br>balance (*)
Associates W Service Networks Co., Ltd 1,200 1,000 1,200 1,000
Partner One Value Up I Private Equity Fund 100 — 100 —
Korea Credit Bureau Co., Ltd. 3,000 — 3,000 —
Win Mortgage Co.,Ltd. — 1,200 600 600
(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.<br>
--- ---
(5) There are no major borrowing transactions with related parties for the years ended December 31, 2024 and<br>2023.
--- ---
(6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):<br>
--- ---
Warrantee December 31, 2024 December 31, 2023 Warranty
--- --- --- --- --- --- --- --- ---
Korea Finance Security Co., Ltd. 635 632 Unused loan commitment
Korea Credit Bureau Co., Ltd. 34 34 Unused loan commitment
W Service Network Co., Ltd. 129 72 Unused loan commitment
K BANK Co., Ltd. 282 246 Unused loan commitment
LOTTE CARD Co. Ltd. 498,400 498,400 Unused loan commitment
Confirmed Foreign
Currency Payment
1,691 1,483 Guarantee
Win Mortgage Co.,Ltd. 42 34 Unused loan commitment

As of December 31, 2024 and 2023, the recognized payment guarantee provisions are 272 million won and 294 million won, respectively, in relation to the guarantees provided to the related parties above.

  • 181 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(7) Amount of commitments with the related parties
Warrantee December 31, 2024 December 31, 2023 Warranty
--- --- --- --- --- --- --- --- ---
NH Woori Newdeal Growth Alpha Private Equity Fund 1 15,906 36,941 Securities purchase commitment
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] 990,000 990,000 Securities purchase commitment
BTS 2^nd^ Private Equity Fund 1,854 4,774 Securities purchase commitment
STASSETS FUND III 3,000 6,000 Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1 3,443 4,389 Securities purchase commitment
IBK KIP Seongjang Dideemdol 1^st^ Private<br>Investment Limited Partnership 4,664 4,664 Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1 30,949 34,437 Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 60 — Securities purchase commitment
Woori Asset Global Partnership Fund No.5 97,500 127,500 Securities purchase commitment
Woori-Q Corporate Restructuring Private Equity Fund — 12,186 Securities purchase commitment
JC Assurance No.2 Private Equity Fund 1,351 1,351 Securities purchase commitment
Crevisse Raim Impact 1^st^ Startup Venture<br>Specialist Private Equity Fund 148 243 Securities purchase commitment
Woori Real Estate Investment No. 1 Limited Liability Company 7,100 — Securities purchase commitment
Woori Future Energy Private Special Asset Investment Trust(General) No.1 33,600 — Securities purchase commitment
LOTTE CARD Co., Ltd. 350,000 — Derivative commitment
  • 182 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(8) Major investment and Recovery transactions

There are no major investment and recovery transactions with related parties for the years ended December 31, 2024. The details of such transactions with related parties for the years ended December 31, 2023 are as follows (Unit: Korean Won in millions):

For the year ended<br><br><br>December 31, 2023
Related parties Investment<br>and others (*) Recovery and<br>others (*)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust (Type<br>2) 38 —
Woori BIG SATISFACTION SHINJONG MMF<br>3^RD^ — 441,470
(*) Investment and recovery transactions of associates are described in Note 13.(2)
--- ---
(9) Compensation for key management is as follows (Unit: Korean Won in millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Short-term employee salaries 34,676 22,626
Retirement benefit service costs 1,372 1,160
Share-based compensation 11,298 5,474
Total 47,346 29,260

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,523 million won and 3,932 million won, as of December 31, 2024 and 2023 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 69,372 million won and 34,054 million won, respectively, as of December 31, 2024 and 2023.

  • 183 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

42. TRUST ACCOUNTS
(1) Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):
--- ---
Total assets Operating income
--- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2024 December 31, 2023 For the years ended December 31
2024 2023
Trust accounts 85,894,740 75,636,483 2,544,969 2,296,627
(2) Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Receivables:
Trust fees receivables 46,273 48,383
Payables:
Deposits due to customers 265,364 166,241
Borrowings from trust accounts 5,214,906 3,769,913
Total 5,480,270 3,936,154
(3) Significant transactions between the Woori Bank and trust accounts are as follows (Unit: Korean Won in<br>millions):
--- ---
For the years ended December 31
--- --- --- --- --- --- ---
2024 2023
Revenue:
Trust fees 156,911 141,314
Termination fees 3,345 1,116
Total 160,256 142,430
Expense:
Interest expenses on deposits due to customers 955 957
Interest expenses on borrowings from trust accounts 148,498 88,099
Total 149,453 89,056
  • 184 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(4) Principal guaranteed trusts and principal and interest guaranteed trusts are as follows;
1) The carrying amount of principal guaranteed trusts and principal and interest guaranteed trusts that Woori Bank<br>provides are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Partial principal guaranteed trusts
Personal trust 7,823 7,767
Corporate trust 189 217
Deposit purpose 1,544 1,515
Sub-total 9,556 9,499
Principal guaranteed trusts
Old-age pension trusts 2,450 2,582
Personal pension trusts 399,860 429,068
Pension trusts 592,533 642,756
Retirement trusts 26,159 26,082
New personal pension trusts 6,084 6,441
New old-age pension trusts 815 892
Sub-total 1,027,901 1,107,821
Principal and interest guaranteed trusts
Development trusts 19 19
Unspecified money trusts 334 334
Sub-total 353 353
Total 1,037,810 1,117,673
  • 185 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

43. LEASES
(1) Lessor
--- ---
1) Finance lease
--- ---
① The total investment in finance lease and the present value of the minimum lease payments to be recovered are<br>as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- ---
Total investment in lease Net investment in lease
Within one year 281,087 263,105
After one year but within two years 372,273 348,055
After two years but within three years 327,294 297,093
After three years but within four years 152,027 136,499
After four years but within five years 72,648 61,267
After five years — —
Total 1,205,329 1,106,019
December 31, 2023
--- --- --- --- --- --- ---
Total investment in lease Net investment in lease
Within one year 226,242 208,121
After one year but within two years 330,524 308,793
After two years but within three years 446,742 412,015
After three years but within four years 364,917 323,331
After four years but within five years 127,001 109,675
After five years 24 24
Total 1,495,450 1,361,959
② The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in millions)<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Total investment in lease 1,205,329 1,495,450
Net investment in lease
Present value of minimum lease payments 1,106,019 1,361,959
Unearned interest income 99,310 133,491
  • 186 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

2) Operating lease
① The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Prepaid lease assets 42,996 20,538
Operating lease assets
Acquisition cost 5,132,477 4,199,535
Accumulated depreciation (1,209,633 ) (913,609 )
Net carrying value 3,922,844 3,285,926
Total 3,965,840 3,306,464
② The details of changes in operating lease assets are as follows(Unit: Korean Won in millions)<br>
--- ---
For the years ended December 31
--- --- --- --- --- --- --- --- ---
2024 2023
Beginning balance 3,285,926 2,590,457
Acquisition 1,463,419 1,336,203
Disposal (262,184 ) (202,542 )
Depreciation (587,148 ) (462,394 )
Others 22,831 24,202
Ending balance 3,922,844 3,285,926
③ The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in<br>millions)
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Within one year 895,812 748,283
After one year but within two years 763,682 681,591
After two years but within three years 515,003 517,967
After three years but within four years 312,886 286,677
After four years but within five years 102,478 121,621
Total 2,589,861 2,356,139
④ There are no adjusted lease payments recognized as profit or loss for the years ended December 31, 2024<br>and 2023.
--- ---
  • 187 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(2) Lessee
1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Lease payments
Within one year 194,384 206,798
After one year but within five years 317,609 146,755
After five years 50,352 25,356
Total 562,345 378,909
2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):
--- ---
For the years ended<br>December 31
--- --- --- --- --- --- ---
2024 2023
Total cash outflows from lease 240,491 195,015
3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that<br>they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):
--- ---
For the years ended<br>December 31
--- --- --- --- --- --- ---
2024 2023
Lease payments for short-term leases 273 936
Lease payments for which the underlying asset is of low value 1,448 1,369
Total 1,721 2,305

Variable lease payments that were not included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 were 24,380 million Won and 32,037 million Won.

  • 188 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

44. BUSINESS COMBINATION
(1) General
--- ---

The Group resolved to merge with Korea Foss Securities Co., Ltd. on May 3, 2024, following a resolution by the Board of Directors. This decision is based on maximizing synergy effects through the merger, enhancing competitiveness, improving management efficiency, and achieving sustainable growth.

The Group merged with Korea Foss Securities Co., Ltd. as the surviving company and Woori Investment Bank Co., Ltd. as the dissolving company, with the merger date set as August 1, 2024.

(2) Identifiable Net Assets
1) The amounts of acquired assets and assumed liabilities as of the merger date are as follows (Unit: Korean Won<br>in millions):
--- ---
Amount
--- --- --- ---
Assets
Cash and cash equivalents 2,008
Financial assets at fair value through profit or loss 53,669
Loans and other financial assets at amortized cost 168,576
Securities at amortized cost 10,000
Premises and equipment 2,485
Intangible assets (*1) 6,873
Current tax assets 103
Other assets 1,723
Sub-total 245,437
Liabilities
Deposits due to customers 193,648
Provisions 218
Other financial liabilities 2,515
Deferred tax liabilities (*2) 544
Other liabilities 967
Sub-total 197,892
Identifiable Net Assets Fair value 47,545
(*1) For the trademark item among intangible assets, an impairment adjustment of 10 million KRW was made due to<br>its lack of utility following the launch of Woori Investment Securities Co. Ltd. Additionally, the amount includes 2,613 million KRW recognized for customer relationships as a result of the business combination. This has been identified as a<br>separate identifiable intangible asset and has been valued at fair value using the Multi-Period Excess Earnings Method (MEEM).
--- ---

The Multi-Period Excess Earnings Method (MEEM) estimates the future cash flows generated by each intangible asset and deducts the portion of the cash flow attributable to the contribution of other assets. This method then discounts the pure cash flow generated by the intangible asset to its present value.

(*2) The deferred tax liabilities were recognized by applying the marginal tax rate (20.9%) to the differences<br>between the fair value and the carrying amount of the identifiable assets and liabilities
2) Merger Accounting
--- ---

Legally, the merger is in the form of Korea Foss Securities Co., Ltd., the surviving company, absorbing Woori Investment Bank Co., Ltd, the merged company. However, for accounting purposes, it is treated as a reverse acquisition, where Woori Investment Bank Co., Ltd. is considered to have acquired Korea Foss Securities Co., Ltd.

  • 189 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2024 AND 2023

(3) Goodwill

The goodwill recognized as a result of the business combination is as follows (Unit: Korean Won in millions):

Amount
Consideration transferred 56,240
Identifiable net assets fair value 47,545
Non-controlling interests(*) 6,444
Goodwill 15,139
(*) Non-controlling interests were recognized at fair value applying the closing price on the acquisition date of<br>Woori Venture Partners.
--- ---

The consideration transferred in a business combination includes a control premium paid to acquire Korea Foss Securities Co., Ltd., resulting in the recognition of goodwill. Additionally, the consideration paid for the business combination includes amounts related to expected synergies, increased revenues, and future market growth.

As part of the acquisition, the consolidated company also acquired customer relationships of Korea Foss Securities Co., Ltd. These relationships meet the separability criterion and the recognition requirements for intangible assets, and thus were recognized separately from goodwill.

(4) Assuming that the acquisition date for the business combination is the same as the beginning of the reporting<br>period, the revenue and net income of Woori Investment Securities Co., Ltd. reported in the consolidated statement of comprehensive income are 439,640 million Won and 434 million Won, respectively.
45. EVENTS AFTER THE REPORTING PERIOD
--- ---
(1) At the Board of Directors meeting held on February 7, 2025, the Group declared to acquire and retire<br>treasury stocks, it is expected to acquire 150 billion Won through trust contracts from February 11, 2025 to September 11, 2025, and all of the stocks acquired through this case will be retired afterwards.
--- ---
(2) Woori Bank, a subsidiary, decided to implement a voluntary retirement program through a labor-management<br>agreement in January 2025. As a result, the Group will recognize severance pay amounting to 169,013 million Won for the three-month period.
--- ---
  • 190 -

Independent Auditor’ Report on Internal Control over Financial

Reporting for Consolidation Purposes

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

WooriFinancial Group Inc.:

Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We have audited Woori Financial Group Inc. and its subsidiaries (“the Group”)’ internal control over financial reporting (“ICFR”) for consolidation purposes as of December 31, 2024 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the “ICFR Committee”).

In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting for consolidation purposes as of December 31, 2024, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial statements of the Group, which comprise the consolidated statement of financial position as of December 31, 2024, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information, and our report dated March 5, 2025 expressed an unmodified opinion on those consolidated financial statements.

Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of Internal Control over Financial Reporting for Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting for consolidation purposes in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management and Those Charged with Governance for the InternalControl over Financial Reporting for Consolidation Purposes

The Group’s management is responsible for designing, operating and maintaining effective internal control over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control over financial reporting for consolidation purposes, included in the accompanying ‘Operating Status Report of Internal Control over Financial Reporting for Consolidation Purposes.’

Those charged with governance have the responsibilities for overseeing the Group’s internal control over financial reporting for consolidation purposes.

Auditor’s Responsibilities for the Audit of theInternal Control over Financial Reporting for Consolidation Purposes

Our responsibility is to express an opinion on the Group’s internal control over financial reporting for consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting for consolidation purposes was maintained in all material respects.

  • 191 -

Our audit of internal control over financial reporting for consolidation purposes included obtaining an understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes

An entity’s internal control over financial reporting for consolidation purposes is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A Group’s internal control over financial reporting for consolidation purposes includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with K-IFRS, and that receipts and expenditures of the group are being made only in accordance with authorizations of management and directors of the group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the group’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not prevent or detect misstatements in the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 5, 2025

This report is effective as of March 5, 2025, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

  • 192 -

Operating Status Report of

Internal Control over Financial Reporting for Consolidation Purposes

To the Shareholders, Board of Directors and Audit Committee of

Woori Financial Group Inc.

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting Officer of Woori Financial Group Inc. (“the Group”), assessed operating status of the Group’s Internal Control over Financial Reporting for Consolidation Purposes (“ICFR”) for the year ended December 31, 2024.

The Group’s management, including ourselves, is responsible for designing and operating ICFR.

We assessed whether the Group effectively designed and operated its ICFR to prevent and detect errors or frauds which may cause a misstatement in consolidated financial statements to ensure preparation and disclosure of reliable consolidated financial information.

We used the ‘Conceptual Framework for Designing and Operating Internal Control over Financial Reporting’ established by the Operating Committee of Internal Control over Financial Reporting in Korea (the “ICFR Committee”) as the criteria for design and operation of the Group’s ICFR. We also conducted an assessment of ICFR based on the ‘Management Guideline for Evaluating and Reporting Effectiveness of Internal Control over Financial Reporting’ established by the ICFR Committee.

Based on our assessment, we concluded that the Group’s ICFR is designed and operated effectively as of December 31, 2024, in all material respects, in accordance with the ‘Conceptual Framework for Designing and Operating Internal Control over Financial Reporting’.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings, and we have reviewed and verified this report with sufficient care.

February 28, 2025

Jong Yong Yim, Chief Executive Officer

Sung Wook Lee, Internal Control over Financial Reporting Officer

  • 193 -

EX-99.2

Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023

WOORI FINANCIAL GROUP INC. Page(s)
Independent Auditor’s Report 1-3
Separate Financial Statements
Separate Statements of Financial Position 5
Separate Statements of Comprehensive Income 6
Separate Statements of Changes in Equity 7
Separate Statements of Cash Flows 8-9
Notes to the Separate Financial Statements 10-70
Report on Independent Auditor’s Audit of Internal Control over FinancialReporting 71-72
Operating Status Report of Internal Control over Financial Reporting 73

Independent Auditor’s Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

WooriFinancial Group Inc.

Opinion

We have audited the separate financial statements of Woori Financial Group Inc. (“the Company”), which comprise the separate statement of financial position as of December 31, 2024 and 2023, the separate statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company as of December 31, 2024 and 2023, and its separate financial performance and its separate cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Company’s Internal Control over Financial Reporting (“ICFR”) as of December 31, 2024, based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea*,* and our report dated March 5, 2025 expressed an unmodified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

We conducted our audits in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key Audit Matter

We have determined that there are no key audit matters to communicate in our report.

Other Matter

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

  • 1 -

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Separate Financial Statements

Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud<br>or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is<br>higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br>appropriate in the circumstances.
--- ---
• Evaluate the appropriateness of accounting policies used in the preparation of the separate financial statements<br>and the reasonableness of accounting estimates and related disclosures made by management.
--- ---
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we<br>are required to draw attention in our auditor’s report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to<br>the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
--- ---
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,<br>and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
--- ---
  • 2 -

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in the internal controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 5, 2025

This report is effective as of March 5, 2025, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

  • 3 -

WOORI FINANCIAL GROUP INC.

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

The accompanying separate financial statements including all footnote disclosures were

prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

Presidentand Chief Executive Officer

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

(Phone Number) 02-2125-2000

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF FINANCIAL POSITION

AS OFDECEMBER 31, 2024 AND 2023

December 31,<br>2024 December 31,<br>2023
(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 31) 1,185,912 289,507
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 7<br>and 9) 553,518 539,709
Loans and other financial assets at amortized cost (Notes 4, 8, 9 and 31) 204,431 1,104,815
Investments in subsidiaries (Notes 10 and 31) 24,206,017 23,670,476
Premises and equipment (Notes 11 and 31) 5,304 6,609
Intangible assets (Note 12) 3,308 4,052
Net defined benefit asset (Note 16) 1,378 3,941
Current tax assets (Note 28) 33,120 158,951
Deferred tax assets (Note 28) 4,379 7,478
Other assets (Note 13) 155,670 484
Total assets 26,353,037 25,786,022
LIABILITIES
Debentures (Notes 4, 9 and 14) 2,037,567 1,587,659
Provisions (Note 15) 1,252 1,227
Current tax liabilities (Note 28) 84,701 32,125
Other financial liabilities (Notes 4, 9, 17, 31 and 32) 76,382 163,621
Other liabilities (Note 17) 404 392
Total liabilities 2,200,306 1,785,024
EQUITY (Note 19)
Capital stock 3,802,676 3,802,676
Hybrid securities 3,810,225 3,610,953
Capital surplus 11,120,236 11,120,236
Other equity (1,189 ) (7,871 )
Retained earnings 5,420,783 5,475,004
Total equity 24,152,731 24,000,998
Total liabilities and equity 26,353,037 25,786,022

The accompanying notes are part of these financial statements.

  • 5 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF COMPREHENSIVE INCOME

FOR THEYEARS ENDED DECEMBER 31, 2024 AND 2023

2024 2023
(Korean Won in millions)
Interest income 51,778 64,592
Interest expense (49,650 ) (37,097 )
Net interest income (Notes 9, 21 and 31) **** 2,128 **** **** 27,495 ****
Fees and commissions income 1,625 1,625
Fees and commissions expense (21,944 ) (21,722 )
Net fees and commissions loss (Notes 22 and 31) **** (20,319 ) **** (20,097 )
Dividend income (Notes 23 and 31) 1,208,522 1,482,956
Net gain on financial instruments at FVTPL (Notes 9 and 24) — 2,023
Reversal (Provision) of impairment losses due to credit loss (Notes 9, 25 and 31) 608 (348 )
General and administrative expenses (Notes 26 and 31) (67,638 ) (67,359 )
Operating income **** 1,123,301 **** **** 1,424,670 ****
Non-operating expense (Note 27) **** (147 ) **** (1,043 )
Net income before income tax expense **** 1,123,154 **** **** 1,423,627 ****
Income tax income (Note 28) 178 881
Net income **** 1,123,332 **** **** 1,424,508 ****
Net gain on valuation of equity securities at FVTOCI (Note 19) 10,164 19,789
Remeasurement loss related to defined benefit plan (Note 16 and 19) (1,026 ) (873 )
Items that will not be reclassified to profit or loss: **** 9,138 **** **** 18,916 ****
Other comprehensive income, net of tax **** 9,138 **** **** 18,916 ****
Total comprehensive income **** 1,132,470 **** **** 1,443,424 ****
Earnings per share (Note 29)
Basic and diluted earnings per share (Unit: In Korean Won) 1,296 1,754

The accompanying notes are part of these financial statements.

  • 6 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARSENDED DECEMBER 31, 2024 AND 2023

Capitalstock Capitalsurplus Hybridsecurities Otherequity Retainedearnings Total<br>equity
(Korean Won in millions)
January 01, 2023 3,640,303 10,909,281 3,112,273 (26,186 ) 5,261,231 22,896,902
Total comprehensive income
Net income — — — — 1,424,508 1,424,508
Net gain on valuation of equity securities at FVTOCI — — — 19,789 — 19,789
Remeasurement gain related to defined benefit plan — — — (873 ) — (873 )
Transactions with owners
Comprehensive stock exchange 162,373 210,955 — — — 373,328
Dividends to common stocks — — — — (979,586 ) (979,586 )
Issuance of hybrid securities — — 498,680 — — 498,680
Dividends to hybrid securities — — — — (131,149 ) (131,149 )
Acquisition of treasury stock — — — (100,601 ) — (100,601 )
Retirement of treasury stock — — — 100,000 (100,000 ) —
December 31, 2023 3,802,676 11,120,236 3,610,953 (7,871 ) 5,475,004 24,000,998
January 01, 2024 3,802,676 11,120,236 3,610,953 (7,871 ) 5,475,004 24,000,998
Total comprehensive income
Net income — — — — 1,123,332 1,123,332
Net gain on valuation of equity securities at FVTOCI — — — 10,164 — 10,164
Remeasurement loss related to defined benefit plan — — — (1,026 ) — (1,026 )
Transactions with owners
Dividends to common stocks — — — — (882,183 ) (882,183 )
Issuance of hybrid securities — — 1,196,816 — — 1,196,816
Dividends to hybrid securities — — — — (158,682 ) (158,682 )
Redemption of hybrid securities — — (997,544 ) (2,456 ) — (1,000,000 )
Acquisition of treasury stock — — — (136,688 ) — (136,688 )
Retirement of treasury stock — — — 136,688 (136,688 ) —
December 31, 2024 3,802,676 11,120,236 3,810,225 (1,189 ) 5,420,783 24,152,731

The accompanying notes are part of these financial statements.

  • 7 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDEDDECEMBER 31, 2024 AND 2023

2024 2023
(Korean Won in millions)
Cash flows from operating activities:
Net income 1,123,332 1,424,508
Adjustments to net income:
Income tax income (178 ) (881 )
Interest income (51,778 ) (64,592 )
Interest expense 49,650 37,097
Dividend income (1,208,522 ) (1,482,956 )
(1,210,828 ) (1,511,332 )
Adjustments for profit/loss items not involving cash flows:
Provision (reversal) of impairment losses due to credit loss (608 ) 348
Gain on valuation of financial instruments at FVTPL — (2,023 )
Retirement benefit 3,311 3,159
Depreciation and amortization 5,728 7,305
Gain on disposal of premises and equipment, intangible assets and other assets (7 ) (35 )
8,424 8,754
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost (33,742 ) 24,861
Other assets 204 (163 )
Net defined benefit liability (2,143 ) (2,338 )
Other financial liabilities 38,028 (22,992 )
Other liabilities 11 (199 )
2,358 (831 )
Interest income received 64,991 60,873
Interest expense paid (46,054 ) (35,323 )
Dividends received 1,208,517 1,482,771
Income tax paid (2,145 ) (2,195 )
1,225,309 1,506,126
Net cash provided by operating activities 1,148,595 1,427,225
Cash flows from investing activities:
Net decrease on other investment assets 974,000 226,000
Acquisition of investments in subsidiaries (535,541 ) (898,740 )
Increase in advance payments related to investments in subsidiaries (155,388 ) —
Acquisition of financial assets at FVTOCI — (200,000 )
Acquisition of premises and equipment (258 ) (523 )
Acquisition of intangible assets (303 ) (583 )
Net decrease on guarantee deposits for leases 37 98
Net cash inflow(outflow) from investing activities 282,547 (873,748 )

(Continued)

  • 8 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDEDDECEMBER 31, 2024 AND 2023

2024 2023
(Korean Won in millions)
Cash flows from financing activities:
Issuance of debentures 599,000 399,234
Redemption of debentures (150,000 ) (260,000 )
Issuance of hybrid securities 1,196,816 498,680
Redemption of hybrid securities (1,000,000 ) —
Acquisition of treasury stock (136,688 ) (100,601 )
Redemption of lease liabilities (3,000 ) (3,129 )
New stock issuance cost — (780 )
Dividends paid to hybrid securities (158,682 ) (131,149 )
Dividends paid (882,183 ) (979,586 )
Net cash outflow from financing activities (534,737 ) (577,331 )
Net increase (decrease) in cash and cash equivalents 896,405 (23,854 )
Cash and cash equivalents, beginning of the period 289,507 313,361
Cash and cash equivalents, end of the period (Note 5) 1,185,912 289,507

The accompanying notes are part of these financial statements.

  • 9 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2024 AND 2023

1. GENERAL
(1) Summary of the parent company
--- ---

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

The details of stock transfer from the Company and subsidiaries as of incorporation are as follows (Unit: Number of shares):

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

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

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

As of December 30, 2019, the Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) In addition, as of March 31, 2023, the Company acquired an additional 28.1% interests in Woori Asset Trust Co. (excluding treasury stock, 21.3% when including treasury stock).

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

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

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

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

  • 10 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

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

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

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

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

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

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
(1) Basis of presentation
--- ---

The Company’s separate financial statements are prepared in accordance with Korean International Financial Reporting Standards (“K-IFRS”). Material accounting policies applied in the preparation of the financial statements are described below.

The Company is preparing its financial statements in accordance with the K-IFRS, and the separate financial statements are prepared in accordance with K-IFRS 1027 ‘Separate Financial Statements’. The financial statements of the parent, associate or joint venture represent the investment assets in a manner that is based on direct equity investments, not based on the reported performance and net assets of the investee.

The financial statements are prepared at the end of each reporting period on the historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value of consideration given to acquire assets.

Meanwhile, the financial statements of the Company were initially approved by the Board of Directors on February 7, 2025, and the final approval will be made in the annual general shareholders’ meeting on March 26, 2025.

1) The new standards and interpretations introduced from the current term and the resulting changes in accounting<br>policies are as follows:
1.1 K-IFRS No.1001 ‘Presentation of Financial Statements’<br>– Classification of Liabilities as Current or Non-current
--- ---
  • 11 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability includes the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. In addition, covenants that an entity is required to comply with after the end of the reporting period would not affect classification of a liability as current or non-current at the reporting date. When an entity classifies a liability that is subject to the covenants which an entity is required to comply with within twelve months of the reporting date as non-current at the end of the reporting period, the entity shall disclose information in the notes to understand the risk that non-current liabilities with covenants could become repayable within twelve months after the reporting period. The amendments do not have a significant impact on the financial statements.

1.2 Amendments to K-IFRS 1007 ‘Statement of Cash Flows’, K-IFRS 1107 ‘Financial Instruments’: Disclosures – Supplier finance arrangements

When applying supplier finance arrangements, an entity shall disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The amendments do not have a significant impact on the financial statements.

1.3 Amendments to K-IFRS 1116 ‘Leases’ –Lease<br>Liability in a Sale and Leaseback

When subsequently measuring lease liabilities arising from a sale and leaseback, a seller-lessee shall determine lease payments or revised lease payments in a way that the seller-lessee would not recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The amendments do not have a significant impact on the financial statements

1.4 Amendments to K-IFRS 1001 ‘Presentation of FinancialStatements’ – Disclosure of Cryptographic Assets

The amendments require an additional disclosure if an entity holds cryptographic assets, or holds cryptographic assets on behalf of the customer, or issues cryptographic assets. The amendments do not have a significant impact on the financial statements.

2) The details of K-IFRS that have been issued and published as of<br>December 31, 2024 but have not yet reached the effective date, and have not been early adopted by the Company are as follows:
2.1 Amendments to K-IFRS 1021 ‘The Effects of Changes in ForeignExchange Rates’ and 1101 ‘First-time Adoption of International Financial Reporting Standards’ – Lack of Exchangeability
--- ---

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments should be applied for annual periods beginning on or after January 1, 2025, and earlier application is permitted. The Company does not expect the amendments to have a significant impact on the financial statements.

2.2 Amendments to K-IFRS 1109 ‘Financial Instruments’,<br>K-IFRS 1107 ‘Financial Instruments: Disclosures’

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

• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception<br>for some financial liabilities settled through an electronic cash transfer system;
• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal<br>and interest (SPPI) criterion;
--- ---
• add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of<br>financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and
--- ---
• update the disclosures for equity instruments designated at fair value through other comprehensive income<br>(FVOCI).
--- ---
  • 12 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

2.3 Annual Improvements to K-IFRS – ‘Volume 11’

Annual Improvements to K-IFRS – ‘Volume 11’ should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Company does not expect the amendments to have a significant impact on the financial statements.

• K-IFRS 1101 ‘First-time Adoption of International FinancialReporting Standards’: Hedge accounting by a first-time adopter
• K-IFRS 1107 ‘Financial Instruments: Disclosures’: Gain<br>or loss on derecognition, and implementation guidance
--- ---
• K-IFRS 1109 ‘Financial Instruments’: Derecognition of<br>lease liabilities and definition of transaction price
--- ---
• K-IFRS 1110 ‘Consolidated Financial Statements’:<br>Determination of a ‘de facto agent’
--- ---
• K-IFRS 1007 ‘Statement of Cash Flows’: Cost method<br>
--- ---

The above enacted or amended standards will not have a significant impact on the Company.

(2) Investments in subsidiaries and associates in separate financial statements

The Company selects and processes the cost method in accordance with K-IFRS 1027 for investments in subsidiaries, associates and jointly controlled entities, except for those classified as held for sale in accordance with K-IFRS 1105 ‘Non-current Assets Held for Sale andDiscontinued Operations’. Dividends received from subsidiaries, associates and jointly controlled entities are recognized in profit or loss as dividend income when the right to receive dividends is established.

(3) Revenue recognition

K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Company performs the obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue, are measured through the effective interest rate method.

1) Revenues from contracts with customers

The Company recognizes revenue when the Company satisfies a performance obligation by transferring a promised good or service to a customer. When a performance obligation is satisfied, the Company shall recognize as a revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. The revenue recognized by these standards is fees and commissions income.

2) Revenues from sources other than contracts with customers

Interest income on financial assets measured at FVTOCI and financial assets at amortized costs is measured using the effective interest method.

The effective interest method is a method of calculating the amortized cost of debt securities (or group of financial assets) and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument’s initial total carrying amount over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points (limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties, and future cash flows exclude expected credit loss when calculating the effective interest rate. All contractual terms of a financial instrument are considered when estimating future cash flows.

  • 13 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

For purchased or originated credit-impaired financial assets, interest revenue is recognized by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. Even if the financial asset is no longer impaired in the subsequent periods due to credit improvement, the basis of interest revenue calculation is not changed from amortized cost to unamortized cost of the financial assets.

3) Dividend income

Dividend income is recognized when the right to receive dividends as a shareholder is confirmed. Dividend income is recognized as an appropriate item of profit or loss in the statement of comprehensive income according to the classification of financial instruments.

(4) Accounting for foreign currencies

The Company’s separate financial statements are presented in Korean Won, which is the functional currency of the Company. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date.

(5) Cash and cash equivalents

The Company is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of up to three months on acquisition date, and highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.

(6) Financial assets and financial liabilities
1) Financial assets
--- ---

A regular way purchase or sale of financial assets is recognized or derecognized on the trade or settlement date. A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose term requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost.

a) Business model

The Company evaluates the way business is being managed, and the purpose of the business model for managing a financial asset best reflects the way information is provided to the management at its portfolio level. Such information considers the following:

• The accounting policies and purpose specified for the portfolio, and the actual operation of such policies. This<br>includes strategy of the management focusing on the receipt of contractual interest revenue, maintaining a certain level of interest income, matching the duration of financial assets and the duration of corresponding liabilities to obtain the asset,<br>and outflow or realization of expected cash flows from disposal of assets.
• The way the performance of a financial asset held under the business model is evaluated, and the way such<br>evaluation is being reported to the management
--- ---
• The risk affecting the performance of the business model (and financial assets held under the business model),<br>and the way such risk is being managed
--- ---
• The compensation plan for the management (e.g. whether the management is being compensated based on the fair<br>value of assets or based on contractual cash flows received)
--- ---
• Frequency, amount, timing and reason for sale of financial assets in the past and forecast of future sale<br>activities
--- ---
  • 14 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

b) Contractual cash flows

The principal is defined to be the fair value of a financial asset at initial recognition. Interest is not only composed of consideration for the time value of money, consideration for the credit risk related to remaining principal at a certain period of time, and consideration for other cost (e.g. liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.

When evaluating whether contractual cash flows are solely payments of principal and interests, the Company considers the contractual terms of the financial instrument. When a financial asset contains contractual conditions that modify the timing and amount of contractual cash flows, it is required to determine whether contractual cash flows that arise during the remaining life of the financial instrument due to such contractual condition are solely payments of principal and interest. The Company considers the following elements when evaluating the above:

• Conditions that lead to modification of timing or amount of cash flows
• Contractual terms that adjust contractual nominal interest, including floating rate features<br>
--- ---
• Early payment features and maturity extension features
--- ---
• Contractual terms that limit the Company’s claim on cash flows arising from certain assets<br>
--- ---
1.1 Financial assets at FVTPL
--- ---

The Company is classifying those financial assets that are not classified as either financial assets at amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related profit or loss is recognized in net income. Transaction costs related to acquisition at initial recognition is recognized in net income immediately upon its occurrence.

It is possible to designate a financial asset as financial asset at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial asset at FVTPL (b) the financial asset forms part of the Company’s financial instrument group (A group composed of a combination of financial asset or liability), is measured at fair value and is being evaluated for its performance, and such information is provided internally and (c) the financial asset is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial asset at FVTPL is allowed under K-IFRS 1109 ‘Financial Instruments’. However, the designation is irrevocable.

1.2 Financial assets at FVTOCI

When financial assets are held under a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not held for short-term trade, an irrevocable election is available at initial recognition to present subsequent changes in fair value as other comprehensive income.

At initial recognition, financial assets at FVTOCI is measured at its fair value plus any direct transaction cost and is subsequently measured in fair value. However, for equity instruments that do not have a quotation in an active market and in which fair value cannot be measured reliably, they are measured at cost. The changes in fair value except for profit or loss items such as impairment losses (reversals), interest revenue calculated by using effective interest method, and foreign exchange gain or loss, and related income tax effects are recognized as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated other comprehensive income is reclassified from equity to net income for FVTOCI (debt instrument), and reclassified within the equity for FVTOCI (equity instruments).

  • 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

1.3 Financial assets at amortized cost

When financial assets are held under a business model whose objective is to hold financial assets in order to collect contractual cash flows, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at fair value plus any direct transaction cost. Financial assets at amortized cost is presented at amortized cost using effective interest method, less any loss allowance.

2) Financial liabilities

At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or financial liabilities at amortized cost.

Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired with a purpose to repurchase them within a short period of time, when they are part of a certain financial instrument portfolio that is actually and recently being managed with a purpose of short-term profit and joint management by the Company at initial recognition, and when they are derivatives that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value, with any direct transaction cost recognized in profit or loss, and are subsequently measured at fair value. Profit or loss arising from financial liabilities at FVTPL is recognized in net income when occurred.

It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial liability at FVTPL (b) the financial liability forms part of the Company’s financial instrument group (a group composed of a combination of financial asset or liability) according to the Company’s documented risk management or investment strategy, is measured at fair value and is being evaluated for its performance, and such information is provided internally and (c) the financial liability is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL is allowed under K-IFRS 1109 ‘Financial Instruments’.

Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct transaction cost recognized in profit or loss, and are subsequently measured at fair value. Any profit or loss from financial liabilities at FVTPL are recognized in profit or loss.

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost. The Company is classifying liabilities such as borrowings etc. as financial liabilities at amortized cost.

3) Reclassification

Financial assets are not reclassified after initial recognition unless the Company modifies the business model used to manage financial assets. When the Company modifies the business model used to manage financial assets, all affected financial assets are reclassified on the first day of the first reporting period after the modification.

4) Derecognition

Financial assets are derecognized when contractual rights to cash flows from the financial assets are expired, or when substantially all of risk and reward for holding financial assets is transferred to another entity as a result of a sale of financial assets. If the Company does not have and does not transfer substantially all of the risk and reward of holding financial assets with control of the transferred financial assets retained, the Company recognizes financial assets to the extent of its continuing involvement. If the Company holds substantially all the risk and reward of holding a financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized borrowings.

  • 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

When a financial asset is fully derecognized, the difference between the book value and the sum of proceeds and accumulated other comprehensive income is recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments.

In cases when a financial asset is not fully derecognized, the Company allocates the book value into amounts retained in the books and removed from the books, based on the relative fair value of each portion at the date of sale, and based on the degree of continuing involvement. For the derecognized portion of the financial assets, the difference between its book value and the sum of proceeds and the portion of accumulated other comprehensive income attributable to that portion will be recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments. The accumulated other comprehensive income is distributed to the portion of book value retained in the books, and to the portion of book value removed from the books.

The Company derecognizes financial liabilities only when, the Company’s obligations are discharged, canceled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

When the Company exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Company accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability.

5) Fair value of financial instruments

Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in financial statements at their fair values, and all derivatives are also subject to fair value measurement.

Fair value is defined as the price that would be received to exchange an asset or paid to transfer a liability in a recent transaction between independent parties that are reasonable and willing. Fair value is the transaction price of identical financial assets or financial liabilities generated in an active market. An active market is a market where trade volume is sufficient and objective price information is available due to the fact that bid and ask price differences are small.

When trade volume of a financial instrument is low, when transaction prices within the market show large differences among them, or when it cannot be concluded that a financial instrument is being traded within an active market due to disclosures being extremely limited, fair value is measured using valuation techniques based on alternative market information or using internal valuation techniques based on general and observable information obtained from objective sources. Market information includes maturity and characteristics, duration, similar yield curve, and variability measurement of financial instruments of similar nature. Fair value amount contains unique assumptions on each entity (the Company concluded that it is using assumptions applied in valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does not exist).

The market approach and income approach, which are valuation techniques used to estimate the fair value of financial instruments, both require significant judgment. Market approach measures fair value using either a recent transaction price that includes the financial instrument, or observable information on comparable firm or assets. Income approach measures fair value through discounting future cash flows with a discount rate reflecting market expectations, and revenue, operating income, depreciation, capital expenditures, income tax, working capital and estimated residual value of financial investments are being considered when deriving future cash flows. Valuation techniques such as the above include estimates based on the financial instruments’ complexity and usefulness of observable information in the market.

  • 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

The valuation techniques used in the evaluation of financial instruments are explained below.

Derivatives and equity securities without marketability are generally recognized at an amount computed by an independent appraiser. The Company uses the amount determined by the independent appraiser. The Company verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers’ competency, indirect verification through comparison between appraisers’ price and other available market information, and reperformed by employees who have knowledge of valuation models and assumptions that appraisers used.

6) Expected credit losses on financial assets

The Company recognizes loss allowance on expected credit losses for the following assets:

• Financial assets at amortized cost
• Debt instruments measured at FVTOCI
--- ---
• Contract assets as defined by K-IFRS 1115
--- ---

Expected credit losses are weighted-average value of a range of possible results, considering the time value of money, and are measured by incorporating information on past events, current conditions and forecasts of future economic conditions that are available without undue cost or effort at the reporting date.

The methods to measure expected credit losses are classified into following three categories in accordance with K-IFRS:

• General approach: Financial assets that does not belong to below two models and unused loan commitments<br>
• Simplified approach: When financial assets are either trade receivables, contract assets or lease receivables<br>
--- ---
• Credit impairment model: Purchased or originated credit-impaired financial assets
--- ---

The measurement of loss allowance under general approach is differentiated depending on whether the credit risk has increased significantly after initial recognition. That is, loss allowance is measured based on 12-month expected credit loss when the credit risk has not increased significantly after initial recognition, while loss allowance is measured at lifetime expected credit loss when credit risk has increased significantly. Lifetime is the expected remaining life of the financial instrument up to the maturity date of the contract.

The measurement of loss allowance under simplified approach is always based on lifetime expected credit loss, and loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

a) Measurement of expected credit losses on financial asset at amortized cost

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flows during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses.

When financial assets that are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the Company are calculated collectively.

Expected credit losses are deducted through loss allowance account, and when the financial asset is determined to be uncollectible, the loss allowance is written off from the books along with the related financial asset.

  • 18 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

b) Measurement of expected credit losses on financial asset at FVTOCI

The measurement method of expected credit loss is identical to financial asset at amortized cost, but changes in the allowance is recognized in other comprehensive income. When financial assets at FVTOCI is disposed or repaid, the related allowance is reclassified from accumulated other comprehensive income to net income.

(7) Offsetting financial instruments

Financial assets and liabilities are presented as a net amount in the statements of financial position when the Company has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle the liability simultaneously.

(8) Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of Premises and equipment is expenditures directly attributable to their purchase or construction, which includes any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. It also includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it is probable that future economic benefit associated with the assets will flow into the Company and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, for all other Premises and equipment, depreciation is charged to net income on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or revalued amount less residual value.

Useful life
Leasehold Improvement 5 years
Equipment and Vehicles 5 years

The Company reassesses the depreciation method, the estimated useful lives and residual values of Premises and equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment and the carrying amount of a Premises and equipment item exceeds the estimated recoverable amount, the carrying amount of such asset is reduced to the recoverable amount.

(9) Intangible assets and goodwill

The Company is recognizing intangible assets measured at the manufacturing cost or acquisition cost plus additional incidental expenses less accumulated amortization and accumulated impairment losses. The Company’s intangible asset are amortized over the following economic lives using the straight-line method. However, for some intangible assets, the period of time that is expected to be available is not predictable, so the useful life of some intangible assets is assessed as indefinite and not depreciated.

The estimated useful life and amortization method of intangible assets with a finite useful life are reviewed at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate.

Useful life
Software 1~5 years
Development cost 5 years

In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its recoverable amount immediately.

  • 19 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(10) Impairment of non-monetary assets

Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested for impairment annually, regardless of whether or not there is any indication of impairment. All other assets are tested for impairment by estimating the recoverable amount when there is an objective indication that the carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value, less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized immediately in net income.

(11) Derivative instruments

Derivative instruments are classified as forwards, futures, options, and swaps depending on the types of transactions, and are classified as either trading or hedging at the point of transaction based on its purpose.

Derivatives are initially recognized at the fair value of the contract date and are subsequently measured at the fair value of the end of each reporting period. The resulting gain or loss is recognized in net income immediately unless the derivative is designated and effective as a hedging instrument. If derivatives have been designated as hedging instruments and it is effective, the recognition point of gain or loss depends on the characteristics of the hedging relationship.

Derivatives with a positive fair value(+) are recognized as financial assets, and derivatives with a negative fair value(-) are recognized as financial liabilities. Derivatives in financial statements are not offset unless they have a legally enforceable right to set-off or intend to set-off.

(12) Provisions

The Company recognizes provision if it has present or contractual obligations as a result of the past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation is reliably estimated. Provision is not recognized for the future operating losses.

The Company recognizes the expenses incurred in recovering the leased asset to its original state, under the terms of the lease, as a provision at the commencement date of lease or at a specific period of time when the asset is liable as a result of its use. The provision is measured as the best estimate of the expenditure required to recover the asset and is regularly reviewed and adapted to the new circumstances.

Where there are a number of similar obligations, the probability that an outflow will be required in settlement is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a whole, a provision is recognized.

The balance of provisions is reviewed at the end of each reporting period and adjusted to reflect the best estimate as of the end of the reporting period.

(13) Equity instruments issued by the Company
1) Capital and compound financial instruments
--- ---

The Company classifies a financial instrument that it issues as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. A financial liability is a contractual obligation to deliver cash or another financial asset to another entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. The compound financial instruments issued by the Company are financial instruments which are neither a financial liability nor an equity instrument as they were designed to contain both equity and debt elements.

  • 20 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

If the Company reacquires its own equity instruments, the consideration paid including the direct transaction costs (net of income tax expense) are presented as a deduction from total equity until such instruments are retired or reissued. When these instruments are reissued, the consideration received (net of direct transaction costs) is included in the shareholder’s equity.

2) Hybrid securities

In case of hybrid securities that have the unconditional right to avoid contractual obligations, such as to deliver cash or other financial assets related to financial instruments, they are classifies as equity instruments and presented as part of equity.

(14) Employee benefits and pensions

The Company recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by the employees. Also, the Company recognizes expenses and liabilities in the case of accumulating compensated absences when the employees render services that entitle their right to future compensated absences. Similarly, the Company recognizes expenses and liabilities for customary profit distribution or bonuses when the employees render services, even though the Company does not have legal obligation to do so because it can be construed as constructive obligation.

The Company is operating defined benefit plans. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method every end of the reporting period, conducted by professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding interest), and the effect of the changes to the asset ceiling (if applicable) is reflected immediately in the separate statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur.

Remeasurement recognized in the statement of comprehensive income is not reclassified to profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are composed of service cost (including current service cost and past service cost, as well as gains and losses on curtailments and settlements), net interest expense (income) and remeasurement.

The Company presents the service cost and net interest expense (income) components in profit or loss, and the remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognized in the separate statement of financial position represents the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from this calculation is recognized as an asset limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Liabilities for termination benefits are recognized at the earlier of either 1) the date when the Company is no longer able to cancel its proposal for termination benefits or 2) the date when the Company has recognized the cost of restructuring that accompanies the payment of termination benefits.

(15) Income taxes

Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards. Temporary differences are the differences between the carrying values of assets and liabilities for financial reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is settled or asset realized. Deferred tax assets, including the carryforwards of unused tax losses, are recognized to the extent it is probable that the deferred tax assets will be realized.

-21-

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

The Company, as a consolidation group for its wholly-owned subsidiaries applies consolidated tax return approach, in which the Company and its subsidiaries are consolidated into a single tax base and tax amount. The Company determined whether temporary differences are realizable by considering the Company and each subsidiary’s future taxable income. For the changes in deferred income tax asset (liability), the Company recognized income tax expense (benefit), excluding the amounts that are directly adjusted from equity. Also, as the Company became the consolidation entity for tax filings and tax returns, it recognized the total amount of income tax payables as liabilities and individual tax amounts to be received from each of its wholly-owned subsidiaries as receivables.

Deferred income tax assets and liabilities are offset if, and only if, the Company has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities and assets on a net basis with different taxable entities.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit (tax loss) nor the accounting profit.

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity or when it arises from business combination.

The tax uncertainty arises from the compensation claim filed by the Company, and refund litigation for the amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Company paid taxes in accordance with K-IFRS 2123 due to the tax authority’s claim, but recognized as a corporate tax asset if it is highly probable of a refund in the future. In addition, the Company appropriately estimates and reflects the amount of corporate tax liabilities based on the analysis of corporate tax laws and the evaluation of many factors, including past experiences.

(16) Earnings per share (“EPS”)

Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential common shares.

(17) Share-based payments

For cash-settled share-based payment transactions that provide cash in return for the goods or services received, the Company measures the goods or services received, and the corresponding liability at the fair value and recognizes as employee benefit expenses and liabilities during the vesting period.

The fair value of the liability is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes in fair value are recognized as employee benefits.

(18) Leases
1) The Company determines whether the contract is, or contains, a lease at the date of initial application. A<br>contract is or contains a lease if the right to control the use of an identified asset is transferred in exchange for the consideration received for a period of time. In determining whether a contract transfers control of the use of the identified<br>asset, the Company uses the definition of lease in K-IFRS 1116.
--- ---
  • 22 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

2) Lessee

At the commencement date, the Company recognizes a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of the lease liability, lease payments made at or before the commencement date (less any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located.

The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement date to the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a fixed asset from the commencement date to the end of the useful life of the underlying asset. The right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by remeasurement of the lease liability.

At the commencement date, a lease liability is measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if the rate can be readily determined. If the rate cannot be readily determined, the Company’s incremental borrowing rate can be used. Generally, the Company uses incremental borrowing rate as a discount rate.

The Company makes adjustments to reflect the terms of the lease and the characteristics of the lease asset in interest rates obtained from external financial information, and calculates the incremental borrowing rate.

The company calculates the lease term by including the relevant period when it is quite certain that the lessee will exercise the extension option or the termination option. The company calculates the enforceable period in consideration of the economic disadvantages of terminating the contract if the lessee and the lessor have the right to terminate it without the consent of the other parties.

The lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments (including in-substance fixed payments)<br>
• Variable lease payments that depend on an index (or a rate), initially measured using the index or rate as at the<br>commencement date
--- ---
• Amounts expected to be payable by the lessee under residual value guarantees
--- ---
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, lease<br>payments of the extended period if the lessee is reasonably certain to exercise extension option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease<br>
--- ---

A lease liability is subsequently measured by increasing the carrying amount to reflect interest rate on the lease liability and reducing the carrying amount to reflect the lease payments made. A lease liability is remeasured when future lease payments change, depending on the changes in an index or a rate, change in amounts expected to be payable due to residual value guarantees, assessment of whether the Company is reasonably certain to exercise the purchase option and extension option, the Company is not reasonably certain to exercise the termination options.

When lease liability is remeasured, the related right-of-use asset is adjusted and if the carrying amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in profit or loss.

The company consider all relevant facts and circumstances that lead to economic incentives not to exercise the extension option or not exercising the termination option. The period of the extension option (or the period of the termination option) is included in the lease period only when it is reasonably certain that the lessee will exercise the extension option (or will not).

The Company reevaluates the lease term when the option is exercised (or not exercised) or the Company is liable to exercise (or not exercise) the option. Company will change its judgment only when significant events occur that affect the lessee’s control and the determination of the lease term, or there is a significant change in the circumstances.

-23-

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

In the statement of financial position, the Company classified the right-of-use assets that do not meet the definition of investment property as ‘Premises and equipment’ and the lease liabilities as ‘other financial liabilities.’

The Company has chosen a practical expedient that does not recognize the right-of-use asset and lease liabilities for short-term leases with a lease term less than 12 months and leases for which the underlying asset is of low value. The Company recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

-24-

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The material accounting estimates and assumptions are continuously being evaluated based on numerous factors including historical experiences and expectations of future events considered to be reasonably possible. Actual results can differ from those estimates based on such definitions. The accounting estimates and assumptions that contain significant risk of materially changing current book values of assets and liabilities in the next accounting periods are as follows:

(1) Income taxes

The Company has recognized current and deferred taxes based on best estimates of expected future income tax effect arising from the Company’s operations until the end of the current reporting period. However, actual tax payment may not be identical to the related assets and/or liabilities already recognized, and these differences may affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized. Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized only to the extent that it is probable that future taxable profit will be available against which the tax losses carried forward and the deductible temporary differences can be utilized. In this case the Company’s evaluation considers various factors such as estimated future taxable profit based on forecasted operating results, which are based on historical financial performance. The Company is reviewing the book value of deferred tax assets every end of the reporting period and in the event that the possibility of earning future taxable income changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary differences.

(2) Valuation of financial instruments

Financial assets at FVTPL and FVTOCI are recognized in the separate financial statements at fair value. All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values of financial instruments where observable market prices do not exist. Financial instruments that are not actively traded and have low price transparency will have less objective fair value and require broad judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and other risks.

As described in Note 2, (6) 5), ‘Fair value of financial instruments’, when valuation techniques are used to determine the fair value of a financial instrument, various general techniques are used, and various types of assumptions and variables are incorporated during the process.

(3) Impairment of financial instruments

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

Stage 1 Stage 2 Stage 3
Credit risk has not significantly increased since initial recognition(*) Credit risk has significantly increased since initial recognition Credit has been impaired
Allowance for expected credit losses Expected 12-month credit losses:<br><br><br><br> <br>Expected credit losses due to possible defaults on financial instruments within a 12-month period from the end of reporting period. Expected lifetime credit losses:<br> <br><br><br><br>Expected credit losses from all possible defaults during the expected lifetime of the financial instruments.
(*) Credit risk may be considered to not have been significantly increased when credit risk is low at the end of<br>reporting period.
--- ---

The Company has estimated the allowance for credit losses based on reasonable and supportable information that was available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

  • 25 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(4) Defined benefit plan

The Company operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate, expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.

  • 26 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

4. RISK MANAGEMENT

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

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

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

(1) Credit risk

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

1) Credit risk management

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

2) Maximum exposure

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

December 31, 2024 December 31, 2023
Loans and other financial assets at amortized<br>cost (*) Government 1 —
Banks 165,144 1,095,274
Corporates 39,286 9,541
Total 204,431 1,104,815
(*) Cash and cash equivalents are not included.
--- ---
  • 27 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

a) Credit risk exposure by geographical areas

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

December 31, 2024 December 31, 2023
Korea Korea
Loans and other financial assets at amortized cost 204,431 1,104,815
b) Credit risk exposure by industries
--- ---

The following tables analyze credit risk exposure by industries, which are finance and insurance, and others in accordance with the Korea Standard Industrial Classification Code as of December 31, 2024 and December 31, 2023 (Unit: Korean Won in millions):

December 31, 2024
Finance and<br>insurance Others Total
Loans and other financial assets at amortized cost 203,262 1,169 204,431
December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Finance and<br>insurance Others Total
Loans and other financial assets at amortized cost 1,103,460 1,355 1,104,815
  • 28 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

3) Credit risk exposure

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL as of December 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):

December 31, 2024
Stage 1 Stage 2 Stage 3 Total Loss<br>allowance Total, net
Financial assets Above<br>appropriate<br>credit rating (*1) Less than a<br>limited credit<br>rating<br>(*2) Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2)
Loans and other financial assets at amortized cost 204,487 — — — — 204,487 (56 ) 204,431
Government 1 — — — — 1 — 1
Banks 165,200 — — — — 165,200 (56 ) 165,144
Corporates 39,286 — — — — 39,286 — 39,286
General business 39,286 — — — — 39,286 — 39,286
Total 204,487 — — — — 204,487 (56 ) 204,431
(*1) Credit grade of corporates are AAA ~ BBB.
--- ---
(*2) Credit grade of corporates are BBB- ~ C.
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total Loss<br>allowance Total, net
Financial assets Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2) Above<br>appropriate<br>credit rating<br>(*1) Less than a<br>limited credit<br>rating<br>(*2)
Loans and other financial assets at amortized cost 1,105,478 — — — — 1,105,478 (663 ) 1,104,815
Government — — — — — — — —
Banks 1,095,937 — — — — 1,095,937 (663 ) 1,095,274
Corporates 9,541 — — — — 9,541 — 9,541
General business 9,541 — — — — 9,541 — 9,541
Total 1,105,478 — — — — 1,105,478 (663 ) 1,104,815
(*1) Credit grade of corporates are AAA ~ BBB.
--- ---
(*2) Credit grade of corporates are BBB- ~ C.
--- ---
  • 29 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(2) Market risk

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

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

December 31, 2024
Within 3<br>months<br>(*1) 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Asset:
Loans and other financial assets at amortized<br>cost (*1) 1,293,729 — — — — — 1,293,729
Financial assets at FVTOCI (*2) — — — — — 553,518 553,518
Sub-total 1,293,729 — — — — 553,518 1,847,247
Liability:
Debentures 14,965 114,700 222,634 12,083 1,770,174 62,019 2,196,575
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months<br>(*1) 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Asset:
Loans and other financial assets at amortized cost (*1) 762,823 587,227 — 41,580 — — 1,391,630
Financial assets at FVTOCI (*2) — — — — — 539,709 539,709
Sub-total 762,823 587,227 — 41,580 — 539,709 1,931,339
Liability:
Debentures 11,118 11,118 160,834 10,192 643,664 926,872 1,763,798
(*1) The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three<br>months, with 1,192,702 million Won and 762,823 million Won as of December 31, 2024 and 2023, respectively.
--- ---
(*2) Due to the uncertain timing of the sale, it is included in the section for over 5 years in accordance with the<br>expiration of the remaining contract.
--- ---
  • 30 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(3) Liquidity risk

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

1) Liquidity risk management

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

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

2) Maturity analysis of non-derivative financial liabilities<br>
a) Cash flows of principals and interests by remaining contractual maturities of<br>non-derivative financial liabilities are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over<br>5 years Total
Debentures 14,965 114,700 222,634 12,083 1,770,174 62,019 2,196,575
Lease liabilities 778 776 772 769 328 — 3,423
Other financial liabilities (*) 19,176 — 8,768 281 44,798 — 73,023
Total 34,919 115,476 232,174 13,133 1,815,300 62,019 2,273,021
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over<br>5 years Total
Debentures 11,118 11,118 160,834 10,192 643,664 926,872 1,763,798
Lease liabilities 746 741 741 741 323 — 3,292
Other financial liabilities (*) 11,744 136,062 — 278 12,334 — 160,418
Total 23,608 147,921 161,575 11,211 656,321 926,872 1,927,508
(*) It does not include lease liabilities.
--- ---
b) Cash flows of principals and interests by expected maturities of<br>non-derivative financial liabilities are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Debentures 14,965 114,700 222,634 12,083 1,770,174 62,019 2,196,575
Lease liabilities 778 776 772 769 328 — 3,423
Other financial liabilities (*) 19,176 — 8,768 281 44,798 — 73,023
Total 34,919 115,476 232,174 13,133 1,815,300 62,019 2,273,021
  • 31 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

December 31, 2023
Within 3<br>months 4 to 6<br>months 7 to 9<br>months 10 to 12<br>months 1 to 5<br>years Over 5<br>years Total
Debentures 11,118 11,118 160,834 10,192 643,664 926,872 1,763,798
Lease liabilities 746 741 741 741 323 — 3,292
Other financial liabilities (*) 11,744 136,062 — 278 12,334 — 160,418
Total 23,608 147,921 161,575 11,211 656,321 926,872 1,927,508
(*) It does not include lease liabilities.
--- ---
3) Maturity analysis of derivative financial liabilities
--- ---

There are no derivative financial liabilities measured at fair value through profit or loss as of December 31, 2024 and 2023.

(4) Capital management

The Company complies with the standard of capital adequacy provided by financial regulatory authorities. The capital adequacy standard is based on Basel III published by Basel Committee on Banking Supervision in Bank for International Settlement and was implemented in Korea in December 2013. The capital adequacy ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets) based on the consolidated financial statements of the Company.

According to the above regulations, the Company is required to meet the following minimum requirements: Common Equity Tier 1 capital ratio of 9.0% and 8.0%, a Tier 1 capital ratio of 10.5% and 9.5%, and a Total capital ratio of 12.5% and 11.5%, respectively.

Details of the Company’s capital adequacy ratio calculated based on the consolidated financial statements are as follows (Unit: Korean Won in millions):

Details December 31, 2024(*) December 31, 2023
Tier 1 capital 28,522,910 26,343,941
Other Tier 1 capital 4,869,567 4,596,584
Tier 2 capital 3,535,362 3,815,920
Total risk-adjusted capital 36,927,839 34,756,445
Risk-weighted assets for credit risk 210,365,462 195,490,941
Risk-weighted assets for market risk 3,125,478 4,697,055
Risk-weighted assets for operational risk 21,609,530 19,603,749
Total risk-weighted assets 235,100,470 219,791,745
Common Equity Tier 1 ratio 12.13 % 11.99 %
Tier 1 capital ratio 14.20 % 14.08 %
Total capital ratio 15.71 % 15.81 %
(*) The capital ratio at the end of the current period is provisional.
--- ---
  • 32 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

5. CASH AND CASH EQUIVALENTS
(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Demand deposits 11,912 9,507
Fixed deposits 1,174,000 280,000
Total 1,185,912 289,507
(2) Significant transactions of investing activities and financing activities not involving cash inflows and<br>outflows are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Changes in other comprehensive income related to valuation of financial assets at FVTOCI 10,164 19,789
Changes in<br>right-of-use assets due to new contract 3,192 1,238
Changes in lease liabilities due to new contract 3,126 1,238
Comprehensive stock exchange — 374,109
Change in bond discount issuance differences due to bond issuance 1,000 766
(3) Adjustments of liabilities from financing activities for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning Cash flow Not involving cash inflows and<br>outflows Ending
Amortization Others (*)
Debentures 1,587,659 449,000 908 — 2,037,567
Lease liabilities 3,203 (3,000 ) 88 3,068 3,359
Total 1,590,862 446,000 996 3,068 2,040,926
(*) Changes in lease liabilities due to new contracts include 3,126 million Won.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning Cash flow Not involving cash inflows and<br>outflows Ending
Amortization Others (*)
Debentures 1,447,762 139,234 663 — 1,587,659
Lease liabilities 5,884 (3,128 ) 212 235 3,203
Total 1,453,646 136,106 875 235 1,590,862
(*) Changes in lease liabilities due to new contracts and renewed include 483 million Won.<br>
--- ---
  • 33 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

6. FINANCIAL ASSETS AT FVTPL

There are no financial assets measured at fair value through profit or loss as of December 31, 2024 and December 31, 2023.

7. FINANCIAL ASSETS AT FVTOCI
(1) Details of financial assets at FVTOCI as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Hybrid securities 553,518 539,709
(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
--- ---
Purpose of acquisition December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Investment for political purpose 553,518 539,709
8. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
--- ---
(1) Details of loans and other financial assets at amortized cost as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Due from banks 99,944 1,073,346
Other financial assets 104,487 31,469
Total 204,431 1,104,815
(2) Details of due from banks are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Due from banks in local currency:
Due from depository banks 100,000 1,074,000
Loss allowance (56 ) (654 )
Total 99,944 1,073,346
  • 34 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(3) Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit:<br>Korean Won in millions):
1) Allowance for credit losses
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (654 ) — — (654 )
Reversal of provision of allowance for credit loss 598 — — 598
Ending balance (56 ) — — (56 )
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (313 ) — — (313 )
Provision of allowance for credit loss (341 ) — — (341 )
Ending balance (654 ) — — (654 )
2) Gross carrying amount
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 1,074,000 — — 1,074,000
Net decrease (974,000 ) — — (974,000 )
Ending balance 100,000 — — 100,000
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 1,300,000 — — 1,300,000
Net decrease (226,000 ) — — (226,000 )
Ending balance 1,074,000 — — 1,074,000
(4) Details of other financial assets are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- ---
Receivables 95,857 9,541
Accrued income 6,520 19,829
Lease deposits 2,109 2,108
Other assets 1 —
Loss allowance — (9 )
Total 104,487 31,469
  • 35 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(5) Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows<br>(Unit: Korean Won in millions):
1) Allowance for credit losses
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (9 ) — — (9 )
Reversal of allowance for credit loss 9 — — 9
Ending balance — — — —
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance (3 ) — — (3 )
Provision of allowance for credit loss (6 ) — — (6 )
Ending balance (9 ) — — (9 )
2) Gross carrying amount
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 31,478 — — 31,478
Net increase 73,009 — — 73,009
Ending balance 104,487 — — 104,487
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Stage 1 Stage 2 Stage 3 Total
Beginning balance 742,193 — — 742,193
Net decrease (710,715 ) — — (710,715 )
Ending balance 31,478 — — 31,478
  • 36 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

9. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(1) The fair value hierarchy
--- ---

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

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

• Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for<br>identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.
• Level 2— fair value measurements are those derived from inputs other than quoted prices included within<br>Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in<br>active markets and derivatives traded in OTC but not required significant judgment.
--- ---
• Level 3— fair value measurements are those derived from valuation technique that include inputs for the<br>assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and<br>derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.
--- ---

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

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean<br>Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Level 1 Level 2 Level 3 Total
Financial assets:
Financial assets at FVTOCI
Hybrid securities — — 553,518 553,518
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Level 1 Level 2 Level 3 Total
Financial assets:
Financial assets at FVTOCI
Hybrid securities — — 539,709 539,709

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

  • 37 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

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

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

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

Fair value<br>measurement<br>technique Type Significant<br><br><br>unobservable<br> <br>inputs Range Impact of changes in significant<br>unobservable inputs on fair value<br>measurement
Hybrid securities Hull and White, Monte Carlo Simulation Hybrid securities related Interest rate volatility estimate, Discount rate Interest rate volatility estimate 0.56%<br><br><br>Discount rate<br> <br>3.83% ~<br>6.10% Variation of fair value increases as variation of interest rate volatility estimate increases.

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

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows.<br>(Unit: Korean Won in millions):
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Net<br>Income Other<br>comprehensive<br>income Purchases/<br>issuances Disposals/<br>settlements Transfer to or<br>out of<br>Level 3 Ending<br>balance
Financial assets:
Financial assets at FVTPL Derivative assets — — — — — — —
Financial assets at FVTOCI
Hybrid securities 539,709 — 13,809 — — — 553,518
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Net<br>Income Other<br>comprehensive<br>income Purchases/<br>issuances Disposals/<br>settlements Transfer to or<br>out of<br>Level 3 Ending<br>balance
Financial assets:
Financial assets at FVTPL Derivative assets 689 2,023 — — (2,712 ) — —
Financial assets at FVTOCI
Hybrid securities 312,771 — 26,938 200,000 — — 539,709
(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the<br>fair value of Level 3 financial instruments are as follows.
--- ---

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

  • 38 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

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

December 31, 2024
Net income Other comprehensive income (loss)
Favorable Unfavorable Favorable Unfavorable
Financial assets:
Financial assets at FVTOCI
Hybrid securities (*) — — 11,910 (11,567 )
(*) Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the<br>major unobservable variable, by 1%, respectively.
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net income Other comprehensive income (loss)
Favorable Unfavorable Favorable Unfavorable
Financial assets:
Financial assets at FVTOCI
Hybrid securities (*) — — 16,476 (15,888 )
(*) Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the<br>major unobservable variable, by 1%, respectively.
--- ---

-39-

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as<br>follows (Unit: Korean Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Fair value Carrying amount
Level 1 Level 2 Level 3 Total
Financial assets:
Loans and other financial assets at amortized cost (*1) — — 204,431 204,431 204,431
Financial liabilities:
Debentures — 2,010,571 — 2,010,571 2,037,567
Other financial liabilities (*1,2) — — 73,023 73,023 73,023
(*1) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair<br>value.
--- ---
(*2) It does not include lease liabilities.
--- ---
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Fair value Carrying amount
Level 1 Level 2 Level 3 Total
Financial assets:
Loans and other financial assets at amortized cost (*1) — — 1,104,815 1,104,815 1,104,815
Financial liabilities:
Debentures — 1,518,440 — 1,518,440 1,587,659
Other financial liabilities (*1,2) — — 160,418 160,418 160,418
(*1) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair<br>value.
--- ---
(*2) It does not include lease liabilities.
--- ---

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Company determines the fair value using valuation methods. For the disclosed items in which book value is considered to be the approximate value of fair value, valuation techniques and input variables are not disclosed. Valuation techniques and input variables for the fair value of financial liabilities that are recorded at amortized cost are as follows:

Valuation methods Input variables
Debentures The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Company. Risk-free market rate, etc.
(6) Financial instruments by category
--- ---

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

1) Financial assets
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Financial assets Financial assets at<br>FVTPL Financial assets at<br>FVTOCI Financial assets at<br>amortized cost Total
Due from banks — — 99,944 99,944
Hybrid securities — 553,518 — 553,518
Other financial assets — — 104,487 104,487
Total — 553,518 204,431 757,949
  • 40 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

December 31, 2023
Financial assets Financial assets at<br>FVTPL Financial assets at<br>FVTOCI Financial assets at<br>amortized cost Total
Due from banks — — 1,073,346 1,073,346
Hybrid securities — 539,709 — 539,709
Other financial assets — — 31,469 31,469
Total — 539,709 1,104,815 1,644,524
2) Financial liabilities
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Financial liabilities Financial liabilities at<br>FVTPL Financial liabilities at<br>amortized cost Financial liabilities<br>at FVTPL Financial<br>liabilities at<br>amortized cost
Debentures — 2,037,567 — 1,587,659
Other financial liabilities (*) — 73,023 — 160,418
Total — 2,110,590 — 1,748,077
(*) It does not include lease liabilities.
--- ---
(7) Income or expense from financial instruments by category
--- ---

Income or expense from financial assets and liabilities by each category for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

For the year ended December 31, 2024
Interest income<br>(expense) Reversal of<br>credit loss Gain on<br>transactions<br>and valuation Dividends Total
Financial assets at FVTPL — — — — —
Financial assets at FVTOCI — — — 25,545 25,545
Loans and other financial assets at amortized cost (*) 51,778 608 — — 52,386
Financial liabilities at amortized cost (49,515 ) — — — (49,515 )
Total 2,263 608 — 25,545 28,416
(*) 7,201 million Won interest income of cash and cash equivalents are included.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest income<br>(expense) Provision of<br>credit loss Gain on<br>transactions<br>and valuation Dividends Total
Financial assets at FVTPL — — 2,023 — 2,023
Financial assets at FVTOCI — — — 17,131 17,131
Loans and other financial assets at amortized cost (*) 64,592 (348 ) — — 64,244
Financial liabilities at amortized cost (36,834 ) — — — (36,834 )
Total 27,758 (348 ) 2,023 17,131 46,564
(*) 15,070 million Won interest income of cash and cash equivalents are included.
--- ---
  • 41 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

10. INVESTMENTS IN SUBSIDIARIES
(1) Details of Investments in subsidiaries are as follows (Unit: Korean Won in millions and number of shares):<br>
--- ---
Subsidiaries (*1) Location Capital<br>stock Main business
--- --- --- --- --- --- --- ---
Woori Bank Korea 3,581,400 Bank
Woori Card Co., Ltd. Korea 896,300 Finance
Woori Financial Capital Co., Ltd. Korea 373,800 Finance
Woori Investment Securities Co., Ltd. (*3) Korea 242,900 Securities brokerage
Woori Asset Trust Co., Ltd. Korea 16,900 Real estate trust
Woori Savings Bank Korea 187,400 Mutual saving bank
Woori F&I Co., Ltd. Korea 31,500 Finance
Woori Asset Management Corp Korea 24,000 Finance
Woori Venture Partners Co., Ltd. Korea 50,000 Other financial services
Woori Private Equity Asset Management Co., Ltd. Korea 80,000 Finance
Woori Credit Information Co., Ltd. Korea 5,000 Credit information
Woori Fund Service Co., Ltd. Korea 10,000 Financial support service<br>business
Woori FIS Co., Ltd. Korea 24,500 System software
Woori Finance Research Institute Co., Ltd. Korea 3,000 development & maintenance
Woori Global Asset Management Co., Ltd. Korea — Finance
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Subsidiaries (*1) Number of<br>shares Percentage of<br>ownership<br>(%) (*2) Financial statements<br>date of use Number of<br>shares Percentage of<br>ownership<br>(%) (*2) Financial statements<br>date of use
Woori Bank 716,000,000 100.0 December 31, 2024 716,000,000 100.0 December 31, 2023
Woori Card Co., Ltd. 179,266,200 100.0 December 31, 2024 179,266,200 100.0 December 31, 2023
Woori Financial Capital Co., Ltd. 74,757,594 100.0 December 31, 2024 74,757,594 100.0 December 31, 2023
Woori Investment Securities Co., Ltd. (*3) 483,141,111 99.5 December 31, 2024 1,382,850,405 100.0 December 31, 2023
Woori Asset Trust Co., Ltd. 3,368,645 99.6 December 31, 2024 2,210,600 95.3 December 31, 2023
Woori Savings Bank 37,476,895 100.0 December 31, 2024 24,802,623 100.0 December 31, 2023
Woori F&I Co., Ltd. 6,298,895 100.0 December 31, 2024 4,000,000 100.0 December 31, 2023
Woori Asset Management Corp 4,797,154 100.0 December 31, 2024 2,920,000 73.0 December 31, 2023
Woori Venture Partners Co., Ltd. 100,000,000 100.0 December 31, 2024 100,000,000 100.0 December 31, 2023
Woori Private Equity Asset Management Co., Ltd. 16,000,000 100.0 December 31, 2024 16,000,000 100.0 December 31, 2023
Woori Credit Information Co., Ltd. 1,008,000 100.0 December 31, 2024 1,008,000 100.0 December 31, 2023
Woori Fund Service Co., Ltd. 2,000,000 100.0 December 31, 2024 2,000,000 100.0 December 31, 2023
Woori FIS Co., Ltd. 4,900,000 100.0 December 31, 2024 4,900,000 100.0 December 31, 2023
Woori Finance Research Institute Co., Ltd. 600,000 100.0 December 31, 2024 600,000 100.0 December 31, 2023
Woori Global Asset Management Co., Ltd. — — December 31, 2024 4,000,000 100.0 December 31, 2023
(*1) Only subsidiaries invested directly by the Company are included.
--- ---
(*2) The percentage is based on the effective shareholding rate relative to the number of stocks outstanding.<br>
--- ---
(*3) On August 1, 2024, after merging with Korea Foss Securities Co., Ltd., the company changed its name to<br>Woori Investment Securities Co., Ltd.
--- ---
  • 42 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(2) Changes in the carrying value of investments in subsidiaries are as follows (Unit: Korean Won in millions):<br>
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Acquisition Disposal Ending balance
Woori Bank 18,921,151 — — 18,921,151
Woori Card Co., Ltd. 1,118,367 — — 1,118,367
Woori Financial Capital Co., Ltd. 1,003,206 — — 1,003,206
Woori Investment Securities Co., Ltd. (*1) 1,207,351 56,085 — 1,263,436
Woori Asset Trust Co., Ltd. (*2) 403,642 218,080 — 621,722
Woori Savings Bank (*3) 213,238 100,000 — 313,238
Woori F&I Co., Ltd. (*4) 200,000 120,000 — 320,000
Woori Asset Management Corp (*5) 122,449 74,376 — 196,825
Woori Venture Partners Co., Ltd. 336,439 — — 336,439
Woori Private Equity Asset Management Co., Ltd. 57,797 — — 57,797
Woori Credit Information Co., Ltd. 16,466 — — 16,466
Woori Fund Service Co., Ltd. 13,939 — — 13,939
Woori FIS Co., Ltd. 21,754 — — 21,754
Woori Finance Research Institute Co., Ltd. 1,677 — — 1,677
Woori Global Asset Management Co., Ltd. (*6) 33,000 — 33,000
Total 23,670,476 568,541 33,000 24,206,017
(*1) On August 1, 2024, after merging with Korea Foss Securities Co., Ltd., the company changed its name to<br>Woori Investment Securities Co., Ltd., and the Company additionally acquired 2.3% interests of THE KOREA SECURITIES FINANCE CORPORATION and Fount co., Ltd.
--- ---
(*2) The capital increase amount of 200,000 million Won was made in March 2024, and the Company additionally<br>acquired minority interests of 1.95% in April 2024. Afterward, the Company additionally acquired minority interests of 0.89% in November, 2024.
--- ---
(*3) The Capital increase amount of 100,000 million Won was made in June 2024.
--- ---
(*4) The Capital increase amount of 120,000 million Won was made in May 2024.
--- ---
(*5) On January 29, 2024, Woori Asset Management Corp merged with Woori Global Asset Management Co., Ltd. and<br>the Company acquired residual interest (22.5%) of Woori Asset Management Corp, to make it wholly subordinated on March 29, 2024.
--- ---
(*6) On January 29, 2024, it was merged into Woori Asset Management Corp and excluded from our subsidiaries.<br>
--- ---
  • 43 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

For the year ended December 31, 2023
Beginning balance Acquisition Disposal Ending balance
Woori Bank 18,921,151 — — 18,921,151
Woori Card Co., Ltd. 1,118,367 — — 1,118,367
Woori Financial Capital Co., Ltd. 1,003,206 — — 1,003,206
Woori Investment Bank Co., Ltd. (*1) 447,673 759,678 — 1,207,351
Woori Asset Trust Co., Ltd. (*2) 224,198 179,444 — 403,642
Woori Savings Bank 213,238 — — 213,238
Woori F&I Co., Ltd. 200,000 — — 200,000
Woori Asset Management Corp 122,449 — — 122,449
Woori Venture Partners Co., Ltd. (*3) — 336,439 — 336,439
Woori Global Asset Management Co., Ltd. 33,000 — — 33,000
Woori Private Equity Asset Management Co., Ltd. 57,797 — — 57,797
Woori Credit Information Co., Ltd 16,466 — — 16,466
Woori Fund Service Co., Ltd. 13,939 — — 13,939
Woori FIS Co., Ltd. 21,754 — — 21,754
Woori Finance Research Institute Co., Ltd. 1,677 — — 1,677
Total 22,394,915 1,275,561 — 23,670,476
(*1) The Company acquired residual interest (41.3%, including treasury stocks) of Woori Investment Bank Co., Ltd. in<br>August 8 2023, to make it a wholly owned subsidiary and the capital increase amount of 500,000 million Won was made in December 2023.
--- ---
(*2) The Company additionally acquired 28.1% (excluding treasury stocks) interests of Woori Asset Trust Co Ltd on<br>March 31, 2023. In the case of including treasury stocks, the share ratio was 21.3%.
--- ---
(*3) The Company additionally acquired 53.9% interests of Daol Investment Co Ltd (excluding treasury stocks) on<br>March 23, 2023. In the case of including treasury stocks, the share ratio was 52.0%) and the Company name was changed to Woori Venture Partners Co., Ltd. The Company additionally acquired treasury stocks held by Woori Venture Partners Co., Ltd.<br>(3.5% interests) in May 2023, and acquired 44.5% residual interest in August 8 2023, to make it a wholly owned subsidiary.
--- ---
  • 44 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

11. PREMISES AND EQUIPMENT
(1) Details of premises and equipment as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and<br>Vehicles Leasehold<br>improvements Total
Premises and equipment (owned) — 605 1,380 1,985
Right-of-use<br>asset 2,799 520 — 3,319
Total 2,799 1,125 1,380 5,304
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and<br>Vehicles Leasehold<br>improvements Total
Premises and equipment (owned) — 1,078 2,053 3,131
Right-of-use<br>asset 2,970 508 — 3,478
Total 2,970 1,586 2,053 6,609
(2) Details of premises and equipment (owned) as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Equipment and Vehicles Leasehold<br>improvements Total
Acquisition cost 6,403 6,497 12,900
Accumulated depreciation (5,798 ) (5,117 ) (10,915 )
Net carrying amount 605 1,380 1,985
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Equipment and Vehicles Leasehold<br>improvements Total
Acquisition cost 6,370 6,272 12,642
Accumulated depreciation (5,292 ) (4,219 ) (9,511 )
Net carrying amount 1,078 2,053 3,131
(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):<br>
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Equipment and Vehicles Leasehold<br>improvements Total
Beginning balance 1,078 2,053 3,131
Acquisitions 33 225 258
Depreciation (506 ) (898 ) (1,404 )
Ending balance 605 1,380 1,985
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Equipment and Vehicles Leasehold<br>improvements Total
Beginning balance 1,944 3,125 5,069
Acquisitions 358 165 523
Depreciation (1,224 ) (1,237 ) (2,461 )
Ending balance 1,078 2,053 3,131
  • 45 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(4) Details of right-of-use assets<br>as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and Vehicles Total
Acquisition cost 7,828 1,167 8,995
Accumulated depreciation (5,029 ) (647 ) (5,676 )
Net carrying amount 2,799 520 3,319
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and Vehicles Total
Acquisition cost 5,295 928 6,223
Accumulated depreciation (2,325 ) (420 ) (2,745 )
Net carrying amount 2,970 508 3,478
(5) Details of changes in<br>right-of-use assets for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and Vehicles Total
Beginning balance 2,970 508 3,478
New contracts 2,799 393 3,192
Modification (38 ) — (38 )
Termination — (36 ) (36 )
Depreciation (2,932 ) (345 ) (3,277 )
Ending balance 2,799 520 3,319
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Building Equipment and Vehicles Total
Beginning balance 5,462 521 5,983
New contracts 754 484 1,238
Modification (173 ) — (173 )
Termination — (116 ) (116 )
Depreciation (3,073 ) (381 ) (3,454 )
Ending balance 2,970 508 3,478
  • 46 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

12. INTANGIBLE ASSETS
(1) Details of intangible assets are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Software Development cost Membership deposit Total
Acquisition cost 4,631 3,622 2,371 10,624
Accumulated amortization (4,339 ) (2,977 ) — (7,316 )
Net carrying amount 292 645 2,371 3,308
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Software Development cost Membership deposit Total
Acquisition cost 4,328 3,622 2,371 10,321
Accumulated amortization (3,841 ) (2,428 ) — (6,269 )
Net carrying amount 487 1,194 2,371 4,052
(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Software Development cost Membership<br>deposit Construction<br>in progress Total
Beginning balance 487 1,194 2,371 — 4,052
Acquisitions 303 — — — 303
Amortization (498 ) (549 ) — — (1,047 )
Transfer — — — — —
Ending balance 292 645 2,371 — 3,308
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Software Development cost Membership<br>deposit Construction<br>in progress Total
Beginning balance 704 1,784 2,371 — 4,859
Acquisitions 172 61 — 350 583
Amortization (678 ) (712 ) — — (1,390 )
Transfer 289 61 — (350 ) —
Ending balance 487 1,194 2,371 — 4,052
13. OTHER ASSETS
--- ---

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

December 31, 2024 December 31, 2023
Prepaid expenses 281 484
Advance payments 155,389 —
155,670 484
  • 47 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

14. DEBENTURES

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

December 31, 2024 December 31, 2023
Interest rate (%) Amount Interest rate (%) Amount
Face value of bonds:
General bonds 2.19~4.25 1,090,000 1.70~4.25 640,000
Subordinated bonds 2.13~2.55 950,000 2.13~2.55 950,000
Sub-total 2,040,000 1,590,000
Discounts on bonds (2,433 ) (2,341 )
Total 2,037,567 1,587,659
15. PROVISIONS
--- ---
(1) Details of provisions are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Asset retirement obligation 1,252 1,227
(2) Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Beginning balance 1,227 487
Provisions provided — 754
Amortization 46 52
Reversal due to modification (21 ) (66 )
Ending balance 1,252 1,227

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased assets used as offices as of December 31, 2024, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of the lease period of each office, and the Company used the average amount of the major subsidiaries’ actual recovery cost and the inflation rate for the past 3 years in order to estimate future recovery cost.

  • 48 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

16. NET DEFINED BENEFIT ASSET

The retirement benefit of the Company is based on the defined benefit retirement pension plan.

Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of the reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Company is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset The defined benefit obligation was estimated with a discount rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the discount rate.
Decrease in profitability of high quality bonds A decrease in profitability of high quality bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.
(1) Details of net defined benefit asset are as follows (Unit: Korean Won in millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Present value of defined benefit obligation (14,313 ) (13,280 )
Fair value of plan assets 15,691 17,221
Net defined benefit asset 1,378 3,941
(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):<br>
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
Beginning balance 13,280 18,660
Transfer-in / out (412 ) (6,959 )
Current service cost 3,519 3,524
Interest cost 586 967
Remeasurements Financial assumption 700 1,161
Demographic assumptions (25 ) —
Experience adjustment 473 (634 )
Retirement benefit paid (1,559 ) (1,783 )
Others (2,249 ) (1,656 )
Ending balance 14,313 13,280
  • 49 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Beginning balance 17,221 24,607
Transfer-in / out (2,517 ) (6,014 )
Interest income 794 1,332
Remeasurements (247 ) (658 )
Employer’s contributions 1,800 —
Retirement benefit paid (1,360 ) (2,046 )
Ending balance 15,691 17,221
(4) The fair value of plan assets as of December 31, 2024 and 2023 is as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Cash and due from banks 15,691 17,221

Meanwhile, among plan assets, realized returns on plan assets amount to 547 million Won and 674 Won for the years ended December 31, 2024 and 2023, respectively. The contribution expected to be paid in the fiscal year beginning after the reporting period is 1,284 million Won.

(5) The amounts recognized in net income and total comprehensive income in relation to defined benefit plans are as<br>follows (Unit: Korean Won in millions):
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Current service cost 3,519 3,524
Net interest expense (208 ) (365 )
Cost recognized in net income 3,311 3,159
Remeasurements (*) 1,395 1,185
Cost recognized in total comprehensive income 4,706 4,344
(*) Amount before tax
--- ---
(6) Key actuarial assumptions used in defined benefit liability(asset) measurement are as follows:<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- ---
Discount rate 3.98% 4.55%
Future wage growth rate 5.75% 5.75%
Mortality rate Issued by Korea Insurance<br>Development Institute Issued by Korea Insurance<br>Development Institute
Retirement rate Issued by Korea Insurance<br>Development Institute Issued by Korea Insurance<br>Development Institute

The weighted average maturity of the defined benefit obligation is 9.26 years.

  • 50 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as follows<br>(Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
Discount rate Increase by 1% point (1,163 ) (1,119 )
Decrease by 1% point 1,325 1,277
Future wage growth rate Increase by 1% point 1,290 1,251
Decrease by 1% point (1,157 ) (1,118 )
17. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
--- ---

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
Other financial liabilities:
Accounts payable 48,323 140,592
Accrued expenses 24,700 19,826
Lease liabilities 3,359 3,203
Sub-total 76,382 163,621
Other liabilities:
Other miscellaneous liabilities 404 392
Total 76,786 164,013
18. DERIVATIVES
--- ---

There are no derivative assets (liabilities) as of December 31, 2024 and 2023.

  • 51 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

19. EQUITY
(1) Details of equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Capital
Common stock capital 3,802,676 3,802,676
Hybrid securities 3,810,225 3,610,953
Capital surplus 11,120,236 11,120,236
Other equity
Treasury stocks (628 ) (628 )
Accumulated other comprehensive income 1,895 (7,243 )
Other adjustments (2,456 ) —
Sub-total (1,189 ) (7,871 )
Retained earnings (*1)(*2) 5,420,783 5,475,004
Total 24,152,731 24,000,998
(*1) The regulatory reserve for credit loss in retained earnings amounted to 137 million Won and<br>3,697 million Won as of December 31, 2024 and 2023, respectively in accordance with the relevant article.
--- ---
(*2) The earned surplus reserve in retained earnings amounted to 442,650 million Won and 300,190 million<br>Won as of December 31, 2024 and 2023 in accordance with the Article 53 of the Financial Holding Company Act.
--- ---
(2) The number of authorized shares and others of the Company are as follows:
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Shares of common stock authorized 4,000,000,000 Shares 4,000,000,000 Shares
Par value per share 5,000 Won 5,000 Won
Shares of common stock issued (*) 742,591,501 Shares 751,949,461 Shares
Capital stock 3,802,676 million Won 3,802,676 million Won
(*) The capital stock is not equal to the total face value of issued shares due to the retirement of earnings.<br>
--- ---
  • 52 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(3) Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

Issue date Maturity Interest rate (%) December 31,<br>2024 December 31,<br>2023
Securities in local currency 2019-07-18 — 3.49 — 500,000
Securities in local currency 2019-10-11 — 3.32 — 500,000
Securities in local currency 2020-02-06 — 3.34 400,000 400,000
Securities in local currency 2020-06-12 — 3.23 300,000 300,000
Securities in local currency 2020-10-23 — 3.00 200,000 200,000
Securities in local currency 2021-04-08 — 3.15 200,000 200,000
Securities in local currency 2021-10-14 — 3.60 200,000 200,000
Securities in local currency 2022-02-17 — 4.10 300,000 300,000
Securities in local currency 2022-07-28 — 4.99 300,000 300,000
Securities in local currency 2022-10-25 — 5.97 220,000 220,000
Securities in local currency 2023-02-10 — 4.65 300,000 300,000
Securities in local currency 2023-09-07 — 5.04 200,000 200,000
Securities in local currency 2024-02-07 — 4.49 400,000 —
Securities in local currency 2024-06-19 — 4.27 400,000 —
Securities in local currency 2024-10-10 — 4.00 400,000 —
Issuance cost (9,775 ) (9,047 )
Total 3,810,225 3,610,953

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from the date of issuance.

  • 53 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

For the year ended December 31, 2024
Beginning<br>balance Increase<br>(decrease) Income tax<br>effect Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI (7,575 ) 13,810 (3,645 ) 2,590
Remeasurement gain (loss) related to defined benefit plan 332 (1,395 ) 368 (695 )
Total (7,243 ) 12,415 (3,277 ) 1,895
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Increase<br>(decrease) Income tax<br>effect Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI (27,364 ) 26,938 (7,149 ) (7,575 )
Remeasurement gain (loss) related to defined benefit plan 1,204 (1,185 ) 313 332
Total (26,160 ) 25,753 (6,836 ) (7,243 )
(5) Regulatory Reserve for Credit Loss
--- ---

In accordance with Article 26 ~ 28 of the Financial Holding Company Supervision Regulations, the Company calculates and discloses the regulatory reserve for credit loss.

  1. Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

December 31, 2024 December 31, 2023
Beginning balance 137 3,697
Planned provision (reversal) of regulatory reserve for credit loss 1,152 (3,560 )
Ending balance 1,289 137
  1. Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
Net income before regulatory reserve 1,123,332 1,424,508
Provision (reversal) of regulatory reserve for credit loss 1,152 (3,560 )
Adjusted net income after the provision of regulatory reserve 1,122,180 1,428,068
Dividends to hybrid securities (158,682 ) (131,149 )
Adjusted net income after regulatory reserve and dividends to hybrid securities 963,498 1,296,919
Adjusted EPS after regulatory reserve and dividends to hybrid securities (Unit: Korean<br>Won) 1,294 1,759
  • 54 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(6) Statements of appropriations of retained earnings are as follows (Unit: Korean Won in millions):<br>
For the year ended December 31, 2024<br>(Expected date of disposal March 26, 2025) For the year ended December 31, 2023<br>(Confirmed date of disposal March 22, 2024)
--- --- --- --- --- --- --- --- ---
Unappropriated retained earnings:
Unappropriated retained earnings carried over from prior years 4,551,003 4,243,846
Interim dividend (dividend per share (%))<br><br><br>(2024: 540 Won (10.8 %))<br><br><br>(2023: 360 Won (7.2%)) (400,970 ) (266,089 )
Dividend to hybrid equity securities (158,682 ) (131,149 )
Retirement of treasury stock (136,688 ) (100,000 )
Net income 1,123,332 1,424,508
4,977,995 5,171,116
Transfer to retained earnings:
Earned profit reserves — 3,560
— 3,560
Appropriation of retained earnings:
Earned profit reserves 112,340 142,460
Regulatory reserve for credit loss 1,152 —
Amortization of Redemption Loss on Hybrid Securities 2,456 —
Cash dividend (dividend per share (%))<br><br><br>(2024: 660 Won (13.2 %))<br><br><br>(2023: 640 Won (12.8%)) 490,075 481,213
606,023 623,673
Unappropriated retained earnings to be carried forward 4,371,972 4,551,003
(7) Details of changes in treasury stock are as follows (Unit: Korean Won in millions, number of shares):<br>
--- ---
December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Acquisition Retirement Ending balance
Number of shares 53,945 9,357,960 (9,357,960 ) 53,945
Book value 628 136,688 (136,688 ) 628
December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Acquisition Retirement Ending balance
Number of shares 2,324 8,637,420 (8,585,799 ) 53,945
Book value 26 100,602 (100,000 ) 628
  • 55 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

20. DIVIDENDS
(1) Dividends per share and the total dividends for the fiscal year ended December 31, 2023 were 640 Won and<br>481,213 million Won, respectively, and the dividends were approved at the regular general shareholders’ meeting held on March 22, 2024 and dividend record date as February 29, 2024. Dividends were paid in April 2024.<br>
--- ---
(2) At the Board of Directors meeting held on April 26, 2024, it was approved to pay a quarterly dividend of<br>180 Won per share (total dividends are 133,657 million Won) with a record date of March 31, 2024. The dividends were paid in May 2024.
--- ---
(3) At the Board of Directors meeting held on July 25, 2024, it was approved to pay a quarterly dividend of<br>180 Won per share (total dividends are 133,657 million Won) with a record date of June 30, 2024. The dividends were paid in August 2024.
--- ---
(4) At the Board of Directors meeting held on October 18, 2024, it was approved to pay a quarterly dividend of<br>180 Won per share (total dividends are 133,657 million Won) with a record date of September 30, 2024. The dividends were paid in November 2024.
--- ---
(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and<br>490,075 million Won, respectively, will be proposed at the regular general shareholders’ meeting to be held on March 26, 2025. The record date for the year-end dividend of the fiscal year ending<br>December 31, 2024, is February 28, 2025. The current financial statements do not include such outstanding dividends.
--- ---
21. NET INTEREST INCOME
--- ---
(1) Details of interest income recognized are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Interest on due from banks 51,677 64,496
Interest of other receivables 101 96
Total 51,778 64,592
(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Interest on debentures 49,515 36,834
Other interest expense 47 51
Interest on lease liabilities 88 212
Total 49,650 37,097
22. NET FEES AND COMMISSIONS INCOME
--- ---
(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Fees and commissions income 1,625 1,625
  • 56 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):<br>
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Fees and commissions paid 10,256 10,752
Others 11,688 10,970
Total 21,944 21,722
23. DIVIDEND INCOME
--- ---
(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Dividend income recognized from investments in subsidiaries 1,182,977 1,465,826
Dividend income recognized from FVTOCI 25,545 17,130
Total 1,208,522 1,482,956
24. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIRVALUE
--- ---
(1) Details of gain or loss related to net gain or loss on financial instruments at FVTPL are as follows (Unit:<br>Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Gain on financial instruments at FVTPL — 2,023
(2) Details of net gain or loss on financial instruments at fair value through profit or loss and financial<br>instruments held for trading are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Derivatives (Held for trading) Equity derivatives Gain on transactions and valuation — 2,023
25. IMPAIRMENT LOSSES DUE TO CREDIT LOSS
--- ---

Impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
Reversal of (Provision for) impairment loss due to credit loss on loan and other financial assets<br>at amortized cost 608 (348 )
  • 57 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

26. GENERAL AND ADMINISTRATIVE EXPENSES
(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):<br>
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
Employee benefits Short-term employee benefits Salaries 30,443 29,196
Employee fringe benefits 8,834 9,978
Retirement benefit service costs 3,311 3,159
Termination 206 —
Share based payment 4,368 2,362
Sub-total 47,162 44,695
Depreciation and amortization 5,728 7,305
Other general and administrative expenses Rent 1,630 1,715
Taxes and public dues 482 461
Service charges 1,517 2,631
Computer and IT related 6,593 6,358
Telephone and communication 871 803
Operating promotion 1,378 1,165
Advertising 90 95
Printing 54 62
Traveling 329 400
Supplies 107 144
Insurance premium 203 202
Reimbursement 1,258 1,079
Maintenance 3 —
Vehicle maintenance 206 220
Others 27 24
Sub-total 14,748 15,359
Total 67,638 67,359
(2) Share-based payment
--- ---

Details of performance condition share-based payment granted to executives as of December 31, 2024 and 2023 are as follows.

1) Performance condition share-based payment
Subject to Shares granted for the year 2020 (*3)
--- --- --- --- ---
Type of payment Cash-settled
Vesting period January 1, 2020 ~ December 31, 2023
Date of payment 2024-01-01
Fair value (*1) —
Valuation method —
Expected dividend rate —
Expected maturity date —
Number of shares remaining As of December 31, 2024 —
As of December 31, 2023 189,270 shares
Number of shares granted (*2) As of December 31, 2024 —
As of December 31, 2023 189,270 shares
Subject to Shares granted for the year 2021
Type of payment Cash-settled
Vesting period January 1, 2021 ~ December 31, 2024
Date of payment 2025-01-01
Fair value (*1) 15,831 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 0 years
  • 58 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

Number of shares remaining As of December 31, 2024 239,798 shares
As of December 31, 2023 239,798 shares
Number of shares granted (*2) As of December 31, 2024 239,798 shares
As of December 31, 2023 239,798 shares
Subject to Shares granted for the year 2022
Type of payment Cash-settled
Vesting period January 1, 2022 ~ December 31, 2025
Date of payment 2026-01-01
Fair value (*1) 14,839 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 1 years
Number of shares remaining As of December 31, 2024 223,176 shares
As of December 31, 2023 223,176 shares
Number of shares granted (*2) As of December 31, 2024 223,176 shares
As of December 31, 2023 223,176 shares
Subject to Shares granted for the year 2023
Type of payment Cash-settled
Vesting period January 1, 2023 ~ December 31, 2026
Date of payment 2027-01-01
Fair value (*1) 13,909 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 2 years
Number of shares remaining As of December 31, 2024 160,929 shares
As of December 31, 2023 160,929 shares
Number of shares granted (*2) As of December 31, 2024 160,929 shares
As of December 31, 2023 160,929 shares
Subject to Shares granted for the year 2024
Type of payment Cash-settled
Vesting period January 1, 2024 ~ December 31, 2027
Date of payment 2028-01-01
Fair value (*1) 13,037 Won
Valuation method Black-Scholes Model
Expected dividend rate 6.48%
Expected maturity date 3 years
Number of shares remaining As of December 31, 2024 194,569 shares
As of December 31, 2023 —
Number of shares granted (*2) As of December 31, 2024 194,569 shares
As of December 31, 2023 —
(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average<br>stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of<br>each settlement.
--- ---
(*2) The number of payable stocks is granted at the initial contract date. This is a system in which the number of<br>shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of<br>payment. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.<br>
--- ---
(*3) Payment was completed during the current period.
--- ---
2) The Company accounts for performance condition share-based payments according to the cash-settled method and<br>the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of December 31, 2024 and 2023 the book value of the liabilities related to the performance<br>condition share-based payments recognized by the Company is 11,883 million Won and 9,598 million Won.
--- ---
  • 59 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

27. NON-OPERATING INCOME (EXPENSES)
(1) Details of non-operating income and expenses recognized are as follows<br>(Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Other non-operating income 194 98
Other non-operating expense (341 ) (1,141 )
Total (147 ) (1,043 )
(2) Details of other non-operating income recognized are as follows (Unit:<br>Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Lease change cancellation income 7 37
Others 187 61
Total 194 98
(3) Details of other non-operating expenses recognized are as follows<br>(Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Donations 335 1,120
Lease change cancellation loss — 2
Others 6 19
Total 341 1,141
28. INCOME TAX ICOME AND DEFERRED TAX
--- ---
(1) Details of income tax income are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Current tax expense:
Current tax expense with respect to the current period — —
Sub-total — —
Deferred tax expense income
Change in deferred tax liabilities(assets) due to temporary differences 3,100 5,955
Income tax income directly attributable to equity (3,278 ) (6,836 )
Sub-total (178 ) (881 )
Income tax income (178 ) (881 )
  • 60 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(2) The relationship between income before income tax expense deduction and income tax expense in the current<br>comprehensive income statement is as follows (Unit: Korean Won in millions):
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Net income before income tax expense 1,123,154 1,423,627
Tax calculated at statutory tax rate (*1) 286,150 365,476
Adjustments:
Effects of income that is exempt from taxation (315,282 ) (386,749 )
Effect of expenses that are not deductible in determining taxable profit 467 613
Effect of corporate tax due to consolidate tax plans 29,037 19,975
Others (550 ) (196 )
Sub-total (286,328 ) (366,357 )
Income tax income (178 ) (881 )
Effective tax rate (*2) — —
(*1) In 2024 and 2023, the corporate tax rate is 9.9% up to 200 million Won in tax basis, 20.9% over<br>200 million Won to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.
--- ---
(*2) It is tax income for the years ended December 31, 2024 and 2023, so the annual effective tax rate was not<br>calculated.
--- ---
  • 61 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(3) Details of changes in deferred income tax assets and liabilities are as follows (Unit: Korean Won in millions):<br>
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Recognized as<br>income (expense) Recognized as other<br>comprehensive<br>income (expense) Ending Balance
Gain (loss) related to securities 2,717 — (3,646 ) (929 )
Provision for loan losses 173 (158 ) — 15
Defined benefit liability 1,841 79 303 2,223
Deposits with employee retirement insurance trust (1,841 ) (447 ) 65 (2,223 )
Provisions 324 7 — 331
Share based payment 2,533 603 — 3,136
Others 1,731 94 — 1,825
Net deferred tax assets(liabilities) in total 7,478 178 (3,278 ) 4,378
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Recognized as<br>income (expense) Recognized as other<br>comprehensive<br>income (expense) Ending Balance
Gain (loss) related to securities 9,866 — (7,149 ) 2,717
Provision for loan losses 83 90 — 173
Defined benefit liability 1,430 272 139 1,841
Deposits with employee retirement insurance trust (2,640 ) 625 174 (1,841 )
Provisions 129 195 — 324
Share based payment 2,189 344 — 2,533
Others 2,376 (645 ) — 1,731
Net deferred tax assets(liabilities) in total 13,433 881 (6,836 ) 7,478
  • 62 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Deductible temporary differences 7,915 7,545
Taxable temporary differences (7,920,330 ) (7,920,330 )
Total (7,912,415 ) (7,912,785 )

No deferred income tax asset has been recognized for the deductible temporary difference of 7,915 million Won associated with investments in subsidiaries as of December 31, 2024, because it is not probable that the temporary differences will be reversed in the foreseeable future.

No deferred income tax liability has been recognized for the taxable temporary difference of 7,920,330 million Won associated with investment in subsidiaries as of December 31, 2024, due to the following reasons:

• The Company is able to control the temporary difference of extinguishment.
• It is probable that the temporary difference will not be reversed in the foreseeable future.<br>
--- ---
(5) Details of accumulated deferred tax charged directly to other equity are as follows (Unit: Korean Won in<br>millions):
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- ---
Net gain (loss) on valuation of financial assets at FVTOCI (929 ) 2,717
Remeasurements of defined benefit plan 269 (99 )
Total (660 ) 2,618
(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions)
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Current tax assets 33,120 158,951
Current tax liabilities 84,701 32,125
(7) The Company has reviewed an impact analysis on corporate taxes in relation to Pillar Two Model Rules. The<br>Company concluded that there will be no significant impact on the current corporate tax expense of the Company as of December 31, 2024.
--- ---
  • 63 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

29. EARNINGS PER SHARE (“EPS”)
(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number<br>of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Net profit attributable to owners 1,123,332 1,424,508
Dividends to hybrid securities (158,682 ) (131,149 )
Net income attributable to common shareholders 964,650 1,293,359
Weighted average number of common shares outstanding (Unit: million shares) 744 737
Basic EPS (Unit: Korean Won) 1,296 1,754
(2) The weighted average number of common shares outstanding is as follows: (Unit: number of shares)<br>
--- ---

For the year ended December 31, 2024

Number of shares Accumulated number of<br>shares outstanding during<br>period
Common shares issued at the beginning of the period 751,949,461 275,213,502,726
Treasury stock (53,945 ) (19,743,870 )
Acquisition and retirement of treasury stock (9,357,960 ) (2,741,882,280 )
Sub-total (①) 272,451,876,576
Weighted average number of common shares outstanding (②=(①/366)) 744,404,034

For the year ended December 31, 2023

Number of shares Accumulated number of<br>shares outstanding during<br>period
Common shares issued at the beginning of the period 728,060,549 265,742,100,385
Treasury stock (2,324 ) (848,260 )
Acquisition and retirement of treasury stock (8,585,799 ) (1,386,759,947 )
Acquisition of treasury stock (odd-lot stock at<br>comprehensive share exchange) (51,621 ) (6,504,246 )
Issuance of new shares (comprehensive share exchange) 32,474,711 4,741,307,806
Sub-total (①) 269,089,295,738
Weighted average number of common shares outstanding (②=(①/365)) 737,230,947

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2024 and 2023.

  • 64 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

30. CONTINGENT LIABILITIES AND COMMITMENTS
(1) Litigation case
--- ---

As of December 31, 2024, the Company currently has one lawsuit as a defendant related to Woori Asset Trust Co., Ltd. stock trading payments. The lawsuit is in the first trial stage, with a claim amount of 13,305 million Won. It is not possible to reasonably estimate the potential impact on the Company’s financial statements as of December 31, 2024.

(2) Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):<br>
December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial institutions Line of credit Loan balance Line of credit Loan balance
Loans Standard Chartered Bank Korea Ltd. 100,000 — 100,000 —
  • 65 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

31. RELATED PARTY TRANSACTIONS

Related parties of the Company as of December 31, 2024 and 2023, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2024 and 2023 are as follows:

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
Related parties Title of account December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- ---
Subsidiaries Woori Bank Cash and cash equivalents 1,185,912 289,507
Other financial assets 163,893 1,094,635
Allowance for credit losses (56 ) (663 )
Other financial liabilities 36,427 131,397
Woori Card Co., Ltd. Other financial assets 26,229 8,597
Other financial liabilities 280 225
Woori Financial Capital Co., Ltd. Other financial assets 12,850 816
Other financial liabilities 282 4,430
Woori Savings Bank Other financial liabilities 1,014 1,271
Woori Financial F&I Co., Ltd. Other financial liabilities 3,440 1,650
Woori Asset Management Corp (*) Other financial liabilities — 46
Woori Private Equity Asset Management Co. Ltd. Other financial assets 346 76
Woori Credit Information Co., Ltd. Other financial assets 303 744
Woori Fund Service Co., Ltd. Other financial assets 711 436
Woori FIS Co., Ltd. Other financial assets 1 —
Other financial liabilities 581 1,540
Woori Finance Research Institute Co., Ltd. Other financial assets 155 175
Other financial liabilities 2,620 2,590
Associates of subsidiaries W Service Networks Co., Ltd. Other financial liabilities 22 48
(*) Other financial liabilities of Woori Global Asset Management Co., Ltd. are included due to merger during the<br>current period.
--- ---
  • 66 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(2) Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
Related parties Title of account For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- --- --- ---
Subsidiaries Woori Bank Interest income 51,778 63,806
Fees and commissions income 1,625 1,625
Dividend income 1,131,996 1,372,572
Interest expenses (*2) 67 190
Fees and commissions expense 19 34
Provision (Reversal) of impairment loss due to credit loss (607 ) 348
General and administrative expenses (*2) 4,496 4,639
Woori Card Co., Ltd. Dividend income 38,675 49,083
Woori Financial Capital Co., Ltd. Dividend income 34,487 45,626
Interest expenses (*2) 8 8
General and administrative expenses (*2) 104 75
Woori Investment Securities Co., Ltd. (*1) Dividend income — 11,803
Other income 163 —
Woori Asset Trust Co., Ltd Dividend income — 780
Woori Savings Bank Dividend income — 1,383
Woori Venture Partners Dividend income 800 —
Woori Credit Information Co., Ltd. Dividend income 1,504 535
Woori Fund Service Co., Ltd. Dividend income 1,060 1,174
Woori FIS Co., Ltd. General and administrative expenses 5,987 5,781
Woori Finance Research Institute Co., Ltd. Fees and commissions expenses 8,920 7,690
Associates of subsidiaries W Service Networks Co., Ltd. General and administrative expenses 327 769
(*1) The Company has issued hybrid capital securities amount of 1,200,000 million Won during the current period<br>and Woori Investment Securities Co., Ltd. purchased 20,000 million Won out of 1,200,000 million Won issued. The underwriting fee amount of 34 million Won is included in the issuance cost. In addition, of the 600,000 million Won<br>of debentures issued during the current period, 20,000 million Won was acquired by Woori Investment Securities Co., Ltd. and the Company paid 10 million Won as an acquisition fee which is included in the discount on debentures issued. And,<br>of the 80,000 million Won of debentures issued during the prior period, 10,000 million Won was acquired by Woori Investment Bank Co., Ltd. and the Company paid 10 million Won as an acquisition fee which is included in the discount on<br>debentures issued.
--- ---
(*2) The depreciation of<br>right-of-use assets and interest expense of lease liabilities arising from lease transactions during the current term and prior term are included.
--- ---
  • 67 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(3) The details of the right-of-use<br>assets and lease liabilities due to lease transactions with related parties as of December 31, 2024 and 2023 are as follows (Unit: Korea Won in millions):
Related parties Title of account December 31, 2024 December 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
Subsidiary Woori Bank Right-of-use assets 2,799 2,970
Lease liabilities (*) 2,795 2,658
Woori Financial Capital Co., Ltd. Right-of-use assets 266 226
Lease liabilities (*) 282 238
(*) Cash outflows of lease liabilities redemption for the years ended December 31, 2024 and 2023 are<br>2,751 million Won and 2,797 million Won, respectively.
--- ---
(4) Major loan transactions with related parties for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korea Won in millions):
--- ---
For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties (*1) Title of<br>account Beginning<br>balance Increase Decrease Ending<br>balance
Subsidiary Woori Bank Deposit (*2) 1,354,000 4,553,000 4,633,000 1,274,000
(*1) For the 1,200,000 million Won of hybrid securities issued during the current period, 20,000 million<br>Won was purchased by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance. In addition, of the 600,000 million Won of debentures issued during the current period, 20,000 million Won was<br>acquired by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance.
--- ---
(*2) Excludes due from banks without withdrawal limitations.
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties (*1) Title of<br>account Beginning<br>balance Increase Decrease Ending<br>balance
Subsidiary Woori Bank Deposit (*2) 1,595,000 5,379,000 5,620,000 1,354,000
(*1) For the 80,000 million Won of debentures issued during the prior period, 10,000 million Won was<br>purchased by Woori Investment Securities Co., Ltd. and the entire amount was sold to the market on the date of issuance.
--- ---
(*2) Excludes due from banks without withdrawal limitations.
--- ---
  • 68 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

(5) The details of equity-related transactions with related parties are as follows (Unit: Korean Won in million)<br>
For the year ended<br>December 31, 2024
--- --- --- --- --- ---
Related parties Investment and contribution
Subsidiary Woori Investment Securities Co., Ltd. (*1) 56,085
Subsidiary Woori Asset Trust Co Ltd (*2) 218,080
Subsidiary Woori Asset Management Corp (*3) 41,376
Subsidiary Woori Savings Bank (*4) 100,000
Subsidiary Woori Financial F&I Co., Ltd. (*5) 120,000
(*1) During the current period, the Company acquired majority interests of 2.3%.
--- ---
(*2) During the current period, the capital increase amount of 200,000 million Won was made. Afterward, the<br>Company additionally acquired minority interests of 2.84%.
--- ---
(*3) The Company acquired interest (22.5%) of Woori Asset Management Corp to make it wholly owned subsidiary.<br>
--- ---
(*4) During the current period, the capital increase amount of 100,000 million Won was made.<br>
--- ---
(*5) During the current period, the capital increase amount of 120,000 million Won was made.<br>
--- ---
For the year ended December 31, 2023
--- --- --- --- --- --- --- --- ---
Related parties Investment Acquisition of hybrid<br>securities
Subsidiary Woori Card Co., Ltd. — 200,000
Subsidiary Woori Investment Securities Co., Ltd. (*1) 759,678 —
Subsidiary Woori Asset Trust Co., Ltd (*2) 179,444 —
Subsidiary Woori Venture Partners (*3) 336,439 —
(*1) During the prior period, the Company acquired 41.3% residual interests (including treasury stocks) of Woori<br>Investment Securities Co., Ltd. Afterward, the Capital increase amount of 500,000 million Won was made in December 2023.
--- ---
(*2) During the prior period, the Company additionally acquired 28.1% (excluding treasury stocks) interests of Woori<br>Asset Trust Co Ltd. In the case of including treasury stocks, the share ratio was 21.3%.
--- ---
(*3) During the prior period, the Company additionally acquired 53.9% (excluding treasury stocks) interests of Woori<br>Venture Partners Co., Ltd., which was included in subsidiaries. In the case of including treasury stocks, the share ratio was 52.0%). Afterward, the Company additionally acquired treasury stocks (3.5% interests) and acquired 44.5% residual interests<br>held by Woori Venture Partners Co., Ltd.
--- ---
(6) There are no guarantees provided to the related party. The unused commitments and payment guarantees provided<br>from the related party are as follows (Unit: Korean Won in millions):
--- ---
Related parties December 31,<br>2024 December 31,<br>2023 Warranty
--- --- --- --- --- --- --- --- --- --- --- ---
Subsidiary Woori Card Co., Ltd. 665 715 Unused loan commitment
(7) Compensation for key management is as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Short-term employee salaries 5,502 5,094
Retirement benefit service costs 162 134
Share-based compensation 3,729 1,970
Total 9,393 7,198
  • 69 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31,2024 AND 2023

Key management includes registered executives and non-registered executives. The Company has not recognized any outstanding assets, allowance and related impairment loss due to credit losses from transaction with key management as of December 31, 2024 and 2023. Liabilities related to key management compensation are 12,850 million Won and 10,457 million Won as of December 31, 2024 and 2023, respectively.

32. LEASES
(1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):<br>
--- ---
December 31, 2024 December 31, 2023
--- --- --- --- --- --- ---
Lease payments:
Within one year 3,095 2,969
After one year but within five years 328 323
Total 3,423 3,292
(2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Total cash outflows from lease 3,123 3,312
(3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that<br>they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):
--- ---
For the year ended<br>December 31, 2024 For the year ended<br>December 31, 2023
--- --- --- --- --- --- ---
Lease payments for short-term leases 2 20
Lease payments for which the underlying asset is of low value 121 163
33. EVENTS AFTER THE REPORTING PERIOD
--- ---

At the Board of Directors meeting held on February 7, 2025, the Company declared to acquire and retire treasury stocks, it is expected to acquire 150 billion Won through trust contracts from February 11, 2025 to September 11, 2025, and all of the stocks acquired through this case will be retired afterwards.

  • 70 -

Independent Auditor’ Report on Internal Control over Financial Reporting

Based on a report originally issued in Korean

To the Board of Directors and Shareholders

WooriFinancial Group Inc.

Opinion on Internal Control over Financial Reporting

We have audited Woori Financial Group Inc. (“the Company”) internal control over financial reporting (“ICFR”) as of December 31, 2024 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the “ICFR Committee”).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the separate financial statements of the Company, which comprise the separate statement of financial position as of December 31, 2024, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information, and our report dated March 5, 2025 expressed an unmodified opinion on those separate financial statements.

Basis for Opinion on Internal Control over Financial Reporting

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of Internal Control over Financial Reporting section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management and Those Charged with Governance for the Internal Control over Financial Reporting

The Company’s management is responsible for designing, operating and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying ‘Operating Status Report of Internal Control over Financial Reporting.’

Those charged with governance have the responsibilities for overseeing the Company’s internal control over financial reporting.

Auditor’s Responsibilities for the Audit of the Internal Control over Financial Reporting

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We conducted the audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

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Definition and Limitations of Internal Control over Financial Reporting

An entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with K-IFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements in the financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 5, 2025

This report is effective as of March 5, 2025, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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Operating Status Report of

Internal Control over Financial Reporting

To the Shareholders, Board of Directors and Audit Committee of

Woori Financial Group Inc.

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting(“ICFR”) Officer of Woori Financial Group Inc. (the “Company”), assessed operating status of the Company’s Internal Control over Financial Reporting for the year ended December 31, 2024.

The Company’s management, including ourselves, is responsible for designing and operating ICFR.

We assessed whether the Company effectively designed and operated its ICFR to prevent and detect errors or frauds which may cause a misstatement in financial statements to ensure preparation and disclosure of reliable financial information.

We used the ‘Conceptual Framework for Designing and Operating Internal Control over Financial Reporting’ established by the Operating Committee of Internal Control over Financial Reporting in Korea (the “ICFR Committee”) as the criteria for design and operation of the Company’s ICFR. We also conducted an assessment of ICFR based on the ‘Management Guideline for Evaluating and Reporting Effectiveness of Internal Control over Financial Reporting’ established by the ICFR Committee.

Based on our assessment, we concluded that the Company’s ICFR is designed and operated effectively as of December 31, 2024, in all material respects, in accordance with the ‘Conceptual Framework for Designing and Operating Internal Control over Financial Reporting’.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings, and we have reviewed and verified this report with sufficient care.

February 28, 2025

Jong Yong Yim, Chief Executive Officer

Sung Wook Lee, Internal Control over Financial Reporting Officer

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