6-K - WF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

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 4, 2026, Woori Financial Group Inc. disclosed audit reports for the fiscal year 2025 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 4, 2026	By:	/s/ Seong Min Kwak
		(Signature)
		Name: Seong Min Kwak
		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, 2025 AND 2024

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		12-232
Independent Auditor’s Report on Internal Control over Financial Reporting forConsolidation Purposes		233-234
Operating Status Report of Internal Control over Financial Reporting		235-242

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, 2025 and 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.

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, 2025 and 2024, 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, 2025, 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, 2025. 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.

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, 2025. 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.

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<br>to 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.
---	---

•	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 4, 2026

This report is effective as of March 4, 2026, 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.

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

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

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OFDECEMBER 31, 2025 AND 2024

	December 31,<br>2025
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 7)		38,499,679		27,281,123
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4,8,12,13,19,<br>and 29)		34,245,475		25,202,672
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes<br>4,9,12,13, and 19)		83,499,522		43,797,745
Securities at amortized cost (Notes 4,10,12,13, and 19)		18,707,459		19,203,177
Loans and other financial assets at amortized cost (Notes 4,11,12,13,19, and 45)		412,495,783		398,471,816
Investments in joint ventures and associates (Note 14)		2,080,008		1,748,810
Reinsurance contract assets (Note 25)		620,207		—
Investment properties (Notes 15 and 19)		998,854		450,788
Premises and equipment (Notes 16 and 19)		3,780,817		3,370,585
Intangible assets (Note 17)		1,056,647		1,091,402
Assets held for sale (Note 18)		168,491		73,989
Net defined benefit asset (Note 27)		20,558		146,109
Current tax assets (Note 42)		228,229		61,613
Deferred tax assets (Note 42)		413,649		72,937
Derivative assets (Designated for hedging) (Notes 4,12,13, and 29)		217,180		175,191
Other assets (Notes 20 and 45)		4,424,728		4,605,363
Total assets		601,457,286		525,753,320
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes<br>4,12,13,21, and 29)		6,356,934		9,896,597
Deposits due to customers (Notes 4,12,22, and 45)		376,580,845		366,821,156
Borrowings (Notes 4,7,12,13, and 23)		34,183,267		30,117,031
Debentures (Notes 4,7,12, and 23)		55,583,392		48,207,103
Insurance contract liabilities (Note 24)		45,573,864		—
Reinsurance contract liabilities (Note 25)		184,792		—
Investment contract liabilities (Notes 4,5, and 12)		3,433,611		—
Provisions (Notes 26,44, and 45)		790,733		611,428
Net defined benefit liability (Note 27)		115,091		5,424
Current tax liabilities (Note 42)		723,368		127,126
Deferred tax liabilities (Note 42)		504,828		858,822
Derivative liabilities (Designated for hedging) (Notes 4,12,13, and 29)		615,361		102,815
Other financial liabilities (Notes 4,7,12,13,28, and 45)		38,118,058		32,314,051
Other liabilities (Notes 6,28, and 45)		833,894		796,498
Total liabilities		563,598,038		489,858,051
EQUITY
Owners’ equity (Note 30)
Capital stock		3,802,676		3,802,676
Hybrid securities		3,710,498		3,810,435
Capital surplus		933,436		934,100
Other equity		(1,219,327	)	(1,400,885	)
Retained earnings		28,790,056		26,950,510
		36,017,339		34,096,836
Non-controlling interests		1,841,909		1,798,433
Total equity		37,859,248		35,895,269
Total liabilities and equity		601,457,286		525,753,320

The accompanying notes are part of these consolidated financial statements.

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FORTHE YEARS ENDED DECEMBER 31, 2025 AND 2024

	2025			2024
	(Korean Won in millions)
Interest income		21,188,743			22,013,341
Financial assets at FVTPL		303,458			236,793
Financial assets at FVTOCI		1,866,114			1,281,642
Financial assets at amortized cost		19,009,985			20,494,906
Insurance finance (Note 36)		9,186			—
Interest expense		(12,157,974	)		(13,127,005	)
Financial liabilities at amortized cost		(11,401,953	)		(13,127,005	)
Insurance finance (Note 36)		(756,021	)		—
Net interest income (Notes 12, 32 and 45)	****	9,030,769	****	****	8,886,336	****
Fees and commissions income		3,017,771			2,874,216
Fees and commissions expense		(857,367	)		(788,046	)
Net fees and commissions income (Notes 12, 33 and 45)	****	2,160,404	****	****	2,086,170	****
Dividend income (Notes 12, 34 and 45)		484,465			310,320
Insurance income		1,042,497			—
Insurance		1,005,778			—
Reinsurance		36,719			—
Insurance service expense		(938,626	)		—
Insurance service		(901,614	)		—
Reinsurance service		(37,012	)		—
Net insurance income (Note 35)		103,871		****	—	****
Other insurance finance income and expenses (Note 36)		(378,130	)		—
Net gain on financial instruments at FVTPL (Notes 12, 37 and 45)		725,939			1,492,783
Net gain on financial assets at FVTOCI (Notes 12 and 38)		130,620			96,620
Net gain arising on financial assets at amortized cost (Note 12)		107,667			286,885
Impairment losses due to credit loss (Notes 39 and 45)		(2,102,814	)		(1,716,295	)
General and administrative expense (Notes 40 and 45)		(5,179,621	)		(4,468,973	)
Other net operating expense (Notes 12, 29, 40 and 45)		(1,408,362	)		(2,718,656	)
Operating income	****	3,674,808	****	****	4,255,190	****
Share of gain of joint ventures and associates (Note 14)		98,660			76,265
Other non-operating income (expense)		316,698			(108,608	)
Non-operating income (expenses) (Note<br>41)	****	415,358	****	****	(32,343	)
Net income before income tax expense	****	4,090,166	****	****	4,222,847	****
Income tax expense (Note 42)		(862,658	)		(1,051,378	)
Net income	****	3,227,508	****	****	3,171,469	****

(Continued)

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FORTHE YEARS ENDED DECEMBER 31, 2025 AND 2024 (CONTINUED)

	2025			2024
	(Korean Won in millions)
Net gain (loss) on valuation of equity securities at FVTOCI		100,259			(138,097	)
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL		(74	)		1,348
Changes in capital due to equity method		(957	)		(1,663	)
Remeasurement loss related to defined benefit liabilities		(8,681	)		(61,929	)
Items that will not be reclassified to profit or loss:	****	90,547	****	****	(200,341	)
Net gain (loss) on valuation of debt securities at FVTOCI		(1,421,826	)		172,155
Changes in capital due to equity method		(1,378	)		(3,704	)
Net gain (loss) on foreign currency translation of foreign operations		(116,405	)		522,845
Net gain (loss) on valuation of hedges of net investments in foreign operations		22,319			(114,827	)
Net gain (loss) on valuation of cash flow hedge		(167,670	)		6,591
Net financial gain on insurance contract assets (liabilities)		1,786,814			—
Net financial loss on reinsurance contract assets (liabilities)		(15,631	)		—
Items that may be reclassified to profit or loss:	****	86,223	****	****	583,060	****
Other comprehensive income, net of tax	****	176,770	****	****	382,719	****
Total comprehensive income	****	3,404,278	****	****	3,554,188	****
Net income attributable to:	****	3,227,508	****	****	3,171,469	****
Net income attributable to owners		3,124,346			3,085,995
Net income attributable to non-controlling<br>interests		103,162			85,474
Total comprehensive income attributable to:	****	3,404,278	****	****	3,554,188	****
Comprehensive income attributable to owners		3,251,616			3,454,620
Comprehensive income attributable to non-controlling<br>interests		152,662			99,568
Earnings per share (Note 43)
Basic and diluted earnings per share (Unit: In Korean Won)		4,052			3,950

The accompanying notes are part of these consolidated financial statements.

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THEYEARS ENDED DECEMBER 31, 2025 AND 2024

	Capital<br>Stock
	(Korean Won in millions)
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 liabilities		—	—		—		(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<br>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
January 1, 2025		3,802,676	3,810,435		934,100		(1,400,885	)	26,950,510		34,096,836		1,798,433		35,895,269
Total comprehensive income
Net income		—	—		—		—		3,124,346		3,124,346		103,162		3,227,508
Net loss on valuation of financial instruments at FVTOCI		—	—		—		(1,168,408	)	—		(1,168,408	)	(153,159	)	(1,321,567	)
Net gain (loss) due to disposal of equity securities at FVTOCI		—	—		—		1,319		(1,319	)	—		—		—
Net loss on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL		—	—		—		(74	)	—		(74	)	—		(74	)
Changes in capital due to equity method		—	—		—		(2,335	)	—		(2,335	)	—		(2,335	)
Loss on foreign currency translation of foreign operations		—	—		—		(107,013	)	—		(107,013	)	(9,392	)	(116,405	)
Gain on valuation of hedges of net investments in foreign operations		—	—		—		22,319		—		22,319		—		22,319
Loss on valuation of cash flow hedge		—	—		—		(130,513	)	—		(130,513	)	(37,157	)	(167,670	)
Remeasurement gain related to defined benefit liabilities		—	—		—		(10,774	)	—		(10,774	)	2,093		(8,681	)
Net financial gain on insurance contract assets (liabilities)		—	—		—		1,534,529		—		1,534,529		252,285		1,786,814
Net financial loss on reinsurance contract assets (liabilities)		—	—		—		(10,461	)	—		(10,461	)	(5,170	)	(15,631	)
Transactions with owners
Dividends to common stocks		—	—		—		—		(927,296	)	(927,296	)	(1,414	)	(928,710	)
Changes in treasury stocks		—	—		2		—		(150,000	)	(149,998	)	—		(149,998	)
Issuance of hybrid securities		—	797,841		—		—		—		797,841		—		797,841
Dividends to hybrid securities		—	—		—		—		(150,059	)	(150,059	)	(100,129	)	(250,188	)
Redemption of hybrid securities		—	(897,778	)	—		771		—		(897,007	)	(644,777	)	(1,541,784	)
Transfer of redemption loss of hybrid securities to retained earnings		—	—		—		2,456		(2,456	)	—		—		—
Changes in subsidiaries’ capital		—	—		225		49,742		(49,742	)	225		(225	)	—
Changes in non-controlling interests related to business<br>combinations		—	—		—		—		—		—		643,304		643,304
Others		—	—		(891	)	—		(3,928	)	(4,819	)	(5,945	)	(10,764	)
December 31, 2025		3,802,676	3,710,498		933,436		(1,219,327	)	28,790,056		36,017,339		1,841,909		37,859,248

The accompanying notes are part of these consolidated financial statements.

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARSENDED DECEMBER 31, 2025 AND 2024

	2025
	(Korean Won in millions)
Cash flows from operating activities:
Net income		3,227,508		3,171,469
Adjustments to net income:
Income tax expense		862,658		1,051,378
Interest income		(21,188,743	)	(22,013,341	)
Interest expense		12,157,974		13,127,005
Dividend income		(484,465	)	(310,320	)
		(8,652,576	)	(8,145,278	)
Additions of expenses not involving cash outflows:
Insurance service expense		938,626		—
Other insurance finance expense		378,535		—
Loss on financial assets at FVTOCI		30,357		4,611
Impairment loss due to credit loss		2,102,814		1,716,295
Loss on other provisions		132,442		41,938
Retirement benefit		187,514		129,029
Depreciation and amortization		1,250,606		1,163,799
Loss on foreign currency translation		—		1,177,859
Loss on derivatives (designated for hedge)		624,781		24,252
Loss on fair value hedge		92,138		64,571
Loss on valuation of investments in joint ventures and associates		24,035		19,911
Loss on disposal of investments in joint ventures and associates		1,874		532
Loss on disposal of premises and equipment, intangible assets and other assets		3,475		2,233
Impairment loss on premises and equipment, intangible assets and other assets		86,354		3,627
Other loss		—		10,887
Other operating expenses		1,015		9,509
		5,854,566		4,369,053
Deductions of income not involving cash inflows:
Insurance income		1,042,497		—
Other insurance finance income		405		—
Gain on financial assets at FVTPL		924,792		1,299,919
Gain on financial assets at FVTOCI		160,977		101,231
Gain on other provisions		691		10,026
Gain on foreign currency translation		784,525		—
Gain on derivatives (designated for hedge)		251,270		192,000
Gain on fair value hedge		16,141		25,469
Gain on valuation of investments in joint ventures and associates		122,695		96,176
Gain on disposal of investments in joint ventures and associates		7,507		19,642
Gain on disposal of premises and equipment, intangible assets and other assets		45,823		7,064
Reversal of impairment loss on premises and equipment, intangible assets and other assets		971		147
Bargain purchase gain		581,010		—
		3,939,304		1,751,674
Changes in operating assets and liabilities:
Reinsurance contract assets		33,600		—
Financial instruments at FVTPL		988,108		1,594,646
Loans and other financial assets at amortized cost		(8,369,230	)	(21,703,969	)
Other assets		(680,841	)	(1,254,513	)
Insurance contract liabilities		(130,431	)	—
Reinsurance contract liabilities		(32,097	)	—
Investment contract liabilities		(104,735	)	—
Deposits due to customers		13,839,807		3,411,535
Provisions		1,666		(203,770	)
Net defined benefit liability		14,200		(120,782	)
Other financial liabilities		3,640,406		4,806,822
Other liabilities		24,815		(9,173	)
		9,225,268		(13,479,204	)

(Continued)

10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARSENDED DECEMBER 31, 2025 AND 2024 (CONTINUED)

	2025
	(Korean Won in millions)
Interest income received		20,564,072		22,304,745
Interest expense paid		(12,410,911	)	(12,483,982	)
Dividends received		482,764		310,341
Income tax paid		(708,996	)	(424,770	)
		7,926,929		9,706,334
Net cash inflow (outflow) from operating activities		13,642,391		(6,129,300	)
Cash flows from investing activities:
Net cash out-flows from hedging activities		(34,199	)	—
Net cash in-flows<br>(out-flows) from obtaining control		(778,468	)	2,008
Disposal of financial instruments at FVTPL		19,103,867		11,659,750
Acquisition of financial instruments at FVTPL		(20,087,654	)	(11,111,809	)
Disposal of financial assets at FVTOCI		35,153,473		26,921,313
Acquisition of financial assets at FVTOCI		(43,073,556	)	(31,718,677	)
Redemption of securities at amortized cost		5,900,990		7,634,677
Acquisition of securities at amortized cost		(5,312,962	)	(2,586,171	)
Cash outflows from changes in subsidiaries		(120,121	)	(674,625	)
Disposal of investments in joint ventures and associates		431,389		1,253,301
Acquisition of investments in joint ventures and associates		(757,496	)	(979,480	)
Disposal of investment properties		4,750		64,926
Acquisition of investment properties		(736	)	—
Disposal of premises and equipment		37,626		10,730
Acquisition of premises and equipment		(325,952	)	(221,856	)
Disposal of intangible assets		3,344		4,596
Acquisition of intangible assets		(180,481	)	(190,126	)
Disposal of assets held for sale		115,094		23,909
Net decrease of other assets		40,489		(126,765	)
Net cash outflow from investing activities		(9,880,603	)	(34,299	)
Cash flows from financing activities:
Net cash out-flows from hedging activities		17,231		(25,442	)
Net increase (decrease) in borrowings		4,392,369		(3,011,120	)
Issuance of debentures		37,210,706		41,067,565
Redemption of debentures		(31,611,225	)	(35,473,345	)
Redemption of lease liabilities		(251,559	)	(238,770	)
Net increase (decrease) of other liabilities		(41	)	(17,690	)
Acquisition of treasury stocks		(150,000	)	(136,699	)
Disposal of treasury stocks		—		4,834
Dividends paid		(927,296	)	(878,330	)
Issuance of hybrid securities		797,841		1,954,820
Redemption of hybrid securities		(1,541,088	)	(1,726,936	)
Dividends paid to hybrid securities		(250,188	)	(234,931	)
Dividends paid to non-controlling interest		(1,414	)	(3,829	)
Changes in non-controlling interests		—		(41,375	)
Net increase in non-controlling equity liabilities		—		6,589
Net cash inflow from financing activities		7,685,336		1,245,341
Effects of exchange rate changes on cash and cash equivalents		(228,568	)	1,642,763
Net increase (decrease) in cash and cash equivalents		11,218,556		(3,275,495	)
Cash and cash equivalents, beginning of the period		27,281,123		30,556,618
Cash and cash equivalents, end of the Period (Note 7)		38,499,679		27,281,123

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, 2025 AND 2024

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
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 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% interest (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% interest (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, 2025 AND 2024

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

On July 1, 2025, the Parent company acquired 77.9% of the shares (excluding treasury shares; 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries.

On July 31, 2025, the Parent company acquired the remaining shares (0.4%) of Woori Asset Trust Co., Ltd., pursuant to which Woori Asset Trust Co., Ltd. became a wholly-owned subsidiary of the parent company.

On November 28, 2025, the Parent Company acquired an additional (0.20%) minority interest in Woori Investment Securities Co., Ltd. As of December 19, 2025, the Parent Company additionally acquired (0.10%) of the treasury shares held by Woori Investment Securities Co., Ltd., as well as an additional (0.20%) minority interest.

(2)	Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of December 31, 2025<br>and 2024 are as follows:
		Percentage of ownership<br>(%)				Location	Financial<br>statements date
---	---	---	---	---	---	---	---	---
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
Held by Woori Financial Group Inc.
Woori Bank	Bank		100.0		100.0	Korea		December 31
Tongyang Life Insurance Co., Ltd. (*1)	Life insurance		77.9		—	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. (*1)	Securities brokerage		99.9		99.5	Korea		December 31
ABL Life Insurance Co., Ltd. (*1)	Life insurance		100.0		—	Korea		December 31
Woori Asset Trust Co., Ltd.	Real estate trust		100.0		99.6	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		100.0	Korea		December 31
Woori Venture Partners	Other financial services		100.0		100.0	Korea		December 31

13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
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
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		90.8	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 QS 1st Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori Dream 2nd Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori K 1st Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori Display 3rd Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Quantum Jump the 2nd 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
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) (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
Woori L Yongsan 1st Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori HC 5th Co., Ltd. (2) (5)	Asset securitization		—		—	Korea	—
Woori Lotte Dongtan 1st Co., Ltd. (2) (5)	Asset securitization		—		—	Korea	—
Woori HC 6th Co., Ltd. (2) (5)	Asset securitization		—		—	Korea	—
Woori HO 1st Co., Ltd. (2) (5)	Asset securitization		—		—	Korea	—
Woori ESG 1st Co.,Ltd. (2) (5)	Asset securitization		—		—	Korea	—
Woori Osiria 1st Co.,Ltd. (2) (5)	Asset securitization		—		—	Korea	—

14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location	Financial<br>statements date
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
Gangnam Landmark 2nd Co., Ltd (2) (5)	Asset securitization		—		—	Korea	—
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) (5)	Asset securitization		—		—	Korea	—
Woori ST 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) (5)	Asset securitization		—		—	Korea	—
Woori HR 2nd Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori QS 2nd Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori Plasma 1st Co., Ltd. (*2)	Asset securitization		—		—	Korea	December 31
Woori EUGENE 1st Co.,Ltd (*2)	Asset securitization		—		—	Korea	December 31
WOORIWON 1ST, CO,.LIMITED. (*2)	Asset securitization		—		—	Korea	December 31
WOORI ENERBILITY 1ST, CO,.LIMITED. (*2)	Asset securitization		—		—	Korea	December 31
WOORI HL 1ST, CO,.LIMITED. (*2)	Asset securitization		—		—	Korea	December 31
WOORI PARC1. 2ND CO.,LTD (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI HEROS 1ST CO.,LTD. (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI GANGNAM ALPHA 1ST CO.,LTD. (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI BLOSSOM 1ST CO.,LTD. (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI DK 1ST CO.,LTD. (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI TECHONE 1ST CO.,LTD (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI TECHONE 2ND CO.,LTD (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI SONO 1ST CO.,LTD (2) (10)	Asset securitization		—		—	Korea	December 31
WOORI SEOUL STATION AREA 1ST, CO,.LTD. (*2)	Asset securitization		—		—	Korea	December 31
WOORI NC 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 No. 5-2 (*3)	Securities investment and others		99.0		99.0	Korea	December 31
IGIS Australia Investment Trust No. 209-1<br>(*3)	Securities investment and others		99.4		99.4	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) (5)	Securities investment and others		—		97.3	Korea	—
Kiwoom Harmony Private Placement Investment Trust No. 1 (*3)	Securities investment and others		97.7		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
Kiwoom Harmony Private Placement Investment Trust No. 9 (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Woori Partners General Type Private Investment Trust No.4 (3) (10)	Securities investment and others		99.0		—	Korea	December 31
Principal Guaranteed Trust (*4)	Trust		—		—	Korea	December 31

15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
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 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:
Woori Global Infrastructure Development Co., Ltd.	Other financial services		100.0		100.0	Korea	December 31
Namyangju Resource Circulation Facility Development Co., Ltd.	Other professional services		100.0		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 2021-1 Asset Securitization Specialty Co., Ltd.<br>(2) (5)	Asset securitization		—		0.5	Korea	—
Woori Card 2022-1 Asset Securitization Specialty Co., Ltd.<br>(2) (5)	Asset securitization		—		0.5	Korea	—
Woori Card 2022-2 Asset Securitization Specialty Co., Ltd.<br>(*2)	Asset securitization		0.5		0.5	Korea	December 31
Woori Card 2023-1 Asset Securitization Specialty Co., Ltd.<br>(*2)	Asset securitization		0.5		0.5	Korea	December 31
Woori Card 2023-2 Asset Securitization Specialty Co., Ltd.<br>(*2)	Asset securitization		0.5		0.5	Korea	December 31
Woori Card 2024-1 Asset Securitization Specialty Co., Ltd.<br>(*2)	Asset securitization		0.5		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

16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
WiBee AK 1st Co.,Ltd. (2) (10))	Asset securitization		—		—	Korea	December 31
WiBee Sae-A 1st Co., Ltd (2) (10)	Asset securitization		—		—	Korea	December 31
WiBee Central 1st Co., Ltd (2) (10)	Asset securitization		—		—	Korea	December 31
WiBee Retail 1st Co., Ltd (2) (10)	Asset securitization		—		—	Korea	December 31
WiBee Smile AP 1st Co., Ltd (2) (10)	Asset securitization		—		—	Korea	December 31
Bridge Beta 1st Co., Ltd (2) (10)	Asset securitization		—		—	Korea	December 31
Held by Tongyang Life Insurance Co., Ltd.
Tongyang Life Financial Service Co., Ltd (*10)	Insurance agents and brokers		100.0		—	Korea	December 31
Held by ABL Life Insurance Co., Ltd.
ABA Financial Service LLC. (*10)	Insurance agents and brokers		100.0		—	Korea	December 31
Kookmin Bank acting as Trustee of Kiwoom Andante Private Investment Trust (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Kookmin Bank Acting as Trustee of Kiwoom Moderato Private Securities Investment Trust I (3) (5)<br>(*10)	Securities investment and others		—		—	Korea	—
Kiwoom Europe Infra A.I. Private Type Investment Trust III (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Kiwoom Global Infra A.I. Private Type Investment Trust II (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Kookmin Bank acting as Trustee of Kiwoom AGPS Private Investment Trust (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Kiwoom Europe Infra A.I. Private Type Investment Trust IX (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Alceon Real Infrastructure Blind General Type Private Placement Investment Trust (3) (5)<br>(*10)	Securities investment and others		—		—	Korea	—
Hanwha Global Infrastructure Private Fund 31 (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Alceon Real Property Blind General Type Private Placement Investment Trust (3) (10)	Securities investment and others		100.0		—	Korea	December 31
KB NB Private Investment Trust No. 4 (3) (5) (*10)	Securities investment and others		—		—	Korea	—
IGIS U.S. Private Placement Real Estate Investment Trust<br>No. 469-1 (3) (5) (*10)	Securities investment and others		—		—	Korea	—
IGIS U.S. Private Placement Real Estate Investment Trust<br>No. 469-2 (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Alceon Australia RDS General Type Private Placement Investment Trust 2 (3) (5) (*10)	Securities investment and others		—		—	Korea	—

17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
Alceon Australia RDS General Type Private Placement Investment Trust 3 (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Woori Park Square Payton General Type Private Investment Trust (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Woori Pantheon Metrics General Type Private Investment Trust (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Held by Woori Asset Management Corp.
Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid) (3)<br>(5)	Securities investment and others		—		89.5	Korea	—
Woori China Convertible Bond Master Fund (3) (5)	Securities investment and others		—		63.3	Korea	—
Woori Together TDF 2040 (3) (5)	Securities investment and others		—		34.3	Korea	—
Woori Together TDF 2045 (3) (5)	Securities investment and others		—		56.0	Korea	—
Woori Together TDF 2050 (3) (5)	Securities investment and others		—		31.5	Korea	—
Woori Rooftop Solar Private Special Asset Investment Trust No.1 (*3)	Securities investment and others		40.1		40.1	Korea	December 31
Woori Following Foreigners Securities Sub-Investment<br>Master Fund [Equity] (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Woori Following Foreigners 40 Securities Sub-Investment<br>Trust [Bond Mixed-Fund of Funds] Class C-F (3) (10)	Securities investment and others		31.3		—	Korea	December 31
Woori Following Foreigners Securities Sub-Investment Trust<br>[Equity] Class C-F (3) (10)	Securities investment and others		75.6		—	Korea	December 31
Woori Didim US Technology and Bio-Healthcare Feeder<br>Investment Trust (3) (5)	Securities investment and others		—		44.6	Korea	—
Woori US Billionaire Equity Master Investment Trust (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Woori US Billionaire Equity EMP Feeder Investment Trust (H) ClassC-F (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Woori US Billionaire Equity EMP Feeder Investment Trust (UH) ClassC-F (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Woori Total Bond Market Master Investment Trust (3) (5) (*10)	Securities investment and others		—		—	Korea	—
Woori Short Term Bond Master Investment Trust (3) (5) (*10)	Securities investment and others		—		—	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

18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location	Financial<br>statements date
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
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)	Asset securitization		5.0		5.0	Korea	December 31
WH2403 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WSB2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WK2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WI2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WKN2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WS2409 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WSB2409 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	December 31
WDSB2503 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		—	Korea	December 31
WHKN2506 Asset Securitization Specialty Co., Ltd. (2) (10)	Asset securitization		5.0		—	Korea	December 31
WK2509 Asset Securitization Specialty Co.,Ltd. (2) (10)	Asset securitization		5.0		—	Korea	December 31
WH2509 Asset Securitization Specialty Co.,Ltd. (2) (10)	Asset securitization		5.0		—	Korea	December 31
WI2511 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		99.4		99.8	Korea	December 31
WFBS 1st Corporate Recovery Private Equity Fund (*3)	Finance		96.2		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		32.7		34.8	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

19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
Held by Woori Financial Capital Co., Ltd.,
Woori Private Equity Asset Management Co., Ltd. and Woori Investment Securities Co., Ltd.<br>(*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
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)	Securities investment and others		100.0		100.0	Korea	December 31
Woori Top-Class Senior and Junior Loan Private Investment<br>Trust (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Woori Top-Class Equity Fund of Funds Private Investment<br>Trust (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Trust Co., Ltd.<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 No.1<br>(*3)	Securities investment and others		100.0		100.0	Korea	December 31

20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location	Financial<br>statements date
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
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
Woori Real Estate Blind Investment General Type Private Investment Trust No.1 (3) (10)	Securities investment and others		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		86.8		84.9	Korea	December 31
Woori Global Mid-market Secondary General Type Private<br>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 Global Secondary Private Placement Investment Trust No. 1 (*3)	Securities investment and others		98.8		98.8	Korea	December 31
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (3) (5)	Securities investment and others		—		98.8	Korea	—
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
Woori Clean Energy General Type Private Investment Trust No.2 (*3)	Securities investment and others		30.8		30.8	Korea	December 31
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)	Securities investment and others		90.9		90.9	Korea	December 31
Woori Natixis Partnership Global Private Debt Fund No.<br>1-1(USD) (*3)	Securities investment and others		80.0		80.0	Korea	December 31
Woori Natixis Partnership Global Private Debt Fund No.<br>1-2(EUR) (*3)	Securities investment and others		80.0		80.0	Korea	December 31
Woori General Type Private Real Estate Investment Trust No.7 (*3)	Securities investment and others		87.0		87.0	Korea	December 31

21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location	Financial<br>statements date
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
Woori Baran-Namyang Expressway Private Special Asset Investment Trust (3) (10)	Securities investment and others		47.0		—	Korea	December 31
Held by Woori Bank and Tongyang Life Insurance Co., Ltd. (*6)
Woori Senior Loan General Type Private Investment Trust No.2 (*3)	Securities investment and others		54.0		50.0	Korea	December 31
Woori Senior Loan General Type Private Investment Trust No.3 (*3)	Securities investment and others		47.3		45.8	Korea	December 31
Held by ABL Life Insurance Co., Ltd. (*6)
Woori MDF V General Type Private Real Estate Investment Trust (3) (10)	Securities investment and others		50.0		—	Korea	December 31
Woori NewGen Energy ABL Private Investment Trust (3) (10)	Securities investment and others		33.3		—	Korea	December 31
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)	Securities investment and others		99.3		99.7	Korea	December 31
Held by Woori Financial Capital Co., Ltd. (*6)
Woori Japan Private Placement Real Estate Feeder Investment Trust<br>No.1-1 (3) (5)	Securities investment and others		—		63.2	Korea	—
Held by Woori Bank and Woori Asset Management Co., Ltd. (*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 Co.,<br>Ltd. (*6)
Woori Real Estate Financial Stabilization General Private Investment Trust No. 1<br>(*3)	Securities investment and others		100.0		100.0	Korea	December 31
Woori Real Estate Financial Stabilization General Private Investment Trust No. 2 (3)<br>(10)	Securities investment and others		100.0		—	Korea	December 31

22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of ownership<br>(%)				Location	Financial<br>statements date
Subsidiaries	Main business	December 31,<br>2025		December 31,<br>2024
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 FG DINNO Lab Fund 1st (*3)	Securities investment and others		100.0		100.0	Korea	December 31
Woori FG DINNO Lab Fund 2nd (3) (10)	Securities investment and others		100.0		—	Korea	December 31
Held by Woori Bank, Woori Financial Capital Co., Ltd. and Tongyang Life Insurance Co., Ltd.<br>(*6)
Woori Senior Loan Private Placement Investment Trust No.1 (3) (10)	Securities investment and others		32.0		—	Korea	December 31
Held by Woori Bank, Woori Card Co., Woori Financial Capital Co., Ltd., Woori Investment Securities<br>Co., Ltd., Tongyang Life Insurance Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (*6)
Woori Future Co-Growth High-tech Strategic Industries<br>Private Investment Trust (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 Investment Trust No. 1-2 (*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.1 (3) (5) (*8)	Securities investment and others		—		100.0	Korea	—
Held by Woori Financial Capital Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)
Woori Japan Private Placement Real Estate Master Investment Trust<br>No.2-1 (3) (5)	Securities investment and others		—		100.0	Korea	—
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		35.3		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) (5) (*8)	Securities investment and others		—		100.0	Korea	—
Held by Woori Japan Private Placement Real Estate Master Investment Trust No.1
GK OK Chatan (3) (5)	Other financial services		—		99.9	Japan	—
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)

23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(*1)	On July 1, 2025, the Group acquired 77.9% of the shares (excluding treasury shares; 75.3% including<br>treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries. Woori Asset Management Corp. and Woori Global Asset Management Co., Ltd. merged through a business<br>combination to become Woori Asset Management Corp, for the year ended December 31, 2024. Additionally, The Group owned interest in Korea Foss Securities Co., Ltd. as a result of the merger between Korea Foss Securities Co., Ltd. (surviving<br>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.
(*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, 2025.
---	---
(*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, 2025, 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, 2025.<br>
---	---
(3)	The Group has not consolidated the following entities as of December 31, 2025 and 2024 despite having more<br>than 50% ownership interest:
---	---

---	---	---	---	---
Subsidiaries		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<br>No. 163-2 (*2)	Korea	Securities Investment		97.8
IGIS Global Private Placement Real Estate Fund<br>No. 148-1 (*1)	Korea	Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund<br>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<br>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<br>No. 18-1 (*1)	Korea	Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W()<br>(*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

All values are in Euros.

24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	As of December 31, 2025
Subsidiaries	Location		Main Business	Percentage of<br>ownership (%)
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
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<br>No. 316-1(*2)		Korea	Securities Investment		99.3
INMARK Spain Private Placement Real Estate Investment Trust<br>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
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
KB Nongsok Sewage Treatment Facility Private Special Asset Investment Trust (*1)		Korea	Securities Investment		80.0
KIAMCO Daejang Hongdaeseon Private Special Asset Investment Trust (*1)		Korea	Securities Investment		76.6
Renaissance KOSDAQ Venture Beauty Privately Placed Fund (*1)		Korea	Securities Investment		88.9
KIAMCO Siwha Jeongwang Logistics Development Private Real Estate Investment Trust No.1<br>(*2)		Korea	Securities Investment		50.0
Dabi Hana Inje Gwan-sa BTL Private Special Asset Investment Trust (*2)		Korea	Securities Investment		50.0
Alceon Australia Alternative General Private Investment Trust No.1 (*2)		Korea	Securities Investment		100.0
KB NA Sound Point Private Special Asset Fund 3(*2)		Korea	Securities Investment		100.0
Alceon Australia RDS General Type Private Placement Investment Trust 1(*2)		Korea	Securities Investment		100.0
NH-Amundi Transport Infra Private Fund No. 1<br>(*2)		Korea	Securities Investment		100.0
Hanwha Global Infrastructure Private Fund 39 (*2)		Korea	Securities Investment		100.0
Alceon Dorchester Credit Secondary General Type Private Placement Investment Trust (*2)		Korea	Securities Investment		100.0
Alceon PRISM Global Credit Secondary General Type Private Placement Investment Trust (*2)		Korea	Securities Investment		99.9
Alceon Australia Alternative General Private Investment Trust No.2 (*2)		Korea	Securities Investment		99.9
Alceon Digital Infrastructure General Type Private Placement Investment Trust (*2)		Korea	Securities Investment		99.9
IGIS Global Secondary Private Investment Trust<br>No. 504-1 (*2)		Korea	Securities Investment		99.9
Alceon Park Squaure Europe Private Credit General Type Private Placement Investment Trust<br>(*2)		Korea	Securities Investment		99.9
Alpha Private Debt Blind General Private Investment Trust (*2)		Korea	Securities Investment		99.8
Alceon SOF III General Type Private Placement Investment Trust (*2)		Korea	Securities Investment		99.7
IGIS European Private Placement Real Estate Investment Trust<br>No. 521-1 (*2)		Korea	Securities Investment		99.7
IGIS European Private Placement Real Estate Investment Trust<br>No. 521-2 (*2)		Korea	Securities Investment		99.7
NH-Amundi Europe Direct Lending Private Fund No. 4<br>(*2)		Korea	Securities Investment		99.5
Koramco Europe Infra Private Special Asset Investment Trust No. 1 (*2)		Korea	Securities Investment		99.0
Koramco Global Infra Private Special Asset Investment Trust No. 1 (*2)		Korea	Securities Investment		99.0
Koramco Global Private Credit Private Special Asset Investment Trust No. 1-1 (*2)		Korea	Securities Investment		99.0
Kiwoom ASM Private Investment Trust[FoFs] (*2)		Korea	Securities Investment		98.1
KEB Hana Bank as trustee of Hyundai Investments Private Fund No.41 (*2)		Korea	Securities Investment		55.6
IBK SeAH Solar Power Generation Private Securities Investment Fund(SOC) (*2)		Korea	Securities Investment		50.0
Koramco PRISM Real Estate Debt Blind Private Real Estate Investment Trust (*2)		Korea	Securities Investment		99.9
Koramco Global Private Credit Private Special Asset Investment Trust No. 1-2 (*2)		Korea	Securities Investment		99.0
Kiwoom PRISM General Private Investment Turst (*2)		Korea	Securities Investment		99.9
Kookmin Bank acting as Trustee of Kiwoom Andante Private Investment Trust (*2)		Korea	Securities Investment		99.8
Kookmin Bank Acting as Trustee of Kiwoom Moderato Private Securities Investment Trust I<br>(*2)		Korea	Securities Investment		99.7
Kiwoom Europe Infra A.I. Private Type Investment Trust III (*2)		Korea	Securities Investment		99.8

25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	As of December 31, 2025
Subsidiaries	Location		Main Business	Percentage of<br>ownership (%)
Kiwoom Global Infra A.I. Private Type Investment Trust II (*2)		Korea	Securities Investment		98.8
Kookmin Bank acting as Trustee of Kiwoom AGPS Private Investment Trust (*2)		Korea	Securities Investment		99.9
Kiwoom Europe Infra A.I. Private Type Investment Trust IX (*2)		Korea	Securities Investment		98.1
Alceon Real Infrastructure Blind General Type Private Placement Investment Trust (*2)		Korea	Securities Investment		100.0
Hanwha Global Infrastructure Private Fund 31 (*2)		Korea	Securities Investment		98.4
IGIS U.S. Private Placement Real Estate Investment Trust<br>No. 469-1 (*2)		Korea	Securities Investment		99.6
IGIS U.S. Private Placement Real Estate Investment Trust<br>No. 469-2 (*2)		Korea	Securities Investment		99.6
Alceon Australia RDS General Type Private Placement Investment Trust 2 (*2)		Korea	Securities Investment		50.5
Alceon Australia RDS General Type Private Placement Investment Trust 3 (*2)		Korea	Securities Investment		99.3
KB NB Private Investment Trust No. 4 (*2)		Korea	Securities Investment		57.1
Pacific No.70 General Private Real Estate Investment Trust (*1)		Korea	Securities Investment		53.8
Hanwha Abu Dhabi Gas Infrastructure General Private Special Asset Investment Trust No.1<br>(*1)		Korea	Securities Investment		62.2
(*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<br>holds 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.
---	---
(*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. Consequently, the Group have no controls as it exercises decision-making rights as agent.
---	---

---	---	---	---	---	---
Subsidiaries		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<br>No. 163-2 (*2)	Korea		Securities Investment		97.8
IGIS Global Private Placement Real Estate Fund<br>No. 148-1 (*1)	Korea		Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund<br>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<br>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<br>No. 18-1 (*1)	Korea		Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W()<br>(*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<br>No. 316-1 (*2)	Korea		Securities Investment		99.3
INMARK Spain Private Placement Real Estate Investment Trust<br>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
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

All values are in Euros.

26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(*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<br>holds 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, because one party holds substantive removal rights, they can remove the collective investment<br>business operator. Consequently, the Group has no control as it exercises decision-making rights as an agent.
---	---
(4)	The summarized financial information of the major subsidiaries is as follows. The financial information of each<br>subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):
---	---
	As of and for the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
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		502,846,197		473,158,744		33,077,179		2,589,646			2,440,011
Tongyang Life Insurance Co., Ltd. (*)		35,444,959		33,351,243		2,127,821		43,609			307,187
Woori Card Co., Ltd.		17,512,741		14,620,417		2,268,801		149,953			154,441
Woori Financial Capital Co., Ltd.		12,361,366		10,523,678		1,902,863		148,727			149,872
Woori Investment Securities Co., Ltd.		9,706,286		8,504,657		519,130		27,444			55,351
ABL Life Insurance Co., Ltd. (*)		19,609,549		18,928,173		1,566,440		55,984			109,611
Woori Asset Trust Co., Ltd.		302,661		63,308		76,499		(220,617	)		(220,455	)
Woori Savings Bank		2,061,407		1,853,571		134,632		14,719			13,590
Woori Financial F&I Co., Ltd.		1,271,613		930,542		75,360		3,594			3,604
Woori Asset Management Corp.		204,188		24,860		64,547		18,741			18,713
Woori Venture Partners Co., Ltd.		382,040		28,151		39,162		26,207			26,183
Woori Private Equity Asset Management Co., Ltd.		106,003		6,161		12,380		4,071			4,267
Woori Credit Information Co., Ltd.		45,455		7,581		37,622		868			928
Woori Fund Service Co., Ltd.		33,882		2,665		18,422		4,255			4,255
Woori FIS Co., Ltd.		52,554		6,015		173,875		198			(234	)
Woori Finance Research Institute Co., Ltd.		7,469		3,550		9,972		126			148
(*)	Additional investment occurred and added it as a consolidated subsidiary during the year ended<br>December 31, 2025.
---	---
	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	)

27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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

The structured entity 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 funds 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, 2025 and 2024, the Group provides 2,429,099 million Won and 2,166,871 million Won of credit facilities, respectively, for the structured entities mentioned above. As of December 31, 2025 and 2024, the purchase commitment amounts to 3,638,934 million Won and 2,817,626 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<br>K-IFRS 1110 are as follows:

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 distribute 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 vehicles, 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 funds, 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.

28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 finance 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), ETF(Exchange Traded Funds) and Listed Investment Fund as of December 31, 2025 and 2024 are 1,862,861 million Won and 187,159 million Won, respectively, and there are no additional commitments for these funds.

‘Real estate trust’ is to be entrusted as 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 for 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 and credit offerings.

	(unit : Korean Won in millions))
	December 31, 2025
	Asset securitization		Structured Finance		Investment<br>Fund		Real-estate trust
Total asset of the unconsolidated structured entities		12,118,202		230,294,151		473,869,175		2,760,602
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities		5,640,625		11,104,844		13,194,525		94,949
Financial assets at FVTPL		75,519		2,101,491		11,096,765		12,994
Financial assets at FVTOCI		1,341,132		50,419		—		—
Financial assets at amortized cost		4,223,974		8,951,737		1,159,459		81,955
Investments in joint ventures and associates		—		-		938,301		—
Derivative assets		—		1,197		—		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities		162		2,434		992		30,641
Derivative liabilities		—		89		—		—
Other liabilities (provisions)		162		2,345		992		30,641
The maximum exposure to risks		5,669,611		13,356,328		18,399,891		286,975
Investment assets		5,640,625		11,104,844		13,194,525		94,949
Purchase commitment		—		335,651		4,768,592		—
Credit offerings and others		28,986		1,915,833		436,774		192,026
Loss recognized on unconsolidated structured entities		—		122,139		239,152		234,595

29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	(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
(7)	As of December 31, 2025 and 2024, the share of non-controlling<br>interests on the net income and equity of 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, 2025
Woori Bank (*1)		1,406,512	1,645,947
Tongyang Life Insurance Co., Ltd.		305,892	—
Woori Investment Securities Co., Ltd. (2)(4)		1,386	5,571
Woori Asset Trust Co., Ltd. (3)(4)		—	1,901
PT Bank Woori Saudara Indonesia 1906 Tbk		89,767	104,023
Wealth Development Bank		22,292	23,975
PT Woori Finance Indonesia Tbk.		15,446	16,179
(*1)	Hybrid securities issued by Woori Bank
---	---
(*2)	The non-controlling interests were recognized in accordance with merger<br>with Korea Foss Securities Co., Ltd. during the year ended December 31, 2024.
---	---
(*3)	The non-controlling interests decreased in accordance with paid-in capital increase and stock retirement and additional acquisition of minority interests during the year ended December 31, 2024.
---	---
(*4)	The non-controlling interests decreased due to the additional<br>acquisition of minority interests during the year ended December 31, 2025.
---	---

30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

2) Net income attributable to non-controlling interests

	For the years ended December 31
	2025			2024
Woori Bank (*1)		89,134			76,249
Tongyang Life Insurance Co., Ltd. (*2)		20,663			—
Woori Investment Securities Co., Ltd.		101			(16	)
Woori Asset Trust Co., Ltd.		(366	)		276
Woori Asset Management Corp		—			530
PT Bank Woori Saudara Indonesia 1906 Tbk		(6,856	)		6,764
Wealth Development Bank		(722	)		764
PT Woori Finance Indonesia Tbk.		—			872
(*1)	Distribution of the hybrid securities issued by Woori Bank
---	---
(*2)	Including the distribution of the hybrid securities issued by Tongyang Life Insurance Co., Ltd.<br>
---	---

3) Dividends to non-controlling interests

	For the years ended December 31
	2025		2024
Woori Bank (*1)		89,134		76,249
Tongyang Life Insurance Co., Ltd. (*2)		10,995		—
PT Bank Woori Saudara Indonesia 1906 Tbk		983		3,450
PT Woori Finance Indonesia Tbk.		402		343
Korea BTL Infrastructure Fund		29		37
(*1)	Distribution of the hybrid securities issued by Woori Bank
---	---
(*2)	Distribution of the hybrid securities issued by Tongyang Life Insurance Co., Ltd.
---	---

31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 on 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 6, 2026, subsequently amended and approved on February 27, 2026, and are scheduled to be approved at the annual shareholder’s meeting on March 23, 2026.

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 K-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 do not have a significant impact on the consolidated financial statements.

ii) Amendment to K-IFRS No. 1117 “Insurance Contracts”

If the estimation techniques used for inputs in measuring insurance contracts differ from the fundamental estimation techniques required by insurance-related regulations, and if such differences and their effects on the consolidated financial statements are considered relevant and material to users of the financial statements, they shall be disclosed. The amendment to this standard does not have any significant impact on the consolidated financial statements.

2)	As of the approval date of the financial statements, the following Korean International Financial Reporting<br>Standards have been issued and announced but are not yet effective, and the Group has not early adopted them.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

i) Amendments to K-IFRS 1109 Financial Instruments, K-IFRS 1107 Financial Instruments: Disclosures

K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures have been amended to respond to recent questions arising in practice, and to include new requirements. The 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 instrument 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).
---	---

ii) Annual Improvements to K-IFRS

Annual Improvements to K-IFRS 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.

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

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

iii) Amendments to K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity

Contracts referencing nature-dependent electricity are defined contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that ‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption. In addition, the amendments modify hedge accounting requirements by allowing an entity to designate as the hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The amendments do not have a significant impact on the financial statements.

33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

iv) Standards to Korean IFRS 1118 ‘Presentation and Disclosure in Financial Statements’

K-IFRS 1118 ‘Presentation and Disclosure in Financial Statements’ replaces K-IFRS 1001 ‘Presentation of Financial Statements.’ The new presentation requirements introduced by K-IFRS 1118 are expected to enhance comparability of financial performance between similar entities, particularly with respect to the definition of operating profit. In addition, the disclosure requirements for management-defined performance measures will improve transparency. The standard applies to annual periods beginning on or after January 1, 2027, with early adoption permitted. In accordance with the retrospective application requirements of the standard, comparative information for the financial year ending December 31, 2026, will be restated in accordance with K-IFRS 1118.

The consolidated entity has not yet adopted K-IFRS 1118 and is in the process of preparing a transition plan. It is on track to report its first interim financial statements under K-IFRS 1118 for the period ending March 31, 2027, and its annual financial statements for the year ending December 31, 2027, as scheduled.

The management is currently reviewing the impact of the application of the new standard on the consolidated financial statements of the subsidiaries. While the adoption of the standard is not expected to affect the consolidated net income, it is anticipated to affect the calculation and reporting of operating profit, as revenues and expenses in the income statement will be reclassified into new categories.

It is assessed that the above amendments and revisions to the standards will not have a material impact on the consolidated companies.

(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.

34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 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<br>
---	---
•	Non-current assets (or disposal groups) that are classified as held for<br>sale are measured in accordance with 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.

35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 does 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 number 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 decisions 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.

36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 it 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 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 of 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 long-term investment interest resulting from the allocation of losses to the investee in accordance with K-IFRS 1028.

37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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 recognizes 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.

38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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.

39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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.

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.

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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

②	Loan origination fees and costs

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

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 classifies 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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
•	The way the performance of a financial asset is 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 compensated based on the fair value of<br>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 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 costs (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 conditions 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 classifies 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 are 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 are measured at its fair value plus any direct transaction cost, and are 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 instruments 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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.

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 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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).

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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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.

6)	Expected credit losses on financial assets

The Group recognizes loss allowance for 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 do 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.

46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 flow 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 assets 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 are 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.

(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 methods 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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.

(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 is 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Goodwill is allocated to each of the Group’s cash-generating units (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.

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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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), are initially measured using the index or a rate as<br>at 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 by 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.

Because the Group can replace the assets 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 of 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 reviews 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.

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 rights 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

2)	Hedge accounting

The Group is applying K-IFRS 1109 in regard to hedge accounting. The Group is designating certain derivatives as hedging instruments 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 documents 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 instruments 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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.

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 do 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 is held 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(18)	Provisions

Provisions are recognized if they have 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 and 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 for 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<br>K-IFRS 1115
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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 at every end of the reporting period, conducted by a professional actuary. 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 costs (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 assets to be recovered.

55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 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.

(25) Insurance Contract

1)	Definition and classification of insurance contracts

The Group classifies a contract under which one party (the issuer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder as an insurance contract.

The Group determines whether an insurance contract contains significant insurance risk by assessing whether, in at least one scenario that has commercial substance, the insured event could cause the Group to pay significant additional benefits to the policyholder, and this assessment is performed for each contract at the issuance date. As a result, if significant insurance risk is acquired from the policyholder, it is classified as an insurance contract, and if there is no significant transfer of insurance risk, it is classified as an investment contract even if it takes the legal form of an insurance contract. Depending on the classification of the contract, K-IFRS 1117 Insurance Contracts applies to insurance contracts and investment contracts with discretionary participation features, and K-IFRS 1109 Financial Instruments applies to investment contracts without discretionary participation features.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

2)	Level of aggregation

The Group identifies portfolios of insurance contracts that are exposed to similar risks and managed together, and each portfolio is divided into the following groups of insurance contracts.

•	A group of contracts that are onerous at initial recognition, if any;
•	a group of contracts that at initial recognition have no significant possibility of becoming onerous<br>subsequently, if any; and
---	---
•	a group of the remaining contracts in the portfolio, if any.
---	---

In addition, insurance contracts issued more than one year apart are not included in the same group of insurance contracts. The Group does not subsequently re-evaluate the composition of the group.

3)	Recognition

A group of insurance contracts held by the Group is recognized from the earlier of the following:

•	the beginning of the coverage period of the group of contracts;
•	the date when the first payment from a policyholder in the group becomes due; and
---	---
•	for a group of onerous contracts, when the group becomes onerous.
---	---

A group of reinsurance contracts held by the Group is recognized from the earlier of the following:

•	The beginning of the coverage period of the group of reinsurance contracts held; and
•	if the Group recognizes an onerous group of underlying insurance contracts on an earlier date and the related<br>reinsurance contract was entered into before that earlier date, then the group of reinsurance contracts is recognized on that earlier date.
---	---

The Group delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date that any underlying insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.

4)	Contract boundaries

The measurement of a group of insurance contracts includes future cash flows within the boundaries of the contracts in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums or in which the Group has a substantive obligation to provide the policyholder with insurance contract services A substantive obligation to provide insurance contract services ends when:

•	the Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can<br>set a price or level of benefits that fully reflect those risks; or
•	the Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contains<br>the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio; and the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to<br>periods after the reassessment date.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

5)	Measurement
A)	Initial measurement
---	---

On initial recognition, the Group measures a group of insurance contracts at the total of:

•	the fulfilment cash flows, which comprise estimates of future cash flows, an adjustment to reflect the time value<br>of money and the financial risks related to the future cash flows, and a risk adjustment for non-financial risk; and
•	the contractual service margin
---	---

Risk adjustment for non-financial risk of a group of insurance contracts is a liability that adjusts the estimate of the present value of the future cash flows to reflect the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.

Contractual service margin of a group of insurance contracts is unearned profit that would be recognized by providing insurance service in the future. If the fulfilment cash flows of a group of insurance contracts at the date of initial recognition are a net inflow, contractual service margin is measured so that there is no revenue or expense in the group of insurance contracts at the date of initial recognition.

In contrast, if the fulfilment cash flows of a group of insurance contracts at the date of initial recognition are a net outflow, the group of insurance contracts is classified as onerous. And the Group recognizes a loss in profit or loss for the net outflow. The loss component, depicting the losses recognized, determines the amounts that are presented in profit or loss as reversals of losses on onerous groups and are consequently excluded from the determination of insurance revenue.

Representation of insurance contracts assets and insurance contracts liabilities are determined in accordance with a sum of fulfilment cash flows and contractual service margin, on a portfolio basis.

B)	Subsequent measurement

The book amount of the group of insurance contracts as of the end of the reporting period is the sum of the liability for remaining coverage and the liability for incurred claims. The liability for remaining coverage consists of fulfilment cash flows and contractual service margin related to future services allocated to the group of insurance contracts as of the end of the reporting period. The liability for incurred claims consists of fulfilment cash flows related to past service allocated to the group at that date, including fulfilment cash flows for insurance claims and insurance costs that have not yet been paid.

The Group measures insurance contracts with direct participation features by applying the variable fee approach in accordance with K-IFRS 1117 Insurance Contracts. Under the variable fee approach, changes in the obligation to pay an amount equal to the fair value of the underlying items are not adjusted against the contractual service margin, whereas changes in the group’s share of the fair value of the underlying items and changes in fulfilment cash flows that do not vary based on the returns on the underlying items are adjusted against the contractual service margin.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

C)	Measurement of reinsurance contract

The Group applies the same accounting policies applied to the measurement of groups of insurance contracts to the measurement of groups of reinsurance contracts, except for the following.

The Group includes in the estimates of the present value of the future cash flows for the group of reinsurance contracts held the effect of any risk of non-performance by the issuer of the reinsurance contract, including the effects of collateral and losses from disputes. The effect of the reinsurer’s default risk is remeasured at the end of each reporting period, and the effect of changes in default risk are recognized in profit or loss.

The Group calculates risk adjustments for non-financial risks to reflect the risks transferred to the reinsurer.

Considering the characteristics of reinsurance contracts, even if the fulfilment cash flow at the time of initial recognition is a net outflow, the contract is neither classified as onerous group of contracts nor recognizes the expected net outflow in profit or loss.

The Group may use the premium allocation approach to simplify the measurement of a group of reinsurance contracts held, if at the inception of the group:

•	the Group reasonably expects the resulting measurement would not differ materially from the result of general<br>insurance; or
•	the coverage period of each contract in the group of reinsurance contracts is one year or less.<br>
---	---
6)	Derecognition and modification
---	---

The Group derecognizes insurance contracts when the obligation specified in the insurance contract expires or is discharged or cancelled. Also, if the terms of an insurance contract are modified and certain conditions are met, the Group derecognizes the original contract and recognizes the modified contract as a new contract. If the contract terms are modified but the contract is not derecognized, it is accounted for as changes in accounting estimates of fulfillment cash flows.

7)	Insurance revenue and insurance service expenses

The Group recognizes insurance revenue as the provision of services arising from the group of insurance contracts at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. Insurance revenue related to insurance services provided during the reporting period depicts the changes in the liability for remaining coverage related to the consideration of which the entity expects.

Contractual service margin recognized as insurance service revenue during the reporting period is recognized as amount allocated to coverage units provided during the reporting period. The allocation of closing remaining contractual service margin before amortization by the group of insurance contracts is made proportionately between the coverage units provided during the reporting period and those provided afterwards. The number of coverage units is the quantitative unit of insurance contract services provided by the contracts, and it is determined by considering the quantitative unit of benefits and its expected duration.

Incurred claims (excluding repayments of investment components), other incurred insurance service expenses, amortization of insurance acquisition cash flows, changes in fulfilment cash flows relating to the liability for incurred claims and losses on onerous groups of contracts and reversals of such losses are recognized as insurance service expenses.

59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

The Group determines insurance revenue related to insurance acquisition cash flows by allocating those cash flows to each reporting period in a systematic way on the basis of the passage of time. The Group recognizes the same amount as insurance service expenses. Loss components are systematically allocated resulting in the total amounts allocated to the loss component being equal to zero by the end of the coverage period of a group of contracts. Loss components are systematically allocated to each reporting period in proportion to beginning balance of loss components to the sum of present value of beginning expected cash outflows and risk adjustments for beginning non-financial risk. The loss component allocated to current year is excluded from recognition by the same amount as insurance service revenue and expenses.

8)	Reinsurance revenue and reinsurance service expenses

The Group presents separately the amounts recovered from the reinsurer and an allocation of the premiums paid. The Group recognizes the amount covered or other services provided in the group of reinsurance contracts as reinsurance service expense. Reinsurance expense related to services provided by reinsurance contract during the reporting period represents the changes in reinsurance assets for remaining coverage related to services that the Group compensated. The Group recognizes the amounts collected from reinsurers as reinsurance service revenue.

9)	Insurance Finance Income or Expenses

Insurance finance income or expenses (Reinsurance finance income or expenses) comprises the change in the book amount of the group of insurance contracts and the group of reinsurance contracts arising from the time value of money with its change effect and financial risk with its change effect. The Group determines the systematic allocation of insurance finance income or expenses between profit or loss and other comprehensive income by each portfolio. The Group systematically allocates the expected total insurance finance income or expenses over the duration of the group of contracts and recognizes insurance finance income or expenses for current period as profit or loss and the remainders as other comprehensive income.

In the case of a group of insurance contracts with direct participation features that hold underlying items, the Group subdivides insurance finance income and expenses by applying the current period book yield approach in order to recognize in profit or loss the amount that eliminates accounting mismatches from gains or losses on the underlying items held. In addition, for certain groups of insurance contracts to which risk mitigation is applied, the Group elects to apply an approach that does not recognize changes in the contractual service margin for the effects of changes in the time value of money and financial risk on the entity’s share and on the fulfilment cash flows.

Furthermore, in case of a group of insurance contracts with direct participation features that does not hold underlying items and a group of insurance contracts where changes in assumptions regarding financial risks have a significant impact on the amount payable to policyholders, the Group applies either the effective yield approach or the projected crediting rate approach and systematically allocates the insurance finance income or expenses. The insurance finance income and expenses for other insurance contract groups are calculated applying the discount rate at initial recognition.

The insurance finance income and expenses arising from the contractual service margin for insurance contract groups with direct participation features shall be determined using an allocation method consistent with the future cash flows, and those for insurance contract groups without direct participation features are systematically allocated using the discount rate applied at initial recognition.

When the Group derecognizes an insurance contract because it transfers the contract to a third party or the terms of an insurance contract are modified, the remaining amount recognized in other comprehensive income for the group is reclassified to profit or loss as a reclassification adjustment, in accordance with the accounting policy elected for the portfolio.

60 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

10)	Changes in estimates of future cash flows arising from the exercise of discretion

The Group has defined the discretion as the adjustment rate applied to the standard interest rate in the case of interest-linked insurance contracts, and the policyholder’s share ratio in the profits of dividend products in the case of participating insurance. The Group deems changes in discretionary cash flows to be related to future service and adjusts the contractual service margin accordingly.

11)	Calculation of investment components

The Group has calculated the investment component as the amount not exceeding the total premium amount with interests that the Group must repay to the policyholder under the insurance contract (such as maturity refunds) regardless of the occurrence of the insured event. Investment components are excluded from the calculation of insurance service revenue and insurance service expense.

12)	Calculation of coverage units

The Group calculates profit from contractual service margin by providing services based on the number of coverage units for a group of insurance contracts. The number of coverage units for a group of insurance contracts is determined by the quantitative unit of insurance contract service and its expected duration.

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 at 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.

61 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 losses 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.

5)	Impairment of goodwill

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

6)	Measurement of insurance contracts

To measure the current value of fulfillment cash flows of liability for remaining coverage and liability for incurred claims, the Group calculates unbiased current estimates of future cash flows, adjustment for financial risk related to the time value of money and future cash flows, and risk adjustment for non-financial risk. Such current value measurement of fulfillment cash flows is determined by estimation of relevant market variables, judgment on uncertainty of the amount and timing of future cash flows, actuarial and economic assumptions and other risks.

The Group calculates profit based on the number of coverage units for a group of insurance contracts. The number of coverage units for a group of insurance contracts is determined by the quantitative unit of insurance contract service and its expected duration.

62 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 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 assessment below 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 (Capital impairment, Adverse opinion or Disclaimer of<br>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 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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 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 collateral (credit, collateral)/by-period recover rate in the event of default (1- Loss Given Default) and macroeconomic indicator data by year<br>
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 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 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.

•	As of December 31, 2025, the probability weights applied to the scenarios of the forecasts of macroeconomic<br>variables is as follows (Unit: %):
	Normal<br>Scenario		Good<br>Scenario		Bad<br>Scenario		Worst<br>Scenario
---	---	---	---	---	---	---	---	---
Probability weight		45.58		5.69		28.73		20.00

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

•	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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 of 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
Good	5.69	%	1,280,714	(675,757	)
Normal	45.58	%	1,394,081	(562,390	)
Bad	28.73	%	1,796,726	(159,745	)
Worst	20.00	%	4,255,128	2,298,657

3) 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 in 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, 2025 and 2024 is as follows (Unit: Korean Won in millions):


Loans and other financial assets at amortized cost (*1)	Korean treasury and government agencies	538,314	229,126
	Banks	23,189,957	23,593,313
	Corporates	188,753,434	179,986,851
	Consumers	200,014,078	194,662,526
	Sub-total	412,495,783	398,471,816
Financial assets at FVTPL (*2)	Deposits	261,470	73,951
	Debt securities	9,552,081	6,801,288
	Loans	1,126,446	104,177
	Derivative assets	5,774,203	10,094,532
	Others	156,134	2,671
	Sub-total	16,870,334	17,076,619
Financial assets at FVTOCI	Debt securities and others	82,071,637	42,922,671
Securities at amortized cost	Debt securities	18,707,459	19,203,177
Derivative assets	Derivative assets (Designated for hedging)	217,180	175,191
Off-balance accounts	Payment guarantees (*3)	16,070,098	16,611,262
	Loan commitments	134,286,067	133,863,588
	Sub-total	150,356,165	150,474,850
	Total	680,718,558	628,324,324
(*1)	Cash and cash equivalents are not included.
---	---
(*2)	Puttable financial instruments are not included.
---	---
(*3)	As of December 31, 2025 and 2024, the financial guarantee amount of 5,032,808 million Won and<br>4,156,790 million Won are included, respectively.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

a) Credit risk exposure by geographical areas

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

	December 31, 2025
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		381,895,446		5,455,324		6,700,018		775,262		1,266,134		16,403,599		412,495,783
Securities at amortized cost		17,720,610		55,390		779,676		—		—		151,783		18,707,459
Financial assets at FVTPL		14,030,387		32		1,151,755		502,905		277,765		907,490		16,870,334
Financial assets at FVTOCI		70,443,271		1,102,112		4,752,496		400,316		591,861		4,781,581		82,071,637
Derivative assets (Designated for hedging)		180,170		—		30,719		—		6,291		—		217,180
Off-balance accounts		142,669,598		1,069,795		1,439,439		756,252		35,333		4,385,748		150,356,165
Total		626,939,482		7,682,653		14,854,103		2,434,735		2,177,384		26,630,201		680,718,558
(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.<br>
---	---
	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>
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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, 2025 and 2024 (Unit: Korean Won in millions):

	December 31, 2025
	Service		Manufacturing		Finance and<br>insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		88,350,901		52,551,867		40,292,287		5,754,395		196,402,459		29,143,874		412,495,783
Securities at amortized cost		89,611		—		8,009,336		39,968		—		10,568,544		18,707,459
Financial assets at FVTPL		498,155		677,238		9,126,225		145,149		100		6,423,467		16,870,334
Financial assets at FVTOCI		388,717		1,308,907		39,468,777		867,980		—		40,037,256		82,071,637
Derivative assets (Designated for hedging)		—		—		217,180		—		—		—		217,180
Off-balance accounts		24,121,840		25,922,599		14,542,861		3,533,170		73,040,583		9,195,112		150,356,165
Total		113,449,224		80,460,611		111,656,666		10,340,662		269,443,142		95,368,253		680,718,558
	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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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, 2025 and 2024 is as follows (Unit: Korean Won in millions):

	December 31, 2025
	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		354,069,178		30,632,768		13,842,896		12,837,364		3,564,522		1,137,650		416,084,378		(3,588,595	)		412,495,783
Korean treasury and government agencies		539,215		—		—		—		—		—		539,215		(901	)		538,314
Banks		22,832,170		380,843		—		—		—		—		23,213,013		(23,056	)		23,189,957
Corporates		155,984,903		23,571,082		3,177,635		5,395,186		1,733,385		1,137,650		190,999,841		(2,246,407	)		188,753,434
General business		107,006,628		14,727,532		2,404,812		3,754,332		1,102,892		—		128,996,196		(1,518,049	)		127,478,147
Small- and medium-sized enterprise		33,828,252		8,118,497		542,006		1,469,338		368,686		—		44,326,779		(456,931	)		43,869,848
Project financing and others		15,150,023		725,053		230,817		171,516		261,807		1,137,650		17,676,866		(271,427	)		17,405,439
Consumers		174,712,890		6,680,843		10,665,261		7,442,178		1,831,137		—		201,332,309		(1,318,231	)		200,014,078
Securities at amortized cost		18,718,526		—		—		—		—		—		18,718,526		(11,067	)		18,707,459
Financial assets at FVTOCI (*3)		81,911,940		159,697		—		—		—		—		82,071,637		(29,204	)		82,071,637
Total		454,699,644		30,792,465		13,842,896		12,837,364		3,564,522		1,137,650		516,874,541		(3,628,866	)		513,274,879
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Collateral value
	Stage1		Stage2		Stage3		Credit<br>impairment<br>model		Total
Loans and other financial assets at amortized cost		242,664,753		22,382,806		1,219,109		1,128,343		267,395,011
Korean treasury and government agencies		103,817		—		—		—		103,817
Banks		1,815,479		—		—		—		1,815,479
Corporates		99,471,630		7,066,546		720,305		1,128,343		108,386,824
General business		61,218,056		5,128,816		516,966		—		66,863,838
Small- and medium-sized enterprise		26,662,910		1,594,623		142,383		—		28,399,916
Project financing and others		11,590,664		343,107		60,956		1,128,343		13,123,070
Consumers		141,273,827		15,316,260		498,804		—		157,088,891
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—
Total		242,664,753		22,382,806		1,219,109		1,128,343		267,395,011
(*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 ~<br>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.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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 ~<br>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.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

b)	Payment guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	December 31, 2025
Financial assets	Stage 1				Stage 2				Stage 3		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		15,186,145		776,039		18,603		66,204		23,107		16,070,098
Loan commitments		127,446,436		3,821,389		2,461,016		521,696		35,530		134,286,067
Total		142,632,581		4,597,428		2,479,619		587,900		58,637		150,356,165
(*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 ~<br>10.
---	---
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
Financial assets	Stage 1				Stage 2				Stage 3		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 ~<br>10.
---	---
5)	Collateral and other credit enhancements
---	---

For the years ended December 31, 2025 and 2024, 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.

Among financial assets that measured loss allowance at lifetime expected credit losses, amortized costs before changes in contractual cash flows as of December 31, 2025 and 2024 are 107,905 million Won and 153,361 million Won, respectively, with net losses recognized along with the changes 6,951 million Won and 15,335 million Won, respectively.

The Group determines which loan is subject to write-off in accordance with internal guidelines and writes off 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 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 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, 2025 and 2024 are 9,904,152 million Won and 9,018,290 million Won. In addition, the contractual non-recoverable amount of financial assets amortized for the year ended December 31, 2025, but still in the process of recovery is 2,018,638 million Won.

72 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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
Sensitivity-based risk	General interest rate risk	34,292	29,029
	Equity risk	3,152	3,006
	Commodity risk	3	51
	Foreign exchange risk	110,144	114,174
	Non-securitization credit spread risk	23,797	18,258
	Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk	—	—
	CTP credit spread risk	—	—
Default risk	Non-Securitization bankruptcy risk	9,207	8,604
	Securitization (excluding CTP) default risk	—	—
	CTP default risk	—	—
Residual risk	Residual risk	1,106	1,182
Total		181,701	174,304

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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, 2025 and 2024 are as follows(Unit: Korean Won in millions):

	December 31, 2025				December 31, 2024
	ΔEVE (*1)		ΔNII (*2)		ΔEVE (*1)		ΔNII (*2)
Woori Bank		488,658		685,472		952,830		668,290
Woori Card Co., Ltd.		106,003		53,435		120,153		79,515
Woori Financial Capital Co., Ltd.		65,780		9,773		67,877		16,151
Woori Investment Securities Co., Ltd.		93,763		90,407		29,325		24,911
Woori Asset Trust Co., Ltd.		716		4,982		1,817		12,802
Woori Asset Management Corp.		1,134		1,653		504		1,682
Woori Savings Bank		29,858		340		15,117		4,537
Woori Private Equity Asset Management Co., Ltd.		6		354		17		338
Woori Financial F&I Co., Ltd.		86,260		8,891		97,936		6,858
Woori Venture Partners Co., Ltd.		668		2,897		705		3,231
(*1)	ΔEVE: change in Economic Value of Equity
---	---
(*2)	ΔNII: change in Net Interest Income
---	---

74 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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, 2025
	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		255,374,516		52,912,872		22,204,663		14,715,553		80,604,982		4,483,870		430,296,456
Financial assets at FVTPL		723,058		23,986		107,748		87,500		68,617		—		1,010,909
Financial assets at FVTOCI		16,102,668		4,109,860		3,296,553		2,170,275		23,894,889		1,298,513		50,872,758
Securities at amortized cost		1,068,946		1,058,142		2,206,199		2,130,814		11,965,315		1,192,507		19,621,923
Total		273,269,188		58,104,860		27,815,163		19,104,142		116,533,803		6,974,890		501,802,046
Liability:
Deposits due to customers		170,106,506		58,129,264		42,994,149		44,283,193		64,141,014		29,351		379,683,477
Borrowings		24,211,741		3,820,560		1,293,285		1,424,149		3,404,397		518,214		34,672,346
Debentures		7,327,498		3,554,590		4,716,362		4,321,910		34,546,993		2,615,848		57,083,201
Total		201,645,745		65,504,414		49,003,796		50,029,252		102,092,404		3,163,413		471,439,024
	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
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.

75 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Financial instruments in foreign currencies exposed to currency risk as of December 31, 2025 and 2024 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):


								CNY								Others			Total
	Foreign<br>currency	Korean Won<br>equivalent		Foreign<br>currency	Korean<br>Won<br>equivalent		Foreign<br>currency			Korean<br>Won<br>equivalent		Foreign<br>currency	Korean<br>Won<br>equivalent		Korean<br>Won<br>equivalent			Korean Won<br>equivalent
Asset	Cash and cash equivalents		14,897,814			1,501,990			1,440		294,862			667,551			1,504,069			18,866,286
	Loans and other financial assets at amortized cost		32,755,775			915,492			18,707		3,830,414			3,577,181			7,721,655			48,800,517
	Financial assets at FVTPL		2,458,578			14,562			11		2,350			470,231			298,686			3,244,407
	Financial assets at FVTOCI		7,445,013			547,281			8,043		696,669			2,975,486			1,422,141			13,086,590
	Securities at amortized cost		875,923			—			271		55,390			12,610			135,379			1,079,302
	Total		58,433,103			2,979,325			28,472		4,879,685			7,703,059			11,081,930			85,077,102
Liability	Financial liabilities at FVTPL		88,508			1			—		—			774			138			89,421
	Deposits due to customers		32,937,144			1,976,126			21,625		4,428,000			9,744,458			6,344,318			55,430,046
	Borrowings		11,258,513			382,874			957		195,936			605,116			2,055,224			14,497,663
	Debentures		6,322,500			—			600		122,856			328,345			—			6,773,701
	Other financial liabilities		4,516,991			111,756			1,423		291,386			104,876			352,234			5,377,243
	Total		55,123,656			2,470,757			24,605		5,038,178			10,783,569			8,751,914			82,168,074
Off-balance accounts			15,046,017			181,369			1,163		238,158			1,605,830			561,333			17,632,707

All values are in US Dollars.


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

All values are in US Dollars.

76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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<br>
a)	Cash flows of principals and interests by remaining contractual maturities of<br>non-derivative financial liabilities as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		456,606		103,174		131,181		310,111		324,118		17,501		1,342,691
Deposits due to customers		239,003,957		43,936,717		31,733,945		47,843,702		18,670,748		1,212,186		382,401,255
Borrowings		18,209,601		4,676,557		3,879,109		3,202,042		3,881,934		518,214		34,367,457
Debentures		7,015,353		3,594,266		4,732,824		4,586,030		35,650,614		4,127,981		59,707,068
Lease liabilities		66,838		55,213		50,236		43,549		357,379		44,575		617,790
Other financial liabilities(*)		24,614,468		194,968		35,049		47,917		1,103,857		3,849,974		29,846,233
Investment contract liabilities		3,702,780		—		—		—		—		—		3,702,780
Total		293,069,603		52,560,895		40,562,344		56,033,351		59,988,650		9,770,431		511,985,274
	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
(*)	Lease liabilities are not included.
---	---

77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

b)	Cash flows of principals and interests by expected maturities of<br>non-derivative financial liabilities as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		465,982		110,167		135,894		314,271		296,086		17,501		1,339,901
Deposits due to customers		245,944,516		46,024,410		31,302,585		42,075,527		16,164,093		433,017		381,944,148
Borrowings		18,211,997		4,677,678		3,880,180		3,204,104		3,875,284		518,214		34,367,457
Debentures		7,015,353		3,594,266		4,732,824		4,586,030		36,831,544		2,615,848		59,375,865
Lease liabilities		66,842		56,355		51,392		44,714		357,620		44,575		621,498
Other financial liabilities(*)		24,614,468		194,968		35,049		47,917		1,103,857		3,849,974		29,846,233
Investment contract liabilities		3,702,780		—		—		—		—		—		3,702,780
Total		300,021,938		54,657,844		40,137,924		50,272,563		58,628,484		7,479,129		511,197,882
	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
(*)	Lease liabilities are not included.
---	---
3)	Maturity analysis of derivative financial liabilities
---	---

Derivatives held for trading purposes 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 purposes are estimated by offsetting cash inflows and cash outflows.

The cash flow by the maturity of derivative financial liabilities as of December 31, 2025 and 2024 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, 2025	Cash flow risk hedge		245,304			721,902		69,178			691,883		608,819		35,265			2,372,351
	Fair value risk hedge		8,927			24,385		15,933			20,814		38,364		(10,613	)		97,810
	Trading purpose		5,129,664			—		—			—		—		—			5,129,664
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

78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

4)	Maturity analysis of off-balance accounts (Payment guarantees,<br>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 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, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	December 31, 2025
Payment guarantees		16,070,098	16,611,262
Loan commitments		134,286,067	133,863,588
Other commitments		5,806,012	4,572,323
(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 problems 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 of 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 key subsidiary has established a Business Continuity Plan (BCP) and conducts annual simulation drills.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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.

As of the current and prior year-end, the Group has maintained a Common Equity Tier 1 (CET1) ratio of 9.0%, a Tier 1 capital ratio of 10.5%, and a total capital ratio of at least 12.5% in accordance with the relevant standards.

Details of the Group’s capital adequacy ratio as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

Details	December 31, 2025(*)
Tier 1 capital		30,222,734		28,522,910
Other Tier 1 capital		4,556,265		4,869,567
Tier 2 capital		3,020,751		3,535,362
Total risk-adjusted capital		37,799,750		36,927,839
Risk-weighted assets for credit risk		209,094,901		210,365,462
Risk-weighted assets for market risk		3,101,409		3,125,478
Risk-weighted assets for operational risk		22,345,759		21,609,530
Total risk-weighted assets		234,542,069		235,100,470
Common Equity Tier 1 ratio		12.89	%	12.13	%
Tier 1 capital ratio		14.83	%	14.20	%
Total capital ratio		16.12	%	15.71	%
(*)	The capital ratio at the end of the current period is provisional
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

5.	INSURANCE RISK MANAGEMENT
(1)	Insurance risk management of Tongyang Life Insurance Co., Ltd.
---	---
1)	Overview of insurance risk
---	---

“Insurance risk” refers to situations in which insurance benefit payments exceed the level anticipated when premiums were set, due to unexpected events or changes in economic conditions. Tongyang Life Insurance Co., Ltd. manages insurance risk using the measure “net insurance contract liabilities – net insurance contract assets.” Under the Risk-Based Capital (RBC) framework, insurance risk is categorized into sub-risks such as death risk, longevity risk, disability/disease risk, lapse risk, operating expense risk, and catastrophe risk. The amounts for death risk, longevity risk, disability/disease risk, lapse risk, and operating expense risk are measured using shock scenario methods applied to actuarial assumptions related to each risk, while catastrophe risk is measured using a risk-factor approach. The shock scenario method calculates the change in net asset value that results when scenario-based changes are applied to the underlying assumptions used for the fair valuation of assets and liabilities. In contrast, the risk-factor method derives the risk amount by multiplying a predetermined risk factor by a specific exposure.

Accordingly, Tongyang Life Insurance Co., Ltd. manages insurance risk based on actuarial assumptions, interest rates, and other financial market indicators considered to have a significant impact on the amount, timing, and uncertainty of future cash flows related to insurance contracts.

Category	Estimates and<br>financial index	Remark
Actuarial estimate	Risk rate estimate	Death, longevity, physical impediment and disease
	Lapse rate estimate	Lapse risk
	Operating expense rate estimate	Operating expense risk
	Other estimate	Policyholder behavior estimate and others
Financial market index	Interest rate	Interest-linked future cash flows of insurance contracts and the discount rates used for present value calculations
	Share price	Share-linked future cash flows of insurance contacts
	Exchange rate	Exchange rate-linked future cash flows of insurance contacts
2)	Insurance risk management policy
---	---

In order to manage insurance risk—defined as the uncertainty of the total amount and timing of claims arising from insured events—Tongyang Life Insurance uses underwriting and reinsurance strategies.

a)	Underwriting strategy

Underwriting strategy is a strategy to diversify the types of risks or the level of claims. For example, an entity can manage each mortality risk and survival risk in a balanced manner. In addition, the policyholder’s choice of a regular check-up is one of the main acquisition strategies.

b)	Reinsurance strategy

Tongyang Life Insurance Co., Ltd. mitigates the concentration of insurance risk and utilizes reinsurance policy for the purpose of increasing efficiency of equity management. Reinsurance is divided into new contracts and existing contract. New contracts prioritize fixed risk products and target contracts that require empirical rates for a certain period of time. On the other hand, existing contracts target contracts with increasing insurance price risk.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Reinsurance contracts are made by the following procedures:

①	For new contracts, the Product Committee decides whether to reinsurance during the decision-making process for<br>launching new products. For existing contracts, if there is concern about a continued increase in insurance risk, the decision to reinsurance is made through consultation with the relevant department responsible for insurance risk management<br>
②	Reinsurance management team related to ① discusses and analyzes products to be reinsured, limits,<br>coinsurance ratios, and rates of return.
---	---
3)	Financial risk management policy related to insurance contracts
---	---

Insurance contracts and investment contracts with discretionary participation features are classified as insurance liabilities but may be exposed to various financial risks. The nature of these exposures and the corresponding management policies are as follows.

a)	Credit risk

Credit risk refers to the risk of loss caused by the counterparty’s default in provision of funds or entering a contract agreed to exchange at a predetermined price at a certain point in the future. Tongyang Life Insurance Co., Ltd.’s reinsurance assets and reinsurance receivables are exposed to losses in case of default by the reinsurer upon collection of premiums and receivables.

b)	Interest rate risk

Interest rate risk refers to the risk that occurs when the financial position of Tongyang Life Insurance Co., Ltd. is affected by the adverse interest rate movements on assets and liabilities. To minimize the effects of inconsistencies between assets and liabilities caused by interest rate movements, Tongyang Life Insurance Co., Ltd. manages matched asset-liability portfolios for each portfolio.

c)	Liquidity risk

Liquidity risk refers to the risk that arises when the maturities of assets and liabilities are mismatched or when unexpected cash outflows cannot be met. Accordingly, the future cash outflows related to insurance liabilities and investment contracts with discretionary participation features, which account for most of Tongyang Life Insurance Co., Ltd’s total liabilities, determine the level of liquidity related risk for the company.

The objective of liquidity risk management is to maintain sufficient liquidity to meet repayments arising from insurance contracts under normal conditions as well as under market stress.

Tongyang Life Insurance Co., Ltd.’s main methods to manage liquidity risk are as follows:

-	Regularly reviewing and managing the volume of insurance benefit payments and liquidity assets<br>
-	Maintaining and managing a portfolio composed of assets that can be relatively easily liquidated, in<br>preparation for unexpected disruptions in funding
---	---
-	Monitoring liquidity ratios through the execution of liquidity stress tests
---	---
-	Establishing asset-liability management strategies that take into<br>account the cash flows of insurance contract liabilities
---	---
d)	Market risk
---	---

Market risk refers to the risk of losses being incurred when the entity’s financial position is affected by adverse price movements, such as stock prices and exchange rates. Tongyang Life Insurance Co., Ltd. engages in insurance contract transactions denominated in foreign currencies, and is, therefore, exposed to foreign exchange rate fluctuations. This exposure is managed through the use of foreign exchange forward contracts and cross-currency interest rate swaps.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

4)	Concentration of insurance risk

Tongyang Life Insurance Co., Ltd. assesses the concentration of risk by considering historical experience related to the insurance contracts it has issued, and the reinsurance contracts it holds. The identified concentrations of risk are categorized based on shared characteristics relevant to the assessed exposures.

a)	The fulfilment cash flows by portfolio that Tongyang Life Insurance Co., Ltd. considers significant as of<br>December 31, 2025 are as follows (Unit: Korean Won in millions):
	December 31, 2025
---	---	---
	Exposure
Insurance contract liabilities (assets)		25,686,541
Life		4,905,662
Health		3,843,337
Annuity savings and others		15,484,266
Variable		1,453,276
Reinsurance contract assets (liabilities)		437,556
Life		371,992
Health		65,564
Annuity savings and others		—
b)	The fulfilment cash flows by country in which Tongyang Life Insurance Co., Ltd. provides insurance coverage as<br>of December 31, 2025 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---
	Insurance contract<br>liabilities (assets)		Reinsurance contract<br>assets (liabilities)
Domestic		25,686,541		437,556
Overseas		—		—
Total		25,686,541		437,556
5)	Insurance Risk Sensitivity
---	---

The financial impact of changes in assumptions related to the risk adjustment for non-financial risks as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Base amount and base amount after change								Profit and impact on equity (before tax)
		Fulfillment cash flow				Contractual service margin				Profit or loss						Other comprehensive<br>income
	Sensitivity	Before<br>reinsurance<br>effect		After<br>reinsurance<br>effect		Before<br>reinsurance<br>effect		After<br>reinsurance<br>effect		Before<br>reinsurance<br>effect			After<br>reinsurance<br>effect			Before<br>reinsurance<br>effect			After<br>reinsurance<br>effect
Base amount			25,686,541		25,248,985		1,970,517		1,865,033		—			—			—			—
Mortality rate	3.27% increase		25,709,647		25,269,234		1,948,712		1,846,048		56			47			85			132
Morbidity (fixed compensation)<br><br><br>Morbidity (compensation for actual losses)	3.40% increase<br><br><br>2.62% increase		25,965,678		25,515,270		1,692,903		1,601,210		(996	)		(995	)		915			(25	)
Lapse rate (increase)	9.16% increase		25,948,241		25,512,528		1,736,367		1,628,398		(555	)		(551	)		(25,554	)		(24,915	)
Lapse rate (decrease)	9.16% decrease		25,403,268		24,963,704		2,227,356		2,124,603		193			188			27,683			26,965
Operating expense (level)<br><br><br>Operating expense (inflation)	2.62% increase<br><br><br>0.26%p		25,782,608		25,345,053		1,874,668		1,769,183		(353	)		(353	)		1,577			1,577

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

6)	Insurance payment progress trend

Tongyang Life Insurance Co., Ltd. regularly verifies the adequacy of reserves using the total amount estimation method. The total amount is estimated by applying statistical methods such as the Payment Progress Method (PLDM), Incurred Loss Progress Method (ILDM), Frequency/Severity Method, and Bornhuetter-Ferguson Method (Unit: Korean Won in millions).

	December 31, 2025
	Year of incurrence										Total
	2025-4		2025-3		2025-2		2025-1		2025
Historical estimates of undiscounted insurance premiums		2,339,594		467,507		488,120		524,256		538,633		4,358,110
Year end of the incurrence		1,812,292		364,924		385,828		414,012		480,470		3,457,526
After 1 year		411,882		81,397		84,178		98,911		—		676,368
After 2 years		63,012		12,243		13,260		—		—		88,515
After 3 years		29,225		6,728		—		—		—		35,953
After 4 years		20,330		—		—		—		—		20,330
Cumulative insurance payment		2,336,741		465,292		483,266		512,923		480,470		4,278,692
Difference between insurance estimates and insurance payment		2,853		2,215		4,854		11,333		58,163		79,418
Discount effect												(6,613	)
Liability for incurred claims expected to be paid within 1 year of incurrence												1,580,634
Risk adjustment for non-financial risks												2,577
Liability for incurred claims												1,656,016
7)	Credit risk arising from insurance contracts
---	---

The fulfilment cash flows by credit rating group of Tongyang Life Insurance Co., Ltd.’s reinsurers are as follows (Unit: Korean Won in millions):

	December 31, 2025
	Reinsurance contract<br>assets – remaining<br>coverage		Reinsurance contract<br>assets – incurred<br>claims
AAA~AA-		354,143		5,904
A+~A-		77,763		(254	)
Under BBB+		—		—
Unrated		—		—
Total		431,906		5,650
8)	Market risk arising from insurance contracts
---	---
a)	Market risk exposure (Unit: Korean Won in millions)
---	---
	December 31, 2025
---	---	---
Insurance contract exposure		25,686,541
Reinsurance contract exposure		437,556
Financial assets exposure		25,461,023

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

b)	Impact of market risks on profit or loss and equity (sensitivity analysis) (Unit: Korean Won in millions)<br>
		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Insurance contract						Reinsurance contract					Financial assets
		Changes in<br>profit or<br>loss			Changes in<br>other<br>comprehensive<br>income			Changes in<br>profit or<br>loss		Changes in<br>other<br>comprehensive<br>income			Changes in<br>profit or<br>loss			Changes in<br>other<br>comprehensive<br>income
Interest rate	Interest rate 100bp increase		44,466			2,623,072			—		(58,960	)		(155,298	)		(2,608,605	)
	Interest rate 100bp decrease		(75,555	)		(3,230,625	)		—		71,442			187,680			2,608,605
Share price	Share index 10% increase		(64,000	)		—			—		—			81,337			—
	Share index 10% decrease		87,169			—			—		—			(104,506	)		—
Exchange rate	Exchange rate 10% increase		—			—			—		—			17,877			—
	Exchange rate 10% decrease		—			—			—		—			(17,877	)		—
9)	Liquidity risk arising from insurance contracts
---	---
a)	The analysis of the present value of undiscounted net cash flows related to insurance contracts issued and<br>remaining maturity of reinsurance contracts held by Tongyang Life Insurance Co., Ltd. as of December 31, 2025 is as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Maturity analysis on the present value of estimate future cash flows
	Within 1<br>year			1 to 2 years			2 to 3<br>years		3 to 4<br>years			4 to 5<br>years			Over 5 years			Over 10 years			Total
Insurance contract assets		—			—			—		—			—			—			—			—
Insurance contract liabilities		(925,682	)		(4,055,435	)		182,049		(291,500	)		(542,751	)		(5,906,147	)		(39,756,674	)		(51,296,140	)
Reinsurance contract assets (liabilities)		6,595			7,475			11,017		13,347			14,427			85,891			773,103			911,855
b)	The amounts payable to policyholders upon demand and the carrying amounts of the related insurance contracts as<br>of December 31, 2025 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---
	Payable upon demand		Carrying amount<br>of insurance contract (*1)
Insurance contract assets		—		—
Insurance contract liabilities		30,166,347		27,657,058
(*1)	The present value of estimated future cash flows, risk adjustment, and contractual service margin related to<br>the amounts payable to policyholders upon demand as of December 31, 2025.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(2)	Insurance risk management of ABL Life Insurance Co., Ltd.
1)	Overview of insurance risk
---	---

Insurance risk” refers to situations in which insurance benefit payments exceed the level anticipated when premiums were set, due to unexpected events or changes in economic conditions. ABL Life Insurance Co., Ltd. manages insurance risk using the measure “net insurance contract liabilities – net insurance contract assets.” Under the Risk-Based Capital (RBC) framework, insurance risk is categorized into sub risks such as death risk, longevity risk, disability/disease risk, lapse risk, operating expense risk, and catastrophe risk. The amounts for death risk, longevity risk, disability/disease risk, lapse risk, and operating expense risk are measured using shock scenario methods applied to actuarial assumptions related to each risk, while catastrophe risk is measured using a risk factor approach. The shock scenario method calculates the change in net asset value that results when scenario-based changes are applied to the underlying assumptions used for the fair valuation of assets and liabilities. In contrast, the risk factor method derives the risk amount by multiplying a predetermined risk factor by a specific exposure.

Accordingly, ABL Life Insurance Co., Ltd. manages insurance risk based on actuarial assumptions, interstates, and other financial market indicators considered to have a significant impact on the amount, timing, and uncertainty of future cash flows related to insurance contracts.

Category	Estimates and<br>financial index	Remark
Actuarial estimate	Risk rate estimate	Death, longevity, physical impediment and disease
	Lapse rate estimate	Lapse risk
	Operating expense rate estimate	Operating expense risk
	Other estimate	Policyholder behavior estimate and others
Financial market index	Interest rate	Interest-linked future cash flows of insurance contracts and the discount rates used for present value calculations
	Share price	Share-linked future cash flows of insurance contacts
	Exchange rate	Exchange rate-linked future cash flows of insurance contacts
2)	Insurance risk management policy
---	---

To manage the uncertainty of the amount and timing of the claims arising due to occurrences of insured events, that is, an insurance risk, ABL Life Insurance Co., Ltd. uses an acquisition and a reinsurance strategy.

a)	Underwriting strategy

b)	Reinsurance strategy

ABL Life Insurance Co., Ltd. mitigates the concentration of insurance risk and utilizes reinsurance policy for the purpose of increasing efficiency of equity management. Reinsurance is divided into new contract and existing contract. New contract prioritizes fixed risk products and targets contracts that require empirical rates for a certain period of time. On the other hand, existing contract targets contracts with increasing insurance price risk.

Reinsurance contracts are made by the following procedures:

①	For new contracts, the Product Committee decides whether to reinsurance during the decision-making process for<br>launching new products. For existing contracts, if there is concern about a continued increase in insurance risk, the decision to reinsurance is made through consultation with the relevant department responsible for insurance risk management.<br>
②	Reinsurance management team related to ① discusses and analyzes products to be reinsured, limit, rate of<br>coverage and rate of return.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

3)	Financial risk management policy related to insurance contracts

a)	Credit risk

Credit risk refers to the risk of loss caused by the counterparty’s default in provision of funds or entering a contract agreed to exchange at a predetermined price at a certain point in the future. ABL Life Insurance Co., Ltd.’s reinsurance assets and reinsurance receivables are exposed to losses in case of default by the reinsurer upon collection of premiums and receivables.

b)	Interest rate risk

Interest rate risk refers to the risk that occurs when the financial position of ABL Life Insurance Co., Ltd. is affected by the adverse interest rate movements on assets and liabilities. To minimize the effects of inconsistencies between assets and liabilities caused by interest rate movements, ABL Life Insurance Co., Ltd. manages matched asset-liability portfolios for each portfolio.

c)	Liquidity risk

Liquidity risk refers to a risk caused by inconsistency in the maturity of assets and liabilities or failure to respond to unexpected capital outflows. Therefore, future cash outflows from investment contracts with insurance liability and discretionary participation features which takes the most proportion of ABL Life Insurance Co., Ltd.’s liabilities, will determine the level of risk related to the liquidity of the ABL Life Insurance Co., Ltd. The purpose of ABL Life Insurance Co., Ltd.’s liquidity risk management is to maintain sufficient liquidity to meet repayments and other cash outflows arising from insurance contracts under both normal conditions and stressed market environments.

ABL Life Insurance Co., Ltd.’s main methods to manage liquidity risk are as follows:

-	Regularly reviewing and managing the volume of insurance benefit payments and liquidity assets<br>
-	Maintaining and managing a portfolio composed of assets that can be relatively easily liquidated, in<br>preparation for unexpected disruptions in funding
---	---
-	Monitoring liquidity ratios through the execution of liquidity stress tests
---	---
-	Establishing asset-liability management strategies that take into<br>account the cash flows of insurance contract liabilities
---	---
d)	Market risk
---	---

Market risk refers to the risk of losses being incurred when the entity’s financial position is affected by the adverse price movements such as stock prices and exchange rates. ABL Life Insurance Co., Ltd. engages in insurance contract transactions denominated in foreign currencies and is therefore exposed to foreign exchange rate fluctuations. This exposure is managed through the use of foreign exchange forward contracts and cross-currency interest rate swaps.

4)	Concentration of insurance risk

ABL Life Insurance Co., Ltd. assesses the concentration of risk by considering historical experience related to the insurance contracts it has issued and the reinsurance contracts it holds. The identified concentrations of risk are categorized based on shared characteristics relevant to the assessed exposures.

87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

a)	The fulfilment cash flows by portfolio that ABL Life Insurance Co., Ltd. considers significant as of<br>December 31, 2025 are as follows (Unit: Korean Won in millions):
	December 31, 2025
---	---	---	---
	Exposure
Insurance contract liabilities (assets)		16,853,760
Life		2,217,372
Health		2,608,867
Annuity savings and others		9,615,281
Variable		2,412,240
Reinsurance contract assets (liabilities)		(97,148	)
Life		(49,082	)
Health		(54,439	)
Annuity savings and others		6,373
b)	The fulfilment cash flows by country in which ABL Life Insurance Co., Ltd. provides insurance coverage as of<br>December 31, 2025 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---
	Insurance contract<br>liabilities (assets)		Reinsurance contract<br>assets (liabilities)
Domestic		16,853,760		(97,148	)
Overseas		—		—
Total		16,853,760		(97,148	)
5)	Insurance Risk Sensitivity
---	---

The financial impact of changes in assumptions related to the risk adjustment for non-financial risks as of December 31, 2025 are as follows (Unit: Korean Won in millions):

		December 31, 2025
		Base amount and base amount after change								Profit and impact on equity (before tax)
		Fulfillment cash flow				Contractual service margin				Profit or loss						Other comprehensive<br>income
	Sensitivity	Before<br>reinsurance<br>effect		After<br>reinsurance<br>effect		Before<br>reinsurance<br>effect		After<br>reinsurance<br>effect		Before<br>reinsurance<br>effect			After<br>reinsurance<br>effect			Before<br>reinsurance<br>effect			After<br>reinsurance<br>effect
Base amount			16,853,760		16,950,908		1,063,046		1,073,523		—			—			—			—
Mortality rate	3.27% increase		16,861,397		16,954,761		1,059,387		1,073,663		890			1,005			(4,868	)		(4,999	)
Morbidity (fixed compensation)<br><br><br>Morbidity (compensation for actual losses)	3.40% increase<br><br><br>2.62% increase		16,996,593		17,081,916		910,861		934,303		(1,227	)		(1,148	)		10,579			9,360
Lapse rate (increase)	9.16% increase		17,017,818		17,107,797		917,106		935,263		(2,909	)		(2,792	)		(15,208	)		(15,838	)
Lapse rate (decrease)	9.16% decrease		16,673,824		16,778,697		1,225,456		1,227,599		1,213			1,140			16,313			16,995
Operating expense (level)<br><br><br>Operating expense (inflation)	2.62% increase<br><br><br>0.26%p		16,892,179		16,989,363		1,023,305		1,033,740		(989	)		(989	)		2,310			2,316

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

6)	Insurance payment progress trend

ABL Life Insurance Co., Ltd. regularly verifies the adequacy of reserves using the total amount estimation method. The total amount is estimated by applying statistical methods such as the Payment Progress Method (PLDM), Incurred Loss Progress Method (ILDM), Frequency/Severity Method, and Bornhuetter-Ferguson Method (Unit: Korean Won in millions).

	December 31, 2025
	Year of incurrence
	2025-4		2025-3		2025-2		2025-1		2025		Total
Historical estimates of undiscounted insurance premiums		311,417		316,286		319,229		303,193		316,425		1,566,550
Year end of the incurrence		243,473		245,603		251,974		240,260		280,250		1,261,560
After 1 year		54,825		56,432		56,002		56,587		—		223,846
After 2 years		8,415		8,683		8,637		—		—		25,735
After 3 years		3,194		4,674		—		—		—		7,868
After 4 years		1,055		—		—		—		—		1,055
Cumulative insurance payment		310,962		315,392		316,612		296,847		280,250		1,520,063
Difference between insurance estimates and insurance payment		455		894		2,617		6,346		36,175		46,487
Discount effect												(4,441	)
Liability for incurred claims expected to be paid within 1 year of incurrence												571,128
Risk adjustment for non-financial risks												1,761
Liability for incurred claims												614,935
7)	Credit risk arising from insurance contracts
---	---

The fulfilment cash flows by credit rating group of ABL Life Insurance Co., Ltd.’s reinsurers are as follows (Unit: Korean Won in millions):

	December 31, 2025
	Reinsurance contract<br>assets – remaining<br>coverage			Reinsurance contract<br>assets – incurred<br>claims
AAA~AA-		(129,334	)		32,186
A+~A-		—			—
Under BBB+		—			—
Unrated		—			—
Total		(129,334	)		32,186
8)	Market risk arising from insurance contracts
---	---
a)	Market risk exposure (Unit: Korean Won in millions)
---	---
	December 31, 2025
---	---	---	---
Insurance contract exposure		16,853,760
Reinsurance contract exposure		(97,148	)
Financial assets exposure		13,632,025

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

b)	Impact of market risks on profit or loss and equity (sensitivity analysis) (Unit: Korean Won in millions)<br>
		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Insurance contract						Reinsurance contract					Financial assets
		Changes in<br>profit or<br>loss			Changes in<br>other<br>comprehensive<br>income			Changes<br>in profit<br>or loss		Changes in<br>other<br>comprehensive<br>income			Changes in<br>profit or<br>loss			Changes in<br>other<br>comprehensive<br>income
Interest rate	Interest rate 100bp increase		(333	)		1,594,580			—		18,572			(57,695	)		(1,490,766	)
	Interest rate 100bp decrease		177			(1,918,176	)		—		(22,409	)		57,695			1,490,766
Share price	Share index 10% increase		(118,221	)		—			—		—			465,004			—
	Share index 10% decrease		118,221			—			—		—			(465,004	)		—
Exchange rate	Exchange rate 10% increase		(15,243	)		(11,534	)		—		—			(306	)		—
	Exchange rate 10% decrease		14,933			11,534			—		—			306			—
9)	Liquidity risk arising from insurance contracts
---	---
a)	The analysis of the present value of undiscounted cash flows related to insurance contracts issued and<br>remaining maturity of reinsurance contracts held by ABL Life Insurance Co., Ltd. as of December 31, 2025 is as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Maturity analysis on the present value of estimate future cash flows
	Within 1<br>year			1 to 2 years			2 to 3<br>years			3 to 4<br>years			4 to 5<br>years			Over 5 years			Over 10 years			Total
Insurance contract assets		—			—			—			—			—			—			—			—
Insurance contract liabilities		(279,094	)		(1,367,315	)		(508,763	)		(629,346	)		(948,940	)		(5,442,969	)		(21,796,027	)		(30,972,454	)
Reinsurance contract assets (liabilities)		(5,147	)		(2,808	)		(2,452	)		(2,346	)		(2,195	)		(10,904	)		(118,407	)		(144,259	)
b)	The amounts payable to policyholders upon demand and the carrying amounts of the related insurance contracts as<br>of December 31, 2025 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---
	Payable upon demand		Carrying amount<br>of insurance contract (*1)
Insurance contract assets		—		—
Insurance contract liabilities		18,666,324		17,916,806
(*1)	The present value of estimated future cash flows, risk adjustment, and contractual service margin related to<br>the amounts payable to policyholders upon demand as of December 31, 2025.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

6.	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 on 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, insurance, 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
Insurance	Contracting and maintenance of insurance policies, payment of insurance benefits, provision of life insurance-related services, and accompanying business for customers of Tongyang Life Insurance Co., Ltd. and ABL Life Insurance Co.,<br>Ltd.
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., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(2)	The composition of each organization’s sectors for the years ended December 31, 2025 and 2024 are as<br>follows (Unit: Korean Won in millions):
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Banking (*1)			Life<br>insurance			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		6,807,324			(105,758	)		756,173			210,502			120,077			63,915			7,852,233			145,730			1,030,834			1,972			9,030,769
Non-interest income(expense)		2,133,050			271,296			212,462			214,798			67,059			1,765,771			4,664,436			5,905			(935,248	)		(1,808,619	)		1,926,474
Impairment losses due to credit loss		(1,126,171	)		(5,833	)		(433,302	)		(120,217	)		(31,880	)		(282,653	)		(2,000,056	)		(4,692	)		(96,119	)		(1,947	)		(2,102,814	)
General and administrative expense		(4,293,462	)		(51,665	)		(321,777	)		(107,697	)		(145,038	)		(439,413	)		(5,359,052	)		(601	)		—			180,032			(5,179,621	)
Net operating income(expense)		3,520,741			108,040			213,556			197,386			10,218			1,107,620			5,157,561			146,342			(533	)		(1,628,562	)		3,674,808
Share of gain of associates		45,928			—			—			(373	)		123			43,607			89,285			1,686			—			7,689			98,660
Other non-operating income(expense)		(207,481	)		3,075			(18,316	)		(2,282	)		(50	)		(166,826	)		(391,880	)		1,888			533			706,157			316,698
Non-operating income(expense)		(161,553	)		3,075			(18,316	)		(2,655	)		73			(123,219	)		(302,595	)		3,574			533			713,846			415,358
Net income(expense) before tax		3,359,188			111,115			195,240			194,731			10,291			984,401			4,854,966			149,916			—			(914,716	)		4,090,166
Tax expense		(777,091	)		(11,521	)		(44,108	)		(46,004	)		17,153			(5,197	)		(866,768	)		—			—			4,110			(862,658	)
Net income(loss)		2,582,097			99,594			151,132			148,727			27,444			979,204			3,988,198			149,916			—			(910,606	)		3,227,508
Total assets		502,846,197			55,054,508			17,512,741			12,361,366			9,706,286			31,861,645			629,342,743			3,922,774			—			(31,808,231	)		601,457,286
Investment in associate		1,095,521			—			—			31,002			4,369			25,934,437			27,065,329			—			—			(24,985,321	)		2,080,008
Other assets		501,750,676			55,054,508			17,512,741			12,330,364			9,701,917			5,927,208			602,277,414			3,922,774			—			(6,822,910	)		599,377,278
Total liabilities		473,158,744			52,279,416			14,620,417			10,523,678			8,504,657			6,370,831			565,457,743			71,563			—			(1,931,268	)		563,598,038
(*1)	The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).<br>
---	---
(*2)	Other segments include 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 FIS Co., Ltd., Woori Finance Research Institute<br>and Woori Venture Partners Co., Ltd.
---	---
(*3)	Other segments include the funds subject to Group’s consolidation not included in the reporting segment.<br>
---	---
(*4)	Internal reconciliation includes the adjustment of deposit insurance premiums of 500,480 million Won and<br>fund contribution fees of 528,863 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<br>with management accounting standards as profit and loss in accordance with accounting standards.
---	---
(*5)	Consolidation adjustments include the elimination of 133,276 million Won of internal transactions between<br>Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,448,486 million Won of dividends received by the holding company from its subsidiaries.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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 include the funds subject to Group’s consolidation not included in the reporting<br>segment.
---	---
(*4)	Internal adjustments include 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<br>management accounting standards as 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.
---	---

93 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Operating profit or loss from external customers for the years ended December 31, 2025 and 2024 are as<br>follows (Unit: Korean Won in millions):
	For the years ended December 31
---	---	---	---	---
Details	2025		2024
Domestic		3,430,352		3,767,897
Foreign		244,456		487,293
Total		3,674,808		4,255,190
(4)	Major non-current assets as of December 31, 2025 and 2024 are as<br>follows (Unit: Korean Won in millions):
---	---
Details (*)	December 31, 2025		December 31, 2024
---	---	---	---	---
Domestic		7,364,083		6,068,817
Foreign		552,243		592,768
Total		7,916,326		6,661,585
(*)	Major non-current assets included joint ventures and related business<br>investments, investment properties, 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, 2025 and 2024.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

7.	STATEMENTS OF CASH FLOWS
(1)	Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Cash		1,826,020		1,661,517
Foreign currencies		642,158		812,026
Demand deposits		35,891,982		24,634,075
Fixed deposits		139,519		173,505
Total		38,499,679		27,281,123
(2)	Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)<br>
---	---
	Counterparty		December 31, 2025		Reason of restriction
---	---	---	---	---	---	---
Due from banks in local currency:
Due from BOK		BOK		16,555,802		Reserve deposits<br> <br>under the BOK Act
Due from banks in foreign currencies:
Due from banks		BOK and others		6,919,255		Reserve deposits, etc.
Total				23,475,057
	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		BOK and others		2,954,868		Reserve deposits, etc.
Total				12,667,062
(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
---	---	---	---	---	---	---
	2025			2024
Changes in other comprehensive income related to valuation of financial assets at FVTOCI		(1,321,567	)		34,058
Changes in other comprehensive income related to valuation of assets of associate		(2,335	)		(5,367	)
Changes in other comprehensive income related to valuation profit or loss on cash flow<br>hedge		(167,670	)		6,591
Changes in financial assets measure at FVTOCI due to debt-for-equity swap		—			18,536
Changes in the premises and equipment due to reclassification to assets held for sale		(107,479	)		(38,423	)
Changes in investment property due to reclassification to assets held for sale		(35,137	)		—
Transfer of investment properties to premises and equipment		(9,997	)		(42,344	)
Reclassification of advance payments related to acquisition of control		(154,934	)		—
Changes in account payables related to intangible assets		(5,101	)		24,134
Changes in<br>right-of-use assets and lease liabilities		235,011			427,926
Changes in other comprehensive income related to foreign operation translation		(116,405	)		522,845

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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 31,2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
												Not involving cash inflows and<br>outflows
	Beginning<br>balance			Financing<br>activities<br>Cash flow			Business<br>Combination		Settlement of<br>derivatives<br>designated for<br>hedging<br>purposes			Foreign<br>Exchange			Variation of<br>gain(loss) on<br>valuation of<br>hedged<br>items		Others<br>(*)		Ending<br>balance
Borrowings		30,117,031			4,392,369			—		—			(326,602	)		—		469		34,183,267
Debentures		48,207,103			5,599,481			1,670,044		—			(133,503	)		80,760		159,507		55,583,392
Lease liabilities		527,090			(251,559	)		48,656		—			(1,564	)		—		218,949		541,572
Net derivative liabilities (for hedging purposes)		(72,376	)		17,231			20,313		(34,199	)		—			322,204		145,008		398,181
Other liabilities		26,626			(41	)		15,443		—			—			—		633		42,661
Total		78,805,474			9,757,481			1,754,456		(34,199	)		(461,669	)		402,964		524,566		90,749,073
(*)	The change in lease liabilities due to the new contract includes 201,562 million Won.<br>
---	---
	For the year ended December 31,2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
										Not involving cash inflows and outflows
	Beginning<br>balance		Financing<br>activities<br>Cash flow			Business<br>Combination		Settlement of<br>derivatives<br>designated for<br>hedging<br>purposes		Foreign<br>Exchange		Variation of<br>gain(loss) on<br>valuation of<br>hedged<br>items			Others<br>(*)			Ending<br>balance
Borrowings		30,986,746		(3,011,120	)		—		—		2,113,979		—			27,426			30,117,031
Debentures		41,239,245		5,594,220			—		—		870,846		17,417			485,375			48,207,103
Lease liabilities		334,456		(238,770	)		—		—		13,555		—			417,849			527,090
Net derivative liabilities (for hedging purposes)		126,299		(25,442	)		—		—		—		(156,422	)		(16,811	)		(72,376	)
Other liabilities		28,147		(17,690	)		—		—		—		—			16,169			26,626
Total		72,714,893		2,301,198			—		—		2,998,380		(139,005	)		930,008			78,805,474
(*)	The change in lease liabilities due to the new contract includes 366,340 million Won.<br>
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

8.	FINANCIAL ASSETS AT FVTPL
(1)	Details of financial assets at FVTPL as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Financial assets at fair value through profit or loss measured at fair value		34,245,475		25,202,672
(2)	Financial assets at fair value through profit or loss measured at fair value as of December 31, 2025 and<br>2024 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Deposits:
Gold banking asset		261,470		73,951
Securities:
Debt securities
Korean treasury and government agencies		6,044,402		5,053,592
Financial institutions		883,209		1,193,809
Corporates		1,614,666		348,929
Foreign currency bond		698,615		13,186
Securities loaned		—		12,361
Others		311,189		179,411
Equity securities		1,613,419		421,313
Capital contributions		3,085,315		2,857,698
Beneficiary certificates		12,359,483		4,563,102
Others		387,342		236,595
Sub-total		26,997,640		14,879,996
Loans		1,126,446		104,177
Derivatives assets		5,774,203		10,094,532
Other financial assets		85,716		50,016
Total		34,245,475		25,202,672

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of December 31, 2025 and 2024.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

9.	FINANCIAL ASSETS AT FVTOCI
(1)	Details of financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Debt securities:
Korean treasury and government agencies		20,371,690		7,787,052
Financial institutions		32,931,685		25,339,937
Corporates		10,108,432		3,032,609
Bond denominated in foreign currencies		12,974,851		6,763,073
Securities loaned		5,674,738		—
Sub-total		82,061,396		42,922,671
Equity securities		1,427,885		875,074
Loans		10,241		—
Total		83,499,522		43,797,745
(2)	Details of equity securities designated as financial assets at FVTOCI as of December 31, 2025 and 2024 are<br>as follows (Unit: Korean Won in millions):
---	---
Purpose of acquisition	December 31,<br>2025		December 31,<br>2024		Remarks
---	---	---	---	---	---	---
Investment for strategic business partnership purpose		1,324,666		766,900
Debt-equity swap		103,219		108,168
Others		—		6		Insurance for mutual aid<br>association, etc.
Total		1,427,885		875,074
(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)	Loss Allowance
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(29,084	)		—		—		(29,084	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		(10,190	)		—		—		(10,190	)
Disposal		8,182			—		—		8,182
Others (*)		1,888			—		—		1,888
Ending balance		(29,204	)		—		—		(29,204	)
(*)	Others consist of foreign currencies translation, etc.
---	---
	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.
---	---

98 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

2)	Gross carrying amount
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		42,922,671			—		—		42,922,671
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		43,438,838			—		—		43,438,838
Disposal / Recovery		(35,030,082	)		—		—		(35,030,082	)
Gain on valuation		(1,956,928	)		—		—		(1,956,928	)
Amortization based on effective interest method		216,191			—		—		216,191
Changes due to business combinations		32,515,016			—		—		32,515,016
Others (*)		(34,069	)		—		—		(34,069	)
Ending balance		82,071,637			—		—		82,071,637
(*)	Others consist of foreign currencies translation, etc.
---	---
	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.
---	---
(4)	During the years ended December 31, 2025 and 2024, 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 10,913 million Won and 155,868 million Won, respectively, and cumulative gains and losses at disposal dates<br>were 1,806 million Won in loss and 72,975 million Won in gain, respectively.
---	---

99 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

10.	SECURITIES AT AMORTIZED COST
(1)	Details of securities at amortized cost as of December 31, 2025 and 2024 are as follows (Unit: Korean Won<br>in millions):
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Korean treasury and government agencies		9,698,695			7,646,463
Financial institutions		3,352,648			4,004,011
Corporates		4,587,881			5,997,996
Bond denominated in foreign currencies		1,079,302			1,555,470
Others		—			10,000
Allowance for credit losses		(11,067	)		(10,763	)
Total		18,707,459			19,203,177
(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, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(10,763	)		—		—		(10,763	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net reversal of loss allowance		(330	)		—		—		(330	)
Others (*)		26			—		—		26
Ending balance		(11,067	)		—		—		(11,067	)
(*)	Changes due to foreign currencies translation, etc.
---	---
	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 provision of loss allowance		3,287			—		—		3,287
Others (*)		(109	)		—		—		(109	)
Ending balance		(10,763	)		—		—		(10,763	)
(*)	Changes due to foreign currencies translation, etc.
---	---

100 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

2)	Gross carrying amount
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		19,213,940			—		—		19,213,940
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		5,312,962			—		—		5,312,962
Disposal / Recovery		(5,900,990	)		—		—		(5,900,990	)
Amortization based on effective interest method		111,965			—		—		111,965
Others (*)		(19,351	)		—		—		(19,351	)
Ending balance		18,718,526			—		—		18,718,526
(*)	Changes due to foreign currencies translation, etc.
---	---
	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.
---	---

101 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

11.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1)	Details of loans and other financial assets at amortized cost as of December 31, 2025 and 2024 are as<br>follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Due from banks		2,674,644		2,630,604
Loans		398,706,030		386,069,294
Other financial assets		11,115,109		9,771,918
Total		412,495,783		398,471,816
(2)	Details of due from banks are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Due from banks in local currency:
Due from depository banks		531,542			200,366
Due from non-depository institutions		20,624			152
Due from the Korea Exchange		196,557			239,222
Others		407,445			72,314
Loss allowance		(408	)		(4	)
Sub-total		1,155,760			512,050
Due from banks in foreign currencies:
Due from banks on demand		149,839			177,886
Due from banks on time		276,498			193,654
Others		1,096,819			1,753,337
Loss allowance		(4,272	)		(6,323	)
Sub-total		1,518,884			2,118,554
Total		2,674,644			2,630,604
(3)	Details of restricted due from banks are as follows (Unit: Korean Won in millions):
---	---
	Counterparty	December 31, 2025		Reason of restriction
---	---	---	---	---
Due from banks in local currency:
Others	Korea Federation of Savings Bank and others		248,704	Reserve deposits
Securities trading	Korea Exchange Co.,Ltd. and Korea Securities Finance Corporation and others		165,304	Customer deposit refund reserve and futures trading margin and others
	Sub-total		414,008
Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		149,279	Reserve deposits and others
Due from banks on time	Toronto Dominion Bank, New York, and others		129,141	Federal Reserve Discount Window
Others	GOLDMAN SACHS INTL., LON and others		775,829	CSA collateral and others
	Sub-total		1,054,249
	Total		1,468,257

102 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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
(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, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(6,327	)		—		—		(6,327	)
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		1,697			—		—		1,697
Others (*)		(50	)		—		—		(50	)
Ending balance		(4,680	)		—		—		(4,680	)
(*)	Changes due to foreign currencies translation, etc.
---	---
	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		—			—		—		—
Provision 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.
---	---

103 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

2)	Gross carrying amount
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		2,636,931			—		—		2,636,931
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net decrease		(758,983	)		—		—		(758,983	)
Changes due to business combinations		807,306			—		—		807,306
Others (*)		(5,930	)		—		—		(5,930	)
Ending balance		2,679,324			—		—		2,679,324
(*)	Changes due to foreign currencies translation, etc.
---	---
	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.
---	---
(5)	Details of loans are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Loans in local currency		322,659,399			315,597,374
Loans in foreign currencies		32,375,735			33,166,984
Domestic banker’s usance		2,647,891			2,803,761
Credit card accounts		13,960,884			12,488,523
Bills bought in foreign currencies		4,396,122			4,328,404
Bills bought in local currency		82,657			224,835
Factoring receivables		6,315			5,994
Advances for customers on guarantees		12,602			9,814
Private placement bonds		669,431			444,900
Securitized loans		3,325,383			3,300,876
Call loans		2,430,625			1,847,376
Bonds purchased under resale agreements		14,598,594			10,551,018
Financial lease receivables		991,331			1,106,912
Installment financial bond		2,429,860			2,620,534
Securities loans		445,960			—
Others		2,257			—
Loan origination costs and fees		926,343			938,886
Discounted present value		(9,107	)		(9,272	)
Allowance for credit losses		(3,246,252	)		(3,357,625	)
Total		398,706,030			386,069,294

104 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(6)	Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit<br>impairment<br>model
Beginning balance		(228,330	)		(148,315	)		(280,125	)		(971,499	)		(699,646	)		(625,921	)		(7,295	)
Transfer to 12-month expected credit losses		(34,745	)		33,583			1,162			(88,031	)		80,756			7,275			—
Transfer to lifetime expected credit losses		17,032			(19,243	)		2,211			36,659			(49,487	)		12,828			—
Transfer to credit-impaired financial assets		11,444			15,959			(27,403	)		106,321			132,761			(239,082	)		—
Net provision of allowance for credit losses		22,945			(43,140	)		(374,328	)		(36,919	)		52,189			(1,096,710	)		(3,809	)
Recovery		—			—			(45,352	)		—			—			(47,208	)		—
Charge-off		—			—			277,324			—			—			899,536			—
Disposal		23			1,638			92,299			24			3,736			300,492			7,002
Interest income from impaired loans		—			—			17,062			—			—			32,817			—
Business combination-related changes		(2,536	)		(184	)		(13,979	)		(22,505	)		(26,471	)		(32,605	)		—
Others		9,578			2,239			34,898			19,332			25,461			98,717			(5,207	)
Ending balance		(204,589	)		(157,463	)		(316,231	)		(956,618	)		(480,701	)		(689,861	)		(9,309	)
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit<br>impairment<br>model
Beginning balance		(123,297	)		(115,030	)		(158,167	)		(1,323,126	)		(962,991	)		(1,064,213	)		(7,295	)
Transfer to 12-month expected credit losses		(33,208	)		32,833			375			(155,984	)		147,172			8,812			—
Transfer to lifetime expected credit losses		9,750			(10,683	)		933			63,441			(79,413	)		15,972			—
Transfer to credit-impaired financial assets		2,156			3,191			(5,347	)		119,921			151,911			(271,832	)		—
Net provision of allowance for credit losses		14,042			(14,140	)		(467,418	)		68			(5,091	)		(1,938,456	)		(3,809	)
Recovery		—			—			(27,170	)		—			—			(119,730	)		—
Charge-off		—			—			386,448			—			—			1,563,308			—
Disposal		—			—			73,252			47			5,374			466,043			7,002
Interest income from impaired loans		—			—			—			—			—			49,879			—
Business combination-related changes		—			—			—			(25,041	)		(26,655	)		(46,584	)		—
Others		—			—			—			28,910			27,700			133,615			(5,207	)
Ending balance		(130,557	)		(103,829	)		(197,094	)		(1,291,764	)		(741,993	)		(1,203,186	)		(9,309	)

105 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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	)

106 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(7)	Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):<br>
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit<br>impairment<br>model
Beginning balance		141,003,546			15,063,902			781,868			206,025,023			11,425,641			1,491,816			1,147,147
Transfer to 12-month expected credit losses		4,548,877			(4,532,512	)		(16,365	)		2,780,117			(2,768,089	)		(12,028	)		—
Transfer to lifetime expected credit losses		(6,379,394	)		6,407,932			(28,538	)		(4,527,298	)		4,552,830			(25,532	)		—
Transfer to credit-impaired financial assets		(304,313	)		(255,404	)		559,717			(1,038,594	)		(669,202	)		1,707,796			—
Charge-off		—			—			(277,324	)		—			—			(899,536	)		—
Disposal		(149	)		(3,986	)		(285,675	)		(199	)		(11,067	)		(974,939	)		(7,002	)
Net increase(decrease)		7,451,142			(1,505,776	)		184,053			2,706,477			(2,632,204	)		329,175			(2,495	)
Business combination-related changes		700,146			130,549			14,436			5,761,606			265,660			100,959			—
Ending balance		147,019,855			15,304,705			932,172			211,707,132			10,163,569			1,717,711			1,137,650
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit<br>impairment<br>model
Beginning balance		11,171,885			1,036,118			279,973			358,200,454			27,525,661			2,553,657			1,147,147
Transfer to 12-month expected credit losses		428,406			(427,845	)		(561	)		7,757,400			(7,728,446	)		(28,954	)		—
Transfer to lifetime expected credit losses		(550,026	)		551,422			(1,396	)		(11,456,718	)		11,512,184			(55,466	)		—
Transfer to credit-impaired financial assets		(89,144	)		(25,223	)		114,367			(1,432,051	)		(949,829	)		2,381,880			—
Charge-off		—			—			(386,448	)		—			—			(1,563,308	)		—
Disposal		—			—			(126,253	)		(348	)		(15,053	)		(1,386,867	)		(7,002	)
Net increase(decrease)		1,559,511			(834	)		435,535			11,717,130			(4,138,814	)		948,763			(2,495	)
Business combination-related changes		—			—			—			6,461,752			396,209			115,395			—
Ending balance		12,520,632			1,133,638			315,217			371,247,619			26,601,912			2,965,100			1,137,650

107 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(8)	Details of other financial assets are as follows (Unit: Korean Won in millions):
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Cash Management Account asset (CMA asset)		115,000			120,000
Receivables		7,543,495			6,411,884
Accrued income		2,277,963			1,779,310
Telex and telephone subscription rights and refundable deposits		805,980			778,986
Domestic exchange settlement debit		273,249			441,992
Other assets		437,085			452,760
Allowance for credit losses		(337,663	)		(213,014	)
Total		11,115,109			9,771,918
(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(20,934	)		(22,020	)		(170,060	)		(213,014	)
Transfer to 12-month expected credit losses		(918	)		745			173			—
Transfer to lifetime expected credit losses		232			(272	)		40			—
Transfer to credit-impaired financial assets		328			1,877			(2,205	)		—
Provision of loss allowance		(6,941	)		6,090			(140,939	)		(141,790	)
Charge-off		—			—			32,557			32,557
Disposal		—			—			1,343			1,343
Others		1,220			(63	)		215			1,372
Business combination-related changes		(242	)		(13	)		(17,876	)		(18,131	)
Ending balance		(27,255	)		(13,656	)		(296,752	)		(337,663	)
	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	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		9,435,449			99,254			450,229			9,984,932
Transfer to 12-month expected credit losses		17,359			(17,181	)		(178	)		—
Transfer to lifetime expected credit losses		(24,982	)		25,043			(61	)		—
Transfer to credit-impaired financial assets		(8,048	)		(10,864	)		18,912			—
Charge-off		—			—			(32,557	)		(32,557	)
Disposal		—			—			(1,493	)		(1,493	)
Net increase (decrease)		850,003			(18,324	)		142,106			973,785
Changes due to business combinations		505,221			420			22,464			528,105
Ending balance		10,775,002			78,348			599,422			11,452,772
	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

110 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

12.	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 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 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<br>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 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, 2025 AND 2024

(2)	Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean<br>Won in millions):
	December 31, 2025
---	---	---	---	---	---	---	---	---
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		261,470		—		—		261,470
Debt securities		4,635,643		4,840,091		76,347		9,552,081
Equity securities		1,063,788		—		549,631		1,613,419
Capital contributions		—		12,186		3,073,129		3,085,315
Beneficiary certificates		1,118,879		4,112,983		7,127,621		12,359,483
Loans		—		901,831		224,615		1,126,446
Derivative assets		—		5,773,283		920		5,774,203
Other financial assets in foreign currency		—		1,898		83,949		85,847
Others		—		146,475		240,736		387,211
Sub-total		7,079,780		15,788,747		11,376,948		34,245,475
Financial assets at FVTOCI
Debt securities		29,820,964		52,240,432		—		82,061,396
Equity securities		363,401		—		1,064,484		1,427,885
Loans		—		—		10,241		10,241
Sub-total		30,184,365		52,240,432		1,074,725		83,499,522
Derivative assets (designated for hedging)		—		217,180		—		217,180
Total		37,264,145		68,246,359		12,451,673		117,962,177
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		263,251		—		—		263,251
Derivative liabilities		—		5,129,428		236		5,129,664
Securities sold		496,518		—		—		496,518
Sub-total		759,769		5,129,428		236		5,889,433
Financial instruments designated to be measured at FVTPL
Deposits due to customers		—		467,501		—		467,501
Derivative liabilities (designated for hedging)		—		615,361		—		615,361
Total		759,769		6,212,290		236		6,972,295
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at<br>fair value. 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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<br>fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.
---	---

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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 instrument are as follows:

1)	Valuation methods and input variables for each type of financial instrument classified into level 2 as of<br>December 31, 2025 and 2024 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, Monte-Carlo Simulation, and Hull-White model.	Risk-free market rate, credit spread, risk-free rate, credit spread, matrix method yield to<br>maturity, effective credit grade, company-specific risk spread, weighted average expected maturity of MBS with consideration for prepayment, exchange rate, and stock price
Stocks, capital contributions and beneficiary certificates	Fair value is measured by using the net asset value method, DCF, FCFE (Free Cash Flow to Equity<br>Mode), 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 based on credit rating, volatility of stock prices, and volatility of interest rates.
Derivatives	Fair value is measured by models such as option model, DCF model and, Implied Forward Rate<br>calculation method etc.	Discount rate, volatility of underlying assets, exchange rate, OIS, KTB, and CDS<br>rates.
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, 2025 and 2024 are as follows:
---	---
	Valuation methods	Input variables
---	---	---
Loans	Fair value is measured by using the DCF model (Discounted Cash Flow Model) and risk-adjusted discount rate method (Tsiveriotis-Fernandes), LSMC (Least-Squares Monte Carlo), BDT model, and Hull-White which are generally used in the market considering the price of underlying assets and<br>volatility.	Price of underlying assets, volatility, discount rate, volatility of stock, risk-free market rate,<br>credit spread, interest rate, correlation coefficient
Stocks, capital contributions and beneficiary certificates	Fair value is measured using one or more valuation methodologies—such as the Discounted Cash<br>Flow (DCF) model, Free Cash Flow to Equity (FCFE) model, comparable company analysis, dividend discount model, risk-adjusted discount rate method, net asset value method, LSMC, binomial model, market approach,<br>Hull-White model, or recent (most recent) transaction method—selected as appropriate in consideration of the characteristics of the valuation subject.	Risk-free market return, market risk premium, company<br>beta, stock price, underlying asset volatility, fair value of underlying assets, price of the underlying asset, recent transaction price, discount rate based on credit rating, interest rate volatility, real estate sale price volatility, price-to-book ratio (PBR), price-to-sales ratio (PSR), net asset value, paid-in capital increase amount, issuance information by instrument, matrix-based yield to maturity (YTM), company-specific risk<br>spread, perpetual growth rate, liquidation value change rate and interest rate.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	Valuation methods	Input variables
Debt securities	Future cash flows of the debt securities are measured by discounting them using a market interest<br>rate applicable to companies with credit ratings similar to that of the issuer	Discount rate, perpetual growth rate, and liquidation value change rate
Derivatives	Fair value is measured by models such as option model.	Correlation coefficient, stock price, volatility of underlying assets 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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, 2025
	Fair value<br>measurement<br>technique	Type	Significant<br><br><br>unobservable inputs	Range	Impact of changes in significant<br>unobservable inputs on fair<br>value<br>measurement
Debt securities	LSMC(Hull-White)		Volatility	23.45%~37.48%	Variation of fair value increases as volatility increases.
Loans	DCF model and<br>others		Discount rate	0.70%~5.26%	Fair value increases as discount rate decreases.
Derivatives	Option valuation<br>model and others	Equity<br>related	Stock prices, Volatility of underlying asset	22.55%	Variation of fair value increases as volatility and stock price increases.
			Discount rate	16.88%	Fair value increases as discount rate decreases.
			Liquidation value	0.00%	Fair value increases as liquidation value increases.
Stocks, capital contributions, and beneficiary certificates	Binomial Tree		Volatility of stock	20.19%~31.51%	Fair value increases as volatility of stock increases
			Stock prices, Volatility of underlying asset	14.91%~34.34%	Variation of fair value increases as volatility of underlying asset and stock price<br>increases.
	DCF model and<br>others		Discount rate	2.77%~19.05%	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%~12.41%	Fair value increases as liquidation value increases.
			Interest rate	2.38%~3.42%	Fair value increases as interest rate decreases.
	LMSC(Hull-White)		Volatility	0.56%	Variation of fair value increases as volatility increases.
			Discount rate	3.83% ~ 6.10%	Fair value increases as discount rate decreases.
	Market Value<br>Approach		Stock volatility	27.86%~31.51%	Variation of fair value increases as stock volatility increases.
Others	Binomial Tree and<br>others		Stock prices, Volatility of underlying asset	14.91%~42.44%	Variation of fair value increases as volatility of underlying asset and stock price<br>increases.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

			December 31, 2024
	Fair value<br>measurement<br>technique	Type	Significant<br><br><br>unobservable inputs	Range	Impact of changes in significant<br>unobservable inputs on fair<br>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.

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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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

	For the year ended December 31, 2025
	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		7,357		—		19,786			—		56,562		(7,358	)		—			76,347
Equity securities		398,899		98,457		11,895			—		78,615		(21,274	)		(16,961	)		549,631
Capital contributions		2,853,513		55,160		45,937			—		467,100		(344,275	)		(4,306	)		3,073,129
Beneficiary certificates		2,105,160		4,844,951		50,083			—		204,980		(77,553	)		—			7,127,621
Loans		34,776		205,627		2,869			—		10,302		(28,959	)		—			224,615
Derivative assets		1,188		—		(1,473	)		—		1,349		(144	)		—			920
Other foreign currency financial assets		48,345		—		(117	)		—		35,721		—			—			83,949
Others		238,267		—		9,603			—		12,095		(19,229	)		—			240,736
Sub-total		5,687,505		5,204,195		138,583			—		866,724		(498,792	)		(21,267	)		11,376,948
Financial assets at FVTOCI
Equity securities		559,434		421,450		—			86,683		3,038		(905	)		(5,216	)		1,064,484
Loans		—		—		—			3		348,428		(338,190	)		—			10,241
Sub-total		559,434		421,450		—			86,686		351,466		(339,095	)		(5,216	)		1,074,725
Total		6,246,939		5,625,645		138,583			86,686		1,218,190		(837,887	)		(26,483	)		12,451,673
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,402		—		—			—		236		(1,402	)		—			236
Total		1,402		—		—			—		236		(1,402	)		—			236
(*1)	For financial liabilities, positive numbers represent losses that increase balance and negative numbers<br>represent gains that decrease balance. The gain amounts to 70,463 million Won for the year ended December 31, 2025, 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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, 2025 AND 2024

(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 table below 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, 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 12,451,909 million Won and 6,248,340 million Won as of December 31, 2025 and 2024, respectively, equity instruments of 6,234,075 million Won and 5,655,401 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, 2025 and 2024 is as follows (Unit: Korean Won in millions):

	December 31, 2025
	Net income (loss)					Other comprehensive<br>income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (1) (4)		19		(19	)		—		—
Loans (*2)		258		(265	)		—		—
Debt securities (*3)		1,343		(1,360	)		—		—
Equity securities (2) (4) (*5)		23,858		(17,454	)		—		—
Beneficiary certificates (5) (6)		55,124		(52,986	)		—		—
Others (*4)		2,731		(2,458	)		—		—
Financial assets at FVTOCI
Equity securities (*5)		—		—			50,556		(44,137	)
Total		83,333		(74,542	)		50,556		(44,137	)
(*1)	Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing liquidation value or discount rate, which are major unobservable variables, by 1% each, respectively.
---	---
(*2)	Fair value changes of equity securities are calculated y increasing or decreasing the correlation between the<br>key unobservable inputs—growth rate (0–1%) and discount rate, or liquidation value (–1–1%) and discount rate.
---	---
(*3)	Fair value changes of equity securities are calculated by increasing or decreasing stock price volatility,<br>which is major unobservable variables, by 10%.
---	---
(*4)	Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%p~10%p) and volatility (-10%p~10%p), which are major unobservable variables.
---	---
(*5)	Fair value changes of equity securities are calculated by increasing or decreasing discount rate (-1%p~1%p) and growth rate (-1%p~1%p) and or liquidation value (-1%p~1%p), which are major unobservable variables.<br>
---	---
(*6)	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 liquidation value of real estate which is underlying assets<br>and discount rate by 1%.
---	---

120 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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 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.
---	---

121 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---
	Fair value								Carrying<br>amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		6,900,333		11,750,572		—		18,650,905		18,707,459
Loans and other financial assets at amortized cost		—		9,214,407		405,939,832		415,154,239		412,495,783
Financial liabilities:
Deposits due to customers		—		376,725,914		—		376,725,914		376,580,845
Borrowings		—		33,953,026		184,609		34,137,635		34,183,267
Debentures		—		54,302,059		1,256,084		55,558,143		55,583,392
Investment contract liabilities		—		—		3,433,611		3,433,611		3,433,611
Other financial liabilities (*)		—		36,473,258		932,195		37,405,453		37,576,486
(*)	Lease liabilities are excluded as of December 31, 2025.
---	---
	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.
---	---

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 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 flow of debt products by applying the<br>market discount rate that is reflecting credit rating of the Group or the market discount rate used for similar in products.	Risk-free market rate, credit spread and forward rate
Investment contract liabilities	Since it is difficult to derive reliable expected cash flows, the book value of the reserves<br>calculated in accordance with the Insurance Business Act and the Insurance Supervisory Regulations was used as a proxy for fair value.	—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(6)	Deferred day 1 profits or losses

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

	For the year ended December 31
	2025			2024
Beginning balance		28			7,848
Amounts recognized in losses		(28	)		(7,820	)
Ending balance		—			28

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 as the transaction price 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 as of December 31, 2025 and 2024.

(7)	Financial instruments by category

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

	December 31, 2025
Financial assets	Financial assets<br>at FVTPL		Financial assets<br>at FVTOCI		Financial assets<br>at amortized cost		Derivatives<br>assets<br>(designated for<br>hedging)		Total
Deposits		261,470		—		2,674,644		—		2,936,114
Securities		26,997,640		83,489,281		18,707,459		—		129,194,380
Loans		1,126,446		10,241		398,706,030		—		399,842,717
Derivative assets		5,774,203		—		—		217,180		5,991,383
Other financial assets		85,716		—		11,115,109		—		11,200,825
Total		34,245,475		83,499,522		431,203,242		217,180		549,165,419
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
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		263,251		467,501		376,580,845		—		377,311,597
Borrowings		496,518		—		34,183,267		—		34,679,785
Debentures		—		—		55,583,392		—		55,583,392
Investment contract liabilities		—		—		3,433,611		—		3,433,611
Derivative liabilities		5,129,664		—		—		615,361		5,745,025
Other financial liabilities (*)		—		—		37,576,486		—		37,576,486
Total		5,889,433		467,501		507,357,601		615,361		514,329,896
(*)	Lease liabilities are excluded as of December 31, 2025.
---	---

123 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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.
---	---

124 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(8)	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, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	For the year ended December 31, 2025
	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		303,458			(480	)		—			723,045			455,021		1,481,044
Financial instruments designated to be measured at FVTPL (*)		—			—			—			2,894			—		2,894
Financial assets at FVTOCI		1,866,114			280			(10,190	)		130,620			29,444		2,016,268
Securities at amortized cost		539,933			—			(330	)		—			—		539,603
Loans and other financial assets at amortized cost		18,470,052			44,386			(2,087,384	)		107,667			—		16,534,721
Financial liabilities at amortized cost		(11,382,195	)		1			—			—			—		(11,382,194	)
Net derivatives (designated for hedging)		—			—			—			(449,507	)		—		(449,507	)
Total		9,797,362			44,187			(2,097,904	)		514,719			484,465		8,742,829
(*)	The amounts recognized in other comprehensive loss related to financial liabilities designated to be measured<br>at FVTPL are 74 million Won during the year ended December 31, 2025.
---	---
	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 gain related to financial liabilities designated to be measured<br>at FVTPL are 1,831 million Won during the year ended December 31, 2024.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

13.	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):


Assets transferred	Financial assets at FVTPL	1,935,048	1,271,304
	Financial assets at FVTOCI	5,053,180	248,394
	Securities at amortized cost	12,145	41,442
	Total	7,000,373	1,561,140
Related liabilities	Bonds sold under repurchase agreements	6,678,468	1,530,767
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):

				Loaned to
Financial assets at FVTPL	Korean treasury and government bonds, etc.	—	12,361	The Korea Securities<br> <br>Finance<br>Corporation
Financial assets at FVTOCI	Korean treasury and government bonds, etc.	5,573,299	—	Korea Securities Depository and others
Financial assets at FVTOCI	Foreign currency debt securities	101,439	—	Nomura Financial Investment (Korea) Co., Ltd
3)	Liquidity of financial assets
---	---

As of December 31, 2025 and 2024, 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, 2025		December 31, 2024
		Carrying amount (*)		Carrying amount (*)
Assets transferred	Loans at amortized cost		4,194,597		5,205,022
	Asset-backed borrowings		2,187,733		2,153,730
Related liabilities	Asset-backed bonds		1,212,423		1,830,672
(*)	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 19. The Group does not have financial instruments that are continuously involved.

126 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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 loan. 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, 2025 and 2024, are 426,221 million Won and 182,478 million Won, respectively. These amounts may be offset against bonds provided as collateral.

As of December 31, 2025 and 2024, 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, 2025
	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)		6,145,354		—		6,145,354		10,260,476	67,406		2,128,320
Receivable spot exchange (*2)		6,310,848		—		6,310,848
Bonds purchased under resale agreements (*2)		13,886,494		—		13,886,494		13,886,494	—		—
Uncollected domestic exchange settlement debits (2) (5)		37,879,669		37,606,420		273,249		—	—		273,249
Receivables (*6)		12,938		12,938		—		—	—		—
Total		64,235,303		37,619,358		26,615,945		24,146,970	67,406		2,401,569
Financial liabilities:
Derivative liabilities (*1)		5,806,793		—		5,806,793		10,169,723	406,310		1,545,214
Payable spot exchange (*3)		6,314,454		—		6,314,454
Bonds sold under repurchase agreements (*4)		6,678,468		—		6,678,468		6,678,468	—		—
Unpaid domestic exchange settlement credits (3) (5)		49,356,200		37,606,420		11,749,780		—	—		11,749,780
Securities sold (*7)		426,221		—		426,221		426,221	—		—
Accounts payable (*6)		60,443		12,938		47,505		—	—		47,505
Total		68,642,579		37,619,358		31,023,221		17,274,412	406,310		13,342,499

127 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(*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)	Although receivables and payables arising from transactions with exchanges, customers, and other financial<br>institutions were initially recognized on a gross basis, receivables and payables related to exchanges and CCP (Central Counterparty) that arise from transactions involving the same type of instruments meet the offsetting criteria under K-IFRS. Accordingly, such receivables and payables are offset and presented on a net basis in the statement of financial position.
---	---
(*7)	The items are included in financial liabilities at FVTPL.
---	---
	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 set off<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.
---	---

128 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

14.	INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(1)	Investments in associates accounted for using the equity method of accounting are as follows:<br>
---	---
			Percentage of<br>ownership(%)
---	---	---	---	---	---	---	---	---	---	---
Joint ventures and associates	Main business		December 31,<br>2025		December 31,<br>2024		Location		Financial<br>statements as of
Woori Bank
W Service Networks Co., Ltd. (1) (4)		Freight & staffing<br>services		4.9		4.9		Korea		2025-11-30
Korea Credit Bureau Co., Ltd. (*2)		Credit information		9.9		9.9		Korea		2025-12-31
Korea Finance Security Co., Ltd. (2) (4)		Security service		15.0		15.0		Korea		2025-11-30
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. (*7)		Manufacturing		—		23.1		Korea		—
K BANK Co., Ltd. (2) (4)		Finance		12.0		12.0		Korea		2025-11-30
Partner One Value Up I Private Equity Fund		Other financial<br>services		23.3		23.3		Korea		2025-12-31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership (*3)		Other financial<br>services		20.0		20.0		Korea		2025-12-31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		Other financial<br>services		25.0		25.0		Korea		2025-12-31
LOTTE CARD Co., Ltd. (*4)		Credit card and<br>installment<br>financing		20.0		20.0		Korea		2025-09-30
Union Technology Finance Investment Association		Other financial<br>services		29.7		29.7		Korea		2025-12-31
Orient Shipyard Co., Ltd. (3) (4)		Manufacture of<br>sections for ships		22.7		22.7		Korea		2025-09-30
Win Mortgage Co.,Ltd. (1) (4)		Other financial<br>services		4.5		4.5		Korea		2025-09-30
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		Other financial<br>services		100.0		100.0		Korea		2025-12-31
BTS 2nd Private Equity Fund		Other financial<br>services		20.0		20.0		Korea		2025-12-31
STASSETS FUND III		Other financial<br>services		28.3		28.3		Korea		2025-12-31
SF CREDIT PARTNERS, LLC(*2)		Other financial<br>services		10.0		10.0		United<br>States		2025-12-31
Dongwoo C & C Co., Ltd. (*3)		Construction		23.2		23.2		Korea		—
G2 Collection Co., Ltd. (*3)		Wholesale and<br>retail sales		28.9		28.9		Korea		—
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2		Other financial<br>services		19.9		19.9		Korea		2025-12-31
Woori Seoul Beltway Private Special Asset Fund No.1		Trust and collective<br>investment		25.0		25.0		Korea		2025-12-31
Woori Smart General Private Equity Investment Trust 1(bond)		Collective<br>investment<br>business		28.6		28.6		Korea		2025-12-31

129 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Joint ventures and associates
Woori Asset Global Partnership Fund No. 5	Collective<br>investment business	57.7	57.7	Korea	2025-12-31
Woori General Private Securities Investment Trust No. 5 (bond)	Collective<br>investment business	28.6	28.6	Korea	2025-12-31
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)	Collective<br>investment business	8.7	9.1	Korea	2025-12-31
Woori General Private Securities Investment Trust No. 6 (bond)	Collective<br>investment business	28.6	28.6	Korea	2025-12-31
Woori General Private Securities Investment Trust No. 7 (bond) (*7)	Collective<br>investment business	—	28.6	Korea	—
Woori General Private Securities Investment Trust No. 8 (bond) (*11)	Collective<br>investment business	28.6	—	Korea	2025-12-31
Woori Smart General Private Equity Investment Trust No.1(bond)	Collective<br>investment business	28.4	28.4	Korea	2025-12-31
Woori Future Energy Private Special Asset Investment Trust(General) No.1	Collective<br>investment business	16.0	16.0	Korea	2025-12-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial<br>services	25.6	25.6	Korea	2025-12-31
Portone-Cape Fund No.1 (*7)	Other financial<br>services	—	20.0	Korea	—
Darwin Green Packaging Private Equity Fund	Other financial<br>services	20.4	20.4	Korea	2025-12-31
Koreawide partners 2nd Private Equity Fund	Other financial<br>services	26.7	26.7	Korea	2025-12-31
Woori Investment Securities Co., Ltd.
Lux-Mason Innovation Technology Fund#2 (*11)	Other financial<br>services	23.1	—	Korea	2025-12-31
AIP NMC Venture Fund No.1 (*11)	Other financial<br>services	26.8	—	Korea	2025-12-31
Woori Investment Securities Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2	Real estate business	12.0	12.0	Korea	2025-12-31
Tongyang Life Insurance Co., Ltd. (*5)
Woori Global Secondary Private Placement Investment Trust No. 2 (*11)	Collective<br>investment business	12.0	—	Korea	2025-12-31
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (*11)	Collective<br>investment business	0.7	—	Korea	2025-12-31
ABL Life Insurance Co., Ltd. (*5)
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1<br>(*11)	Collective<br>investment business	25.0	—	Korea	2025-12-31
Woori PGIF4 General Type Private Special Asset Investment Trust No.1 (*11)	Collective<br>investment business	20.0	—	Korea	2025-12-31
Woori Asset Management Co. Ltd.
Woori Together TDF 2050 (7) (11)	Collective<br>investment business	—	—	Korea	—
Woori Together TDF 2045 (7) (11)	Collective<br>investment business	—	—	Korea	—
Woori Treasury Target Return Bond FoF (*7)	Collective<br>investment business	—	23.9	Korea	—
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF(*10)	Other financial<br>services	4.0	4.0	Korea	2025-12-31

All values are in US Dollars.

130 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of<br>ownership(%)
Joint ventures and associates	Main business	December 31,<br>2025		December 31,<br>2024		Location		Financial<br>statements as of
Aarden Woori Apparel 1st Private Equity Fund (*10)	Other financial services		0.5		0.5		Korea		2025-12-31
Woori Dyno 1st Private Equity Fund (*10)	Other financial services		19.6		19.6		Korea		2025-12-31
NH Woori Dino Co-Investment NO.2 Private Equity Fund<br>(*10)	Other financial services		4.8		5.1		Korea		2025-12-31
Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust NO 1-2	Collective<br>investment business		35.9		35.9		Korea		2025-12-31
Capstone Special Restructuring Private Investment Trust No.4 (*11)	Collective investment<br>business		46.2		—		Korea		2025-12-31
Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8)	Asset Management		37.5		37.5		Korea		2025-12-31
KTBN Venture Fund No.8 (8) (9)	Asset Management		21.7		21.7		Korea		2025-12-31
KTBN Digital Contents Korea Fund No.9 (8) (9)	Asset Management		30.0		30.0		Korea		2025-12-31
KTBN Media Contents Fund (8) (9) (*10)	Asset Management		15.0		15.0		Korea		2025-12-31
KTB China Synergy Fund (8) (9) (*10)	Asset Management		15.1		15.1		Korea		2025-12-31
NAVER-KTB Audio Contents Fund (7)(10)	Asset Management		—		1.0		Korea		—
KTBN Venture Fund No.13 (8) (9) (*10)	Asset Management		19.6		19.6		Korea		2025-12-31
KTBN Future Contents Fund (9) (10)	Asset Management		13.3		13.3		Korea		2025-12-31
KTBN Venture Fund No.16 (*10)	Asset Management		10.3		10.3		Korea		2025-12-31
KTBN Venture Fund No.18 (*10)	Asset Management		10.1		10.1		Korea		2025-12-31
KB-KTB Technology Venture Fund (*10)	Asset Management		18.2		18.2		Korea		2025-12-31
Woori 2022 Scaleup Venture Fund	Asset Management		20.0		20.0		Korea		2025-12-31
Woori 2022 Start-up Venture Fund	Asset Management		30.1		30.1		Korea		2025-12-31
Woori 2025 Secondary Fund (*11)	Asset Management		20.0		—		Korea		2025-12-31
4KTBN GI Private Equity Fund (*7)	Asset Management		—		5.0		Korea		—
Chirochem	Medical material<br>Manufacturing		28.6		28.6		Korea		2025-12-31
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (4)(8)	Other financial services		47.8		47.8		Japan		2025-10-31
Woori ESG Infrastructure Development General Type Private Investment Trust No.1
Ulsan Yeocheon Development Co., Ltd. (*11)	Sewage and wastewater<br>management		50.0		—		Korea		2025-12-31
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		2025-11-30
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 sales		20.1		20.1		Korea		2025-12-31

131 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		Percentage of<br>ownership(%)
Joint ventures and associates	Main business	December 31,<br>2025		December 31,<br>2024		Location		Financial<br>statements as of
Jinmyung Plus Co., Ltd. (3)(4)	Manufacturing		21.3		21.3		Korea		2025-09-30
Rea Company (*3)	Manufacturing		26.1		26.1		Korea		—
ARAM CMC Co.,Ltd. (*3)	Manufacturing		20.1		20.1		Korea		—
MARKET&FARM CO.,LTD. (*3)	Wholesale and<br> <br>commodity<br>brokerage		23.7		23.7		Korea		2025-12-31
SAMJI TEXTILE CO.,LTD. (*3)	Wholesale and<br>commodity<br>brokerage		29.8		29.8		Korea		—
TH International Co., LTD (3)(11)	Cosmetics wholesale<br>and general travel<br>services		21.5		—		Korea		—
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund(*8)	Other financial<br>services		23.4		23.4		Korea		2025-12-31
HMS-Oriens 1st Fund (*7)	Other financial<br>services		—		22.8		Korea		—
Woori Senior Loan Private Placement Investment Trust No.1 (*7)	Collective investment<br>business		—		21.7		Korea		—
Genesis Eco No.1 Private Equity Fund	Other financial<br>services		29.0		29.0		Korea		2025-12-31
Paratus Woori Material Component Equipment joint venture company	Other financial<br>services		29.9		29.9		Korea		2025-12-31
Midas No. 8 Private Equity Joint Venture Company	Other financial<br>services		28.5		28.5		Korea		2025-12-31
Orchestra Private Equity Fund IV	Other financial<br>services		28.2		28.2		Korea		2025-12-31
Synaptic Green No.1 PEF	Other financial<br>services		21.1		21.1		Korea		2025-12-31
IGEN2022No. 1 Private Equity Fund	Other financial<br>services		24.8		24.8		Korea		2025-12-31
PCC-Woori LP Secondary Fund	Other financial<br>services		38.8		38.9		Korea		2025-12-31
Synaptic Future Growth Private Equity Fund 1	Other financial<br>investment		23.8		23.8		Korea		2025-12-31
Woori bank and Tongyang Life Insurance Co., Ltd. (*5)
VOGO Fund (3) (11)	Other financial<br>investment		24.0		—		Korea		—
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust<br>No.1 (*11)	Collective investment<br>business		14.6		—		Korea		2025-12-31
Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*5)
Healthcare Investmetnt Fund (*11)	Other financial<br>investment		28.8		—		Korea		2025-12-31
Woori Asset Management Co., Ltd. and Tongyang Life Insurance Co., Ltd. (*5)
Woorinara Short-Term Bond Securities Investment Trust (Bond) (*11)	Collective investment<br>business		6.8		—		Korea		2025-12-31
ABL Life Insurance Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Together TDF 2025	Collective investment<br>business		17.2		24.7		Korea		2025-12-31

132 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Joint ventures and associates	Main business
Woori Together TDF 2030	Collective investment<br>business	17.3	22.2	Korea	2025-12-31
Woori Together TDF 2035	Collective investment<br>business	4.3	22.5	Korea	2025-12-31
Woori Together TDF 2040 (*11)	Collective investment<br>business	20.4	—	Korea	2025-12-31
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	Collective investment<br>business	4.4	2.3	Korea	2025-12-31
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund<br>(*6)	Trust and collective<br>investment	34.3	34.6	Korea	2025-12-31
Woori Eugene Energy Link Private Equity Fund (*11)	Other financial<br>services	7.9	—	Korea	2025-12-31
Woori NH Co-Growth Private Equity FundI (*11)	Other financial<br>services	20.0	—	Korea	2025-12-31
Woori Bank, ABL Life Insurance Co., Ltd. and Woori Private Equity Asset Management Co., Ltd.<br>(*5)
Woori IMM Green Net Zero Fund (*11)	Other financial<br>services	23.6	—	Korea	2025-12-31
Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (*5)
NH Woori New deal Co-Investment No.1 Private Equity<br>Fund	Other financial<br>services	19.5	19.5	Korea	2025-12-31
Woori Venture Partners Co., Ltd., ABL Life Insurance Co., Ltd. and Woori Asset Management Corp.<br>(*5)
Woori BIG SATISFACTION SHINJONG MMF 3rd	Collective investment<br>business	6.4	2.3	Korea	2025-12-31
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	2025-12-31
NH Woori Newdeal Growth Alpha Private Equity Fund 1	Other financial<br>services	33.0	32.9	Korea	2025-12-31
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	Collective investment<br>business	19.9	19.9	Korea	2025-12-31

133 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(*1)	Most of the significant business transactions of associates are with the Group as of December 31, 2025 and<br>2024.
(*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, 2025 and 2024.
---	---
(*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)	It was classified as an associate due to holding of voting rights according to the initial investment agreement<br>ratio.
---	---
(*7)	It was excluded from associates in current year.
---	---
(*8)	It has been liquidating as of December 31, 2025.
---	---
(*9)	In the event of liquidation, if the distribution payments made or to be made to the cooperative members are<br>less than their contributions, an agreement has been made whereby the shortage will be covered, up to a certain amount within the investment, giving priority to specific shareholders over others.
---	---
(*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 year.
---	---

134 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisition<br>cost		January 1,<br>2025		Share of<br>profits(losses)<br>and others			Acquisition<br>(*2)		Disposal/<br>Reclassification			Dividends			Change in<br>capital and<br>others			December 31,<br>2025
W Service Networks Co., Ltd.		108		204		5			—		—			(5	)		—			204
Korea Credit Bureau Co., Ltd.		3,313		9,001		3,443			—		—			(90	)		—			12,354
Korea Finance Security Co., Ltd.		3,267		3,616		216			—		—			—			—			3,832
K BANK Co., Ltd.		224,657		262,250		11,392			—		—			—			(3,942	)		269,700
Partner One Value Up I Private Equity Fund		5,039		2,123		(113	)		—		—			—			—			2,010
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		—		2,263		(28	)		—		—			(1,000	)		—			1,235
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,630		4,532		—			98		—			—			—			4,630
LOTTE CARD Co., Ltd.		346,810		575,580		22,967			—		—			(7,743	)		(185	)		590,619
Union Technology Finance Investment Association		13,449		11,770		(2,487	)		—		—			—			—			9,283
Orient Shipyard Co., Ltd. (*1)		—		—		—			—		—			—			—			—
Win Mortgage Co.,Ltd.		23		135		(25	)		—		—			(9	)		—			101
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		10,000		10,847		235			—		—			—			—			11,082
BTS 2nd Private Equity Fund		8,766		7,799		(175	)		620		—			—			—			8,244
STASSETS FUND III		13,500		11,178		(239	)		1,500		—			—			—			12,439
SF CREDIT PARTNERS, LLC		15,504		16,000		938			2,445		—			—			(367	)		19,016
Ulsan Yeocheon Development Co., Ltd.		207		—		(6	)		207		—			—			—			201
Japanese Hotel Real Estate Private Equity Fund No.2		3,127		2,805		130			—		(37	)		(153	)		(49	)		2,696
Woori Seoul Beltway Private Special Asset Fund No.1		19,773		16,076		582			3,847		—			(576	)		—			19,929
Woori Smart General Private Equity Investment Trust 1(bond)		40,000		41,783		1,283			—		—			(2,541	)		—			40,525
Woori Asset Global Partnership Fund No. 5		72,366		54,977		395			22,500		(1,871	)		(855	)		—			75,146
Woori General Private Securities Investment Trust No. 5 (bond)		60,000		60,024		(11	)		—		—			—			—			60,013
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		10,000		10,493		282			—		—			(603	)		—			10,172
Woori General Private Securities Investment Trust No. 6 (bond)		40,000		42,090		1,376			—		—			(2,552	)		—			40,914
Woori General Private Securities Investment Trust No. 7 (bond)		—		41,116		610			—		(41,726	)		—			—			—
Woori General Private Securities Investment Trust No. 8 (bond)		40,000		—		(160	)		40,000		—			—			—			39,840
Woori Smart General Private Equity Investment Trust No.1(bond)		40,000		40,477		1,161			—		—			(1,935	)		—			39,703
Woori Future Energy Private Special Asset Investment Trust(General) No.1		—		—		—			—		—			—			—			—
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		—		160		41			—		(201	)		—			—			—
Darwin Green Packaging Private Equity Fund		4,000		3,904		(3	)		—		—			—			—			3,901
Koreawide partners 2nd Private Equity Fund		20,000		19,235		(393	)		—		—			—			—			18,842
Lux-Mason Innovation Technology Fund#2		1,500		—		(2	)		1,500		—			—			—			1,498
AIP NMC Venture Fund No.1		2,000		—		(3	)		2,000		—			—			—			1,997
Woori FirstValue Private Real Estate Fund No.2		9,000		567		(355	)		—		—			—			—			212

135 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024


		January 1,<br>2025		Share of<br>profits(losses)<br>and others			Acquisition<br>(*2)		Disposal/<br>Reclassification			Dividends			Change in<br>capital and<br>others		December 31,<br>2025
Woori Global Secondary Private Placement Investment Trust No. 2	12,031		—		(305	)		12,015		(572	)		(127	)		—		11,011
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)	30,000		—		(141	)		30,786		—			—			—		30,645
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust<br>No.1	25,393		—		1,624			29,971		(483	)		(1,524	)		—		29,588
Woori PGIF4 General Type Private Special Asset Investment Trust No.1	21,251		—		1,664			23,370		—			(184	)		—		24,850
Woori Together TDF 2050	—		—		(139	)		—		139			—			—		—
Woori Together TDF 2045	—		—		299			—		(299	)		—			—		—
Woori Treasury Target Return Bond FoF	—		220		1			—		(221	)		—			—		—
Australia Green Energy 1st PEF	4,913		5,264		181			—		—			—			—		5,445
Aarden Woori Apparel 1st Private Equity Fund	100		95		(2	)		—		—			—			—		93
Woori Dyno 1st Private Equity Fund	2,000		2,849		779			—		—			—			—		3,628
NH Woori Dino Co-Investment NO.2 Private Equity<br>Fund	2,000		1,996		39			200		(200	)		—			—		2,035
KCLAVIS NPL Investment Trust NO 1-2	15,000		15,422		1,724			—		—			—			—		17,146
Capstone Special Restructuring Private Investment Trust No.4	15,000		—		1,192			15,000		—			(1,079	)		—		15,113
KTB-KORUS FUND	—		1,789		(507	)		—		(337	)		(188	)		—		757
KTBN Venture Fund No.8	195		1,529		(500	)		—		—			—			—		1,029
KTBN Digital Contents Korea Fund No.9	7,020		5,006		(2,825	)		—		—			—			—		2,181
KTBN Media Contents Fund	—		154		50			—		—			—			—		204
KTB China Synergy Fund	11,775		18,949		906			—		(625	)		(1,191	)		—		18,039
NAVER-KTB Audio Contents Fund	—		248		—			—		(248	)		—			—		—
KTBN Venture Fund No.13	400		15,659		34,790			—		(4,000	)		(17,209	)		—		29,240
KTBN Future Contents Fund	2,356		4,193		457			—		(1,644	)		—			—		3,006
KTBN Venture Fund No.16	9,000		15,853		6,932			—		(3,200	)		—			—		19,585
KTBN Venture Fund No.18	25,650		25,506		(2,652	)		—		(1,425	)		—			—		21,429
KB-KTB Technology Venture Fund	10,000		9,350		(893	)		—		—			—			—		8,457
Woori 2022 Scaleup Venture Fund	54,824		17,809		722			33,880		—			—			—		52,411
Woori 2022 Start-up Venture Fund	13,100		12,773		(1,121	)		—		—			—			—		11,652
Woori 2025 Secondary Fund	6,188		—		(30	)		6,188		—			(1	)		—		6,157
KTBN GI Private Equity Fund	—		5		(1	)		—		—			(4	)		—		—
Chirochem	250		104		57			—		—			—			—		161
Godo Kaisha Oceanos 1	—		7,347		1,685			—		(9,692	)		(568	)		1,228		—
KG Fashion Co., Ltd. (*1)	—		—		—			—		—			—			—		—
KUM HWA Co., Ltd. (*1)	—		—		—			—		—			—			—		—
Jinmyung Plus Co., Ltd.	—		9		2			—		—			—			—		11
Rea Company (*1)	—		—		—			—		—			—			—		—
MARKET&FARM CO.,LTD. (*1)	—		—		—			—		—			—			—		—
JC Assurance No.2 Private Equity Fund (*1)	29,349		—		—			—		—			—			—		—
HMS-Oriens 1st Fund	—		14,880		—			—		(14,880	)		—			—		—
Woori Senior Loan Private Placement Investment Trust No.1	—		17,517		522			—		(17,591	)		(448	)		—		—
Genesis Eco No.1 Private Equity Fund	12,000		10,847		171			—		—			—			—		11,018
Paratus Woori Material Component Equipment joint venture company	9,335		16,714		(259	)		—		(8,365	)		—			—		8,090

All values are in US Dollars.

136 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	For the year ended December 31, 2025
	Acquisition<br>cost		January 1,<br>2025		Share of<br>profits(losses)<br>and others			Acquisition<br>(*2)		Disposal/<br>Reclassification			Dividends			Change in<br>capital and<br>others			December 31,<br>2025
Midas No. 8 Private Equity Joint Venture Company		18,419		18,207		294			—		—			(530	)		—			17,971
Orchestra Private Equity Fund IV		9,700		9,610		(22	)		—		—			—			—			9,588
Synaptic Green No.1 PEF		8,000		7,499		1,548			—		—			—			—			9,047
IGEN2022No. 1 Private Equity Fund		5,297		7,972		1,891			—		(2,251	)		(1,600	)		—			6,012
PCC-Woori LP Secondary Fund		10,435		8,648		(510	)		—		—			—			—			8,138
Synaptic Future Growth Private Equity Fund 1		7,153		7,685		10			1,819		(1,425	)		—			—			8,089
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust<br>No.1		—		—		—			—		—			—			—			—
Healthcare Investmetnt Fund		3,000		—		(59	)		—		3,000			—			—			2,941
Woorinara Short-Term Bond Securities Investment Trust (Bond)		39,821		—		(2,731	)		45,800		(5,591	)		—			2,802			40,280
Woori Together TDF 2025		3,225		3,577		140			2,285		(2,084	)		(52	)		—			3,866
Woori Together TDF 2030		3,863		3,724		272			2,411		(1,303	)		(46	)		—			5,058
Woori Together TDF 2035		1,912		3,448		193			1,059		(2,290	)		(14	)		—			2,396
Woori Together TDF 2040		3,377		—		534			1,078		2,839			(14	)		—			4,437
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		5,030		4,011		324			1,181		—			—			—			5,516
Woori-Q Corporate Restructuring Private Equity<br>Fund		28,209		34,007		433			—		(1,417	)		—			—			33,023
Woori Eugene Energy Link Private Equity Fund		5,500		—		199			5,500		—			—			—			5,699
Woori NH Co-Growth Private Equity Fund I		5,280		—		909			5,280		—			—			—			6,189
Woori IMM Green Net Zero Fund		9,960		—		410			9,960		—			—			—			10,370
NH Woori New deal Co-Investment No.1 Private Equity<br>Fund		5,000		5,204		(1,512	)		—		—			—			—			3,692
Woori BIG SATISFACTION SHINJONG MMF 3rd		127,182		41,984		68			439,478		(351,141	)		—			—			130,389
Woori-Shinyoung Growth-Cap Private Equity Fund I		10,528		29,696		13,176			—		(6,548	)		—			—			36,324
NH Woori Newdeal Growth Alpha Private Equity Fund 1		60,031		55,539		(6,805	)		15,518		(2,670	)		(180	)		—			61,402
Woori Real Estate Investment No. 1 Limited Liability Company		34,200		33,919		1,355			—		—			—			—			35,274
		1,736,391		1,748,810		95,595			757,496		(478,359	)		(43,021	)		(513	)		2,080,008
(*1)	The amount for which no loss was recognized for associates due to discontinuation of the equity method was<br>1 million Won for Orient Shipyard Co.,Ltd., 30 million Won in KG FASHION CO., LTD., 38 million Won for Market&Farm Co.,Ltd., 6 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 48 million<br>Won for Orient Shipyard Co.,Ltd., 189 million Won in KG FASHION CO., LTD., 118 million Won for Rea Company, 4 million Won for KUM HWA Co., Ltd., 38 million Won for Market&Farm Co.,Ltd., 672 million Won in JC Assurance<br>No.2 Private Equity Fund.
---	---
(*2)	During the year ended December 31, 2025, the associate company, DAOL EMP Global Asset Allocation private<br>Securities investment trust 1 acquired through a business combination, was sold. The carrying amount at the time of acquisition was 28,521 million Won.
---	---

137 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024


		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)<br>ClassC-F	—		105,564		1,864			50,000		(153,226	)		(4,202	)		—			—
Woori Safe Plus General Type Private Investment Trust<br>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
Woori Together OCIO Target Return Feeder fund (Balance Bond)	—		10,376		—			—		(10,376	)		—			—			—
Woori Treasury Target Return Bond FoF	200		—		1			—		219			—			—			220

All values are in US Dollars.

138 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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 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<br>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 1		6,760		7,069		4,848			2,262		(2,627	)		(3,867	)		—			7,685
Woori-Q Corporate Restructuring Private Equity<br>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

139 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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
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<br>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<br>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.
---	---

140 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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.		7,423		3,301		15,306			754			—			754
Korea Credit Bureau Co., Ltd.		160,778		38,645		202,976			36,559			—			36,559
Korea Finance Security Co., Ltd.		40,856		15,307		44,434			1,813			—			1,813
K BANK Co., Ltd.		32,826,189		30,643,202		1,133,400			88,207			(30,073	)		58,134
Partner One Value Up I Private Equity Fund		9,420		775		(984	)		(1,070	)		—			(1,070	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		6,212		38		2			(127	)		—			(127	)
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,747		100		1			(388	)		—			(388	)
LOTTE CARD Co., Ltd. (*)		24,614,346		21,040,011		2,235,400			108,426			(1,957	)		106,469
Union Technology Finance Investment Association		31,762		509		2,015			1,483			—			1,483
Orient Shipyard Co., Ltd.		7,020		23,626		—			(4	)		—			(4	)
Win Mortgage Co., Ltd.		4,804		2,562		11,881			139			—			139
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		11,084		1		241			235			—			235
BTS 2nd Private Equity Fund		41,452		234		1			(881	)		—			(881	)
STASSETS FUND III		44,196		245		60			(842	)		—			(842	)
SF CREDIT PARTNERS, LLC		333,410		148,541		21,326			11,068			(3,670	)		7,398
Japanese Hotel Real Estate Private Equity Fund No.2		13,583		12		767			687			—			687
Woori Seoul Beltway Private Special Asset Fund No.1		79,720		3		2,408			2,329			—			2,329
Woori Smart General Private Equity Investment Trust 1(bond)		275,994		134,157		8,651			4,492			—			4,492
Woori Asset Global Partnership Fund No. 5		130,542		289		1,808			676			—			676
Woori General Private Securities Investment Trust No. 5 (bond)		572,918		362,873		14,934			6,917			—			6,917
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		187,002		69,920		4,563			3,190			—			3,190
Woori General Private Securities Investment Trust No. 6 (bond)		401,132		257,935		11,883			4,814			—			4,814
Woori General Private Securities Investment Trust No. 8 (bond)		393,187		253,745		1,628			(559	)		—			(559	)
Woori Smart General Private Equity Investment Trust No.1(bond)		329,495		189,741		8,023			4,056			—			4,056
Woori Future Energy Private Special Asset Investment Trust(General) No.1		—		—		—			—			—			—
WOORI TAERIM 1st Fund		4,045		183		—			—			—			—
Darwin Green Packaging Private Equity Fund		19,116		1		—			(12	)		—			(12	)
Koreawide partners 2nd Private Equity Fund		75,012		4,354		70			26			—			26
Lux-Mason Innovation Technology Fund#2		6,490		—		—			(10	)		—			(10	)
AIP NMC Venture Fund No.1		7,439		1		—			(12	)		—			(12	)
Woori FirstValue Private Real Estate Fund No.2		64,111		62,357		32			30			—			30
Woori Global Secondary Private Placement Investment Trust No. 2		92,123		72		(1,432	)		(1,685	)		—			(1,685	)
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		4,195,731		43		166,998			166,295			—			166,295
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust<br>No.1		118,372		20		10,638			10,335			—			10,335
Woori PGIF4 General Type Private Special Asset Investment Trust No.1		124,356		107		11,773			11,494			—			11,494
Australia Green Energy 1st PEF		137,459		24		6,346			4,650			—			4,650

141 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2025
	Assets		Liabilities		Operating<br>revenue		Net<br>income<br>(loss)			Other<br>comprehensive<br>income (loss)		Total<br>comprehensive<br>income (loss)
Aarden Woori Apparel 1st Private Equity Fund		20,049		389		—		(333	)		—		(333	)
Woori Dyno 1st Private Equity Fund		18,547		44		4,177		4,010			—		4,010
NH Woori Dino Co-Investment NO.2 Private Equity<br>Fund		42,847		83		1,211		837			—		837
KCLAVIS NPL Investment Trust NO 1-2		47,869		89		4,803		4,803			—		4,803
Capstone Special Restructuring Private Investment Trust No.4		33,010		265		1,477		1,444			—		1,444
KTB-KORUS FUND		2,018		—		2,663		(1,352	)		—		(1,352	)
KTBN Venture Fund No.8		4,734		—		239		(2,298	)		—		(2,298	)
KTBN Digital Contents Korea Fund No.9		8,972		1,701		430		(9,416	)		—		(9,416	)
KTBN Media Contents Fund		1,361		—		331		331			—		331
KTB China Synergy Fund		119,890		110		15,997		6,022			—		6,022
KTBN Venture Fund No.13		152,276		3,150		279,837		177,428			—		177,428
KTBN Future Contents Fund		25,733		3,187		9,193		3,428			—		3,428
KTBN Venture Fund No.16		192,364		1,407		113,770		67,592			—		67,592
KTBN Venture Fund No.18		213,746		2,465		29,252		(26,148	)		—		(26,148	)
KB-KTB Technology Venture Fund		47,314		802		5,863		(4,911	)		—		(4,911	)
Woori 2022 Scaleup Venture Fund		263,756		2,040		12,281		3,606			—		3,606
Woori 2022 Start-up Venture Fund		38,724		33		1,596		(3,723	)		—		(3,723	)
Woori 2025 Secondary Fund		30,789		4		13		(151	)		—		(151	)
Chirochem		755		191		2,907		198			—		198
Godo Kaisha Oceanos 1		—		—		12,197		7,855			—		7,855
Ulsan Yeocheon Development Co., Ltd.		1,439		1,036		—		(12	)		—		(12	)
KG Fashion Co., Ltd.		2,114		2,906		377		(122	)		—		(122	)
KUM HWA Co., Ltd.		4		167		—		—			—		—
Jinmyung Plus Co., Ltd.		494		447		131		(25	)		—		(25	)
MARKET&FARM CO., LTD.		779		883		—		(160	)		—		(160	)
JC Assurance No.2 Private Equity Fund		—		—		—		(26	)		—		(26	)
Genesis Eco No.1 Private Equity Fund		38,639		626		—		(18	)		—		(18	)
Paratus Woori Material Component Equipment joint venture company		27,487		427		2		(865	)		—		(865	)
Midas No. 8 Private Equity Joint Venture Company		63,221		132		1,881		1,037			—		1,037
Orchestra Private Equity Fund IV		34,038		—		431		(75	)		—		(75	)
Synaptic Green No.1 PEF		43,321		350		8,058		7,354			—		7,354
IGEN2022No. 1 Private Equity Fund		24,307		110		15,694		7,102			—		7,102
PCC-Woori LP Secondary Fund		21,317		522		2,438		(1,473	)		—		(1,473	)
Synaptic Future Growth Private Equity Fund 1		34,217		174		1,993		1,240			—		1,240
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust<br>No.1		—		—		—		—			—		—
Healthcare Investmetnt Fund		10,197		—		—		(108	)		—		(108	)
Woorinara Short-Term Bond Securities Investment Trust (Bond)		740,791		143,928		37,816		33,597			—		33,597

142 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2025
	Assets		Liabilities		Operating<br>revenue			Net<br>income<br>(loss)			Other<br>comprehensive<br>income (loss)		Total<br>comprehensive<br>income (loss)
Woori Together TDF 2025		22,797		274		1,479			1,407			—		1,407
Woori Together TDF 2030		29,913		707		2,276			2,206			—		2,206
Woori Together TDF 2035		56,640		1,169		4,247			4,168			—		4,168
Woori Together TDF 2040		22,168		204		1,978			1,938			—		1,938
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		124,718		—		10,377			10,367			—		10,367
Woori-Q Corporate Restructuring Private Equity<br>Fund		98,251		324		2,628			1,293			—		1,293
Woori Eugene Energy Link Private Equity Fund		72,784		253		5,225			2,824			—		2,824
Woori NH Co-Growth Private Equity Fund I		32,137		1,190		5,837			4,547			—		4,547
Woori IMM Green Net Zero Fund		43,987		68		2,160			1,735			—		1,735
NH Woori New deal Co-Investment No.1 Private Equity<br>Fund		19,341		362		389			(10,146	)		—		(10,146	)
Woori BIG SATISFACTION SHINJONG MMF 3rd		2,046,389		19		88,476			88,232			—		88,232
Woori-Shinyoung Growth-Cap Private Equity Fund I		103,810		1,077		37,506			36,345			—		36,345
NH Woori Newdeal Growth Alpha Private Equity Fund 1		182,355		2,013		(10,792	)		(12,911	)		—		(12,911	)
Woori Real Estate Investment No. 1 Limited Liability Company		413,355		235,746		22,668			6,821			—		6,821
(*)	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.
---	---
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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.		6,621		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. (*)		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

143 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024


		Liabilities		Operating<br>revenue		Net<br>income<br>(loss)			Other<br>comprehensive<br>income (loss)			Total<br>comprehensive<br>income (loss)
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<br>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	)
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 1	32,638		295		19,412		18,240			—			18,240
Woori-Q Corporate Restructuring Private Equity<br>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

All values are in US Dollars.

144 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2024
	Assets		Liabilities		Operating<br>revenue		Net<br>income<br>(loss)			Other<br>comprehensive<br>income (loss)		Total<br>comprehensive<br>income (loss)
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<br>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	)
(*)	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.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025 and 2024 are as follows:
	December 31, 2025
---	---	---	---	---
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6
CT International Co., Ltd.		1,741		26.7
Happy Home Co., Ltd.		14,924		23.0
(*)	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
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.
---	---

146 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(5)	As of December 31, 2025 and 2024, 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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total net<br>asset			Ownership<br>(%)		Ownership<br>portion of<br>net assets			Basis<br>difference		Impairment		Intercompany<br>transaction<br>and others		Book<br>value
W Service Networks Co., Ltd.		4,122			4.9		204			—		—		—		204
Korea Credit Bureau Co., Ltd.		122,133			9.9		12,107			247		—		—		12,354
Korea Finance Security Co., Ltd.		25,549			15		3,832			—		—		—		3,832
K BANK Co., Ltd. (*)		2,081,003			12		248,878			20,822		—		—		269,700
Partner One Value Up I Private Equity Fund		8,645			23.3		2,010			—		—		—		2,010
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		6,174			20		1,235			—		—		—		1,235
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,647			25		3,912			—		—		718		4,630
LOTTE CARD Co., Ltd. (*)		2,953,104			20		590,619			—		—		—		590,619
Union Technology Finance Investment Association		31,253			29.7		9,283			—		—		—		9,283
Orient Shipyard Co., Ltd.		(16,606	)		22.7		(3,774	)		—		—		3,774		—
Win Mortgage Co., Ltd.		2,242			4.5		101			—		—		—		101
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		11,083			100		11,082			—		—		—		11,082
BTS 2nd Private Equity Fund		41,218			20		8,244			—		—		—		8,244
STASSETS FUND III		43,951			28.3		12,439			—		—		—		12,439
SF CREDIT PARTNERS, LLC		184,869			10		18,487			529		—		—		19,016
Japanese Hotel Real Estate Private Equity Fund No. 2		13,571			19.9		2,696			—		—		—		2,696
Woori Seoul Beltway Private Special Asset Fund No. 1		79,717			25		19,929			—		—		—		19,929
Woori Smart General Private Equity Investment Trust 1 (bond)		141,837			28.6		40,525			—		—		—		40,525
Woori Asset Global Partnership Fund No. 5		130,253			57.7		75,146			—		—		—		75,146
Woori General Private Securities Investment Trust No. 5 (bond)		210,045			28.6		60,013			—		—		—		60,013
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		117,082			8.7		10,172			—		—		—		10,172
Woori General Private Securities Investment Trust No. 6 (bond)		143,197			28.6		40,914			—		—		—		40,914
Woori General Private Securities Investment Trust No. 8 (bond)		139,442			28.6		39,840			—		—		—		39,840
Woori Smart General Private Equity Investment Trust No.1 (bond)		139,754			28.4		39,703			—		—		—		39,703
Woori Future Energy Private Special Asset Investment Trust (General) No.1		—			16		—			—		—		—		—
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—		—		988

147 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2025
	Total net<br>asset			Ownership<br>(%)		Ownership<br>portion of<br>net assets			Basis<br>difference		Impairment		Intercompany<br>transaction<br>and others		Book<br>value
Darwin Green Packaging Private Equity Fund		19,115			20.4		3,901			—		—		—		3,901
Koreawide partners 2nd Private Equity Fund		70,658			26.7		18,842			—		—		—		18,842
Lux-Mason Innovation Technology Fund#2		6,490			23.1		1,498			—		—		—		1,498
AIP NMC Venture Fund No. 1		7,438			26.8		1,997			—		—		—		1,997
Woori FirstValue Private Real Estate Fund No. 2		1,754			12		212			—		—		—		212
Woori Global Secondary Private Placement Investment Trust No. 2		92,051			12		11,011			—		—		—		11,011
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		4,195,688			0.7		30,645			—		—		—		30,645
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust<br>No.1		118,352			25		29,588			—		—		—		29,588
Woori PGIF4 General Type Private Special Asset Investment Trust No. 1		124,249			20		24,850			—		—		—		24,850
Australia Green Energy 1st PEF		137,435			4		5,445			—		—		—		5,445
Aarden Woori Apparel 1st Private Equity Fund		19,660			0.5		93			—		—		—		93
Woori Dyno 1st Private Equity Fund		18,503			19.6		3,628			—		—		—		3,628
NH Woori Dino Co-Investment NO. 2 Private Equity<br>Fund		42,764			4.8		2,035			—		—		—		2,035
KCLAVIS NPL Investment Trust NO 1-2		47,780			35.9		17,146			—		—		—		17,146
Capstone Special Restructuring Private Investment Trust No.4		32,745			46.2		15,113			—		—		—		15,113
KTB-KORUS FUND		2,018			37.5		757			—		—		—		757
KTBN Venture Fund No. 8		4,734			21.7		1,029			—		—		—		1,029
KTBN Digital Contents Korea Fund No. 9		7,271			30		2,181			—		—		—		2,181
KTBN Media Contents Fund		1,361			15		204			—		—		—		204
KTB China Synergy Fund		119,780			15.1		18,039			—		—		—		18,039
KTBN Venture Fund No. 13		149,126			19.6		29,240			—		—		—		29,240
KTBN Future Contents Fund		22,546			13.3		3,006			—		—		—		3,006
KTBN Venture Fund No. 16		190,957			10.3		19,585			—		—		—		19,585
KTBN Venture Fund No. 18		211,281			10.1		21,429			—		—		—		21,429
KB-KTB Technology Venture Fund		46,512			18.2		8,457			—		—		—		8,457
Woori 2022 Scaleup Venture Fund		261,716			20		52,411			—		—		—		52,411
Woori 2022 Start-up Venture Fund		38,691			30.1		11,652			—		—		—		11,652
Woori 2025 Secondary Fund		30,785			20		6,157			—		—		—		6,157
Chirochem		564			28.6		161			—		—		—		161
Ulsan Yeocheon Development Co., Ltd.		403			50		201			—		—		—		201
KG Fashion Co., Ltd.		(792	)		20.8		(164	)		—		—		164		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—		33		—
Jinmyung Plus Co., Ltd.		47			21.3		11			—		—		—		11
MARKET&FARM CO., LTD.		(104	)		23.7		(25	)		—		—		25		—

148 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2025
	Total net<br>asset		Ownership<br>(%)		Ownership<br>portion of<br>net assets		Basis<br>difference		Impairment			Intercompany<br>transaction<br>and others			Book<br>value
JC Assurance No.2 Private Equity Fund		120,525		23.4		28,240		—		(28,240	)		—			—
Genesis Eco No.1 Private Equity Fund		38,013		29		11,018		—		—			—			11,018
Paratus Woori Material Component Equipment joint venture company		27,060		29.9		8,090		—		—			—			8,090
Midas No. 8 Private Equity Joint Venture Company		63,089		28.5		17,971		—		—			—			17,971
Orchestra Private Equity Fund IV		34,038		28.2		9,588		—		—			—			9,588
Synaptic Green No.1 PEF		42,971		21.1		9,047		—		—			—			9,047
IGEN2022No. 1 Private Equity Fund		24,197		24.8		6,012		—		—			—			6,012
PCC-Woori LP Secondary Fund		20,795		38.8		8,068		—		—			70			8,138
Synaptic Future Growth Private Equity Fund 1		34,043		23.8		8,089		—		—			—			8,089
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust<br>No.1		—		14.6		—		—		—			—			—
Healthcare Investmetnt Fund		10,197		28.8		2,941		—		—			—			2,941
Woorinara Short-Term Bond Securities Investment Trust (Bond)		596,863		6.8		40,280		—		—			—			40,280
Woori Together TDF 2025		22,523		17.2		3,866		—		—			—			3,866
Woori Together TDF 2030		29,206		17.3		5,058		—		—			—			5,058
Woori Together TDF 2035		55,471		4.3		2,396		—		—			—			2,396
Woori Together TDF 2040		21,964		20.4		4,481		—		—			(44	)		4,437
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		124,718		4.4		5,516		—		—			—			5,516
Woori-Q Corporate Restructuring Private Equity<br>Fund		97,927		34.3		33,589		—		—			(566	)		33,023
Woori Eugene Energy Link Private Equity Fund		72,531		7.9		5,699		—		—			—			5,699
Woori NH Co-Growth Private Equity FundI		30,947		20		6,189		—		—			—			6,189
Woori IMM Green Net Zero Fund		43,919		23.6		10,370		—		—			—			10,370
NH Woori New deal Co-Investment No.1 Private Equity<br>Fund		18,979		19.5		3,692		—		—			—			3,692
Woori BIG SATISFACTION SHINJONG MMF 3rd		2,046,370		6.4		130,389		—		—			—			130,389
Woori-Shinyoung Growth-Cap Private Equity Fund I		102,733		35		35,957		—		—			367			36,324
NH Woori Newdeal Growth Alpha Private Equity Fund 1		180,342		33		59,513		—		—			1,889			61,402
Woori Real Estate Investment No. 1 Limited Liability Company		177,609		19.9		35,274		—		—			—			35,274
(*)	The net asset equity amount is after the<br>debt-for-equity swap, non-controlling etc.
---	---

149 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024


			Ownership<br>(%)		Ownership<br>portion of<br>net assets			Basis<br>difference		Impairment		Intercompany<br>transaction<br>and others			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
NH Woori Dino Co-Investment NO.2 Private Equity<br>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

All values are in US Dollars.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2024
	Total net<br>asset			Ownership<br>(%)		Ownership<br>portion of<br>net assets			Basis<br>difference		Impairment			Intercompany<br>transaction<br>and others			Book<br>value
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			—		(28,240	)		—			—
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<br>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
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

151 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2024
	Total net<br>asset		Ownership<br>(%)		Ownership<br>portion of<br>net assets		Basis<br>difference		Impairment		Intercompany<br>transaction<br>and others			Book<br>value
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<br>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<br>debt-for-equity swap, non-controlling etc.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

15.	INVESTMENT PROPERTIES
(1)	Details of investment properties are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Acquisition cost		1,050,044			497,787
Accumulated depreciation		(50,742	)		(46,913	)
Accumulated impairment losses		(448	)		(86	)
Net carrying value		998,854			450,788
(2)	Changes in investment properties are as follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---	---	---
	2025			2024
Beginning balance		450,788			472,768
Acquisition		736			—
Disposal		(4,637	)		(62,467	)
Depreciation		(8,511	)		(8,216	)
Transfer		9,997			42,344
Classification of assets held for sale		(35,137	)		—
Foreign currencies translation adjustments		5,103			6,409
Business combination		580,515			—
Others		—			(50	)
Ending balance		998,854			450,788
(3)	Fair value of investment properties amounted to 1,364,950 million won and 795,216 million won as of<br>December 31, 2025 and 2024, 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 34,888 million won and 23,307 million<br>won for the years ended December 31, 2025 and 2024, respectively. Operating expenses directly related to the investment properties where rental fee was earned, are amounting to 8,719 million won and 8,414 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, 2025 and 2024 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Lease payments:
Within a year		13,827		13,702
More than 1 year and within 2 years		18,687		9,414
More than 2 years and within 3 years		9,799		7,667
More than 3 years and within 4 years		8,303		4,362
More than 4 years and within 5 years		6,137		3,438
More than 5 years		3,793		3,441
Total		60,546		42,024

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

16.	PREMISES AND EQUIPMENT
(1)	Details of premises and equipment as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land		Building		Equipment<br>and<br>vehicles		Leasehold<br>improvement		Construction<br>in progress		Structures		Total
Premises and equipment (owned)		1,983,149		708,535		377,217		75,958		45,761		213		3,190,833
Right-of-use<br>asset		—		554,148		35,836		—		—		—		589,984
Carrying value		1,983,149		1,262,683		413,053		75,958		45,761		213		3,780,817
	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<br>asset		—		557,049		21,894		—		—		—		578,943
Carrying value		1,662,448		1,240,270		327,475		71,952		68,440		—		3,370,585
(2)	Details of premises and equipment (owned) as of December 31, 2025 and 2024 are as follows (Unit: Korean<br>Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land			Building			Equipment<br>and vehicles			Leasehold<br>improvement			Construction<br>in progress		Structures			Total
Acquisition cost		1,983,809			1,125,471			1,465,257			514,364			45,761		331			5,134,993
Accumulated depreciation		—			(416,885	)		(1,087,440	)		(438,406	)		—		(118	)		(1,942,849	)
Accumulated impairment losses		(660	)		(51	)		(600	)		—			—		—			(1,311	)
Net carrying value		1,983,149			708,535			377,217			75,958			45,761		213			3,190,833
	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

154 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):<br>
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Land			Building			Equipment<br>and<br>vehicles			Leasehold<br>improvement			Construction<br>in progress			Structures			Total
Beginning balance		1,662,448			683,221			305,581			71,952			68,440			—			2,791,642
Acquisitions		27,841			30,287			159,726			29,173			80,507			—			327,534
Disposals		(998	)		(1,262	)		(2,087	)		(1,366	)		(31,355	)		—			(37,068	)
Depreciation(*)		—			(34,865	)		(106,372	)		(25,270	)		—			(2	)		(166,509	)
Classification of assets held for sale		(78,582	)		(28,897	)		—			—			—			—			(107,479	)
Transfer		57,009			(3,612	)		7,751			1,342			(72,587	)		100			(9,997	)
Foreign currencies translation adjustments		(1,267	)		(498	)		(1,432	)		(434	)		(49	)		—			(3,680	)
Business combination		316,698			64,224			15,135			546			—			115			396,718
Others		—			(63	)		(1,085	)		15			805			—			(328	)
Ending balance		1,983,149			708,535			377,217			75,958			45,761			213			3,190,833
(*)	Depreciation of premises and equipment (owned) is included in insurance service expenses and general and<br>administrative expenses in the consolidated statement of comprehensive income.
---	---
	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
(4)	Details of right-of-use assets<br>as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and vehicles			Total
Acquisition cost		1,163,535			73,344			1,236,879
Accumulated depreciation		(609,387	)		(37,508	)		(646,895	)
Net carrying value		554,148			35,836			589,984
	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

155 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(5)	Details of changes in<br>right-of-use assets for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and vehicles			Total
Beginning balance		557,049			21,894			578,943
New contracts		175,229			26,333			201,562
Changes in contract		59,921			(194	)		59,727
Termination		(24,869	)		(1,409	)		(26,278	)
Depreciation(*)		(258,847	)		(13,332	)		(272,179	)
Business combination		45,256			2,317			47,573
Others		409			227			636
Ending balance		554,148			35,836			589,984
(*)	Depreciation of right-of-use<br>assets for the current period is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.
---	---
	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

156 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

17.	INTANGIBLE ASSETS
(1)	Details of intangible assets are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Goodwill			Industrial<br>property rights			Development<br>cost			Other<br>intangible<br>assets			Membership<br>deposit			Construction<br>in progress		Total
Acquisition cost		471,905			2,805			1,324,649			1,638,130			65,075			11,688		3,514,252
Accumulated amortization		—			(2,242	)		(994,840	)		(1,337,535	)		—			—		(2,334,617	)
Accumulated impairment losses		(84,911	)		—			—			(33,552	)		(4,525	)		—		(122,988	)
Net carrying value		386,994			563			329,809			267,043			60,550			11,688		1,056,647
	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
(2)	Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Goodwill			Industrial<br>property rights			Development<br>cost			Other<br>intangible<br>assets			Membership<br>deposit			Construction<br>in progress			Total
Beginning balance		482,707			448			275,691			273,553			52,405			6,598			1,091,402
Acquisitions		1,130			9			100,795			77,061			4,039			10,404			193,438
Disposal		—			—			—			(35	)		(3,082	)		(16	)		(3,133	)
Amortization (*)		—			(189	)		(95,192	)		(96,333	)		—			—			(191,714	)
Reversal of impairment losses		(84,912	)		—			—			—			(4	)		575			(84,341	)
Transfer		—			104			1			4,912			(74	)		(4,943	)		—
Business combination		—			191			48,514			10,132			7,268			—			66,105
Foreign currencies translation adjustments		(11,931	)		—			—			(1,786	)		(2	)		(117	)		(13,836	)
Others		—			—			—			(461	)		—			(813	)		(1,274	)
Ending balance		386,994			563			329,809			267,043			60,550			11,688			1,056,647
(*)	Amortization of other intangible assets amounting to 32,495 million won is included in other operating<br>expenses, while the remaining amortization is included in insurance service expenses and general and administrative expenses in the consolidated statement of comprehensive income.
---	---
	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(Recognition)		—		—			—			—			(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.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Goodwill
1)	Details of allocated goodwill based on each cash-generating unit as of December 31, 2025 and 2024 are as<br>follows (Unit: Korean won in million):
---	---
Cash-generating unit (*1)	December 31, 2025		December 31, 2024
---	---	---	---	---
Woori Asset Management Corp.		45,066		45,066
Woori Asset Trust Co., Ltd.		102,582		141,780
Woori Venture Partners Co., Ltd.		41,527		41,527
Woori Investment Securities Co., Ltd.		15,139		15,139
PT Bank Woori Saudara Indonesia 1906 Tbk (*2)		72,404		109,262
WOORI BANK (CAMBODIA) PLC (*3)		47,589		64,584
PT Woori Finance Indonesia Tbk.(*4)		54,367		57,861
Others		8,320		7,488
Total		386,994		482,707
(*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)	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.
---	---
(*3)	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.
---	---
(*4)	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 (Unit: Korean won in million):
---	---

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. (*1)
Discount rate (%).		15.15	14.82		16.19	13.23	12.96		12.83		14.48
Terminal growth rate (%)		1	1		1	1	1		1		1
Recoverable amount. (Unit: Korean won in million)		14,484	453,902		442,380	247,197	1,106,424		591,103		154,408
Carrying amount (Unit: Korean won in million)		1,208,399	381,319		221,967	231,289	1,136,686		606,555		146,840
Impairment loss		—	(39,198	)	—	—	(30,262	)	(15,452	)	—
(*1)	Based on the results of the impairment test of goodwill, it has been concluded that the carrying amount of the<br>cash-generating unit to which the goodwill is allocated does not exceed its recoverable amount.
---	---
(*2)	Based on the results of the impairment test of goodwill, an impairment loss was recognized as the carrying<br>amount of the cash-generating unit to which the goodwill is allocated exceeded its recoverable amount.
---	---
(*3)	Amount recognized for the current period based on the impairment test performed upon identification of<br>impairment indicators.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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
Discount rate	Increase by<br>1.0% point	(167,568	)	(30,766	)	(24,947	)	(33,705	)	(97,991	)	(52,311	)	(12,212	)
	Decrease by<br>1.0% point	206,668		37,046		29,634		42,300		116,379		62,246		14,235
Terminal growth rate	Increase by<br>1.0% point	140,527		21,975		16,999		29,384		78,719		42,278		9,220
	Decrease by<br>1.0% point	(116,990	)	(18,310	)	(14,378	)	(23,668	)	(66,567	)	(35,687	)	(7,946	)
18.	ASSETS HELD FOR SALE
---	---

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

Assets (*)	December 31, 2025
Premises and equipment		91,480	31,266
Others		77,011	42,723
Total		168,491	73,989
(*)	The Group classifies assets as held for sale that are highly likely to be sold within one year from<br>December 31, 2025 and 2024.
---	---

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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

19.	ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES
(1)	Assets subjected to lien are as follows (Unit: Korean Won in millions):
---	---
		December 31, 2025
---	---	---	---	---	---
		Collateral given to	Amount		Reason for collateral
Financial assets at FVTPL	Korean treasury and government bonds, etc.	Korea Securities Depository, etc.		1,935,048	Related to bonds sold under repurchase agreements (*1)
	Korean treasury and government bonds, etc.	Korea Securities Depository, etc.		656,478	Securities borrowing collateral
	Korean treasury and government bonds, etc.	The BOK, etc.		1,814,134	Settlement risk, etc.
	Korean treasury and government bonds, etc.	SHINHAN SECURITIES CO, etc.		24,454	Future trading collateral
	Korean treasury and government bonds, etc.	NEXT SECURITIES (Futures), etc.		36,743	Collateral for derivative contracts, etc.
	Korean financial institutions’ debt securities, etc.	ING BANK, etc.		587,591	Variable margin deposit for CSA, etc.
	Korean capital contributions, etc.	Korea Software Financial Cooperative, etc.		9,279	Bid guarantee
	Due from banks in local currency	KB SECURITIES		1,024	Equity-related derivatives, etc.
Financial assets at FVTOCI	Korean treasury and government bonds, etc.	The BOK, etc.		3,974,635	Related to bonds sold under repurchase agreements (*1)
	Korean financial institutions’ debt securities, etc.	The BOK, etc.		927,890	Related to bonds sold under repurchase agreements (*1)
	Korean treasury and government bonds, etc.	The BOK, etc.		362,317	Settlement risk, etc.
	Korean financial institutions’ debt securities, etc.	The BOK, etc.		9,283,095	Settlement risk, etc.
	Korean treasury and government bonds, etc.	Korea Securities Finance Corporation		20,117	Securities borrowing collateral
	Korean treasury and government bonds, etc.	Industrial Bank of Korea etc.		1,137,895	Collateral for derivative contracts, etc.
	Foreign currency debt securities	CCIL Exchange		150,656	Related to bonds sold under repurchase agreements (*1)
	Foreign currency debt securities	SOCIETE GENERALE		386,609	Variable margin deposit for CSA, etc.
	Foreign currency debt securities	RJF		93,681	Related to the borrowing limit
Securities at amortized cost	Korean treasury and government bonds, etc.	The BOK, etc.		9,100,505	Settlement risk, etc.
	Korean financial institutions’ debt securities, etc.	The BOK, etc.		5,098,911	Settlement risk, etc.
	Foreign currency debt securities	NATIXIS		12,145	Related to bonds sold under repurchase agreements (*1)
	Foreign currency debt securities	RJF, etc.		30,441	Related to the borrowing limit

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		December 31, 2025
		Collateral given to	Amount		Reason for collateral
Loan at amortized cost and other financial assets	Due from banks in local currency	KEB Hana Bank Co., Ltd., etc.		40,431	Collateral for difference settlement
	Due from banks in local currency	Shinhan Life Insurance Co., Ltd.		30	Related to refund liabilities for insurance contract commissions
	Other due from banks in local currency	MetLife Insurance Co., Ltd.		25	Related to refund liabilities for insurance contract commissions
	Other due from banks in local currency	Korea Exchange Co., Ltd.		3,362	Korean Won CCP margin
	Other due from banks in local currency	MSBI LIMITED Seoul		12,634	Variable margin deposit for CSA, etc
	Other due from banks in foreign currency	GOLDMAN SACHS INTL, etc.		353,030	Variable margin deposit for CSA, etc
	Mortgage loan	Public offering		2,067,313	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., etc.		103,267	Right to collateral (*2)
Total				38,225,548
(*1)	The Group has the agreement to repurchase the transferred assets at a predetermined price or at the selling<br>price plus a specified rate of return, and the assets are provided as collateral as bonds for which the financial assets are not derecognized. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize<br>the assets, but recognizes the relevant amounts as liability (bonds sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
---	---
(*2)	The maximum pledge amount is 17,008 million Won.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		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 foreign currencies	Central Bank of Brazil, etc.		164,136	Related to bonds sold under repurchase agreements (*1)
	Debt securities in foreign currencies	RJF		110,530	Related to the borrowing limit
	Debt securities in 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 foreign currencies	NATIXIS		41,442	Related to bonds sold under repurchase agreements (*1)
	Debt securities in 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., etc.		5,211	Right to collateral (*2)
Total				25,855,966
(*1)	The Group has the agreement to repurchase the sold assets at the predetermined price or the price that includes<br>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 sold under<br>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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(2)	Assets acquired through foreclosures are as follows (Unit: Korean Won in millions):
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Investment properties
Land		4,195			6,463
Building		—			23
Sub-total		4,195			6,486
Other assets
Building for non-business use (*1)		44,729			46,218
Movables for non-business use (*2)		114			110
Real estate assessment provision for non-business<br>use		(1,794	)		(1,898	)
Sub-total		43,049			44,430
Assets held for sale
Land		369			2,215
Building		862			1,780
Sub-total		1,231			3,995
Total		48,475			54,911
(*1)	The cumulative depreciation amount as of December 31, 2025 and 2024 is 3,120 million Won and<br>2,357 million Won, respectively.
---	---
(*2)	The cumulative depreciation amount as of December 31, 2025 and 2024 is 370 million Won and<br>387 million Won, respectively.
---	---
(3)	Securities loaned are as follows (Unit: Korean Won in millions):
---	---
		December 31,<br>2025		Loaned to	December 31,<br>2024		Loaned to
---	---	---	---	---	---	---	---
Financial assets at FVTPL	Korean treasury and government bonds, etc.		—	—		12,361	Korea Securities Finance Corporation
Financial assets at FVTOCI	Korean treasury and government bonds, etc.		5,573,299	Korea Securities Finance Corporation and others		—	—
Financial assets at FVTOCI	Foreign currency debt securities		101,439	Nomura Financial Investment (Korea) Co., Ltd.		—	—

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<br>regardless of defaults of counterparties

Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	December 31, 2025
	Fair values of collaterals		Fair values of collaterals<br>were disposed or<br>re-subjected to lien
Securities		14,673,954		—
	December 31, 2024
	Fair values of collaterals		Fair values of collaterals<br>were disposed or<br>re-subjected to lien
Securities		10,640,153		—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

20.	OTHER ASSETS

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

	December 31, 2025		December 31, 2024
Lease assets		3,823,620		3,965,839
Prepaid expenses		416,230		359,638
Advance payments		75,234		194,881
Non-operational assets		43,050		44,430
Others		66,594		40,575
Total		4,424,728		4,605,363
21.	FINANCIAL LIABILITIES AT FVTPL
---	---
(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Financial instruments at fair value through profit or loss		5,889,433		9,348,781
Financial liabilities designated to be measured at FVTPL		467,501		547,816
Total		6,356,934		9,896,597

(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean Won in millions):

	December 31, 2025		December 31, 2024
Deposits
Gold banking liabilities		263,251		74,205
Borrowings
Securities sold		496,518		182,478
Derivative liabilities		5,129,664		9,092,098
Total		5,889,433		9,348,781
(3)	Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Deposits due to customers
Time deposits		467,501		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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Financial liabilities designated to be measured at FVTPL at the end of each period		467,501			547,816
Changes in fair value due to change in credit risk (*)		74			(1,831	)
Accumulated change in fair value due to change in credit risk (*)		(1,757	)		(1,831	)
(*)	The amounts recognized in other comprehensive loss related to financial liabilities designated to be measured<br>at FVTPL are 74 million Won with an accumulated profit of 1,757 million Won during the year ended December 31, 2025. The amounts recognized in other comprehensive income related to financial liabilities designated to be measured at<br>FVTPL are 1,831 million Won with an accumulated profit of 1,831 million Won during the year ended December 31, 2024.
---	---

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, 2025		December 31, 2024
---	---	---	---	---
Carrying amount		467,501		547,816
Nominal amount at maturity		450,000		530,000
Difference		17,501		17,816
22.	DEPOSITS DUE TO CUSTOMERS
---	---

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


Deposits in local currency:
Deposits on demand	8,195,492		7,880,603
Savings deposits with withdrawal on demand	125,367,093		115,527,487
Other savings deposits	173,435,409		175,380,553
Mutual installment	18,219		19,901
Deposits on notes payables	3,685,924		4,000,894
Deposits on CMA	112,671		120,666
Certificate of deposits	9,274,299		11,742,425
Other deposits	955,588		1,037,811
Sub-total	321,044,695		315,710,340
Deposits in foreign currencies:
Deposits in foreign currencies	55,428,606		50,988,673
Present value discount	(138,961	)	(144,359	)
Customers’ deposits for beneficiary	246,505		266,502
Total	376,580,845		366,821,156

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

23.	BORROWINGS AND DEBENTURES
(1)	Details of borrowings are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		1.0		1,845,239
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,195,534
Others	The Korea Development Bank and others		0.0 ~ 4.6		8,378,570
Sub-total					12,419,343
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.8 ~ 10.0		13,071,842
Bills sold	Others		0.0 ~ 2.0		1,033
Call money	Bank and others		1.7 ~ 10.0		2,013,940
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 14.9		6,678,468
Present value discount					(1,359	)
Total					34,183,267
	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
(2)	Details of debentures are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025					December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		0.8 ~ 7.5		47,124,232			0.8 ~ 7.5		41,665,997
Subordinated bonds		1.9 ~ 6.7		6,683,193			1.9 ~ 5.1		4,421,380
Other bonds		2.9 ~ 17.0		1,782,423			1.6 ~ 17.0		2,250,672
Sub-total				55,589,848					48,338,049
Discounts on bonds				(6,456	)				(130,946	)
Total				55,583,392					48,207,103
(*)	Included debentures under fair value hedge amounting to 4,046,624 million won and 3,952,047 million<br>won as of December 31, 2025 and 2024 respectively. Also, debentures under cash flow hedge amounting to 1,410,514 million won and 1,860,100 million won are included as of December 31, 2025 and 2024 respectively.<br>
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

24.	INSURANCE CONTRACTS
(1)	Details of insurance contracts assets and insurance contracts liabilities are as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Life		Health		Annuity/Savings<br>and others		Variable		Total
Insurance contracts assets		—		—		—		—		—
Insurance contracts liabilities		8,078,577		8,032,075		25,460,803		4,002,409		45,573,864
Net insurance contracts liabilities (asset)		8,078,577		8,032,075		25,460,803		4,002,409		45,573,864
(2)	Assumptions for current estimates of future cash flows and basis for calculation for the year ended<br>December 31, 2025, are as follows:
---	---
1)	Tongyang Life Insurance Co., Ltd.
---	---
	Experience rate (%)	Basis
---	---	---
Lapse ratio	0% ~ 66.5%	The ratio of surrender value to contract insurance premiums calculated by insurance type, payment method, channels, period of premium payments and durations computed based on experience statistics from the most recent 5 years as<br>of June 30, 2025.
Loss ratio	7.1% ~ 774.9%	The ratio of claims paid to risk premiums calculated by collateral, gender, channels and experience life table based on experience<br>statistics from the most recent 5 years as of June 30, 2025.<br> <br><br> <br>* For PYTREND and<br>CHN, the most recent 5-year experience statistics are used and for Trend, the most 10-year experience statistics are used.
Operating expense ratio	—	The acquisition and operating expense ratio is calculated by channels and insurance type as a proportionate unit cost based on operating<br>expenses spendings and experience statistics from the most recent year as of June 30, 2025. (recent 3 years for investment management cost)<br> <br><br><br><br>* Agent commission fees and sales promotion expenses are measured by policy duration based on the amounts expected to be actually incurred, in accordance with<br>applicable regulations such as commission payment guidelines.<br> <br><br> <br>* Depending on the<br>characteristics of cost incurrence, cost drivers applied include converted results, the number of new and existing contracts, projected acquisition and operating expenses, insurance premiums, reserve funds and others.
Discount rate	3.53% ~ 4.20%	A total of 1,000 interest rate scenarios were applied by estimating parameters that ensure consistency with market-traded assets, based on an adjusted<br>risk-free interest rate term structure reflecting long-term forward rates and liquidity premiums.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Confidence level of the risk adjustment for<br>non-financial risk	75%	Under the assumption that probability distribution of present value of future cash flows as at each reporting date follows normal distribution, risk adjustment is calculated as as the amount which 75th percentile exceeds the<br>probability weighted average of present value of future cash flows.
2)	ABL Life Insurance Co., Ltd.
---	---
	Experience rate (%)	Basis
---	---	---
Lapse ratio	0% ~ 61%	The ratio of surrender value to contract insurance premiums calculated by interest level, insurance type, payment method, channels, level<br>of surrender value of insurance contracts, period of premium payments and durations computed based on experience statistics from the most recent 5 years as of June 30, 2025.<br><br><br><br> <br>* Lapse rates for insurance with non-surrender value or<br>low-surrender value are determined in accordance with the Actuarial Standard of Practice on the calculation and application of actuarial assumptions.
Loss ratio	5% ~ 1,314%	The ratio of claims paid to risk premiums calculated by collateral, gender, age, channels, experience life table and others based on<br>experience statistics from the most recent 5 years as of June 30, 2025.<br> <br><br> <br><br>Determined in accordance with the Actuarial Standard of Practice on the calculation and application of actuarial assumptions.<br> <br><br><br><br>The claims paid are based on the statistics of the 5 years preceding the occurrence of the accident and are determined by taking into account the progress<br>rate of the incurred but not reported losses.
Operating expense ratio	—	The acquisition and operating expense ratio is calculated as a proportionate unit cost of initial premium, converted results, the number<br>of contracts, premium, claim payments, reserve funds, policy loans and others based on experience statistics from the most recent years and business plan, the company’s future expense cost reflected.<br><br><br><br> <br>* Statistics period: applying 1-year for<br>contract execution expense, contract maintenance expense, claims handling cost and investment management cost, and 3-year for investment management cost of policy loans.
Discount rate	(4.57)% ~ 26.06%	By estimating the parameter that is consistent with assets traded in the market, apply 1,000 interest rate scenarios to the adjusted risk-free term structure of interest rates, which incorporates the long-term forward rate and<br>liquidity premium.
Confidence level of the risk adjustment for<br>non-financial risk	75%	Under the assumption that probability distribution of present value of future cash flows as at each reporting date follows normal distribution, calculate risk adjustment as the amount which 75th percentile exceeds the probability<br>weighted average of present value of future cash flows.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Changes in liabilities for remaining coverage and liabilities for claims incurred within insurance contracts<br>liabilities for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Liability (asset) for<br>remaining coverage						Liability<br>(asset) for<br>incurred claims			Total
		Excluding loss<br>component			Loss component
Beginning balance	Insurance contracts assets		—			—			—			—
	Insurance contracts liabilities		—			—			—			—
	Net insurance contracts liabilities (asset)		—			—			—			—
Increase due to business combinations	Insurance contracts assets		—			—			—			—
	Insurance contracts liabilities		44,945,543			121			2,121,606			47,067,270
	Net insurance contracts liabilities (asset)		44,945,543			121			2,121,606			47,067,270
Insurance income	Insurance contracts under conversion		(1,005,778	)		—			—			(1,005,778	)
	Sub-total		(1,005,778	)		—			—			(1,005,778	)
Insurance service expense	Insurance expenses and insurance service expenses incurred		6,922			(288	)		689,745			696,379
	Amortization of insurance acquisition cash flows		148,980			—			—			148,980
	Changes in liability for incurred claims		—			—			23,777			23,777
	Reversal of loss components		—			32,478			—			32,478
	Sub-total		155,902			32,190			713,522			901,614
Insurance service result			(849,876	)		32,190			713,522			(104,164	)
Insurance finance interest income and other insurance finance income	Net income		1,093,463			63			38,709			1,132,235
	Other comprehensive income		(2,395,497	)		—			(379	)		(2,395,876	)
	Sub-total		(1,302,034	)		63			38,330			(1,263,641	)
Total Changes in net income, other comprehensive income and insurance service result			(2,151,910	)		32,253			751,852			(1,367,805	)
Investment components excluded from insurance service result and insurance finance income			(2,308,250	)		—			2,308,250			—
Cash flow	Premium received		3,496,221			—			—			3,496,221
	Insurance acquisition cash flow		(649,882	)		—			—			(649,882	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	Claims and other insurance service expenses paid including investment components	(60,533	)	—	(2,920,102	)	(2,980,635	)
	Sub-total	2,785,806		—	(2,920,102	)	(134,296	)
Other increase (decrease)		(738	)	88	9,345		8,695
Ending balance	Insurance contracts assets	—		—	—		—
	Insurance contracts liabilities	43,270,451		32,462	2,270,951		45,573,864
	Net insurance contracts liabilities (asset)	43,270,451		32,462	2,270,951		45,573,864
(4)	Changes in the estimate of the present value of the future cash flows, risk adjustment for non-financial risk and contractual service margin for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Estimate of the<br>present value of<br>future cash<br>flows			Risk adjustment<br>for non-financial<br>risk			Insurance<br>contracts under<br>conversion			Total
Beginning balance	Insurance contracts assets		—			—			—			—
	Insurance contracts liabilities		—			—			—			—
	Net insurance contracts liabilities (asset)		—			—			—			—
Increase due to business combinations	Insurance contracts assets		—			—			—			—
	Insurance contracts liabilities		42,710,666			773,337			3,583,267			47,067,270
	Net insurance contracts liabilities (asset)		42,710,666			773,337			3,583,267			47,067,270
Changes related to current service	Amortization of contractual service margin		—			—			(154,187	)		(154,187	)
	Changes in risk adjustment for non-financial risk		—			(26,471	)		—			(26,471	)
	Experience adjustments		20,234			5			—			20,239
	Sub-total		20,234			(26,466	)		(154,187	)		(160,419	)
Changes related to future service	Change in estimate adjusting contractual service margin		936,116			(30,014	)		(906,102	)		—
	Change in estimate adjusting losses (reversal) of group of onerous contracts		53,294			(28,990	)		—			24,304
	Effect of initially recognized contracts		(488,210	)		49,342			447,042			8,174
	Sub-total		501,200			(9,662	)		(459,060	)		32,478
Changes related to past service	Changes in liability for incurred claims		22,770			1,007			—			23,777
	Sub-total		22,770			1,007			—			23,777
Insurance service result			544,204			(35,121	)		(613,247	)		(104,164	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Insurance finance interest income and other insurance finance income	Net income	1,059,968		8,724		63,543		1,132,235
	Other comprehensive income	(2,397,918	)	2,042		—		(2,395,876	)
	Sub-total	(1,337,950	)	10,766		63,543		(1,263,641	)
Total Changes in net income, other comprehensive income and insurance service<br>result		(793,746	)	(24,355	)	(549,704	)	(1,367,805	)
Cash flow	Premium received	3,496,221		—		—		3,496,221
	Insurance acquisition cash flow	(649,882	)	—		—		(649,882	)
	Claims and other insurance service expenses paid including investment components	(2,980,630	)	(5	)	—		(2,980,635	)
	Sub-total	(134,291	)	(5	)	—		(134,296	)
Other increase (decrease)		8,695		—		—		8,695
Ending balance	Insurance contracts assets	—		—		—		—
	Insurance contracts liabilities	41,791,324		748,977		3,033,563		45,573,864
	Net insurance contracts liabilities (asset)	41,791,324		748,977		3,033,563		45,573,864
(5)	The effect on the consolidated statement of financial position at the time of initial recognition of new<br>insurance contracts for the year ended December 31, 2025 is as follows (Unit: Korean Won in millions):
---	---
		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		The estimates of the present<br>value of future cash outflows				The estimates<br>of the present<br>value of future<br>cash inflows			Risk<br>adjustment for<br>non-financial<br>risk		Contractual<br>Service Margin		Total		Loss at initial<br>recognition
		Insurance<br>acquisition<br>cash flow		Insurance<br>expenses and<br>insurance
Initial recognition of new insurance contracts (*1)	Non-onerous contracts		608,795		3,444,352		(4,546,284	)		46,095		447,042		—		—
	Onerous contracts		46,026		227,758		(268,857	)		3,247		—		8,174		8,174
	Sub-total		654,821		3,672,110		(4,815,141	)		49,342		447,042		8,174		8,174
Business Combination			630,150		101,042,991		(58,962,475	)		773,337		3,583,267		47,067,270		121
	Total		1,284,971		104,715,101		(63,777,616	)		822,679		4,030,309		47,075,444		8,295

(*1) There are no insurance contracts acquired in a transfer.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(6)	Expected amounts of insurance revenue to be recognized in profit or loss by the anticipated amortization period<br>of the contractual service margin (CSM) for insurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	1 year		2 years		3 years		4 years		5 years		6 years to<br>10 years		11 years to<br>20 years		21 years to<br>30 years		More than<br>30 years		Total
Life		30,628		28,920		28,431		28,613		28,616		131,482		222,769		180,182		275,902		955,543
Health		78,792		70,989		62,633		57,086		52,756		213,953		331,027		259,354		397,794		1,524,384
Annuity/Savings and others		46,266		41,112		37,263		33,865		29,973		104,470		76,944		29,301		17,550		416,744
Variable		16,368		14,377		12,600		10,898		9,375		31,108		27,175		9,890		5,101		136,892
Total		172,054		155,398		140,927		130,462		120,720		481,013		657,915		478,727		696,347		3,033,563
(7)	Details and fair value of underlying assets of participating insurance contracts as of December 31, 2025,<br>are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---
Cash and deposits		257,847
Securities		2,594,648
Other assets		75,383
Total		2,927,878
(8)	Amount related to time value of money related to risk mitigation for participating insurance contracts,<br>financial risks allocated and changes in fulfillment cash flows that are not recognized as contractual service margin as of December 31, 2025, is as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---
Not recognized as contractual service margin		50,448
(9)	No amounts from the valuation of financial assets at FVTOCI relate to the insurance contracts under the fair<br>value approach or conversion of the modified retrospective approach.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

25.	REINSURANCE CONTRACT
(1)	Details of reinsurance contracts assets and reinsurance contracts liabilities are as follows (Unit: Korean Won<br>in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---
	Life		Health		Annuity/<br>Savings and<br>others		Total
Reinsurance contracts assets		381,667		231,261		7,279		620,207
Reinsurance contracts liabilities		52,842		131,344		606		184,792
Net reinsurance contracts asset (liabilities)		328,825		99,917		6,673		435,415
(2)	Changes in liabilities for remaining coverage and liabilities for incurred claims within reinsurance contracts<br>liabilities that premium allocation approach was not applied for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):
---	---
		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
		Liability (asset) for<br>remaining coverage					Asset (liability)<br>for incurred<br>claims			Total
		Excluding loss<br>recovery<br>component			Loss recovery<br>component
Beginning balance	Reinsurance contracts assets		—			—		—			—
	Reinsurance contracts liabilities		—			—		—			—
	Net reinsurance contracts assets (liabilities)		—			—		—			—
Increase due to business combinations	Reinsurance contracts assets		582,962			—		3,484			586,446
	Reinsurance contracts liabilities		153,241			—		(16,892	)		136,349
	Net reinsurance contracts assets (liabilities)		429,721			—		20,376			450,097
Reinsurance expenses	Reinsurance contracts under conversion		(37,012	)		—		—			(37,012	)
Reinsurance income	Reinsurance expenses and reinsurance service expenses incurred		(37,012	)		—		—			(37,012	)
	Changes in asset for incurred claims		—			56		32,285			32,341
	Reversal of loss components		—			—		3,745			3,745
	Sub-total		—			633		—			633
Insurance service result			—			689		36,030			36,719
Reinsurance finance interest income and other insurance finance income	Effect of changes in credit risk of reinsurance liabilities		(37,012	)		689		36,030			(293	)
	Net income		365			—		—			365
	Other comprehensive income		6,115			278		512			6,905

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Sub-total		(20,099	)	—	(58	)	(20,157	)
Total Changes in net income, other comprehensive income and reinsurance service<br>result		(13,619	)	278	454		(12,887	)
Reinsurance service result and investment components excluded from reinsurance finance<br>interest income and other insurance finance income		(50,631	)	967	36,484		(13,180	)
Cash flow	Premium paid	(39,806	)	—	39,806		—
	Claims and other reinsurance service expenses paid including investment components	62,921		—	—		62,921
Sub-total		(6,662	)	—	(59,840	)	(66,502	)
Other increase (decrease)		56,259		—	(59,840	)	(3,581	)
Ending balance	Reinsurance contracts assets	—		—	2,079		2,079
	Reinsurance contracts liabilities	460,626		125,747	33,834		620,207
	Net reinsurance contracts asset (liabilities)	65,083		124,780	(5,071	)	184,792
		395,543		967	38,905		435,415
(3)	Changes in the estimate of the present value of the future cash flows, risk adjustment for non-financial risk and contractual service margin for the year ended December 31, 2025, are as follows (Unit: Korean Won in millions):
---	---
		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
		Estimate of the<br>present value of<br>future cash<br>flows		Risk adjustment<br>for non-financial<br>risk			Reinsurance<br>contracts under<br>conversion			Total
Beginning balance	Reinsurance contracts assets		—		—			—			—
	Reinsurance contracts liabilities		—		—			—			—
	Net reinsurance contracts asset (liabilities)		—		—			—			—
Increase due to business combinations	Reinsurance contracts assets		470,958		17,215			98,273			586,446
	Reinsurance contracts liabilities		289,635		(20,976	)		(132,310	)		136,349
	Net reinsurance contracts asset (liabilities)		181,323		38,191			230,583			450,097
Changes related to current service	Amortization of contractual service margin		—		—			(7,868	)		(7,868	)
	Changes in risk adjustment for non-financial risk		—		(1,024	)		—			(1,024	)
	Experience adjustments		4,221		—			—			4,221
Sub-total			4,221		(1,024	)		(7,868	)		(4,671	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Changes related to future service	Change in estimate adjusting contractual service margin	133,284		(990	)	(132,294	)	—
	Change in estimate adjusting loss recovery component	6,196		(5,715	)	—		481
	Effect of initially recognized contracts	(572	)	38		686		152
Sub-total		138,908		(6,667	)	(131,608	)	633
Changes related to past service	Changes in asset for incurred claims	3,643		102		—		3,745
Sub-total		3,643		102		—		3,745
Reinsurance service result		146,772		(7,589	)	(139,476	)	(293	)
Reinsurance finance interest income and other insurance finance income	Effect of changes in credit risk of reinsurance liabilities	365		—		—		365
	Net income	2,732		273		3,900		6,905
	Other comprehensive income	(19,685	)	(472	)	—		(20,157	)
Sub-total		(16,588	)	(199	)	3,900		(12,887	)
Total Changes in net income, other comprehensive income and reinsurance service<br>result		130,184		(7,788	)	(135,576	)	(13,180	)
Cash flow	Premium paid	62,921		—		—		62,921
	Claims and other reinsurance service expenses paid including investment components	(66,502	)	—		—		(66,502	)
Sub-total		(3,581	)	—		—		(3,581	)
Other increase (decrease)		2,079		—		—		2,079
Ending balance	Reinsurance contracts assets	371,842		24,068		224,297		620,207
	Reinsurance contracts liabilities	61,837		(6,335	)	129,290		184,792
	Net reinsurance contracts asset (liabilities)	310,005		30,403		95,007		435,415

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(4)	The effect on the consolidated statement of financial position at the time of initial recognition of new<br>reinsurance contracts for the year ended December 31, 2025 is as follows (Unit: Korean Won in millions):
		December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		The estimates<br>of the present<br>value of future<br>cash outflows			The estimates of<br>the present value<br>of future cash<br>inflows		Risk<br>adjustment<br>for non-financial<br>risk		Contractual<br>Service<br>Margin		Total		Loss<br>recovery<br>component at<br>initial<br>recognition
Initial recognition of new reinsurance contracts (*1)	Non-profitable group of contracts		(558	)		480		5		73		—		—
	Profitable group of<br>contracts	(3,265)			2,771		33		613		152		152
Sub-total			(3,823	)		3,251		38		686		152		152
Business Combination			(2,665,609	)		2,846,933		38,190		230,583		450,097		—
Total			(2,669,432	)		2,850,184		38,228		231,269		450,249		152
(*1)	There are no reinsurance contracts acquired in a transfer.
---	---
(5)	Expected amounts of insurance revenue to be recognized in profit or loss by the anticipated amortization period<br>of the contractual service margin (CSM) for reinsurance contracts as of December 31, 2025, are as follows (Unit: Korean Won in millions):
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	1 year			2 years			3 years			4 years			5 years			6 years<br>to 10<br>years		11 years to<br>20 years		21 years to<br>30 years		More than<br>30 years		Total
Life		366			340			320			302			287			1,185		1,627		934		555		5,916
Health		(25,395	)		(23,719	)		(18,737	)		(13,295	)		(5,064	)		25,764		71,820		51,391		26,026		88,791
Annuity/Savings and others		43			38			33			29			25			78		45		9		—		300
Total		(24,986	)		(23,341	)		(18,384	)		(12,964	)		(4,752	)		27,027		73,492		52,334		26,581		95,007
26.	PROVISIONS
---	---
(1)	Details of provisions are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Asset retirement obligation		106,786		97,772
Provisions for guarantees (*1)		79,317		71,470
Provisions for unused loan commitments		137,081		137,562
Other provisions (*2)		467,549		304,624
Total		790,733		611,428
(*1)	Provisions for guarantees include provision for financial guarantee of 52,733 million won and<br>48,785 million won as of December 31, 2025 and 2024, respectively.
---	---
(*2)	Other provisions consist of provision for litigation, loss compensation and others.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Stage1			Stage2			Stage3		Total
Beginning balance		57,309			2,534			11,627		71,470
Transfer to 12-month expected credit loss		536			(536	)		—		—
Transfer to expected credit loss for the entire period		(438	)		438			—		—
Transfer to credit-impaired financial assets		(809	)		(39	)		848		—
Net provision of unused amount		4,005			1,015			3,344		8,364
Others (*)		(512	)		(5	)		—		(517	)
Ending balance		60,091			3,407			15,819		79,317

(*) Recognized as a result of changes in financial guarantee liabilities.

	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 new financial guarantee contract valued at initial fair value.

2)	Provisions for unused loan commitment
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	Stage1			Stage2			Stage3			Total
Beginning balance		108,218			24,896			4,448			137,562
Transfer to 12-month expected credit loss		9,547			(9,514	)		(33	)		—
Transfer to expected credit loss for the entire period		(3,171	)		3,179			(8	)		—
Transfer to credit-impaired financial assets		(1,477	)		(523	)		2,000			—
Net provision (reversal) of unused amount		(4,363	)		3,608			(2,701	)		(3,456	)
Changes due to business combinations		2,961			—			14			2,975
Others		(216	)		1			215			—
Ending balance		111,499			21,647			3,935			137,081

177 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	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
(3)	Changes in asset retirement obligation for the years ended December 31, 2025 and 2024, are as follows<br>(Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---	---	---
	2025			2024
Beginning balance		97,772			95,179
Provisions provided		4,700			5,790
Provisions used		(8,447	)		(5,467	)
Reversal of provisions unused		(314	)		(957	)
Amortization		1,458			1,551
Changes due to business combinations		4,512			218
Increase in restoration costs and others		7,105			1,458
Ending balance		106,786			97,772

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, 2025, 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 for 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.

(4)	Changes in other provisions for the years ended December 31, 2025 and 2024, are as follows (Unit: Korean<br>Won in millions):
	For the years ended<br>December 31
---	---	---	---	---	---	---
	2025			2024
Beginning balance		304,624			494,814
Provisions provided		135,823			31,028
Provisions used		(5,185	)		(186,343	)
Reversal of provisions unused		(377	)		(9,069	)
Foreign currencies translation adjustments		82			209
Transfer		(16,283	)		(21,343	)
Changes due to business combinations		48,754			—
Others		111			(4,672	)
Ending balance		467,549			304,624

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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 fulfil 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 and other related issues and the dispute settlement as the best estimate of the expenditure amounting to 259,168 million won and 246,422 million Won as of December 31, 2025 and 2024. In addition, the<br>Group recognized provisions of KRW 2,847 million and KRW 781 million as of December 31, 2025 and 2024, respectively, for estimated compensation related to expected losses of customers who invested in equity-linked securities, as well<br>as for fines and penalties expected to be imposed by the Financial Services Commission.
---	---
27.	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 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 assets	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 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 liability(asset) are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Present value of defined benefit obligation		1,982,526			1,751,605
Fair value of plan assets (*)		(2,157,163	)		(1,892,290	)
Net defined benefit liabilities (assets) (*)		(174,637	)		(140,685	)
Intercompany transaction adjustments		269,170			—
Net defined benefit liabilities (assets) (after intercompany offsets)		94,533			(140,685	)

(*) The amount before intercompany offsets within the consolidated entity

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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
---	---	---	---	---	---	---	---
		2025			2024
Beginning balance			1,751,605			1,574,087
Current service cost			161,468			143,051
Past service cost (*)			28,060
Interest cost			76,312			70,959
Remeasurements	Financial assumption		(36,629	)		88,078
	Demographic assumptions		2,767			(264	)
	Experience adjustments		37,161			(18,547	)
Retirement benefit paid			(136,267	)		(101,008	)
Foreign currencies translation adjustments			779			401
Changes due to business combinations			101,464			—
Others			(4,194	)		(5,152	)
Ending balance			1,982,526			1,751,605
(*)	This was caused by changes in the criteria for assessing ordinary wages during the year ended December 31,<br>2025.
---	---
(3)	Changes in the plan assets are as follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---	---	---
	2025			2024
Beginning balance		1,892,290			1,807,408
Interest income		78,326			84,981
Remeasurements		(12,240	)		(15,323	)
Employer’s contributions		261,143			115,159
Retirement benefit paid		(138,874	)		(94,940	)
Changes due to business combinations		80,980			—
Others		(4,462	)		(4,995	)
Ending balance		2,157,163			1,892,290
(4)	The fair value of the plan assets by composition is as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Cash and due from banks and others		2,157,163		1,892,290

Meanwhile, among plan assets, realized returns on plan assets amount to 66,086 million won and 69,658 million won for the years ended December 31, 2025 and 2024, respectively. The contribution expected to be paid in the next accounting year amounts to 159,332 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
---	---	---	---	---	---	---
	2025			2024
Current service cost		161,468			143,051
Past service cost (*1)		28,060			—
Net interest income		(2,014	)		(14,022	)
Cost recognized in net income		187,514			129,029
Remeasurements (*2)		15,539			84,590
Cost recognized in total comprehensive income		203,053			213,619
(*1)	This was caused by changes in the criteria for assessing ordinary wages during the year ended December 31,<br>2025.
---	---
(*2)	Amount before tax
---	---

180 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Retirement benefits related to defined contribution plans recognized as expenses are 13,885 million won, and 5,470 million won for the years ended December 31, 2025 and 2024, respectively.

181 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(6)	Key actuarial assumptions used in net defined benefit liability(asset) measurement are as follows:<br>
	December 31, 2025	December 31, 2024
---	---	---
Discount rate	3.6% ~ 5.48%	3.68% ~ 4.62%
Future wage growth rate	2.4% ~ 6.39%	2.4% ~ 6.01%
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 4.67 to a maximum 10.64 years.

(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, 2025			December 31, 2024
---	---	---	---	---	---	---	---
Discount rate	Increase by 1% point		(166,963	)		(182,522	)
	Decrease by 1% point		192,449			213,568
Future wage growth rate	Increase by 1% point		193,539			214,942
	Decrease by 1% point		(170,732	)		(185,974	)
28.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
---	---

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


Other financial liabilities:
Accounts payable	8,059,195		7,250,633
Accrued expenses	4,456,143		4,694,493
Borrowings from trust accounts	7,692,762		6,769,383
Agency business revenue	594,685		733,990
Foreign exchange payables	784,357		902,564
Domestic exchange settlement credits	11,749,779		7,592,473
Lease liabilities	541,572		527,090
Other miscellaneous financial liabilities	4,250,210		3,857,393
Present value discount	(10,645	)	(13,968	)
Sub-total	38,118,058		32,314,051
Other liabilities:
Unearned income	354,792		407,525
Other miscellaneous liabilities	479,102		388,973
Sub-total	833,894		796,498
Total	38,951,952		33,110,549

182 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

29.	DERIVATIVES
(1)	Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			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		1,028,982		—		—		—		—		—		—
Forwards		6,097,038		7,192		—		155,174		139,341		—		118,441
Swaps		134,440,759		903		37,010		136,822		—		27,050		141,569
Written options		320,000		—		—		—		—		—		8,194
Currency:
Futures		131,014		—		—		—		—		—		—
Forwards		111,686,895		2,221		1,201		2,652,148		236,677		70,989		1,190,226
Swaps		76,846,634		168,653		—		2,827,872		141,304		—		3,670,407
Purchase options		67,650		—		—		1,267		—		—		—
Written options		81,999		—		—		—		—		—		827
Equity:
Futures		476,305		—		—		—		—		—		—
Forwards		163		—		—		104		—		—		—
Purchase options		1711		—		—		816		—		—		—
Others:
Futures		8,378		—		—		—		—		—		—
Total		331,187,528		178,969		38,211		5,774,203		517,322		98,039		5,129,664
	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

Derivatives held for trading are classified into financial assets at FVTPL (Note 8) and financial liabilities at FVTPL (Note 21), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

183 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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

As of December 31, 2025, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,763,978 million Won, and local currency denominated debentures amounting to 282,646 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rates 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.

b)	Foreign currency securities, Foreign private bonds

As of December 31, 2025, the Group has applied fair value hedging for foreign currency securities amounting to 795,677 million Won and foreign currency private bonds amounting to 76,793 million Won. The purpose of the hedging is to avoid fair value volatility risk of foreign currency securities and foreign currency private bonds derived from exchange rate changes. To achieve this purpose, the group has entered into forward currency contracts designated as hedging instruments.

The forward currency contracts are executed with the condition of selling foreign currencies on a future specific date, at a predetermined agreed amount and exchange rate. On the initiation date, the contract amount is exchanged, and on the termination date, the contracted foreign currency principal is returned. As a result, through hedging transactions, the group offsets valuation gains and losses from exchange rate fluctuations of foreign currency-denominated assets, thereby removing fair value fluctuation risk linked to foreign currency securities and bonds. The hedge ratio is determined through a method that ensures fair value changes in the hedging instruments and hedged items effectively offset each other to a similar extent.

184 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

In this hedging relationship, only the exchange rate fluctuation, which is the most significant part of the fair value change in the hedged item, is designated as the hedged risk, excluding other risk factors such as credit risk or liquidity risk. Therefore, the ineffective portion of the hedge could arise from discrepancies between the settlement timing of the forward currency contract and the cash flow timing of foreign currency-denominated items, fluctuations in counterparties’ credit risks, or discrepancies between market exchange rates and contracted exchange rates.

The forward currency agreements and the hedged items are subject to fluctuations in the exchange rate, and the group expects the fair value of the currency forward contract and the value of the hedged item to generally change in the opposite direction.

2)	Cash Flow Hedge
a.	Debentures
---	---

As of December 31, 2025, the Group has applied cash flow hedge on foreign currency denominated debentures amounting to 1,350,562 million Won, and local currency denominated debentures amounting to 59,952 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.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factors 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 contracts, currency swap contracts, and value of the hedged item will generally fluctuate in opposite direction.

185 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

b.	Foreign currency securities, Foreign private bonds, Anticipated bond purchase

As of December 31, 2025, the Group has applied cash flow hedges to manage the risks associated with foreign currency securities amounting to 5,858,666 million Won, foreign currency private bonds totaling 232,211 million Won, and anticipated bond purchase transactions. The objective of these hedging measures is to mitigate the risk of changes in fair value from foreign currency securities and private bonds due to exchange rate changes. To achieve these objectives, the entity utilizes forward currency contracts as designated hedging instruments. The objective of these hedging measures is to mitigate the risk of cash flow fluctuations from foreign currency securities and private bonds due to exchange rate changes, as well as the price risk of future purchases of treasury and foreign government bonds. To achieve these objectives, the entity utilizes forward currency contracts, currency swaps, and bond forward contracts as designated hedging instruments.

Forward currency contracts are used to eliminate cash flow volatility arising from exchange rate fluctuations of anticipated transactions in foreign currency by agreeing to sell foreign currency at a pre-established rate on a future date. These contracts are designated as hedging instruments to offset cash flow variations caused by exchange rate changes on foreign currency-denominated items. The hedge ratio is determined by aligning the nominal amount of the hedging instrument with the face value of the hedged item.

Currency swap contracts are entered into to exchange interest and principal of foreign currency securities and private bonds during the contract period at predetermined notional amounts and rates, and revert the principal exchanged at inception upon maturity. This practice mitigates the cash flow volatility risk associated with the principal and interest payments of foreign currency-denominated securities and private bonds. The hedge ratio is determined by matching the nominal value of the hedging instrument to the face value of the hedged item.

Bond forward contracts are structured to purchase specific bonds at a predetermined notional amount and price on a future specified date to hedge against price risk caused by interest rate fluctuations impacting bond purchase prices. Upon contract expiration, bonds are acquired at the agreed-upon rate, thereby eliminating cash flow variability risks due to future interest rate changes. Thus, the hedging transaction removes the uncertainty surrounding the cash outflow amount related to interest rate changes at the future bond purchase date, thereby ensuring stable cash flows. The nominal amount of the hedging instrument in these bond forward contracts is aligned with the anticipated purchase amount of the hedged bonds, and the hedge ratio is calibrated to ensure that cash flow fluctuations of the hedged item and hedging instrument effectively offset each other.

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, 2025: 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.

186 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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 number 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.

(3)	The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR, AUD, SEK, GBP, JPY, CAD and<br>Korean Won in millions):

---	---	---	---	---	---	---	---
		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap ()	550,000,000		2,100,000,000		—		2,650,000,000
Interest rate swap (KRW)	—		—		290,000		290,000
Foreign currencies translation risk
Currency forward ()	414,314,566		65,544,792		—		479,859,358
Currency forward ()	—		72,961,301		—		72,961,301
Currency forward (AUD)	109,214,330		126,550,000		—		235,764,330
Currency forward ()	15,700,000		—		—		15,700,000
Cash flow hedge
Interest rate risk
Interest rate forward ()	—		320,000,000		—		320,000,000
Interest rate forward (KRW)	1,630,000		380,000		—		2,010,000
Interest rate swap (KRW)	—		60,000		—		60,000
Foreign currencies translation risk and interest rate risk
Currency swap ()	336,333,334		470,500,000		—		806,833,334
Currency swap ()	52,000,000		114,900,000		—		166,900,000
Currency swap (AUD)	80,000,000		—		—		80,000,000
Currency swap (SEK)	380,000,000		219,000,000		—		599,000,000
Currency swap ()	—		—		5,000,000,000		5,000,000,000
Foreign currencies translation risk
Currency forward ()	998,071,601		700,378,132		—		1,698,449,733
Currency forward ()	374,850,500		232,472,000		—		607,322,500
Currency forward (AUD)	99,970,000		160,000,000		—		259,970,000
Currency swap ()	130,000,000		527,884,000		—		657,884,000
Currency swap ()	194,780,000		1,012,000,000		—		1,206,780,000
Currency swap (AUD)	15,000,000		200,000,000		—		215,000,000
Currency swap (CAD)	—		40,000,000		—		40,000,000
Currency swap ()	—		21,500,000,000		43,500,000,000		65,000,000,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond ()	—		863,959,317		—		863,959,317

All values are in US Dollars.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024


		1 year to 5 years		More than 5 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(4)	The average interest rate and average currency rate of the hedging instrument as of December 31, 2025 and<br>2024 are as follows:
	December 31, 2025
---	---
	Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)	Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)	Fixed 3.94% receipt and CD 3M + 0.01% paid
Foreign currencies translation risk
Currency forward (USD)	USD/KRW = 1,326.88<br><br><br>USD/KRW = 1,373.60
Currency forward (EUR)	EUR/KRW = 1,498.43
Currency forward (AUD)	AUD/KRW = 874.06<br>AUD/KRW = 864.44
Currency forward (GBP)	GBP/KRW = 1,854.71
Cash flow hedge
Interest rate risk
Interest forward (USD)	YTM 5.14%, YTM 5.20%, USD/KRW = 1,373.23
Interest forward (KRW)	YTM 2.91%, YTM 1.42%
Interest rate swap (KRW)	KRW CD+0.37% receipt, KRW 2.75% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)	USD 4.11% paid, KRW 2.54% receipt,<br><br><br>USD 1M SOFR+0.91% receipt, KRW 3.60% paid,<br><br><br>USD/KRW = 1,402.05, USD/KRW = 1,355.00
Currency swap (EUR)	EUR 3.03% paid, KRW 3.18% receipt, EUR/KRW = 1,619.42
Currency swap (AUD)	AUD 3.11% paid, KRW 1.55% receipt, AUD/KRW = 952.20
Currency swap (SEK)	SEK 1.88% paid, KRW 2.01% receipt, SEK/KRW = 140.55
Currency swap (JPY)	JPY 3.20% paid, KRW 4.45% receipt, JPY/KRW = 946.53
Foreign currencies translation risk
Currency forward (USD)	USD/KRW = 1,343.49
Currency forward (EUR)	EUR/KRW = 1,539.86
Currency forward (AUD)	AUD/KRW = 863.03
Currency swap (USD)	USD 1.75% receipt, KRW 1.63% paid,<br>USD 2.50% receipt, KRW 3.76% paid,<br>USD/KRW = 1,138.50<br>USD/KRW = 1,404.97
Currency swap (EUR)	EUR 1.98% receipt, KRW 3.40% paid,<br>EUR 3.21% receipt, KRW 3.14% paid,EUR/KRW = 1,344.08<br>EUR/KRW = 1,644.48
Currency swap (AUD)	AUD 3.58% receipt, KRW 4.96% paid,AUD/KRW = 902.70
Currency swap (CAD)	CAD 4.46% receipt, KRW 4.60% paid, CAD/KRW = 1,062.00
Currency swap (JPY)	JPY 4.46% receipt, KRW 3.10% paid, JPY/KRW = 9.42
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)	USD/KRW = 1,421.88

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2024
	Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)	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)	USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45
Foreign currencies translation risk
Currency swap (USD)	USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)	EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures (USD/KRW)	USD/KRW =1,363.09
(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR, AUD, SEK, GBP,<br>JPY, CAD and Korean Won in millions):
---	---

---	---	---	---	---	---	---	---	---	---	---
			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><br>hedging instrument is<br><br><br>located	Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
		Assets			Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap ()	2,650,000,000			37,010		27,050	Derivative assets<br><br><br>(designated for hedging)<br><br><br>Derivative liabilities<br> <br>(designated<br>for hedging)		93,549
Interest rate Swap (KRW)	290,000
Foreign currencies translation risk
Currency forward ()	479,859,358			1,201		40,408	Derivative assets<br><br><br>(designated for hedging)<br> <br>Derivative<br>liabilities<br> <br>(designated for hedging)		(252,432	)
Currency forward ()	72,961,301			—		13,904			44,644
Currency forward (AUD)	235,764,330			—		15,575			(23,061	)
Currency forward ()	15,700,000			—		1,101	Derivative liabilities<br><br><br>(designated for hedging)		(1,408	)
Cash flow hedge
Interest rate risk
Interest rate forward ()	320,000,000			4,848		27	Derivative assets<br><br><br>(designated for hedging)<br> <br>Derivative<br>liabilities<br> <br>(designated for hedging)		3,732
Interest rate forward (KRW)	2,010,000			2,344		139,313			(203,153	)
Interest rate swap (KRW)	60,000			903		—			1,084
Foreign currency translation risk and interest rate risk
Currency swap ()	806,833,334			51,040		11,984	Derivative assets<br><br><br>(designated for hedging)<br> <br>Derivative<br>liabilities<br> <br>(designated for hedging)		(69,611	)
Currency swap ()	166,900,000			1,012		16,086	Derivative liabilities<br><br><br>(designated for hedging)		(9,085	)
Currency swap (AUD)	80,000,000			605		632			(5,494	)
Currency swap (SEK)	599,000,000			855		9,468			(7,678	)
Currency swap ()	5,000,000,000			819		—			819

All values are in US Dollars.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024


			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><br>hedging instrument is<br><br><br>located	Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
		Assets			Liabilities
Foreign currency translation risk
Currency forward ()	1,698,449,733			2,221		127,924	Derivative assets<br><br><br>(designated for hedging)<br> <br>Derivative<br>liabilities<br> <br>(designated for hedging)		13,389
Currency forward()	607,322,500			—		89,586			(10,747	)
Currency forward(AUD)	259,970,000			—		19,167			(350	)
Currency swap()	657,884,000			30,780		27,168			(74,613	)
Currency swap()	1,206,780,000			72,261		60,932			(16,952	)
Currency swap(AUD)	215,000,000			—		13,220			(15,574	)
Currency swap()	65,000,000,000			10,943		1,814			8,981
Currency swap(CAD)	40,000,000			339		—			334
Hedges of net investment in foreign operations Exchange rate risk
Foreign currency bond()	863,959,317			—		1,239,695	Foreign currency bond		30,325

All values are in US Dollars.


			Carrying amount of the<br>hedging instrument				Line item in the<br><br><br>statement of financial<br><br><br>position where the<br><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 ()	2,675,000,000			10,102		102,635	Derivative assets (designated for hedging) Derivative liabilities (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 (designated for hedging)		211
Foreign currency translation risk and interest rate risk Currency swap ()	870,000,000			104,320		—	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		110,714
Foreign currency translation risk Currency swap ()	100,000,000			29,861		—	Derivative assets (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 denominated debentures		(156,015	)

All values are in US Dollars.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in<br>millions):
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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<br>amount of the<br>hedged item					Line item in the<br>statement<br>of<br>financial position in<br>which the hedged item<br>is 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)		—		4,046,624		—			36,892	Debentures		(80,760	)		—
Foreign currencies translation risk
Foreign currency securities		569,122		—		131,018			—	FVTOCI		169,469			—
	226,555		—		(4,121)			—		FTVPL	70,015			—
Foreign private bonds		76,793		—		(7,717	)		—	Financial assets at<br><br><br>amortized cost		6,567			—
Cash flow hedge
Interest rate risk
Debentures		—		59,952		—			—	Debentures		(1,083	)		655
Anticipated bond purchase		—		—		—			—	—		183,177			(150,651	)
Foreign currencies translation risk and interest rate risk
Debentures		—		878,855		—			—	Debentures		53,508			(188	)
Foreign currency securities		256,487		—		—			—	FVTOCI		13,062			(1,105	)
Foreign private bonds		176,540		—		—			—	Financial assets at amortized cost		11,016			(1,722	)
	55,671		—		—			—		FTVPL	(321)			(77)
Foreign currencies translation risk
Debentures		—		471,707		—			—	Debentures		(33,199	)		(2,242	)
Foreign currency securities		4,996,548		—		—			—	FVTOCI		141,426			(26,141	)
	605,631		—		—			—		FTVPL	(13,091)			(321)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,239,695		—			—	Foreign operations net asset		(30,325	)		(127,258	)
(*1)	The accumulated profit on debentures on foreign currency amounted to 29,538 million Won, and the<br>accumulated profit on debentures on local currency amounted to 7,354 million Won, as of December 31, 2025.
---	---
(*2)	After tax amount
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	December 31, 2024
	Carrying amount of<br>the 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<br>the statement of<br>financial position<br>in 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
---	---
(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit:<br>Korean Won in millions):
---	---
		For the year ended December 31, 2025
---	---	---	---	---	---
		Hedge ineffectiveness<br>recognized in profit<br>or loss			Line item in the profit or loss that<br>includes hedge ineffectiveness
Fair value hedge	Interest rate risk		12,788		Other net operating<br>income(expense)
	Foreign currencies translation risk		13,794		Other net operating<br>income(expense)
		For the year ended December 31, 2024
		Hedge ineffectiveness<br>recognized in profit<br>or loss			Line item in the profit or loss<br>that includes hedge<br>ineffectiveness
Fair value hedge	Interest rate risk		(12,152	)	Other net operating<br>income(expense)
	Foreign currencies translation risk		—		—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Changes in<br>the value of<br>hedging<br>instruments<br>recognized in<br>OCI			Hedge<br>ineffective<br>ness<br>recognized<br>in profit<br>or loss			Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized in<br>OCI			Line item<br><br><br>recognized in the<br><br><br>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><br>or loss due to<br><br><br>reclassification
Cash flow hedge	Interest rate risk		(155,816	)		(42,521	)		—		Other net operating income (expense)	(42,755)	Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		(69,243	)		(21,806	)		(54	)	Other net operating income (expense)	70,854	Other net operating income (expense)
	Foreign currencies translation risk		(95,138	)		(394	)		(153	)	Other net operating income (expense)	66,009	Other net operating income (expense)
		For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
		Changes in<br>the value of<br>hedging<br>instruments<br>recognized in<br>OCI		Hedge<br>ineffective<br>ness<br>recognized<br>in profit<br>or loss		Changes in<br>the value<br>of foreign<br>basis<br>spread<br>recognized<br>in OCI		Line item<br><br><br>recognized in the<br> <br>profit or<br>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<br>due to<br> <br>reclassification
Cash flow hedge	Interest rate risk		211		—		—	Other net<br><br><br>operating<br> <br>income<br><br><br>(expense)	—	Other net<br><br><br>operating income<br><br><br>(expense)
	Foreign currencies<br>translation risk and<br>interest rate<br>risk		110,714		—		3,481	Other net<br><br><br>operating<br> <br>income<br><br><br>(expense)	(113,202)	Other net<br><br><br>operating income<br><br><br>(expense)
	Foreign currencies<br>translation risk		41,135		—		980	Other net<br><br><br>operating<br> <br>income<br><br><br>(expense)	(37,955)	Other net<br><br><br>operating income<br><br><br>(expense)
(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 year ended December 31, 2025
---	---	---	---	---	---
		Other comprehensive income
		Gain or loss on hedges<br><br><br>recognized in other comprehensive income	Income tax<br>effect	Total
Hedges of net investment in foreign operation	Exchange<br>rate risk	30,325	(8,006)		22,319
		For the year ended December 31, 2025
---	---	---	---
		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	—	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

		For the year ended December 31, 2024
		Other comprehensive income
		Gain or loss on hedges<br><br><br>recognized in other comprehensive income	Income tax<br>effect		Total
Hedges of net investment in foreign operation	Exchange<br>rate risk	(156,015)		41,188		(114,827	)
		For the year ended December 31,<br>2024
---	---	---	---
		Profit or loss
		Hedge ineffectiveness<br>recognized in profit or loss	Account recognized for<br>hedge<br>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 during the years ended December 31, 2025 and 2024.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

30.	EQUITY
(1)	Details of equity as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Capital
Common stock capital		3,802,676			3,802,676
Hybrid securities		3,710,498			3,810,435
Capital surplus
Paid in capital in excess of par		854,499			854,499
Others		78,937			79,601
Sub-total		933,436			934,100
Capital adjustments
Treasury stocks		(35,517	)		(35,517	)
Other adjustments (*1)		(1,646,069	)		(1,699,038	)
Sub-total		(1,681,586	)		(1,734,555	)
Accumulated other comprehensive income
Gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL		1,274			1,348
Financial assets at FVTOCI		(1,106,650	)		60,438
Changes in capital due to equity method		(4,222	)		(1,886	)
Net financial gain(loss) on insurance contract assets(liabilities)		1,534,528			—
Net financial gain(loss) on reinsurance contract assets(liabilities)		(10,462	)		—
Gain (loss) on foreign currency translation of foreign operations		416,768			523,780
Gain (loss) on hedges of net investment in foreign operations		(127,258	)		(149,577	)
Remeasurements of defined benefit plan		(96,991	)		(86,218	)
Gain (loss) on valuation of cash flow hedge		(144,728	)		(14,215	)
Sub-total		462,259			333,670
Retained earnings (2) (3)		28,790,056			26,950,510
Non-controlling interest (4) (5)		1,841,909			1,798,433
Total		37,859,248			35,895,269
(*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 Gyeongnam Bank and Gwangju Bank.
---	---
(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,678,017 million Won and<br>2,392,542 million Won as of December 31, 2025 and 2024, respectively in accordance with the relevant article.
---	---
(*3)	The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million<br>Won as of December 31, 2025 and 2024 in accordance with the Article 53 of the Financial Holding Company Act.
---	---
(*4)	The hybrid securities issued by Woori Bank amounting to 1,406,513 million Won and 1,645,947 million<br>Won as of December 31, 2025 and 2024, respectively, are recognized as non-controlling interests. 89,134 million Won and 76,249 million Won of dividends for the hybrid securities issued by Woori<br>Bank are allocated to net profit and loss of the non-controlling interests for the years ended December 31, 2025 and 2024, respectively.
---	---
(*5)	10,995 million Won of dividends for the hybrid securities issued by Tongyang Life Insurance Co., Ltd. are<br>allocated to net profit and loss of the non-controlling interests for the year ended December 31, 2025.
---	---

196 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(2)	The number of authorized shares and others of the Group are as follows:
	December 31, 2025		December 31, 2024
---	---	---	---	---
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		734,076,320 Shares		742,591,501 Shares
Capital stock (*)		3,802,676 million Won		3,802,676 million Won
(*)	Due to profit cancellation, the capital stock differs from the total par value of the shares issued.<br>
---	---
(3)	Hybrid securities
---	---

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


Securities in local currency	2020-02-06	—	3.34	—		400,000
Securities in local currency	2020-06-12	—	3.23	—		300,000
Securities in local currency	2020-10-23	—	3.00	—		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		400,000
Securities in local currency	2024-06-19	—	4.27	400,000		400,000
Securities in local currency	2024-10-10	—	4.00	400,000		400,000
Securities in local currency	2025-05-13	—	3.45	400,000		—
Securities in local currency	2025-10-22	—	3.34	400,000		—
Issuance cost				(9,502	)	(9,565	)
Total				3,710,498		3,810,435

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

197 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025
	Beginning<br>balance			Increase<br>(decrease) (*)			Reclassification<br>adjustments			Income tax<br>effect			Non-controlling<br>interest<br>adjustments			Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI		60,438			(1,671,023	)		(108,699	)		459,475			153,159			(1,106,650	)
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at<br>FVTPL		1,348			(74	)		—			—			—			1,274
Changes in capital due to equity method		(1,886	)		(3,534	)		—			1,198			—			(4,222	)
Gain (loss) on foreign currency translation of foreign operations		523,780			(122,129	)		—			5,725			9,392			416,768
Gain (loss) on hedges of net investment in foreign operations		(149,577	)		30,325			—			(8,006	)		—			(127,258	)
Remeasurement gain (loss) related to defined benefit liabilities		(86,218	)		(15,458	)		—			6,778			(2,093	)		(96,991	)
Gain (loss) on valuation of cash flow hedge		(14,215	)		(320,171	)		94,108			58,393			37,157			(144,728	)
Net financial gain(loss) on insurance contract assets(liabilities)		—			2,395,876			—			(609,063	)		(252,285	)		1,534,528
Net financial gain(loss) on reinsurance contract assets(liabilities)		—			(20,157	)		—			4,525			5,170			(10,462	)
Total		333,670			273,655			(14,591	)		(80,975	)		(49,500	)		462,259
(*)	The increase (decrease) of financial asset valuation profit or loss at fair value through other comprehensive<br>income are changes due to the period evaluation, and the reclassification adjustments amounting to 1,319 million Won are due to disposal of equity securities at fair value through other comprehensive income during the period.<br>
---	---
	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		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
Gain (loss) on investments accounted for using the 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 liabilities		(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 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 at fair value through other comprehensive income and<br>investments accounted for using the equity method, respectively during the period.
---	---

198 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(5)	Treasury stocks

Changes in treasury stocks for the years ended December 31, 2025 and 2024 are as follows (Unit: Shares and Korean Won in millions):

	For the year ended December 31, 2025
	Beginning<br>balance		Acquisition		Disposal and<br>Others			Ending<br>balance
Number of shares		3,082,276		8,515,377		(8,515,377	)		3,082,276
Carrying amount		35,517		150,003		(150,003	)		35,517
	For the year ended 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
(6)	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, 2025
Beginning balance		2,668,842	2,392,542
Changes due to business combinations		9,175	—
Planned provision of regulatory reserve for credit loss		281,489	276,300
Ending balance		2,959,506	2,668,842
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
	2025			2024
Net income before regulatory reserve		3,227,508			3,171,470
Provision of regulatory reserve for credit loss		281,489			276,300
Adjusted net income after the provision of regulatory reserve		2,946,019			2,895,170
Dividends to hybrid securities		(150,059	)		(158,682	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		2,795,960			2,736,488
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean<br>Won)		3,809			3,692

199 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

31.	DIVIDENDS
(1)	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, approved at the regular general shareholders’ meeting held on March 26, 2025, and were paid in April 2025.
---	---
(2)	At the Board of Directors meeting held on April 25, 2025, it was approved to pay a quarterly dividend of<br>200 Won per share (total dividends are 147,428 million Won) with a record date of May 10, 2025. The dividends were paid in May 2025.
---	---
(3)	At the Board of Directors meeting held on July 25, 2025, it was approved to pay a quarterly dividend of<br>200 Won per share (total dividends are 146,804 million Won) with a record date of August 10, 2025. The dividends were paid in August 2025.
---	---
(4)	At the Board of Directors meeting held on October 24, 2025, it was approved to pay a quarterly dividend of<br>200 Won per share (total dividends are 146,804 million Won) with a record date of November 10, 2025. The dividends were paid in November 2025.
---	---
(5)	Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and<br>557,431 million Won, respectively, will be proposed at the regular general shareholders’ meeting to be held on March 23, 2026. The record date for the year-end dividend of the fiscal year<br>ending December 31, 2025, is February 27, 2026. The current financial statements do not include such outstanding dividends.
---	---
32.	NET INTEREST INCOME
---	---
(1)	Details of Interest income recognized are as follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Financial assets at FVTPL		303,458		236,793
Financial assets at FVTOCI		1,866,114		1,281,642
Financial assets at amortized cost:
Securities at amortized cost		539,932		643,056
Loans and other financial assets at amortized cost:
Interest on due from banks		570,489		624,006
Interest on loans		17,783,891		19,116,813
Interest of other receivables		115,673		111,031
Subtotal		18,470,053		19,851,850
Insurance finance interest income		9,186		—
Total		21,188,743		22,013,341
(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Financial liabilities at amortized cost
Interest on deposits due to customers		8,050,948		9,599,529
Interest on borrowings		1,111,255		1,351,612
Interest on debentures		1,823,313		1,760,003
Other interest expense		398,088		398,694
Interest on lease liabilities		18,349		17,167
Subtotal		11,401,953		13,127,005
Insurance finance interest expense		756,021		—
Total		12,157,974		13,127,005

200 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

33.	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
---	---	---	---	---
	2025		2024
Fees and commission received for brokerage		152,479		156,534
Fees and commission received related to credit		167,350		178,136
Fees and commission received for electronic finance		128,493		128,163
Fees and commission received on foreign exchange handling		55,653		57,335
Fees and commission received on foreign exchange		111,348		115,450
Fees and commission received for guarantee		98,548		104,301
Fees and commission received on credit card		657,884		638,573
Fees and commission received on securities business		91,414		69,935
Fees and commission from trust management		274,581		252,732
Fees and commission received on credit information		10,113		10,733
Fees and commission received related to lease		961,954		892,126
Other fees		307,954		270,198
Total		3,017,771		2,874,216
(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):<br>
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Fees and commissions paid		384,147		340,083
Credit card commission		430,384		426,820
Securities business commission		2,986		1,159
Others		39,850		19,984
Total		857,367		788,046
34.	DIVIDEND INCOME
---	---
(1)	Details of dividend income recognized are as follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Dividend income related to financial assets at FVTPL		455,021		291,123
Dividend income related to financial assets at FVTOCI		29,444		19,198
Total		484,465		310,321
(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
---	---	---	---	---
	2025		2024
Dividend income recognized from assets held as of the period end:
Equity securities		28,877		19,198
Dividend income recognized from assets disposed of as of the period end:
Equity securities		567		—
Total		29,444		19,198

201 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

35.	NET INSURANCE INCOME

Details of net insurance income are as follows (Unit: Korean Won in millions):


Insurance service result of insurance contracts	104,164
Insurance income	1,005,778
Estimated incurred claims and other insurance service expenses	664,038
Changes in risk adjustment for non-financial risk	26,471
Amortization of contractual service margin	154,187
Amortization of insurance acquisition cash flows	148,980
Changes in loss recovery component	(288	)
Other insurance income	12,390
Insurance service expenses	901,614
Actual incurred claims and other insurance service expenses	689,461
Amortization of insurance acquisition cash flows	148,980
Changes in liability for incurred claims	23,777
(Reversal of) loss component allocation amount	32,478
Other operating expenses	6,918
Insurance service result of reinsurance contracts	(293	)
Reinsurance income	36,719
Actual incurred claims and reinsurance service expenses	32,341
Changes in asset for incurred claims	3,745
(Reversal of) Loss recovery component allocation amount	633
Reinsurance service expenses	37,012
Estimated incurred claims and reinsurance service expenses	28,120
Changes in risk adjustment for non-financial risk	1,024
Amortization of contractual service margin	7,868
Net insurance income	103,871

202 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

36.	NET INSURANCE FINANCE INCOME AND EXPENSES

Details of net insurance finance income and expenses are as follows (Unit: Korean Won in millions):

	December 31, 2025
Investment income
Interest income		641,077
Gain on financial assets		516,360
Other investment income		(27,257	)
Investment income recognized in net income		1,130,180
Investment income recognized in other comprehensive income (*)		(1,966,190	)
Sub-total		(836,010	)
Insurance finance interest income and other insurance finance income
Insurance finance interest income		(753,740	)
Effect of change in fair value of underlying assets of participating insurance contracts		(418,880	)
Effect of changes in discount rates and others		40,385
Other insurance finance income recognized in net income		(1,132,235	)
Insurance finance income recognized in other comprehensive income (*)		2,395,876
Sub-total		1,263,641
Reinsurance finance interest income and other reinsurance finance income
Reinsurance finance interest income		6,905
Effect of changes in credit risk of reinsurance liabilities		365
Effect of changes in discount rates and others		—
Other reinsurance finance income recognized in net income		7,270
Reinsurance finance income recognized in other comprehensive income (*)		(20,157	)
Sub-total		(12,887	)
		5,215
		409,529
Total		414,744
(*)	The finance income recognized in other comprehensive income is the amount before deducting tax and non-controlling interests.
---	---
37.	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
---	---	---	---	---	---
	2025		2024
Gain on financial instruments at FVTPL		723,045		1,512,430
Gain (loss) on financial instruments designated to be measured at FVTPL		2,894		(19,647	)
Total		725,939		1,492,783

203 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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
---	---	---	---	---	---	---	---	---
			2025			2024
Financial assets at FVTPL	Securities	Gain on transactions and valuation		1,138,390			701,955
		Loss on transactions and valuation		(805,531	)		(306,311	)
		Sub-total		332,859			395,644
	Loans	Gain on transactions and valuation		19,233			16,825
		Loss on transactions and valuation		(5,978	)		(1,738	)
		Sub-total		13,255			15,087
	Other financial assets	Gain on transactions and valuation		41,385			12,715
		Loss on transactions and valuation		(37,107	)		(20,280	)
		Sub-total		4,278			(7,565	)
		Sub-total		350,392			403,166
Derivatives<br><br><br>(Held for trading)	Interest rates derivatives	Gain on transactions and valuation		2,138,404			2,981,638
		Loss on transactions and valuation		(1,906,465	)		(2,945,172	)
		Sub-total		231,939			36,466
	Currency derivatives	Gain on transactions and valuation		9,140,527			14,841,349
		Loss on transactions and valuation		(9,015,260	)		(13,757,446	)
		Sub-total		125,267			1,083,903
	Equity derivatives	Gain on transactions and valuation		283,462			1,182,962
		Loss on transactions and valuation		(268,067	)		(1,194,068	)
		Sub-total		15,395			(11,106	)
	Other derivatives	Gain on transactions and valuation		52			27
		Loss on transactions and valuation		—			(26	)
		Sub-total		52			1
		Sub-total		372,653			1,109,264
		Net, total		723,045			1,512,430
(*)	The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and<br>losses on transactions of foreign exchange due to exchange rate risk. The foreign exchange gains and losses are described in Note 40. (2) and (3).
---	---
(3)	Details of gain(loss) on financial instruments designated to be measured at FVTPL are as follows (Unit: Korean<br>Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---	---
	2025		2024
Net gain (loss) on deposits due to customers
Net gain (loss) on valuation of time deposits		2,894		(19,647	)

204 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

38.	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
	2025			2024
Gain on transactions of securities		130,644			96,620
Loss on transactions of loans		(24	)		—
Total		130,620			96,620
39.	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
	2025			2024
Provision due to credit loss on financial assets measured at FVTOCI		(10,190	)		(8,868	)
Reversal of (provision for) impairment loss due to credit loss on securities at amortized<br>cost		(330	)		3,287
Provision for impairment loss due to credit loss on loan and other financial assets at amortized<br>cost		(2,087,386	)		(1,715,074	)
Reversal of (provision for) guarantees		(8,364	)		5,250
Reversal of (provision for) unused loan commitment		3,456			(890	)
Total		(2,102,814	)		(1,716,295	)

205 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

40.	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<br>December 31
---	---	---	---	---	---	---
			2025		2024
Employee benefits	Short-term employee benefits	Salaries		2,071,650		1,932,906
		Employee fringe benefits		733,487		640,924
	Share based payment			61,568		27,629
	Retirement benefit service costs			201,431		134,514
	Termination			176,387		1,533
		Sub-total		3,244,523		2,737,506
Depreciation and amortization				580,520		539,924
Other general and administrative expenses	Rent			127,293		124,041
	Taxes and public dues			197,412		202,541
	Service charges			274,880		257,113
	Computer and IT related			205,504		142,979
	Telephone and communication			80,253		93,178
	Advertising			188,960		156,795
	Printing			5,443		5,955
	Traveling			13,978		13,436
	Supplies			8,357		9,021
	Insurance premium			15,532		13,852
	Maintenance			24,582		25,035
	Water, light, and heating			20,590		19,415
	Vehicle maintenance			11,871		14,394
	Others (*)			179,923		113,788
		Sub-total		1,354,578		1,191,543
	Total			5,179,621		4,468,973
(*)	In-house welfare fund contributions amounted to 50,710 million Won<br>for the year ended December 31, 2025.
---	---
(2)	Details of other operating income recognized are as follows (Unit: Korean Won in millions):<br>
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Gains on transactions of foreign exchange (*1)		2,072,682		722,827
Gains related to derivatives (designated for hedging)		251,270		192,000
Gains on fair value hedge		16,141		25,469
Others (*2)		468,712		349,033
Total		2,808,805		1,289,329
(*1)	The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and<br>losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 37. (2).
---	---
(*2)	Other income includes gains on disposal of operating lease assets of 372,606 million Won and<br>255,943 million Won for the years ended December 31, 2025 and 2024, respectively.
---	---

206 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):<br>
	For the years ended December 31
---	---	---	---	---
	2025		2024
Losses on transactions of foreign exchange (*1)		1,190,288		1,754,516
KDIC deposit insurance premium		500,480		509,832
Contribution to miscellaneous funds		528,863		533,335
Losses related to derivatives (Designated for hedging)		624,781		24,252
Losses on fair value hedge		92,138		64,571
Others (*2)		1,280,617		1,121,479
Total		4,217,167		4,007,985
(*1)	The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and<br>losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 37. (2).
---	---
(*2)	Other expenses include 32,495 million Won and 28,509 million Won for intangible assets amortization<br>cost and 629,079 million Won and 587,148 million Won for lease depreciation cost for the years ended December 31, 2025 and 2024, respectively.
---	---

207 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(4)	Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2025 and 2024 are as follows.

1)	Performance condition share-based payment
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, 2025	56,029 shares
	As of December 31, 2024	1,105,292 shares
Number of shares granted (*2)	As of December 31, 2025	56,029 shares
	As of December 31, 2024	1,105,292 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)		27,713 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity year		0
Number of shares remaining	As of December 31, 2025	960,777 shares
	As of December 31, 2024	960,777 shares
Number of shares granted (*2)	As of December 31, 2025	960,777 shares
	As of December 31, 2024	960,777 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)		25,763 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		1 year
Number of shares remaining	As of December 31, 2025	916,849 shares
	As of December 31, 2024	916,849 shares
Number of shares granted (*2)	As of December 31, 2025	916,849 shares
	As of December 31, 2024	916,849 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)		23,949 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		2 years
Number of shares remaining	As of December 31, 2025	1,384,504 shares
	As of December 31, 2024	1,384,504 shares
Number of shares granted (*2)	As of December 31, 2025	1,384,504 shares
	As of December 31, 2024	1,384,504 shares

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

Subject to		Shares granted for the year 2025
Type of payment		Cash-settled
Vesting period		January 1, 2025 ~ December 31, 2028
Date of payment		2029-01-01
Fair value (*1)		22,263 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		3 years
Number of shares remaining	As of December 31, 2025	1,048,842 shares
	As of December 31, 2024	—
Number of shares granted (*2)	As of December 31, 2025	1,048,842 shares
	As of December 31, 2024	—
(*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 measured according to the Black-Scholes model based on the base price at the time of each settlement and used<br>for measuring the liability.
---	---
(*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. Long-term performance indicators include relative shareholder return, common equity ratio, return on equity, net income, selling, general and administrative expenses ratio, non-performing loan ratio,<br>and performance of assigned duties.
---	---
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, 2025 and 2024, the carrying amount of the liabilities related to the<br>performance condition share-based payments recognized by the Group amounts to 107,713 million Won and 62,557 million Won, respectively, including the carrying amount of liabilities related to key management of 43,823 million Won and<br>16,660 million Won, respectively.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

41.	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
---	---	---	---	---	---	---
	2025			2024
Gains on valuation of investments in joint ventures and associates		122,695			96,176
Losses on valuation of investments in joint ventures and associates		(24,035	)		(19,911	)
Total		98,660			76,265
(2)	Details of other non-operating income and expenses recognized are as<br>follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---	---	---
	2025			2024
Other non-operating incomes		726,778			88,398
Other non-operating expenses		(410,080	)		(197,006	)
Total		316,698			(108,608	)
(3)	Details of other non-operating income recognized are as follows (Unit:<br>Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Rental fee income		34,888		23,307
Gains on disposal of investments in joint ventures and associates		7,507		19,642
Gains on disposal of premises and equipment, intangible assets and other assets		45,823		7,064
Reversal of impairment losses of premises and equipment, intangible assets and other<br>assets		971		147
Bargain purchase gain		581,010		—
Others (*)		56,579		38,238
Total		726,778		88,398
(*)	Other special gains related to other provisions for the years ended December 31, 2025 and 2024 include<br>3 million Won and 2,517 million Won, respectively, of other special gain related to other provisions.
---	---
(4)	Details of other non-operating expenses recognized are as follows<br>(Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---
	2025		2024
Depreciation on investment properties		8,511		8,216
Operating expenses on investment properties		1,316		2,110
Losses on disposal of investments in joint ventures and associates		1,874		532
Losses on disposal of premises and equipment, intangible assets and other assets		3,475		2,233
Impairment losses of premises and equipment, intangible assets and other assets		86,354		3,627
Donation		166,692		118,589
Others (*)		141,858		61,699
Total		410,080		197,006
(*)	Other special losses related to other provisions for the years ended December 31, 2025 and 2024 are<br>98,913 million Won and 31,023 million Won, respectively.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

42.	INCOME TAX EXPENSE
(1)	Details of income tax expenses are as follows (Unit: Korean Won in millions):
---	---
	For the years ended December 31
---	---	---	---	---	---	---
	2025			2024
Current tax expense:
Current tax expense with respect to the current period		1,178,517			615,120
Adjustments recognized in the current period in relation to the tax expense of prior<br>periods		7,773			(35,823	)
Income tax expense directly attributable to other equity		9,362			41,188
Sub-total		1,195,652			620,485
Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		(258,709	)		408,941
Income tax expense(income) directly attributable to equity		(74,054	)		18,128
Others		(231	)		3,824
Sub-total		(332,994	)		430,893
Income tax expense		862,658			1,051,378
(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
---	---	---	---	---	---	---
	2025			2024
Net income before income tax expense		4,090,167			4,222,847
Tax calculated at statutory tax rate (*)		997,720			1,014,678
Adjustments:
Effect of income that is exempt from taxation		(189,253	)		(46,946	)
Effect of expenses that are not deductible in determining taxable income		57,584			53,719
Adjustments recognized in the current period in relation to the current tax of prior<br>periods		7,773			(36,205	)
Others		(11,166	)		66,132
Sub-total		(135,062	)		36,700
Income tax expense		862,658			1,051,378
Effective tax rate		21.09	%		24.90	%
(*)	The applicable income tax rate: 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won<br>to 20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.
---	---

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Changes in deferred tax assets and liabilities for the years ended December 31, 2025 and 2024, are as<br>follows (Unit: Korean Won in millions):
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance			Business<br>combination			Recognized as<br>income (expense)			Recognized as other<br>comprehensive<br>income (expense)			Ohter			Ending<br>Balance
Gain (loss) on financial assets		(252,454	)		417,200			41,158			459,475			—			665,379
Gain (loss) on valuation of investment stocks accounted in equity method		(17,155	)		—			(19,487	)		1,198			—			(35,444	)
Gain (loss) on valuation of derivatives		(253,552	)		1,679			123,880			58,393			—			(69,600	)
Accrued income		(116,680	)		(218,608	)		(21,577	)		—			—			(356,865	)
Provision for loan losses		82,484			—			27,327			—			—			109,811
Loan and receivables written off		8,703			—			1,012			—			—			9,715
Loan origination costs and fees		(180,192	)		(492	)		33,131			—			—			(147,553	)
Defined benefit obligation		478,393			12,301			52,063			6,714			—			549,471
Deposits with employee retirement insurance trust		(499,604	)		(52	)		(81,932	)		64			—			(581,524	)
Provision for guarantee		5,800			—			1,207			—			—			7007
Other provision		131,547			(491	)		28,563			—			—			159,619
Net financial gain (loss) on insurance contract assets (liabilities)		—			194,666			(75,169	)		(609,063	)		—			(489,566	)
Net financial gain (loss) on reinsurance contract assets (liabilities)		—			(24,384	)		33,142			4,525			—			13,283
Others (*)		(173,176	)		54,180			189,445			5,725			(1,085	)		75,089
Net deferred tax assets(liabilities)		(785,886	)		435,999			332,763			(72,969	)		(1,085	)		(91,178	)
(*)	Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset<br>arising from unused tax losses amounts to 318,085 million won.
---	---

212 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

	For the year ended December 31, 2024
	Beginning<br>balance			Business<br>combination			Recognized as<br>income<br>(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<br>arising from unused tax losses amounts to 12,507 million won.
---	---
(4)	Unrealizable temporary differences are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Deductible temporary differences		510,185			332,384
Tax loss carry forward		—			62,963
Taxable temporary differences		(10,417,258	)		(10,335,041	)
Total		(9,907,073	)		(9,939,694	)

No deferred income tax asset has been recognized for the deductible temporary difference of 477,836 million Won associated with investments in subsidiaries as of December 31, 2025, 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 32,349 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 10,417,258 million won associated with investment in subsidiaries as of December 31, 2025, 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, 2025, there are no tax loss carryforwards that are not recognized as deferred tax assets.

213 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(5)	Details of accumulated current and deferred tax charged directly to other equity are as follows (Unit: Korean<br>Won in millions):
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Loss on valuation of financial assets at FVTOCI		430,830			(28,645	)
Loss on financial instruments designated to be measured at FVTPL		(483	)		(483	)
Gain on valuation of equity method investments		3,470			2,272
Gain (loss) on foreign currency translation of foreign operations		(5,344	)		(11,069	)
Gain on valuation of hedge accounting of the net investment in foreign operations		48,036			56,042
Remeasurements of the defined benefit plan		37,548			30,770
Gain (loss) on derivatives designated as cash flow hedge		58,386			(7	)
Net financial gain (loss) on insurance contract assets (liabilities)		(609,063	)		—
Net financial gain (loss) on reinsurance contract assets (liabilities)		4,525			—
Total		(32,095	)		48,880
(6)	Current tax assets and liabilities are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Current tax assets		228,229		61,613
Current tax liabilities		723,368		127,126
(7)	Impact of Pillar Two income taxes
---	---

Under the Pillar Two legislation, the consolidated entity is required to pay additional tax equal to the difference between the GloBE effective tax rate in each jurisdiction in which its constituent entities operate and the 15% minimum tax rate. Accordingly, the Pillar Two income tax expense recognized for the current period amounts to KRW 1,569 million. The exception to the recognition and disclosure requirements for deferred tax assets and liabilities related to Pillar Two has been applied.

214 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

43.	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
---	---	---	---	---	---	---
	2025			2024
Net income attributable to common shareholders		3,124,346			3,085,995
Dividends to hybrid securities		(150,059	)		(158,682	)
Net income attributable to common shareholders		2,974,287			2,927,313
Weighted average number of common shares outstanding (Unit: million shares)		734			741
Basic EPS (Unit: Korean Won)		4,052			3,950
(2)	The weighted average number of common shares outstanding is as follows (Unit: number of shares):<br>
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---
	Number of shares			Accumulated number of shares<br>outstanding during period
Common shares issued at the beginning of the year		742,591,501			271,045,897,865
Treasury stocks		(3,082,276	)		(1,125,030,740	)
Acquisition and retirement of treasury stock		(8,515,377	)		(2,115,328,855	)
Disposal of treasury stock		196			31,208
Sub-total (①)					267,805,569,478
Weighted average number of common shares outstanding (②=(①/365))					733,713,889
	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 and retirement 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=(①/366))					741,273,152

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2025 and 2024.

215 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

44.	CONTINGENT LIABILITIES AND COMMITMENTS

(1) Details of guarantees are as follows (Unit: Korean Won in millions):

	December 31, 2025		December 31, 2024
Confirmed guarantees
Guarantee for loans		69,961		60,571
Acceptances		495,942		617,599
Guarantees in acceptances of imported goods		66,879		75,265
Other confirmed guarantees		10,831,684		10,337,850
Sub-total		11,464,466		11,091,285
Unconfirmed guarantees
Local letters of credit		161,120		167,580
Letters of credit		2,615,813		3,213,170
Other unconfirmed guarantees		1,331,305		1,558,187
Sub-total		4,108,238		4,938,937
Commercial paper purchase commitments and others		497,394		581,040
Total (*)		16,070,098		16,611,262
(*)	Includes financial guarantees of 5,032,808 million Won and 4,156,790 million Won as of<br>December 31, 2025 and 2024, respectively.
---	---
(2)	Details of loan commitments and others are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Loan commitments		134,286,067		133,863,588
Other commitments (*)		10,205,741		6,564,353
(*)	As of December 31, 2025 and 2024, the amount of unsecured bills (purchase bills sales) and discounts on<br>electronic short-term bond sales (purchase) are 4,399,729 million Won and 1,992,030 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 1,032 cases (litigation value of 926,888 million Won) and 871 cases (litigation value of 862,669 million Won) as of December 31, 2025 and 2024 respectively, and provisions for litigations are 70,682 million Won and 23,233 million Won.

216 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(4)	Other commitments
1)	The obligations related to guaranteed completion with trust business as of December 31, 2025, are as follows<br>(Unit: Korean Won in millions):
---	---
	Responsibility for Completion	cases		Initial PF<br>Commitment<br>Limit		Amount of<br>PF Loans<br>(*3)		Amount of<br>unused PF<br>limit (*4)		Amount<br>of Trust<br>Account<br>Limit<br>(*4)		Amount of<br>Trust<br>Account
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Responsible completion land trust (*1)	Our Responsibility for Completion Deadline Passed (including completed projects)		3		200,000		38,733		55,013		5,700		5,685
Redevelopment Land Trust	Our Obligation to Bear Responsibility for Completion (*2)		3		98,499		46,010		97,066		32,500		14,586
Total			6		298,499		84,743		152,079		38,200		20,271
(*1)	Responsible completion land trust is a trust in which the Woori Asset Trust Co., Ltd., subsidiary, is only<br>liable to the lending financial institution for the completion guarantee obligation in case the contractor fails to fulfill the obligation. If the subsidiary is unable to fulfill the completion guarantee obligation, it is responsible for<br>compensating the lending financial institution for any losses incurred.
---	---
(*2)	In redevelopment projects where the Korea Housing & Urban Guarantee Corporation guarantees project<br>financing loans, the project operator is responsible for the completion guarantee obligation according to the standard project agreement terms of the Korea Housing & Urban Guarantee Corporation, but the completion guarantee period has not<br>yet expired as of December 31, 2025.
---	---
(*3)	Since, for projects where it is highly likely that our subsidiary Woori Asset Trust will bear the<br>responsibility for completion and where the possibility and amount of loss can be reliably estimated, these impacts have been reflected in the financial statements at the end of the current period. However, for projects where the risk of Woori Asset<br>Trust bearing the completion guarantee obligations is considered low or where 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.<br>
---	---
(*4)	The limit may be subject to change during the project progress due to reasons such as limit deductions.<br>
---	---
2)	As of December 31, 2025, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total<br>project cost in relation to 29 debt-type land trust contracts including Boutique Terrace Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is<br>192,027 million Won. Whether or not Woori Asset Trust lends a trust 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<br>the fund balance plan of each trust business.
---	---
3)	Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites,<br>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.
---	---
4)	As of December 31, 2025, Tongyang Life Insurance Co., Ltd., a subsidiary, has entered into an agreement with<br>Tongyang Leisure to amend the existing lease and transfer operating rights for the golf course, contingent upon the conversion of the golf course to public access, member consent, and court approval of the rehabilitation plan. The agreement includes<br>clauses to pay variable compensation amount based on the sale proceeds, in consideration of the fulfillment of contractual obligations and the transfer of business rights. Member consent and the conversion to public access have been completed, and<br>the variable compensation will be recognized when the decision to sell is made.
---	---
5)	As of December 31, 2025, Tongyang Life Insurance, a subsidiary, is under investigation by the Financial<br>Services Commission regarding potential violations of the Credit Information Use and Protection Act.
---	---
6)	The administrative fine paid to the Personal Information Protection Commission in October 2025 in connection<br>with the leakage of personal credit information of merchant representatives that occurred at the subsidiary, Woori Card, between January and April 2024 has been recognized in non-operating income and expenses.<br>In addition, further administrative fines may be imposed by the Financial Services Commission; however, the outcome cannot be predicted at this time.
---	---

217 -

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

45.	RELATED PARTY TRANSACTIONS

Related parties of the Group as of December 31, 2025 and 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2025 and 2024 are as follows. Please refer to Note 14 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>2025			December 31,<br>2024
---	---	---	---	---	---	---	---	---	---
Associates	W Service Networks Co., Ltd.		Loans		30			51
			Deposits due to customers		3,009			3,054
			Accrued expenses		7			86
			Other liabilities		316			339
	Korea Credit Bureau Co., Ltd.		Loans		—			1
			Deposits due to customers		2,615			780
			Accrued expenses		—			13
			Other liabilities		10			—
	Korea Finance Security Co., Ltd.		Loans		3,435			3,225
			Loss allowance		(23	)		(43	)
			Deposits due to customers		2,138			1,145
			Other liabilities		1			3
	LOTTE CARD Co. Ltd.		Loans		26,880			27,913
			Account receivables		35			21
			Loss allowance		(295	)		(297	)
			Derivative assets		564			1,075
			Other assets		256			49
			Deposits due to customers		22,869			20,207
			Accrued expenses		39			—
			Derivative liabilities		807			—
			Other liabilities		289			273
	K BANK Co., Ltd.		Loans		17			18
			Account receivables		9			32
			Cash and cash equivalents		192			—
			Other assets		43			—
			Other liabilities		158,668			193,719
	Others (*)		Loans		42,903			38,819
			Loss allowance		(139	)		(273	)
			Other assets		9,116			66,088
			Deposits due to customers		2,259			3,575
			Other liabilities		541			232
(*)	Others include IGEN2022No. 1 Private Equity Fund and etc., as of December 31, 2025 and 2024.<br>
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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	2025			2024
Associates	W Service Network Co., Ltd.	Other income		37			35
		Interest expenses		30			37
		Fees expenses		280			483
		Other expenses		1,031			1,095
	Korea Credit Bureau Co., Ltd.	Interest expenses		10			—
		Fees expenses		5,228			3,986
		Other expenses		61			155
	Korea Finance Security Co., Ltd.	Interest income		152			142
		Interest expenses		2			3
		Provision (Reversal) of allowance for credit loss		(22	)		(32	)
		Other expenses		25			25
	LOTTE CARD Co., Ltd.	Interest income		1,525			1,586
		Fees income		4,103			4,019
		Gain on derivatives		248			1,075
		Loss on derivatives		1,318			457
		Interest expenses		2,593			4,127
		Fees expenses		1,382			—
		Provision (Reversal) of allowance for credit loss		15			11
	K BANK Co., Ltd.	Fees income		171			269
		Fees expenses		6			—
		Other expenses		2			—
	Others (*)	Interest income		2,233			844
		Fees income		32,348			53,562
		Dividend income		—			3,729
		Other income		7,457			2,890
		Interest expenses		14,017			18,045
		Other expenses		—			1,612
		Provision (Reversal) of allowance for credit loss		(264	)		212
(*)	Others include Win Mortgage Co., Ltd. and etc., for the years ended December 31, 2025 and 2024.<br>
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(3)	Major loan transactions with related parties for the years ended December 31, 2025 and 2024 are as follows<br>(Unit: Korean Won in millions):
		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties		Beginning<br>balance		Loan		Collection		Others			Ending<br>balance (*)
Associates	W Service Network Co., Ltd.		51		403		424		—			30
	Korea Credit Bureau Co., Ltd.		1		3		4		—			—
	Korea Finance Security Co., Ltd.		3,225		2,052		1,842		—			3,435
	LOTTE CARD Co., Ltd.		27,913		12,531		13,213		(351	)		26,880
	K BANK Co., Ltd.		18		256		257		—			17
	Win Mortgage Co.,Ltd.		8		250		240		—			18
	ARAM CMC CO.LTD		41		—		41		—			—
	Godo Kaisha Oceanos 1		38,770		22,921		64,002		2,311			—
	Woori Real Estate Investment<br>No. 1 Limited Liability Company		—		42,885		—		—			42,885
(*)	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, 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.
---	---

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(4)	Details of changes in major deposits due to customers with related parties for the years ended<br>December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---
Related parties		Beginning<br>balance		Increase		Decrease		Ending<br>balance (*)
Associates	W Service Networks Co., Ltd		1,000		—		—		1,000
	Win Mortgage Co.,Ltd.		1,387		3,529		3,564		1,352
	Korea Credit Bureau Co., Ltd.		—		1,000		—		1,000
(*)	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		1,000		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>
---	---
(5)	There are no major borrowing transactions with related parties for the years ended December 31, 2025 and<br>2024.
---	---
(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):<br>
---	---
Warrantee	December 31, 2025		December 31, 2024		Warranty
---	---	---	---	---	---	---
Korea Finance Security Co., Ltd.		425		635		Unused loan commitment
Korea Credit Bureau Co., Ltd.		35		34		Unused loan commitment
W Service Network Co., Ltd.		150		129		Unused loan commitment
K BANK Co., Ltd.		283		282		Unused loan commitment
LOTTE CARD Co. Ltd.		478,300		498,400		Unused loan commitment
						Confirmed Foreign
						Currency Payment
LOTTE CARD Co. Ltd.		1,650		1,691		Guarantee
Win Mortgage Co.,Ltd.		32		42		Unused loan commitment

As of December 31, 2025 and 2024, the recognized payment guarantee provisions are 289 million won and 272 million won, respectively, in relation to the guarantees provided to the related parties above.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(7)	Amount of commitments with the related parties
Warrantee	December 31, 2025		December 31, 2024		Warranty
---	---	---	---	---	---	---
NH Woori Newdeal Growth Alpha Private Equity Fund 1		819		15,906		Securities purchase commitment
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		990,000		990,000		Securities purchase commitment
BTS 2nd Private Equity Fund		1,234		1,854		Securities purchase commitment
STASSETS FUND III		1,500		3,000		Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1		1,624		3,443		Securities purchase commitment
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664		Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		27,103		30,949		Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		255		60		Securities purchase commitment
Woori Asset Global Partnership Fund No.5		75,000		97,500		Securities purchase commitment
JC Assurance No.2 Private Equity Fund		492		1,351		Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		50		148		Securities purchase commitment
Woori Real Estate Investment No. 1 Limited Liability Company		7,100		7,100		Securities purchase commitment
Woori Future Energy Private Special Asset Investment Trust(General) No.1		33,600		33,600		Securities purchase commitment
LOTTE CARD Co., Ltd.		440,000		350,000		Derivative commitment
Woori IMM Greean Net Zero Fund		21,099		—		Securities purchase commitment
Woori NH Co-Growth Private Equity FundI		9,296		—		Securities purchase commitment
Woori PGIF4 General Type Private Special Asset Investment Trust No.1		3,102		—		Securities purchase commitment
Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust<br>No.1		15,820		—		Securities purchase commitment
Woori Global Secondary Private Placement Investment Trust No. 2		2,948		—		Securities purchase commitment
Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust<br>No.1		20,000		—		Securities purchase commitment

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(8)	Major investment and Recovery transactions

Details of major investment and recovery transactions with related parties during the years ended December 31, 2025 and 2024 are described in Note 14.(2). There are no other significant investment and recovery transactions.

(9)	Compensation for key management is as follows (Unit: Korean Won in millions):
	For the years ended<br>December 31
---	---	---	---	---
	2025		2024
Short-term employee salaries		23,700		34,676
Retirement benefit service costs		941		1,372
Share-based compensation		20,755		11,298
Total		45,396		47,346

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 3,203 million won and 3,523 million won, as of December 31, 2025 and 2024 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 11,562 million won and 69,372 million won, respectively, as of December 31, 2025 and 2024.

223 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

46.	TRUST ACCOUNTS
(1)	Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):
---	---
	Total assets				Operating income
---	---	---	---	---	---	---	---	---
	December 31, 2025		December 31, 2024		For the years ended December 31
				2025			2024
Trust accounts		94,330,961		85,894,740		3,043,016		2,544,969
(2)	Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Receivables:
Trust fees receivables		48,172		46,273
Payables:
Deposits due to customers		119,733		265,364
Borrowings from trust accounts		6,047,905		5,214,906
Total		6,167,638		5,480,270
(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
---	---	---	---	---
	2025		2024
Revenue:
Trust fees		180,515		156,911
Termination fees		19,249		3,345
Total		199,764		160,256
Expense:
Interest expenses on deposits due to customers		791		955
Interest expenses on borrowings from trust accounts		126,767		148,498
Total		127,558		149,453

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(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, 2025		December 31, 2024
---	---	---	---	---
Partial principal guaranteed trusts
Personal trust		7,456		7,823
Corporate trust		193		189
Deposit purpose		1,465		1,544
Sub-total		9,114		9,556
Principal guaranteed trusts
Old-age pension trusts		2,455		2,450
Personal pension trusts		369,257		399,860
Pension trusts		542,034		592,533
Retirement trusts		26,043		26,159
New personal pension trusts		5,579		6,084
New old-age pension trusts		753		815
Sub-total		946,121		1,027,901
Principal and interest guaranteed trusts
Development trusts		19		19
Unspecified money trusts		333		334
Sub-total		352		353
Total		955,587		1,037,810

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

47.	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, 2025
---	---	---	---	---
	Total investment in lease		Net investment in lease
Within one year		296,640		277,976
After one year but within two years		288,032		266,930
After two years but within three years		174,700		160,310
After three years but within four years		103,904		91,402
After four years but within five years		217,393		191,328
After five years		1,173		1,053
Total		1,081,842		988,999
	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
②	The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in millions)<br>
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Total investment in lease		1,081,842		1,205,329
Net investment in lease		988,999		1,106,019
Present value of minimum lease payments		988,999		1,106,019
Unrealized interest income		92,843		99,310

226 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

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, 2025			December 31, 2024
---	---	---	---	---	---	---
Prepaid lease assets		18,844			42,996
Operating lease assets
Acquisition cost		5,263,765			5,132,477
Accumulated depreciation		(1,458,989	)		(1,209,633	)
Net carrying value		3,804,776			3,922,844
Total		3,823,620			3,965,840
②	The details of changes in operating lease assets are as follows (Unit: Korean Won in millions):<br>
---	---
	For the years ended December 31
---	---	---	---	---	---	---
	2025			2024
Beginning balance		3,922,844			3,285,926
Acquisition		926,165			1,463,419
Disposal		(388,889	)		(262,184	)
Depreciation		(629,079	)		(587,148	)
Others		(26,265	)		22,831
Ending balance		3,804,776			3,922,844
③	The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in<br>millions)
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Within one year		889,408		895,812
After one year but within two years		656,257		763,682
After two years but within three years		443,619		515,003
After three years but within four years		217,769		312,886
After four years but within five years		65,179		102,478
Total		2,272,232		2,589,861
④	There are no adjusted lease payments recognized as profit or loss for the years ended December 31, 2025<br>and 2024.
---	---

227 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(2)	Lessee
1)	The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Lease payments
Within one year		214,922		194,384
After one year but within five years		355,365		317,609
After five years		44,575		50,352
Total		614,862		562,345
2)	Total cash outflows from lease are as follows (Unit: Korean Won in millions):
---	---
	For the years ended<br>December 31
---	---	---	---	---
	2025		2024
Total cash outflows from lease		254,626		240,491
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
---	---	---	---	---
	2025		2024
Lease payments for short-term leases		376		273
Lease payments for which the underlying asset is of low value		2,691		1,448
Total		3,067		1,721

Variable lease payments that were not included in the measurement of lease liabilities for the years ended December 31, 2025 and 2024 were 32,711 million Won and 24,380 million Won.

228 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

48.	BUSINESS COMBINATION
(1)	Tongyang Life Insurance Co., Ltd.
---	---
1)	General
---	---

The Group obtained approval from the Financial Services Commission on May 2, 2025, to include a subsidiary, and acquired 77.9% of the interest (excluding treasury stocks; 75.3% including treasury stocks) of Tongyang Life Insurance Co., Ltd. (“Tongyang Life”) on July 1, 2025, thereby obtaining control. The primary purpose of this business combination is to maximize synergy effects among consolidated subsidiaries and strengthen the non-banking business portfolio.

From the acquisition date (July 1, 2025) to the end of the current reporting period, Tongyang Life’s operating income and net income reflected in the consolidated statement of comprehensive income amounted to 49,386 million Won and 43,609 million Won, respectively. Assuming that the acquisition of Tongyang Life had occurred at the beginning of the annual reporting period (January 1, 2025), Tongyang Life’s operating income and net income that would have been recognized in the consolidated statement of comprehensive income are estimated to be 149,439 million Won and 126,021 million Won, respectively.

2)	Identifiable net assets:
	(Unit: Korean Won in millions)<br>Amount
---	---	---
Assets
Cash and cash equivalents		286,417
Financial assets at fair value through profit or loss		5,799,449
Financial assets at fair value through other comprehensive income		21,635,551
Financial assets at amortized cost (*1)		6,544,801
Derivative assets		172,326
Investment properties		426,509
Premises and equipment		115,287
Intangible assets		29,953
Deferred tax assets		130,646
Investments in associates		28,521
Reinsurance contracts assets		578,741
Other assets		53,754
Sub-total		35,801,955
Liabilities
Insurance contract liabilities		28,743,076
Reinsurance contract liabilities		10,900
Investment contract liabilities		3,474,425
Financial liabilities at fair value through profit or loss		256
Financial liabilities at amortized cost		1,100,627
Derivative liabilities		196,317
Provisions		41,393
Other liabilities		35,503
Sub-total		33,602,497
Identifiable Net Assets Fair value (*2)		2,199,458
(*1)	The financial assets measured at amortized cost that were acquired have been estimated at fair value. The<br>contractual gross amount of Tongyang Life’s financial assets measured at amortized cost is KRW 6,547,834 million, and the contractual cash flows that are not expected to be recovered as of the acquisition date are estimated at KRW<br>90,923 million.
---	---
(*2)	The Group measured the identifiable assets and liabilities of the acquiree at their fair values as of the<br>acquisition date for the purpose of allocating the consideration transferred.
---	---

229 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

If, within one year from the acquisition date, new information is obtained about facts and circumstances that existed at the acquisition date requiring adjustments to the amounts recognized at that date, or if additional provisions existing at the acquisition date need to be recognized, such adjustments will be accounted for in the business combination.

3)	Bargain purchase gain

A bargain purchase gain occurred as the fair value of identifiable net assets exceeded the consideration transferred.

	(Unit: Korean Won in millions)<br>Amount
Consideration transferred		1,281,963
Identifiable net assets fair value		2,199,458
Non-controlling interests (*1)		236,994
Hybrid securities (*2)		406,310
Bargain purchase gain (*3)		274,191
(*1)	The non-controlling interests in Tongyang Life acquired during the<br>current period were measured at the fair value based on the closing price at the acquisition date.
---	---
(*2)	It is a hybrid securities issued by Tongyang Life and classified as equity, which does not grant rights to a<br>proportionate interest of the acquiree’s identifiable net assets, and was measured at fair value using the Hull-White valuation method with discount rates based on credit ratings, interest rate volatility, and exchange rates as input<br>variables.
---	---
(*3)	Included in other non-operating income in the consolidated statement of<br>comprehensive income.
---	---
4)	Business combination costs
---	---

The Group incurred costs of 1,972 million Won related to the business combination, including legal fees and due diligence fees, which were recognized as fees and commissions expenses in the consolidated statement of comprehensive income.

5)	Net cash outflows from the business combination
	(Unit: Korean Won in millions)<br>Amount
---	---	---
Consideration paid in cash		1,281,963
Cash and cash equivalents acquired		286,417
Less: Total		995,546

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

(2)	ABL Life Insurance Co., Ltd.
1)	General
---	---

The Group obtained approval from the Financial Services Commission on May 2, 2025, to include a subsidiary, and acquired 100% of the interest of ABL Life Insurance Co., Ltd. (“ABL Life”) on July 1, 2025, thereby obtaining control. The primary purpose of this business combination is to maximize synergy effects among consolidated subsidiaries and strengthen the non-banking business portfolio.

From the acquisition date (July 1, 2025) to the end of the current reporting period, ABL Life’s operating income and net income reflected in the consolidated statement of comprehensive income amounted to 58,653 million Won and 55,984 million Won, respectively. Assuming that the acquisition of ABL Life had occurred at the beginning of the annual reporting period (January 1, 2025), ABL Life’s operating income and net income that would have been recognized in the consolidated statement of comprehensive income are estimated to be 124,104 million Won and 89,840 million Won, respectively.

2)	Identifiable net assets:
	(Unit: Korean Won in millions)<br>Amount
---	---	---
Assets
Cash and cash equivalents		327,090
Financial assets at fair value through profit or loss		5,724,722
Securities at fair value through other comprehensive income		11,300,915
Financial assets at amortized cost (*1)		1,647,554
Derivative assets		31,506
Investment properties		154,006
Premises and equipment		329,899
Intangible assets		36,152
Deferred tax assets		305,354
Reinsurance contracts assets		7,704
Other assets		41,402
Sub-total		19,906,304
Liabilities
Insurance contract liabilities		18,324,194
Reinsurance contract liabilities		125,450
Investment contract liabilities		930
Financial liabilities at fair value through profit or loss		8,239
Financial liabilities at amortized cost		828,081
Derivative liabilities		27,827
Provisions		14,848
Other liabilities		4,970
Sub-total		19,334,539
Identifiable Net Assets Fair value (*2)		571,765
(*1)	The financial assets measured at amortized cost that were acquired have been estimated at fair value. The<br>contractual gross amount of ABL Life’s financial assets measured at amortized cost is KRW 1,670,314 million, and the contractual cash flows that are not expected to be recovered as of the acquisition date are estimated at KRW<br>25,489 million.
---	---
(*2)	The Group measured the identifiable assets and liabilities of the acquiree at their fair values as of the<br>acquisition date for the purpose of allocating the consideration transferred.
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OFDECEMBER 31, 2025 AND 2024

3)	Bargain purchase gain

A bargain purchase gain occurred as the fair value of identifiable net assets exceeded the consideration transferred.

(Unit: Korean Won in millions)
	Amount
Consideration transferred		264,946
Identifiable net assets fair value		571,765
Bargain purchase gain (*)		306,819

(*) Included in other non-operating income in the consolidated statement of comprehensive income.

4)	Business combination costs

The Group incurred costs of 301 million Won related to the business combination, including legal fees and due diligence fees, which were recognized as fees and commissions expenses in the consolidated statement of comprehensive income.

5)	Net cash inflows from the business combination
(Unit: Korean Won in millions)
---	---	---
	Amount
Consideration paid in cash		264,946
Cash and cash equivalents acquired		327,090
Less: Total		62,144
49.	EVENTS AFTER THE REPORTING PERIOD
---	---
(1)	The Parent Company resolved at the Board of Directors’ meeting held on February 6, 2026, to acquire<br>and retire its treasury shares. The Parent Company plans to acquire treasury shares in the amount of KRW 200 billion through a trust agreement during the period from February 10, 2026 to June 10, 2026, and intends to cancel all shares<br>acquired through this transaction thereafter.
---	---
(2)	Woori Bank, a subsidiary, decided to implement a voluntary retirement program through a labor-management agreement in January 2026. As a result, the termination benefits to be recognized by the Group in the first quarter of 2026 amount to KRW 181,305 million.
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Independent Auditor’ Report on Internal Control over Financial Reporting forConsolidation 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, 2025 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, 2025, 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, 2025, 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 XX, 2026 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 Internal Control over FinancialReporting 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 the Internal Control overFinancial 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.

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

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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 4, 2026

This report is effective as of March 4, 2026, 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 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. and its subsidiaries (collectively referred to as “the Group”), assessed operating status of the Group’s Internal Control over Financial Reporting for Consolidation Purposes (“the Group’s ICFR”) for the year ended December 31, 2025.

The Group’s management, including ourselves, is responsible for designing and operating the Group’s 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 ICFR’ established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as the criteria for design and operation of the Group’s ICFR. We also assessed the design and operation of the Group’s ICFR based on the Appendix 6, ‘Standards for Evaluating and Reporting the Effectiveness of ICFR,’ of the Detailed Regulations on External Audit and Accounting, etc.

Based on our assessment, we concluded that the Group’s ICFR is designed and operated effectively as of December 31, 2025, in all material respects, in accordance with the ‘Conceptual Framework for Designing and Operating ICFR’.

As of the date of the assessment, the Group excluded TONGYANG Life Insurance Co., Ltd. (acquisition date: July 1, 2025; total assets and profit before tax as of the assessment date of KRW 35,444,959 million and KRW 53,616 million, representing 5.9% and 1.3%, respectively, of total assets and profit before tax after the acquisition) and ABL Life Insurance Co., Ltd. (acquisition date: July 1, 2025; total assets and profit before tax as of the assessment date of KRW 19,609,549 million and KRW 57,498 million, representing 3.3% and 1.4%, respectively, of total assets and profit before tax after the acquisition) from the scope of the assessment of the Group’s ICFR, as one year had not yet elapsed since the acquisition date, making the assessment not practically feasible.

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.

(Attachment)

Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

February 27, 2026

Jong Yong Yim, Chief Executive Officer

Seong Min Kwak, Internal Control over Financial Reporting Officer

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(Attachment) Internal control activities performed by the Company to address the risk of fund-relatedfraud, including misappropriation

The control activities performed by the Company as disclosed below provide an integrated overview of the Company’s key Internal Control over Financial Reporting(ICFR) control activities implemented to address risks of fund-related fraud, including misappropriation, in accordance with the “Guidelines for Evaluating and Reporting the Effectiveness of ICFR” enacted and amended by the Financial Supervisory Service.

Type	*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
Entity-level<br><br><br>Controls	<Compliance with Code of Ethics><br> <br><br><br><br>Management operates a system under which employees pledge to comply with the code of ethics and related obligations, and operates procedures to identify and<br>monitor any violations of applicable laws and the Code of Ethics.<br> <br><br> <br>(Department in<br>charge: Compliance Monitoring ACT of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br><br><br><br><br>•<br><br>Compliance Monitoring ACT, Compliance Management Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Risk Assessment><br> <br><br><br><br>Management identifies risks for each business activity and operates a system to evaluate risks through the Operational Risk Management System.<br><br><br><br> <br>(Department in charge: Risk Management Dept. of Woori Financial Group Inc., Risk<br>Management Office of Woori Bank Co., Ltd.. etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br><br><br><br><br>•<br><br>Risk Management Department, Risk Management Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Mandatory Leave Policy><br> <br><br><br><br>Management operates the mandatory leave policy to eliminate incentives and opportunities for financial fraud.<br><br><br><br> <br>(Department in charge: Compliance Monitoring ACT of Woori Financial Group Inc.,<br>Compliance Management Department of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br><br><br><br><br>•<br><br>Compliance Monitoring ACT,<br><br><br><br><br>•<br><br>Compliance Management Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026

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*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
<Job Rotation Policy><br> <br><br><br><br>Management operates the job rotation policy to eliminate incentives and opportunities for financial fraud.<br><br><br><br> <br>(Department in charge: Human Resources Dept. of Woori Bank Co., Ltd., Compliance Support<br>Team of Woori Card Co., Ltd., etc.)	Woori Bank Co., Ltd., Woori Card Co., Ltd., and 7 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Card Co., Ltd., and 7 affiliates<br><br><br><br><br>•<br><br>Human Resources Dept., Compliance Support Team, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Segregation of Duties and Authority Segregation><br> <br><br><br><br>Management segregates organizational duties and operates in accordance with policies that clearly define the roles and responsibilities associated with each<br>function.<br> <br><br> <br>(Department in charge: Strategy&Planning Department of Woori Financial<br>Group Inc., Legal Affairs Office of Woori Bank Co., Ltd.. etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br><br><br><br><br>•<br><br>Strategy&Planning Department, Legal Affairs Office, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Whistle Blowing Policy><br> <br><br><br><br>Management operates a compliance reporting policy and implements protective measures, including confidentiality for whistleblowers and prohibition of any<br>retaliation.<br> <br><br> <br>(Department in charge: Ethics Management Office of Woori Financial<br>Group Inc., Audit Department of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br><br><br><br><br>•<br><br>Ethics Management Office, Audit Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Compliance Monitoring and Internal Audit><br> <br><br><br><br>Management addresses the fraud risk through compliance monitoring activities and internal audit functions.<br><br><br><br> <br>(Department in charge: Audit Department of Woori Financial Group Inc., Audit Department<br>of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 13 affiliates<br><br><br><br><br>•<br><br>Audit Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026

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Type	*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
Funds<br> <br>Controls	<Deposit Operations Management><br> <br><br><br><br>The person in charge of deposit operations shall verify application for account opening, withdrawal slips, etc. to carry out account opening, deposits,<br>withdrawals, and account closing transactions. The authorized approver shall review the transaction details to ensure they are consistent with the supporting documents, and for transactions exceeding a specified amount, approval is required before<br>processing.<br> <br><br> <br>(Department in charge: Woori Bank Branches, Woori Investment Securities<br>Branches, etc.)	Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates<br><br><br><br><br>•<br><br>Branches, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Branch End-of-day Closing><br><br><br><br> <br>The teller shall reconcile the cash on hand with the system records during the daily<br>closing. The officer in charge of cash operations shall review and approve the reconciliation results.<br> <br><br><br><br>(Department in charge: Woori Bank Branches, Woori Investment Securities Branches, etc.)	Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Investment Securities Co., Ltd., and 5 affiliates<br><br><br><br><br>•<br><br>Branches, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Credit Review and Approval><br> <br><br><br><br>The person in charge of credit transactions shall verify all relevant documents, including credit agreements, and request credit review and approval. The<br>authorized approver shall review the credit terms, such as maturity, amount, interest rate, etc. and approve the transaction.<br> <br><br><br><br>(Department in charge: Loan Service Center of Woori Bank Co., Ltd., Special Underwriting Team of Woori Card Co., Ltd., etc.)	Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br><br><br><br><br>•<br><br>Loan Service Center, Special Underwriting Team, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Approval of Credit Transaction Execution><br> <br><br><br><br>The person in charge of credit transactions shall verify the credit review and approval details and submit a request for credit execution. The authorized<br>approver shall review the credit terms, including maturity, amount, interest rate, etc. and approve the transaction.<br> <br><br><br><br>(Department in charge: Loan Service Center of Woori Bank Co., Ltd., Corporate Solution Team of Woori Card Co., Ltd., etc.)	Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br><br><br><br><br>•<br><br>Loan Service Center, Corporate Solution Team, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026

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*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
<Credit Monitoring><br> <br><br><br><br>The person in charge of credit monitoring shall frequently or periodically review credit transactions for any irregularities and report the findings. The<br>authorized approver shall review and approve the appropriateness of the inspection results.<br> <br><br><br><br>(Department in charge: IB/Global Credit Analysis & Approval Department of Woori Bank Co., Ltd., Risk Strategic Team of Woori Card Co., Ltd.,<br>etc)	Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br><br><br><br><br>•<br><br>IB/Global Credit Analysis & Approval Department, Risk Strategic Team, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Credit Repayment and Management of Non-Performing Loans><br><br><br><br> <br>Repayment of loan principal and interest is managed through the system. When non-performing loans arise due to delinquency or other reasons, the authorized approver shall review the supporting documentation for applications submitted by the person in charge of<br>non-performing loan management, including loan receivable sales, restructuring, or write-offs, evaluate the appropriateness of the proposed actions, and approve them prior to execution.<br><br><br><br> <br>(Department in charge: Credit Management & Collection Dept. of Woori Bank Co.,<br>Ltd., Collection Strategic Team of Woori Card Co., Ltd., etc.)	Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Card Co., Ltd., and 9 affiliates<br><br><br><br><br>•<br><br>Credit Management & Collection Dept., Collection Strategic Team, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Approval for Acquisition and Disposal of Marketable Securities><br><br><br><br> <br>The person in charge of the acquisition and disposal of marketable securities shall<br>review transaction statements, contracts and request approval for the transaction. The authorized approver shall review the details of the securities transaction, including the type of security, amount, maturity, etc. and grant approval<br>accordingly.<br> <br><br> <br>(Department in charge: Finance & Management Department of Woori<br>Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Settlement Support Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Verification of Interest and Dividend Receipts on Securities><br><br><br><br> <br>The authorized approver shall review and approve the reconciliation records prepared by<br>the person in charge of securities interest and dividend receipts, comparing system-recorded amounts, actual received amounts, dividend notices, etc.<br> <br><br><br><br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Settlement Support Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026

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*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
<Physical Custody and Balance Management of Securities><br> <br><br><br><br>Physical securities are stored in locations with restricted access. The authorized approver shall review and approve the results of physical inspections of<br>securities and reconciliations with balance confirmations and other relevant documents performed by the person in charge of physical securities and balance management.<br> <br><br><br><br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Settlement Support Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Approval of Derivative Transactions and Settlements><br> <br><br><br><br>The person in charge of derivative transactions and settlements shall verify the transaction records and submit requests for approval and settlement. The<br>authorized approver shall review the transaction details, including amount, maturity, etc and approve the transaction.<br> <br><br><br><br>(Department in charge: Settlement Support Dept. of Woori Bank Co., Ltd., Treasury Team of Woori Card Co., Ltd., etc.)	Woori Bank Co., Ltd., Woori Card Co., Ltd., and 2 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Bank Co., Ltd., Woori Card Co., Ltd., and 2 affiliates<br><br><br><br><br>•<br><br>Settlement Support Dept., Treasury Team, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Financing Approval><br> <br><br><br><br>The authorized approver shall approve the financing after reviewing the amounts, maturities, and interest rates, etc. requested by the person in charge of<br>financing in accordance with the financing plan.<br> <br><br> <br>(Department in charge: Finance<br>& Management Department of Woori Financial Group Inc., Treasury Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Treasury Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Financing and Principal/Interest Repayments><br> <br><br><br><br>The person in charge of financing and principal/interest repayments shall verify the consistency between agreements and cash transaction records and report the<br>findings, and the authorized approver shall review and approve the amounts, interest rates, repayment dates, etc.<br> <br><br><br><br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Treasury Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 10 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Treasury Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026

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*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
<Segregation of Duties for Fund Disbursements><br> <br><br><br><br>The person in charge and the approver shall be segregated in fund disbursement duties.<br><br><br><br> <br>(Department in charge: Management Support Department of Woori Financial Group Inc.,<br>International Trade Service Center of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates<br><br><br><br><br>•<br><br>Management Support Department, International Trade Service Center, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Approval of Fund Disbursements><br> <br><br><br><br>The person in charge of fund disbursement shall verify fund transfer requests and other relevant documents, and submit a request for fund disbursement. The<br>authorized approver shall review the appropriateness of the requested details, including the amount and purpose, and shall approve the fund disbursement prior to execution.<br> <br><br><br><br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 9 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Settlement Support Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Verification of Fund Receipts><br> <br><br><br><br>The authorized approver reviews amount and reason of receipt and approves the consistency between the supporting documents and the deposited amount, as<br>verified by the person in charge of fund receipts.<br> <br><br> <br>(Department in charge: Finance<br>& Management Department of Woori Financial Group Inc., Real Estate Finance Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Real Estate Finance Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
<Cash and Deposit Balance Management><br> <br><br><br><br>The authorized approver reviews and approves the consistency between system-recorded balances and actual balances, as<br>verified by the person in charge of cash and deposit balance management.<br> <br><br> <br>(Department<br>in charge: Finance & Management Department of Woori Financial Group Inc., Settlement Support Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 12 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 12 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Settlement Support Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026

241 -

Type	*Internal Control Activities performed by the Company^(1)^**	Targeted<br><br><br>Entity	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
	<Management of Sensitive Physical Assets><br> <br><br><br><br>Sensitive physical assets, such as corporate seals, bank accounts, OTP devices, etc. are stored in locations with restricted access. When a request is made to<br>use such items, the authorized approver reviews the appropriateness of the purpose of use and grants approval accordingly.<br> <br><br><br><br>(Department in charge: Management Support Department of Woori Financial Group Inc., Deposit Service Center of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br><br><br><br><br>•<br><br>Management Support Department, Deposit Service Center, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Opening and Closing of Accounts><br> <br><br><br><br>The authorized approver reviews and approves the appropriateness of account opening and closing requests submitted by the person in charge, including the<br>account details and the stated reason for the request, etc. prior to the approval.<br> <br><br><br><br>(Department in charge: Finance & Management Department of Woori Financial Group Inc., Compliance Management Department of Woori Bank Co., Ltd.,<br>etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br><br><br><br><br>•<br><br>Finance & Management Department, Compliance Management Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Client Information Management><br> <br><br><br><br>The person in charge of client information management reviews relevant documents such as the business registration certificate, a copy of the bank account,<br>etc. and submits requests to register or modify client information. The authorized approver reviews the registration or modification details along with the related supporting documents and grants approval.<br><br><br><br> <br>(Department in charge: Management Support Department of Woori Financial Group Inc.,<br>General Affairs Dept. of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br><br><br><br><br>•<br><br>Management Support Department, General Affairs Dept., etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Ledger Modification><br> <br><br><br><br>The authorized approver for ledger modifications shall review the modification request submitted by the requesting department, assess the appropriateness of<br>the reason for the change, and approve the request.<br> <br><br> <br>(Department in charge: ICT<br>Planning Department of Woori Financial Group Inc., IT Technology Innovation Department of Woori Bank Co., Ltd., etc.)	Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Woori Financial Group Inc., Woori Bank Co., Ltd., and 8 affiliates<br><br><br><br><br>•<br><br>ICT Planning Department, IT Technology Innovation Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
(*1)	The term “authorized approver” refers to a department head, team leader, or other personnel with<br>the authority for approval in the course of their duties.
---	---
(*2)	For the purpose of independent evaluation, the Company designates reviewers who are not the control performers<br>within the department to conduct assessments of the design and operational effectiveness. In addition, the inspection results prepared by each department are further reviewed by the Company’s internal accounting department and by an external<br>audit firm possessing a high level of independence and expertise
---	---

242 -

EX-99.2

Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 AND 2024

WOORI FINANCIAL GROUP INC.	Page(s)
Independent Auditors’ 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		10-69
Report on Independent Auditor’s Audit of Internal Control over FinancialReporting		70-71
Operating Status Report of Internal Control over Financial Reporting		72-75

Independent Auditors’ 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 separate financial statements of Woori Financial Group Inc. (“the Company”), which comprise the separate statement of financial position as of December 31, 2025 and 2024, 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, 2025 and 2024, and its separate financial performance and its separate cash flows for the years 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, 2025, 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 4, 2026 expressed an unmodified opinion on the effectiveness of the Company’s ICFR.

Basis for Opinion

We conducted our audits in accordance with KSAs. Our responsibilities under those standards are further described in the Auditors’ 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.

Responsibilities of Management and Those Charged with Governance for the Separate 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.

Auditors’ 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 auditors’ 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 auditors’ 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<br>to the date of our auditors’ 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 separate financial statements, including the<br>disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
---	---

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 auditors’ 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 auditors’ report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 4, 2026

This report is effective as of March 4, 2026, 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.

WOORI FINANCIAL GROUP INC.

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

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, 2025 AND 2024

	December 31,<br>2025
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 28)		489,321	1,185,912
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4,<br>6, 8 and 28)		558,162	553,518
Loans and other financial assets at amortized cost (Notes 4, 7, 8 and 28)		707,142	204,431
Investments in subsidiaries (Notes 9 and 28)		25,597,495	24,206,017
Premises and equipment (Notes 10 and 28)		4,763	5,304
Intangible assets (Note 11)		2,961	3,308
Net defined benefit asset (Note 15)		2,108	1,378
Current tax assets (Note 25)		26,295	33,120
Deferred tax assets (Note 25)		5,810	4,379
Other assets (Note 12)		315	155,670
Total assets		27,394,372	26,353,037
LIABILITIES
Debentures (Notes 4, 8 and 13)		2,667,525	2,037,567
Provisions (Note 14)		1,897	1,252
Current tax liabilities (Note 25)		673,217	84,701
Other financial liabilities (Notes 4, 8, 16, 28 and 29)		95,822	76,382
Other liabilities (Note 16)		5,967	404
Total liabilities		3,444,428	2,200,306
EQUITY (Note 17)
Capital stock		3,802,676	3,802,676
Hybrid securities		3,710,228	3,810,225
Capital surplus		8,120,236	11,120,236
Other equity		2,607	(1,189	)
Retained earnings		8,314,197	5,420,783
Total equity		23,949,944	24,152,731
Total liabilities and equity		27,394,372	26,353,037

The accompanying notes are part of these financial statements.

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF COMPREHENSIVE INCOME

FOR THEYEARS ENDED DECEMBER 31, 2025 AND 2024

	2025			2024
	(Korean Won in millions)
Interest income		28,296			51,778
Interest expense		(72,822	)		(49,650	)
Net interest income (expense) (Notes 8, 19 and 28)	****	(44,526	)	****	2,128	****
Fees and commissions income		1,816			1,625
Fees and commissions expense		(28,695	)		(21,944	)
Net fees and commissions loss (Notes 20 and 28)	****	(26,879	)	****	(20,319	)
Dividend income (Notes 21 and 28)		1,448,486			1,208,522
Reversal (Provision) of impairment losses due to credit loss (Notes 8, 22 and 28)		56			608
General and administrative expenses (Notes 23 and 28)		(82,422	)		(67,638	)
Operating income	****	1,294,715	****	****	1,123,301	****
Non-operating expense (Note 24)	****	(170,511	)	****	(147	)
Net income before income tax expense	****	1,124,204	****	****	1,123,154	****
Income tax income (Note 25)		2,836			178
Net income	****	1,127,040	****	****	1,123,332	****
Net gain on valuation of equity securities at FVTOCI (Note 17)		3,328			10,164
Remeasurement gain (loss) related to defined benefit liabilities (Notes 15 and 17)		234			(1,026	)
Items that will not be reclassified to profit or loss:	****	3,562	****	****	9,138	****
Other comprehensive income, net of tax	****	3,562	****	****	9,138	****
Total comprehensive income	****	1,130,602	****	****	1,132,470	****
Earnings per share (Note 26)
Basic and diluted earnings per share (Unit: In Korean Won)		1,326			1,296

The accompanying notes are part of these financial statements.

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARSENDED DECEMBER 31, 2025 AND 2024

	Capitalstock
	(Korean Won in millions)
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 liabilities		—	—		—		(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
January 01, 2025		3,802,676	11,120,236		3,810,225		(1,189	)	5,420,783		24,152,731
Total comprehensive income
Net income		—	—		—		—		1,127,040		1,127,040
Net gain on valuation of equity securities at FVTOCI		—	—		—		3,328		—		3,328
Remeasurement loss related to defined benefit liabilities		—	—		—		234		—		234
Transactions with owners
Dividends to common stocks		—	—		—		—		(931,111	)	(931,111	)
Issuance of hybrid securities		—	—		797,781		—		—		797,781
Dividends to hybrid securities		—	—		—		—		(150,059	)	(150,059	)
Redemption of hybrid securities		—	—		(897,778	)	(2,222	)	—		(900,000	)
Transfer of redemption loss of hybrid securities to retained earnings		—	—		—		2,456		(2,456	)	—
Acquisition of treasury stock		—	—		—		(150,000	)	—		(150,000	)
Retirement of treasury stock		—	—		—		150,000		(150,000	)	—
Transfer to retained earnings		—	(3,000,000	)	—		—		3,000,000		—
December 31, 2025		3,802,676	8,120,236		3,710,228		2,607		8,314,197		23,949,944

The accompanying notes are part of these financial statements.

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDEDDECEMBER 31, 2025 AND 2024

	2025
	(Korean Won in millions)
Cash flows from operating activities:
Net income		1,127,040		1,123,332
Adjustments to net income:
Income tax income		(2,836	)	(178	)
Interest income		(28,296	)	(51,778	)
Interest expense		72,822		49,650
Dividend income		(1,448,486	)	(1,208,522	)
		(1,406,796	)	(1,210,828	)
Adjustments for profit/loss items not involving cash flows:
Reversal of impairment losses due to credit loss		(56	)	(608	)
Retirement benefit		6,033		3,311
Depreciation and amortization		5,475		5,728
Gain on disposal of premises and equipment, intangible assets and other assets		(4	)	(7	)
Impairment loss on investments in subsidiaries		169,414		—
		180,862		8,424
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost		(17,416	)	(33,742	)
Other assets		(34	)	204
Net defined benefit liability		(6,440	)	(2,143	)
Other financial liabilities		26,631		38,028
Other liabilities		5,565		11
		8,306		2,358
Interest income received		31,288		64,991
Interest expense paid		(69,461	)	(46,054	)
Dividends received		1,448,708		1,208,517
Income tax paid		(2,187	)	(2,145	)
		1,408,348		1,225,309
Net cash inflow from operating activities		1,317,760		1,148,595
Cash flows from investing activities:
Net decrease on other investment assets		100,000		974,000
Acquisition of investments in subsidiaries		(1,405,504	)	(535,541	)
Increase in advance payments related to investments in subsidiaries		—		(155,388	)
Acquisition of financial assets at FVTOCI		(150,000	)	—
Disposal of financial assets at FVTOCI		150,000		—
Acquisition of premises and equipment		(248	)	(258	)
Acquisition of intangible assets		(410	)	(303	)
Net decrease on guarantee deposits for leases		—		37
Net cash inflow (outflow) from investing activities		(1,306,162	)	282,547

(Continued)

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDEDDECEMBER 31, 2025 AND 2024

	2025
	(Korean Won in millions)
Cash flows from financing activities:
Issuance of debentures		938,401		599,000
Redemption of debentures		(310,000	)	(150,000	)
Issuance of hybrid securities		797,781		1,196,816
Redemption of hybrid securities		(900,000	)	(1,000,000	)
Acquisition of treasury stock		(150,000	)	(136,688	)
Redemption of lease liabilities		(3,201	)	(3,000	)
Dividends paid to hybrid securities		(150,059	)	(158,682	)
Dividends paid		(931,111	)	(882,183	)
Net cash outflow from financing activities		(708,189	)	(534,737	)
Net increase (decrease) in cash and cash equivalents		(696,591	)	896,405
Cash and cash equivalents, beginning of the period		1,185,912		289,507
Cash and cash equivalents, end of the period (Note 5)		489,321		1,185,912

The accompanying notes are part of these financial statements.

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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
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, 2025 AND 2024

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, 2025, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.. Afterward, the Company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd. as of November 19, 2024.

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

On July 1, 2025, the Company acquired 77.9% of the shares (excluding treasury shares, 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries.

On July 31, 2025, the Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary.

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

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.

11 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

Meanwhile, the financial statements of the Company were initially approved by the Board of Directors on February 6, 2026, and were revised and approved on February 27, 2026, and the final approval will be made in the annual general shareholders’ meeting on March 23, 2026.

1)	The new standards and interpretations introduced from the current term and the resulting changes in accounting<br>policies are as follows:
1.1	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
---	---

2)	The details of K-IFRS that have been issued and published as of<br>December 31, 2025 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 1109 ‘Financial Instruments’,<br>K-IFRS 1107 ‘Financial Instruments: Disclosures’
---	---

K-IFRS 1109 ‘FinancialInstruments’ 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).
---	---
2.2	Annual Improvements to K-IFRS
---	---

Annual Improvements to K-IFRS 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.

2.3	Amendments to K-IFRS 1109 Financial Instruments and K-IFRS 1107 Financial Instruments: Disclosures—Contracts Referencing Nature-dependent Electricity

12 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

2.4	Amendments to K-IFRS 1118 ‘Presentation and Disclosure inFinancial Statements’

K-IFRS 1118 ‘Presentation and Disclosure in Financial Statements’ replaces K-IFRS 1001 ‘Presentation of Financial Statements.’ The new presentation requirements introduced by K-IFRS 1118 are expected to enhance comparability of financial performance between similar entities, particularly with respect to the definition of operating profit. In addition, the disclosure requirements for management-defined performance measures will improve transparency. The standard applies to annual periods beginning on or after January 1, 2027, with early adoption permitted. In accordance with the retrospective application requirements of the standard, comparative information for the financial year ending December 31, 2026, will be restated in accordance with K-IFRS 1118.

The Company has not yet adopted K-IFRS 1118 and is in the process of preparing a transition plan. It is on track to report its first interim financial statements under K-IFRS 1118 for the period ending March 31, 2027, and its annual financial statements for the year ending December 31, 2027, as scheduled.

The management is currently reviewing the impact of the application of the new standard on the financial statements. While the adoption of the standard is not expected to affect the net income, it is anticipated to affect the calculation and reporting of operating profit, as revenues and expenses in the income statement will be reclassified into new categories.

The amendments are not expected to 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.

13 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.

3)	Dividend income

(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
---	---

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:

14 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

•	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
---	---
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

15 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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).

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 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.

16 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.

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.

17 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.

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 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.

18 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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
---	---

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.

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.

19 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.

	Useful life
Software		1~5 years
Development cost		5 years

(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.

20 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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.

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.

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.

21 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.

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.

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.

22 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.
---	---
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.

23 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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.

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, 2025 AND 2024

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, 2025 AND 2024

(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, 2025 AND 2024

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):


Loans and other financial assets at amortized cost (*)	Government	—	1
	Banks	649,783	165,144
	Corporates	57,359	39,286
Total		707,142	204,431
(*)	Cash and cash equivalents are not included.
---	---

27 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

a)	Credit risk exposure by geographical areas

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

	December 31, 2025		December 31, 2024
	Korea		Korea
Loans and other financial assets at amortized cost		707,142		204,431
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, 2025 and 2024 (Unit: Korean Won in millions):

	December 31, 2025
	Finance and<br>insurance		Others		Total
Loans and other financial assets at amortized cost		706,348		794		707,142
	December 31, 2024
---	---	---	---	---	---	---
	Finance and<br>insurance		Others		Total
Loans and other financial assets at amortized cost		203,262		1,169		204,431

28 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

3)	Credit risk exposure

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in millions):

	December 31, 2025
	Stage 1				Stage 2				Stage<br>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		707,142		—		—		—		—		707,142		—		707,142
Banks		649,783		—		—		—		—		649,783		—		649,783
Corporates		57,359		—		—		—		—		57,359		—		57,359
General business		57,359		—		—		—		—		57,359		—		57,359
Total		707,142		—		—		—		—		707,142		—		707,142
(*1)	Credit grade of corporates are AAA ~ BBB.
---	---
(*2)	Credit grade of corporates are BBB- ~ C.
---	---
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		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.
---	---

29 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2)	Market 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, 2025
	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)		491,418		—		—		—		—		—		491,418
Financial assets at FVTOCI (*2)		—		—		—		—		—		558,162		558,162
Sub-total		491,418		—		—		—		—		558,162		1,049,580
Liability:
Debentures		98,273		177,479		324,852		273,257		1,883,466		60,703		2,818,030
	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 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
(*1)	The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three<br>months, with 491,418 million Won and 1,192,702 million Won as of December 31, 2025 and 2024, 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, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		98,273		177,479		324,852		273,257		1,883,466		60,703		2,818,030
Lease liabilities		810		793		786		788		338		—		3,515
Other financial liabilities (*)		21,255		52,318		1,760		268		16,722		—		92,323
Total		120,338		230,590		327,398		274,313		1,900,526		60,703		2,913,868
	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
(*)	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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		98,273		177,479		324,852		273,257		1,883,466		60,703		2,818,030
Lease liabilities		810		793		786		788		338		—		3,515
Other financial liabilities (*)		21,255		52,318		1,760		268		16,722		—		92,323
Total		120,338		230,590		327,398		274,313		1,900,526		60,703		2,913,868

31 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

	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
(*)	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, 2025 and 2024.

(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 in compliance with the following minimum requirements, maintaining a Common Equity Tier 1 capital ratio of 9.0%, a Tier 1 capital ratio of 10.5%, and a Total capital ratio of 12.5%, 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, 2025(*)
Tier 1 capital		30,222,734		28,522,910
Other Tier 1 capital		4,556,265		4,869,567
Tier 2 capital		3,020,751		3,535,362
Total risk-adjusted capital		37,799,750		36,927,839
Risk-weighted assets for credit risk		209,094,901		210,365,462
Risk-weighted assets for market risk		3,101,409		3,125,478
Risk-weighted assets for operational risk		22,345,759		21,609,530
Total risk-weighted assets		234,542,069		235,100,470
Common Equity Tier 1 ratio		12.89	%	12.13	%
Tier 1 capital ratio		14.83	%	14.20	%
Total capital ratio		16.12	%	15.71	%
(*)	The capital ratio at the end of the current period is provisional.
---	---

32 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

5.	CASH AND CASH EQUIVALENTS
(1)	Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Demand deposits		24,321		11,912
Fixed deposits		465,000		1,174,000
Total		489,321		1,185,912
(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, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Changes in other comprehensive income related to valuation of financial assets at FVTOCI		3,328		10,164
Changes in<br>right-of-use assets due to new contract		3,951		3,192
Changes in lease liabilities due to new contract		3,887		3,126
Change in bond discount issuance differences due to bond issuance		1,599		1,000
(3)	Adjustments of liabilities from financing activities for the years ended December 31, 2025 and 2024 are as<br>follows (Unit: Korean Won in millions):
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Beginning		Cash flow			Not involving cash inflows and<br>outflows				Ending
				Amortization				Others (*)
Debentures		2,037,567		628,401			1,557		—		2,667,525
Lease liabilities		3,359		(3,201	)		68		3,273		3,499
Total		2,040,926		625,200			1,625		3,273		2,671,024
(*)	Changes in lease liabilities due to new contracts include 3,887 million Won.
---	---
	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.
---	---

33 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

6.	FINANCIAL ASSETS AT FVTOCI
(1)	Details of financial assets at FVTOCI as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in<br>millions):
---	---
	Issuer	December 31, 2025		December 31, 2024
---	---	---	---	---	---
Hybrid securities	Woori Card Co., Ltd.		359,023		357,093
	Woori Financial Capital Co., Ltd.		199,139		196,425
	Total		558,162		553,518
(2)	Details of equity securities designated as financial assets at FVTOCI as of December 31, 2025 and 2024 are<br>as follows (Unit: Korean Won in millions):
---	---
	Issuer	December 31, 2025		December 31, 2024
---	---	---	---	---	---
Investment for political purpose	Woori Card Co., Ltd.		359,023		357,093
	Woori Financial Capital Co., Ltd.		199,139		196,425
	Total		558,162		553,518
7.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
---	---
(1)	Details of loans and other financial assets at amortized cost as of December 31, 2025 and 2024 are as<br>follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Due from banks		—		99,944
Other financial assets		707,142		104,487
Total		707,142		204,431
(2)	Details of due from banks are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---	---
Due from banks in local currency:
Due from depository banks		—		100,000
Loss allowance		—		(56	)
Total		—		99,944

34 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(56	)		—		—		(56	)
Reversal of provision of allowance for credit loss		56			—		—		56
Ending balance		—			—		—		—
	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	)
2)	Gross carrying amount
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		100,000			—		—		100,000
Net decrease		(100,000	)		—		—		(100,000	)
Ending balance		—			—		—		—
	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
(4)	Details of other financial assets are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Receivables		701,643		95,857
Accrued income		3,387		6,520
Lease deposits		2,112		2,109
Other assets		—		1
Loss allowance		—		—
Total		707,142		104,487

35 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		—		—		—		—
Reversal of allowance for credit loss		—		—		—		—
Ending balance		—		—		—		—
	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		—			—		—		—
2)	Gross carrying amount
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		104,487		—		—		104,487
Net increase		602,655		—		—		602,655
Ending balance		707,142		—		—		707,142
	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

36 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

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

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring 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<br>within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not<br>traded in 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<br>the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and<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, 2025
---	---	---	---	---	---	---	---	---
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTOCI
Hybrid securities		—		—		558,162		558,162
	December 31, 2024
---	---	---	---	---	---	---	---	---
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTOCI
Hybrid securities		—		—		553,518		553,518

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

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

37 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

	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><br><br>measurement<br> <br>technique	Type	Significant<br>unobservable<br>inputs	Range	Impact of changes in significant<br>unobservable inputs on fair<br>value measurement
Hybrid securities	Hull and White, Monte Carlo Simulation	Hybrid securities related	Interest rate volatility estimate, Discount rate	Interest rate volatility estimate 0.50%<br><br><br>Discount rate<br> <br>3. 32% ~<br>6.59%	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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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 FVTOCI
Hybrid securities		553,518		—		4,644		150,000		(150,000	)		—		558,162
	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 FVTOCI
Hybrid securities		539,709		—		13,809		—		—		—		553,518
(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, 2025 AND 2024

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

	December 31, 2025
	Net income				Other comprehensive income (loss)
	Favorable		Unfavorable		Favorable		Unfavorable
Financial assets:
Financial assets at FVTOCI
Hybrid securities (*)		—		—		13,482		(13,065	)
(*)	Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the<br>major unobservable variable, by 1%, respectively.
---	---
	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.
---	---

39 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*1)		—		—		707,142		707,142		707,142
Financial liabilities:
Debentures		—		2,636,297		—		2,636,297		2,667,525
Other financial liabilities (1) (2)		—		—		92,323		92,323		92,323
(*1)	The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair<br>value.
---	---
(*2)	It does not include lease liabilities.
---	---
	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.
---	---

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, 2025
---	---	---	---	---	---	---	---	---
Financial assets	Financial assets at<br>FVTPL		Financial assets at<br>FVTOCI		Financial assets at<br>amortized cost		Total
Due from banks		—		—		—		—
Hybrid securities		—		558,162		—		558,162
Other financial assets		—		—		707,142		707,142
Total		—		558,162		707,142		1,265,304

40 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

	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
2)	Financial liabilities
---	---
	December 31, 2025				December 31, 2024
---	---	---	---	---	---	---	---	---
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		—		2,667,525		—		2,037,567
Other financial liabilities (*)		—		92,323		—		73,023
Total		—		2,759,848		—		2,110,590
(*)	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, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	For the year ended December 31, 2025
	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		—			—		—		25,588		25,588
Loans and other financial assets at amortized cost (*)		28,296			56		—		—		28,352
Financial liabilities at amortized cost		(72,699	)		—		—		—		(72,699	)
Total		(44,403	)		56		—		25,588		(18,759	)
(*)	21,925 million Won interest income of cash and cash equivalents are included.
---	---
	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.
---	---

41 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

9.	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
Tongyang Life Insurance Co., Ltd.	Korea		806,800	Insurance
Woori Card Co., Ltd.	Korea		896,300	Finance
Woori Financial Capital Co., Ltd.	Korea		373,800	Finance
Woori Investment Securities Co., Ltd.	Korea		242,900	Investment Brokerage
ABL Life Insurance Co., Ltd.	Korea		15,500	Insurance
Woori Asset Trust Co., Ltd.	Korea		16,900	Real estate trust
Woori Savings Bank	Korea		187,400	Mutual saving bank
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 F&I Co., Ltd.	Korea		31,500	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<br>development & maintenance
Woori Finance Research Institute Co., Ltd.	Korea		3,000	Other service business
	December 31, 2025					December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
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, 2025		716,000,000		100.0	December 31, 2024
Tongyang Life Insurance Co., Ltd.		121,565,627		77.9	December 31, 2025		—		—	—
Woori Card Co., Ltd.		179,266,200		100.0	December 31, 2025		179,266,200		100.0	December 31, 2024
Woori Financial Capital Co., Ltd.		74,757,594		100.0	December 31, 2025		74,757,594		100.0	December 31, 2024
Woori Investment Securities Co., Ltd.		485,329,227		99.9	December 31, 2025		483,141,111		99.5	December 31, 2024
ABL Life Insurance Co., Ltd.		3,106,736		100.0	December 31, 2025		—		—	—
Woori Asset Trust Co., Ltd.		3,382,645		100.0	December 31, 2025		3,368,645		99.6	December 31, 2024
Woori Savings Bank		37,476,895		100.0	December 31, 2025		37,476,895		100.0	December 31, 2024
Woori Asset Management Corp		4,797,154		100.0	December 31, 2025		4,797,154		100.0	December 31, 2024
Woori Venture Partners Co., Ltd.		100,000,000		100.0	December 31, 2025		100,000,000		100.0	December 31, 2024
Woori Private Equity Asset Management Co., Ltd.		16,000,000		100.0	December 31, 2025		16,000,000		100.0	December 31, 2024
Woori F&I Co., Ltd.		6,298,895		100.0	December 31, 2025		6,298,895		100.0	December 31, 2024
Woori Credit Information Co., Ltd.		1,008,000		100.0	December 31, 2025		1,008,000		100.0	December 31, 2024
Woori Fund Service Co., Ltd.		2,000,000		100.0	December 31, 2025		2,000,000		100.0	December 31, 2024
Woori FIS Co., Ltd.		4,900,000		100.0	December 31, 2025		4,900,000		100.0	December 31, 2024
Woori Finance Research Institute Co., Ltd.		600,000		100.0	December 31, 2025		600,000		100.0	December 31, 2024
(*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>
---	---

42 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---
	Beginning balance		Acquisition		Impairment<br>losses		Ending balance
Woori Bank		18,921,151		—		—		18,921,151
Tongyang Life Insurance Co., Ltd. (*1)		—		1,283,935		—		1,283,935
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. (*2)		1,263,436		6,361		—		1,269,797
ABL Life Insurance Co., Ltd. (*1)		—		269,002		—		269,002
Woori Asset Trust Co., Ltd. (3) (4)		621,722		1,594		169,414		453,902
Woori Savings Bank		313,238		—		—		313,238
Woori F&I Co., Ltd.		320,000		—		—		320,000
Woori Asset Management Corp		196,825		—		—		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
Total		24,206,017		1,560,892		169,414		25,597,495
(*1)	On July 1, 2025, the Company acquired 77.9% interest in Tongyang Life Insurance Co., Ltd. (excluding<br>treasury stock, 75.3% in the case of including treasury stock) and 100% interest in ABL Life Insurance Co., Ltd., and incorporated them as consolidated subsidiaries.
---	---
(*2)	The Company acquired minority interests (0.2%) of Woori Investment Securities Co., Ltd. in November 2025 and<br>additionally acquired treasury stock (0.1%) which Woori Investment Securities Co., Ltd. possessed and minority interests (0.2%) in December 2025.
---	---
(*3)	The Company acquired the residual interest (0.4%) of Woori Asset Trust Co., Ltd., to make it a wholly owned<br>subsidiary in July 2025.
---	---
(*4)	An indicators for impairment was identified during the year ended December 31, 2025, and the recoverable<br>amount was assessed accordingly. As a result, an impairment loss of 169,414 million Won was recognized, representing the difference between the recoverable amount and the carrying amount.
---	---

43 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

	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>
---	---

44 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

10.	PREMISES AND EQUIPMENT
(1)	Details of premises and equipment as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---
	Building		Equipment and<br>Vehicles		Leasehold<br>improvements		Total
Premises and equipment (owned)		—		483		839		1,322
Right-of-use<br>asset		2,895		546		—		3,441
Total		2,895		1,029		839		4,763
	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
(2)	Details of premises and equipment (owned) as of December 31, 2025 and 2024 are as follows (Unit: Korean<br>Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Equipment and Vehicles			Leasehold<br>improvements			Total
Acquisition cost		6,549			6,598			13,147
Accumulated depreciation		(6,066	)		(5,759	)		(11,825	)
Net carrying amount		483			839			1,322
	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
(3)	Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):<br>
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Equipment and Vehicles			Leasehold<br>improvements			Total
Beginning balance		605			1,380			1,985
Acquisitions		147			101			248
Depreciation		(269	)		(642	)		(911	)
Ending balance		483			839			1,322
	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

45 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(4)	Details of right-of-use assets<br>as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
	December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and Vehicles			Total
Acquisition cost		6,560			1,239			7,799
Accumulated depreciation		(3,665	)		(693	)		(4,358	)
Net carrying amount		2,895			546			3,441
	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
(5)	Details of changes in<br>right-of-use assets for the years ended December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Building			Equipment and Vehicles			Total
Beginning balance		2,799			520			3,319
New contracts		3,485			466			3,951
Termination		—			(21	)		(21	)
Depreciation		(3,389	)		(419	)		(3,808	)
Ending balance		2,895			546			3,441
	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

46 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

11.	INTANGIBLE ASSETS
(1)	Details of intangible assets are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development cost			Membership deposit		Total
Acquisition cost		5,041			3,622			2,371		11,034
Accumulated amortization		(4,781	)		(3,292	)		—		(8,073	)
Net carrying amount		260			330			2,371		2,961
	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
(2)	Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development cost			Membership<br>deposit		Total
Beginning balance		292			645			2,371		3,308
Acquisitions		410			—			—		410
Amortization		(442	)		(315	)		—		(757	)
Ending balance		260			330			2,371		2,961
	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Software			Development cost			Membership<br>deposit		Total
Beginning balance		487			1,194			2,371		4,052
Acquisitions		303			—			—		303
Amortization		(498	)		(549	)		—		(1,047	)
Ending balance		292			645			2,371		3,308
12.	OTHER ASSETS
---	---

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


Prepaid expenses	315	281
Advance payments	—	155,389
	315	155,670

47 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

13.	DEBENTURES

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

	December 31, 2025					December 31, 2024
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bonds:
General bonds		2.19~4.25		1,720,000			2.19~4.25		1,090,000
Subordinated bonds		2.13~2.55		950,000			2.13~2.55		950,000
Sub-total				2,670,000					2,040,000
Discounts on bonds				(2,475	)				(2,433	)
Total				2,667,525					2,037,567
14.	PROVISIONS
---	---
(1)	Details of provisions are as follows (Unit: Korean Won in millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Asset retirement obligation		1,897		1,252
(2)	Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---	---
Beginning balance		1,252		1,227
Amortization		55		46
Reversal due to modification		590		(21	)
Ending balance		1,897		1,252

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, 2025, 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, 2025 AND 2024

15.	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, 2025			December 31, 2024
---	---	---	---	---	---	---
Present value of defined benefit obligation		(16,255	)		(14,313	)
Fair value of plan assets		18,363			15,691
Net defined benefit asset		2,108			1,378
(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, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---	---
Beginning balance			14,313			13,280
Transfer-in / out			(1,060	)		(412	)
Current service cost			4,570			3,519
Past service cost			1,502			—
Interest cost			584			586
Remeasurements	Financial assumption		323			700
	Demographic assumptions		—			(25	)
	Experience adjustment		(762	)		473
Retirement benefit paid			(29	)		(1,559	)
Others			(3,186	)		(2,249	)
Ending balance			16,255			14,313

49 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3)	Changes in the plan assets are as follows (Unit: Korean Won in millions):
	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance		15,691			17,221
Transfer-in / out		(743	)		(2,517	)
Interest income		623			794
Remeasurements		(116	)		(247	)
Employer’s contributions		3,400			1,800
Retirement benefit paid		(492	)		(1,360	)
Ending balance		18,363			15,691
(4)	The fair value of plan assets as of December 31, 2025 and 2024 is as follows (Unit: Korean Won in<br>millions):
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Cash and due from banks		18,363		15,691

Meanwhile, among plan assets, realized returns on plan assets amount to 507 million Won and 547 million Won for the years ended December 31, 2025 and 2024, respectively. The contribution expected to be paid in the fiscal year beginning after the reporting period is 1,370 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, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Current service cost		4,570			3,519
Past service cost		1,502			—
Net interest expense		(39	)		(208	)
Cost recognized in net income		6,033			3,311
Remeasurements (*)		(323	)		1,395
Cost recognized in total comprehensive income		5,710			4,706
(*)	Amount before tax
---	---
(6)	Key actuarial assumptions used in defined benefit liability(asset) measurement are as follows:<br>
---	---
	December 31, 2025	December 31, 2024
---	---	---
Discount rate	4.36%	3.98%
Future wage growth rate	6.39%	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 8.89 years.

50 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025			December 31, 2024
---	---	---	---	---	---	---	---
Discount rate	Increase by 1% point		(1,255	)		(1,163	)
	Decrease by 1% point		1,425			1,325
Future wage growth rate	Increase by 1% point		1,384			1,290
	Decrease by 1% point		(1,245	)		(1,157	)
16.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
---	---

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

	December 31, 2025		December 31, 2024
Other financial liabilities:
Accounts payable		57,333		48,323
Accrued expenses		34,990		24,700
Lease liabilities		3,499		3,359
Sub-total		95,822		76,382
Other liabilities:
Other miscellaneous liabilities		5,967		404
Total		101,789		76,786
17.	EQUITY
---	---
(1)	Details of equity as of December 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025			December 31, 2024
---	---	---	---	---	---	---
Capital		3,802,676			3,802,676
Hybrid securities		3,710,228			3,810,225
Capital surplus		8,120,236			11,120,236
Other equity
Treasury stocks		(628	)		(628	)
Accumulated other comprehensive income		5,457			1,895
Other adjustments (*3)		(2,222	)		(2,456	)
Sub-total		2,607			(1,189	)
Retained earnings (1)(2)		8,314,197			5,420,783
Total		23,949,944			24,152,731
(*1)	The regulatory reserve for credit loss in retained earnings amounted to 1,289 million Won and<br>137 million Won as of December 31, 2025 and 2024 in accordance with the relevant regulation.
---	---
(*2)	The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million<br>Won as of December 31, 205 and 2024 in accordance with the Article 53 of the Financial Holding Company Act.
---	---
(*3)	Other adjustments represent the difference between the book value of hybrid securities and the redemption<br>amount.
---	---

51 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2)	The number of authorized shares and others of the Company are as follows:
	December 31, 2025		December 31, 2024
---	---	---	---	---
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		734,076,320 Shares		742,591,501 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>
---	---
(3)	Hybrid securities
---	---

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


Securities in local currency	2020-02-06	—	3.34	—		400,000
Securities in local currency	2020-06-12	—	3.23	—		300,000
Securities in local currency	2020-10-23	—	3.00	—		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		400,000
Securities in local currency	2024-06-19	—	4.27	400,000		400,000
Securities in local currency	2024-10-10	—	4.00	400,000		400,000
Securities in local currency	2025-05-13	—	3.45	400,000		—
Securities in local currency	2025-10-22	—	3.34	400,000		—
Issuance cost				(9,772	)	(9,775	)
Total				3,710,228		3,810,225

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

52 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025
	Beginning<br>balance			Increase<br>(decrease)		Income tax<br>effect			Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI		2,590			4,644		(1,316	)		5,918
Remeasurement gain (loss) related to defined benefit liabilities		(695	)		323		(89	)		(461	)
Total		1,895			4,967		(1,405	)		5,457
	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 liabilities		332			(1,395	)		368			(695	)
Total		(7,243	)		12,415			(3,277	)		1,895
(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):


Beginning balance	1,289	137
Planned provision for regulatory reserve for credit loss	2,236	1,152
Ending balance	3,525	1,289

2) Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve and others


Net income before regulatory reserve	1,127,040		1,123,332
Provision for regulatory reserve for credit loss	2,236		1,152
Adjusted net income after the provision of regulatory reserve	1,124,804		1,122,180
Dividends to hybrid securities	(150,059	)	(158,682	)
Adjusted net income after regulatory reserve and dividends to hybrid securities	974,745		963,498
Adjusted EPS after regulatory reserve and dividends to hybrid securities (Unit: Korean<br>Won)	1,323		1,294

53 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(6)	Statements of appropriations of retained earnings are as follows (Unit: Korean Won in millions):<br>
	For the year ended December 31, 2025<br>(Expected date of disposal March 23, 2026)			For the year ended December 31, 2024<br>(Confirmed date of disposal March 26, 2025)
---	---	---	---	---	---	---
Unappropriated retained earnings:
Unappropriated retained earnings carried over from prior years		4,371,972			4,551,003
Transfer to capital surplus		3,000,000			—
Interim dividend (dividend per share (%))<br><br><br>(2025: 600 Won (12.0 %))<br><br><br>(2024: 540 Won (10.8 %))		(441,036	)		(400,970	)
Dividend to hybrid equity securities		(150,059	)		(158,682	)
Retirement of treasury stock		(150,000	)		(136,688	)
Net income		1,127,040			1,123,332
		7,757,917			4,977,995
Appropriation of retained earnings:
Earned profit reserves		112,710			112,340
Regulatory reserve for credit loss		2,236			1,152
Amortization of redemption loss on hybrid securities		2,222			2,456
Cash dividend (dividend per share (%))<br><br><br>(2025: 760 Won (15.2 %))<br><br><br>(2024: 660 Won (13.2 %))		557,431			490,075
		674,599			606,023
Unappropriated retained earnings to be carried forward		7,083,318			4,371,972
(7)	Details of changes in treasury stock are as follows (Unit: Korean Won in millions and number of shares):<br>
---	---
	December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Beginning balance		Acquisition		Retirement			Ending balance
Number of shares		53,945		8,515,181		(8,515,181	)		53,945
Book value		628		150,000		(150,000	)		628
	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

54 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

18.	DIVIDENDS
(1)	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, approved at the regular general shareholders’ meeting held on March 26, 2025, and were paid in April 2025.
---	---
(2)	On April 25, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share<br>(147,428 million Won in total) and fixed record date as May 10, 2025. Dividends were paid in May 2025.
---	---
(3)	On July 25, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share<br>(146,804 million Won in total) and fixed record date as August 10, 2025. Dividends were paid in August 2025.
---	---
(4)	On October 24, 2025, the Board of Directors has declared a quarterly dividend of 200 Won per share<br>(146,804 million Won in total) and fixed record date as November 10, 2025. Dividends were paid in November 2025.
---	---
(5)	Dividends per share and the total dividends for the fiscal year ending December 31, 2025 were 760 Won and<br>557,431 million Won, respectively, will be proposed at the regular general shareholders’ meeting to be held on March 23, 2026. The record date for the year-end dividend of the fiscal year<br>ending December 31, 2025, is February 27, 2026. The current financial statements do not include such outstanding dividends.
---	---
19.	NET INTEREST INCOME
---	---
(1)	Details of interest income recognized are as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Interest on due from banks		28,229		51,677
Interest of other receivables		67		101
Total		28,296		51,778
(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Interest on debentures		72,699		49,515
Other interest expense		55		47
Interest on lease liabilities		68		88
Total		72,822		49,650
20.	NET FEES AND COMMISSIONS INCOME (EXPENSE)
---	---
(1)	Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):<br>
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Fees and commissions income		1,816		1,625

55 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):<br>
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Fees and commissions paid		15,694		10,256
Others		13,001		11,688
Total		28,695		21,944
21.	DIVIDEND INCOME
---	---
(1)	Details of dividend income recognized are as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Dividend income recognized from investments in subsidiaries		1,422,898		1,182,977
Dividend income recognized from FVTOCI		25,588		25,545
Total		1,448,486		1,208,522
22.	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, 2025		For the year ended<br>December 31, 2024
Reversal of impairment loss due to credit loss on loan and other financial assets at amortized<br>cost		56		608

56 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

23.	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, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Employee benefits	Short-term employee benefits	Salaries		35,203		30,443
		Employee fringe benefits		10,298		8,834
	Retirement benefit service costs			6,033		3,311
	Termination			—		206
	Share based payment			10,635		4,368
	Sub-total			62,169		47,162
Depreciation and amortization				5,475		5,728
Other general and administrative expenses	Rent			1,648		1,630
	Taxes and public dues			457		482
	Service charges			1,859		1,517
	Computer and IT related			6,604		6,593
	Telephone and communication			664		871
	Advertising			191		90
	Printing			45		54
	Traveling			339		329
	Supplies			108		107
	Insurance premium			218		203
	Reimbursement			863		1,258
	Maintenance			—		3
	Vehicle maintenance			240		206
	Others			1,542		1,405
		Sub-total		14,778		14,748
	Total			82,422		67,638

57 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2)	Share-based payment

Details of performance condition share-based payment granted to executives as of December 31, 2025 and 2024 are as follows.

1)	Performance condition share-based payment
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, 2025	56,029 shares
	As of December 31, 2024	239,798 shares
Number of shares granted (*2)	As of December 31, 2025	56,029 shares
	As of December 31, 2024	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)		27,713 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		—
Number of shares remaining	As of December 31, 2025	223,176 shares
	As of December 31, 2024	223,176 shares
Number of shares granted (*2)	As of December 31, 2025	223,176 shares
	As of December 31, 2024	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)		25,763 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		1 year
Number of shares remaining	As of December 31, 2025	160,929 shares
	As of December 31, 2024	160,929 shares
Number of shares granted (*2)	As of December 31, 2025	160,929 shares
	As of December 31, 2024	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)		23,949 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		2 years
Number of shares remaining	As of December 31, 2025	194,569 shares
	As of December 31, 2024	194,569 shares
Number of shares granted (*2)	As of December 31, 2025	194,569 shares
	As of December 31, 2024	194,569 shares

58 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

Subject to		Shares granted for the year 2025
Type of payment		Cash-settled
Vesting period		January 1, 2025 ~ December 31, 2028
Date of payment		2029-01-01
Fair value (*1)		22,263 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		3 years
Number of shares remaining	As of December 31, 2025	173,273 shares
	As of December 31, 2024	—
Number of shares granted (*2)	As of December 31, 2025	173,273 shares
	As of December 31, 2024	—
(*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, common equity tier 1(CET1) ratio, return on equity (ROE), net income, C/I ratio, non-performing loan<br>ratio and job performance.
---	---
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, 2025 and 2024 the book value of the liabilities related to the performance<br>condition share-based payments recognized by the Company is 19,807 million Won and 11,883 million Won.
---	---
24.	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, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Other non-operating income		82			194
Other non-operating expense		(170,593	)		(341	)
Total		(170,511	)		(147	)
(2)	Details of other non-operating income recognized are as follows (Unit:<br>Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Lease change cancellation income		3		7
Others		79		187
Total		82		194
(3)	Details of other non-operating expenses recognized are as follows<br>(Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Donations		1,179		335
Lease change cancellation loss		169,414		—
Others		—		6
Total		170,593		341

59 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

25.	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, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
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		(1,431	)		3,100
Income tax income directly attributable to equity		(1,405	)		(3,278	)
Sub-total		(2,836	)		(178	)
Income tax income		(2,836	)		(178	)
(2)	The relationship between income before income tax expense deduction and income tax expense in the current and<br>prior comprehensive income statement is as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Net income before income tax expense		1,124,204			1,123,154
Tax calculated at statutory tax rate (*1)		286,428			286,150
Adjustments:
Effects of income that is exempt from taxation		(372,395	)		(315,282	)
Effect of expenses that are not deductible in determining taxable profit		682			467
Effect of corporate tax due to consolidate tax plans		40,210			29,037
Others		42,239			(550	)
Sub-total		(289,264	)		(286,328	)
Income tax income		(2,836	)		(178	)
Effective tax rate (*2)		—			—
(*1)	In 2025 and 2024, 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, 2025 and 2024, so the annual effective tax rate was not<br>calculated.
---	---

60 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(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, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance			Recognized as<br>income (expense)			Recognized as other<br>comprehensive<br>income (expense)			Ending Balance
Gain (loss) related to securities		(929	)		—			(1,316	)		(2,245	)
Provision for loan losses		15			(15	)		—			—
Defined benefit liability		2,223			1,039			(121	)		3,141
Deposits with employee retirement insurance trust		(2,223	)		(950	)		32			(3,141	)
Provisions		331			191			—			522
Share based payment		3,137			2,310			—			5,447
Others		1,825			261			—			2,086
Net deferred tax assets(liabilities) in total		4,379			2,836			(1,405	)		5,810
	For the year ended December 31, 2024
	Beginning<br>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			604			—			3,137
Others		1,731			94			—			1,825
Net deferred tax assets(liabilities) in total		7,478			179			(3,278	)		4,379

61 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(4)	Unrealizable temporary differences are as follows (Unit: Korean Won in millions):
	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Deductible temporary differences		178,516			7,915
Taxable temporary differences		(7,920,330	)		(7,920,330	)
Total		(7,741,814	)		(7,912,415	)

No deferred income tax asset has been recognized for the deductible temporary difference of 178,516 million Won associated with investments in subsidiaries as of December 31, 2025, 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, 2025, 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, 2025			December 31, 2024
---	---	---	---	---	---	---
Net loss on valuation of financial assets at FVTOCI		(2,245	)		(929	)
Remeasurements of defined benefit plan		180			269
Total		(2,065	)		(660	)
(6)	Current tax assets and liabilities are as follows (Unit: Korean Won in millions)
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Current tax assets		26,295		33,120
Current tax liabilities		673,217		84,701
(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, 2025.
---	---

62 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

26.	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, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Net profit attributable to owners		1,127,040			1,123,332
Dividends to hybrid securities		(150,059	)		(158,682	)
Net income attributable to common shareholders		976,981			964,650
Weighted average number of common shares outstanding (Unit: million shares)		737			744
Basic EPS (Unit: Korean Won)		1,326			1,296
(2)	The weighted average number of common shares outstanding is as follows: (Unit: number of shares)<br>
---	---
	For the year ended December 31, 2025
---	---	---	---	---	---	---
	Number of shares			Accumulated number of<br>shares outstanding during<br>period
Common shares issued at the beginning of the year		742,591,501			271,045,897,865
Treasury stocks		(53,945	)		(19,689,925	)
Acquisition and retirement of treasury stock		(8,515,181	)		(2,115,297,451	)
Sub-total (①)					268,910,910,489
Weighted average number of common shares outstanding (②=(①/365))					736,742,221
	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 year		751,949,461			275,213,502,726
Treasury stocks		(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

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2025 and 2024.

63 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

27.	CONTINGENT LIABILITIES AND COMMITMENTS
(1)	Litigation case
---	---

As of December 31, 2025, the Company currently has one lawsuit as a defendant related to Woori Asset Trust Co., Ltd. stock trading payments. The lawsuit is in the second trial stage after winning the first trial, 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, 2025.

(2)	Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):<br>
		December 31, 2025				December 31, 2024
---	---	---	---	---	---	---	---	---	---
	Financial institutions	Line of credit		Loan balance		Line of credit		Loan balance
Loans	Standard Chartered Bank Korea Ltd.		100,000		—		100,000		—

64 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

28.	RELATED PARTY TRANSACTIONS

Related parties of the Company as of December 31, 2025 and 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2025 and 2024 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, 2025		December 31, 2024
---	---	---	---	---	---	---
Subsidiaries Woori Bank	Cash and cash equivalents		489,321		1,185,912
	Other financial assets		649,783		163,893
	Allowance for credit losses		—		(56	)
	Other financial liabilities		30,271		36,427
Woori Card Co., Ltd.	Other financial assets		17,367		26,229
	Other financial liabilities		292		280
Woori Financial Capital Co., Ltd.	Other financial assets		31,633		12,850
	Other financial liabilities		435		282
Woori Investment Securities Co., Ltd.	Other financial liabilities		23,285		—
Woori Asset Trust Co., Ltd.	Other financial liabilities		—		1,130
Woori Savings Bank	Other financial assets		2,702		—
	Other financial liabilities		—		1,014
Woori Asset Management Corp	Other financial assets		4,156		—
Woori Venture Partners Co., Ltd.	Other financial assets		707		—
	Other financial liabilities		—		3,179
Woori Private Equity Asset Management Co. Ltd.	Other financial assets		1		346
	Other financial liabilities		59		—
Woori Financial F&I Co., Ltd.	Other financial liabilities		2,410		3,440
Woori Credit Information Co., Ltd.	Other financial assets		5		303
Woori Fund Service Co., Ltd.	Other financial assets		638		711
Woori FIS Co., Ltd.	Other financial assets		50		1
	Other financial liabilities		448		581
Woori Finance Research Institute Co., Ltd.	Other financial assets		100		155
	Other financial liabilities		3,395		2,620
Associates of subsidiaries W Service Networks Co., Ltd.	Other financial liabilities		—		22

65 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(2)	Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):<br>
Related party	Title of account	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---	---
Subsidiaries Woori Bank	Interest income		27,356			51,778
	Fees and commissions income		1,815			1,625
	Dividend income		1,352,524			1,131,996
	Interest expenses (*2)		44			67
	Fees and commissions expense		19			19
	Provision(reversal) of impairment loss due to credit loss		(56	)		(607	)
	General and administrative expenses (*2)		4,961			4,496
Woori Card Co., Ltd.	Dividend income		46,068			38,675
Woori Financial Capital Co., Ltd.	Dividend income		37,178			34,487
	Interest expenses (*2)		17			8
	General and administrative expenses (*2)		254			104
Woori Investment Securities Co., Ltd.(*1)	Fees and commissions expenses		—			163
Woori Asset Management Corp	Dividend income		3,540			—
Woori Venture Partners Co., Ltd.	Dividend income		7,300			800
Woori Credit Information Co., Ltd.	Dividend income		484			1,504
Woori Fund Service Co., Ltd.	Dividend income		1,392			1,060
Woori FIS Co., Ltd.	General and administrative expenses		5,935			5,987
Woori Finance Research Institute Co., Ltd.	Fees and commissions income		2			—
	Fees and commissions expenses		9,890			8,920
Associates of subsidiaries W Service Networks Co., Ltd.	General and administrative expenses		157			327
(*1)	The Company has issued non-guarantee debenture amount of<br>940,000 million Won during the year ended December 31, 2025 and Woori Investment Securities Co., Ltd purchased 60,000 million Won out of 940,000 million Won issued. The underwriting fee amount of 60 million Won is included in the<br>issuance cost. The Company has issued hybrid capital securities amount of 800,000 million Won during the year ended December 31, 2025 and Woori Investment Securities Co., Ltd purchased 40,000 million Won out of 800,000 million Won<br>issued. The underwriting fee amount of 60 million Won is included in the issuance cost. The Company has issued hybrid capital securities amount of 1,200,000 million Won during the year ended December 31, 2024 and Woori Investment<br>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, the Company has issued<br>non-guarantee debenture amount of 600,000 million Won during the year ended December 31, 2024 and Woori Investment Securities Co., Ltd purchased 20,000 million Won out of 600,000 million Won<br>issued. The underwriting fee amount of 10 million Won is included in the discount on 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.
---	---

66 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(3)	The details of the right-of-use<br>assets and lease liabilities due to lease transactions with related parties as of December 31, 2025 and 2024 are as follows (Unit: Korea Won in millions):
Related parties		Title of account	December 31,<br>2025		December 31,<br>2024
---	---	---	---	---	---	---
Subsidiary	Woori Bank	Right-of-use assets		2,895		2,799
		Lease liabilities (*)		2,906		2,795
	Woori Financial Capital Co., Ltd.	Right-of-use assets		405		266
		Lease liabilities (*)		435		282
(*)	Cash outflows of lease liabilities redemption for the years ended December 31, 2025 and 2024 are<br>3,018 million Won and 2,751 million Won, respectively.
---	---
(4)	Major loan transactions with related parties for the years ended December 31, 2025 and 2024 are as follows<br>(Unit: Korea Won in millions):
---	---
				For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
Related parties (*1)		Title of<br>account		Beginning<br>balance		Increase		Decrease		Ending<br>balance
Subsidiary	Woori Bank		Deposit (*2)		1,274,000		6,245,000		7,054,000		465,000
(*1)	For the 800,000 million Won of hybrid securities issued during the current period, 40,000 million Won<br>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 940,000 million Won of debentures issued during the current period, 60,000 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, 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 prior period, 20,000 million Won<br>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 prior 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.
---	---

67 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

(5)	The details of equity-related transactions with related parties are as follows (Unit: Korean Won in million)<br>
		For the year ended December 31, 2025
---	---	---	---	---	---	---	---
Related parties		Acquisition of<br>interests (*2)		Acquisition of<br>Hybrid securities (*2)		Disposal of<br>Hybrid securities (*2)
Subsidiary	Woori Card Co., Ltd.(*1)		—		150,000		150,000
Subsidiary	Tongyang Life Insurance Co., Ltd.		1,283,935		—		—
Subsidiary	Woori Investment Securities Co., Ltd.		6,361		—		—
Subsidiary	ABL Life Insurance Co., Ltd.		269,002		—		—
Subsidiary	Woori Asset Trust Co Ltd		1,594		—		—
(*1)	For the year ended December 31, 2025, Woori Card Co., Ltd. early redeemed hybrid securities amounting to<br>150,000 million Won through the exercise of a call option and acquired newly issued hybrid securities of 150,000 million Won from Woori Card Co., Ltd.
---	---
(*2)	The book value related to equity can be referred to in Note 6 and Note 9.
---	---
		For the year ended<br>December 31, 2024
---	---	---	---
Related parties		Acquisition of interests<br>and contribution (*6)
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 prior period, the Company acquired majority interests of 2.3%.
---	---
(*2)	During the prior 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 22.5% interest of Woori Asset Management Corp to make it wholly owned subsidiary.<br>
---	---
(*4)	During the prior period, the capital increase amount of 100,000 million Won was made.<br>
---	---
(*5)	During the prior period, the capital increase amount of 120,000 million Won was made.<br>
---	---
(*6)	The book value related to equity can be referred to in Note 6 and Note 9.
---	---
(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>2025		December 31,<br>2024		Warranty
---	---	---	---	---	---	---	---
Subsidiary	Woori Card Co., Ltd.		647		665		Unused loan commitment
(7)	Compensation for key management is as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Short-term employee salaries		5,621		5,502
Retirement benefit service costs		149		162
Share-based compensation		8,613		3,729
Total		14,383		9,393

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, 2025 and 2024. Liabilities related to key management compensation are 20,063 million Won and 12,850 million Won as of December 31, 2025 and 2024, respectively.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

29.	LEASES
(1)	The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):<br>
---	---
	December 31, 2025		December 31, 2024
---	---	---	---	---
Lease payments:
Within one year		3,177		3,095
After one year but within five years		338		328
Total		3,515		3,423
(2)	Total cash outflows from lease are as follows (Unit: Korean Won in millions):
---	---
	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Total cash outflows from lease		3,343		3,123
(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, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Lease payments for short-term leases		—		2
Lease payments for which the underlying asset is of low value		142		121
30.	EVENTS AFTER THE REPORTING PERIOD
---	---

At the Board of Directors meeting held on February 6, 2026, the Company declared to acquire and retire treasury stocks, it is expected to acquire 200 billion Won through trust contracts from February 10, 2026 to June 10, 2026, and all of the stocks acquired through this case will be retired afterwards.

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Independent Auditors’ Report on Internal Control over Financial Reporting

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of

WooriFinancial Group Inc.:

Opinion on Internal Control over Financial Reporting

We have audited Woori Financial Group Inc. (“the Company”)’s internal control over financial reporting (“ICFR”) as of December 31, 2025 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, 2025, 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, 2025, 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 4, 2026 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 Auditors’ Responsibilities forthe Audit of the 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 are responsible for overseeing the Company’s internal control over financial reporting.

Auditors’ 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

A company’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 material 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 auditors’ report is Jae-Beom Choi.

/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 4, 2026

This report is effective as of March 4, 2026, 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, 2025.

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 ICFR’ established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as the criteria for design and operation of the Company’s ICFR. We also assessed the design and operation of ICFR based on the Appendix 6, ‘Standards for Evaluating and Reporting the Effectiveness of ICFR,’ of the Detailed Regulations on External Audit and Accounting, etc.

Based on our assessment, we concluded that the Company’s ICFR is designed and operated effectively as of December 31, 2025, in all material respects, in accordance with the ‘Conceptual Framework for Designing and Operating ICFR’.

(Attachment)

Internal control activities performed by the Company to address the risk of fund-related fraud, including misappropriation

February 27, 2026

Jong Yong Yim, Chief Executive Officer

Seong Min Kwak, Internal Control over Financial Reporting Officer

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(Attachment) Internal control activities performed by the Company to address the risk of fund-relatedfraud, including misappropriation

The control activities performed by the Company as disclosed below provide an integrated overview of the Company’s key Internal Control over Financial Reporting (ICFR) control activities implemented to address risks of fund-related fraud, including misappropriation, in accordance with the “Guidelines for Evaluating and Reporting the Effectiveness of ICFR” enacted and amended by the Financial Supervisory Service.

Type	*Internal Control Activities performed by the Company^(1)^**	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
Entity-level<br> <br>Controls	<Compliance with Code of Ethics><br> <br><br><br><br>Management operates a system under which employees pledge to comply with the code of ethics and related obligations, and operates procedures to identify and<br>monitor any violations of applicable laws and the Code of Ethics.<br> <br><br> <br>(Department in<br>charge: Compliance Monitoring ACT, Ethics Management Office)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Compliance Monitoring ACT, Ethics Management Office<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Risk Assessment><br> <br><br><br><br>Management identifies risks for each business activity and operates a system to evaluate risks through the Operational Risk Management System.<br><br><br><br> <br>(Department in charge: Risk Management Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Risk Management Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Mandatory Leave Policy><br> <br><br><br><br>Management operates the mandatory leave policy to eliminate incentives and opportunities for financial fraud.<br><br><br><br> <br>(Department in charge: Compliance Monitoring ACT)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Compliance Monitoring ACT<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Segregation of Duties and Authority Segregation><br> <br><br><br><br>Management segregates organizational duties and operates in accordance with policies that clearly define the roles and responsibilities associated with each<br>function.<br> <br><br> <br>(Department in charge: Strategy & Planning Department, Compliance<br>Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Strategy & Planning Department, Compliance Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Whistle Blowing Policy><br> <br><br><br><br>Management operates a compliance reporting policy and implements protective measures, including confidentiality for whistleblowers and prohibition of any<br>retaliation.<br> <br><br> <br>(Department in charge: Compliance Monitoring ACT)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Ethics Management Office<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Compliance Monitoring and Internal Audit><br> <br><br><br><br>Management addresses the fraud risk through compliance monitoring activities and internal audit functions.<br><br><br><br> <br>(Department in charge: Audit Department, Compliance Monitoring ACT)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Audit Department, Compliance Monitoring ACT<br><br><br><br><br>•<br><br>November 2025, February 2026
Funds<br> <br>Controls	<Approval for Acquisition and Disposal of Marketable Securities><br><br><br><br> <br>The person in charge of the acquisition and disposal of marketable securities shall<br>review transaction statements, contracts and request approval for the transaction. The authorized approver shall review the details of the securities transaction, including the type of security, amount, maturity, etc and grant approval<br>accordingly.<br> <br><br> <br>(Department in charge: Finance & Management Department, Business<br>Growth Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department, Business Growth Department<br><br><br><br><br>•<br><br>November 2025, February 2026

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Type	*Internal Control Activities performed by the Company^(1)^**	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
	<Verification of Interest and Dividend Receipts on Securities><br><br><br><br> <br>The authorized approver shall review and approve the reconciliation records prepared by<br>the person in charge of securities interest and dividend receipts, comparing system-recorded amounts, actual received amounts, dividend notices, etc.<br> <br><br><br><br>(Department in charge: Finance & Management Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Physical Custody and Balance Management of Securities><br> <br><br><br><br>Physical securities are stored in locations with restricted access. The authorized approver shall review and approve the results of physical inspections of<br>securities and reconciliations with balance confirmations and other relevant documents performed by the person in charge of physical securities and balance management.<br> <br><br><br><br>(Department in charge: Finance & Management Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Financing Approval><br> <br><br><br><br>The authorized approver shall approve the financing after reviewing the amounts, maturities, and interest rates, etc requested by the person in charge of<br>financing in accordance with the financing plan.<br> <br><br> <br>(Department in charge: Finance<br>& Management Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Financing and Principal/Interest Repayments><br> <br><br><br><br>The person in charge of financing and principal/interest repayments shall verify the consistency between agreements and cash transaction records and report the<br>findings, and the authorized approver shall review and approve the amounts, interest rates, repayment dates, etc.<br> <br><br><br><br>(Department in charge: Finance & Management Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Segregation of Duties for Fund Disbursements><br> <br><br><br><br>The person in charge and the approver shall be segregated in fund disbursement duties.<br><br><br><br> <br>(Department in charge: Management Support Department, Finance&Management Department,<br>etc.)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Management Support Department, Finance & Management Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Approval of Fund Disbursements><br> <br><br><br><br>The person in charge of fund disbursement shall verify fund transfer requests and other relevant documents, and submit a request for fund disbursement. The<br>authorized approver shall review the appropriateness of the requested details, including the amount and purpose, and shall approve the fund disbursement prior to execution.<br> <br><br><br><br>(Department in charge: Finance & Management Department, Management Support Department, etc.)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department, Management Support Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Verification of Fund Receipts><br> <br><br><br><br>The authorized approver reviews amount and reason of receipt and approves the consistency between the supporting documents and the deposited amount, as<br>verified by the person in charge of fund receipts.<br> <br><br> <br>(Department in charge: Finance<br>& Management Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department<br><br><br><br><br>•<br><br>November 2025, February 2026

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Type	*Internal Control Activities performed by the Company^(1)^**	Results of the Assessment of<br><br><br>*Design and Operation Effectiveness^(2)^<br><br><br>(Department in charge, timing, etc.)**
	<Cash and Deposit Balance Management><br> <br><br><br><br>The authorized approver reviews and approves the consistency between system-recorded balances and actual balances, as verified by the person in charge of cash<br>and deposit balance management.<br> <br><br> <br>(Department in charge: Finance&Management<br>Department, Accounting Department, etc.)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance & Management Department, Accouting Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Management of Sensitive Physical Assets><br> <br><br><br><br>Sensitive physical assets, such as corporate seals, bank accounts, OTP devices, etc are stored in locations with restricted access. When a request is made to<br>use such items, the authorized approver reviews the appropriateness of the purpose of use and grants approval accordingly.<br> <br><br><br><br>(Department in charge: Management Support Department, Finance&Management Department, etc.)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Management Support Department, Finance & Management Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Opening and Closing of Accounts><br> <br><br><br><br>The authorized approver reviews and approves the appropriateness of account opening and closing requests submitted by the person in charge, including the<br>account details and the stated reason for the request, etc prior to the approval.<br> <br><br><br><br>(Department in charge: Finance&Management Department, Management Support Department, etc.)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Finance&Management Department, Management Support Department, etc.<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Client Information Management><br> <br><br><br><br>The person in charge of client information management reviews relevant documents such as the business registration certificate, a copy of the bank account, etc<br>and submits requests to register or modify client information. The authorized approver reviews the registration or modification details along with the related supporting documents and grants approval.<br><br><br><br> <br>(Department in charge: Management Support Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>Management Support Department<br><br><br><br><br>•<br><br>November 2025, February 2026
	<Ledger Modification><br> <br><br><br><br>The authorized approver for ledger modifications shall review the modification request submitted by the requesting department, assess the appropriateness of<br>the reason for the change, and approve the request.<br> <br><br> <br>(Department in charge: ICT<br>Planning Department)	No material weaknesses were identified based on the results of the testing performed.<br><br><br><br><br>•<br><br>ICT Planning Department<br><br><br><br><br>•<br><br>November 2025, February 2026
(*1)	The term “authorized approver” refers to a department head, general manager, or other personnel<br>with the authority for approval in the course of their duties.
---	---
(*2)	For the purpose of independent evaluation, the Company designates reviewers who are not the control performers<br>within the department to conduct assessments of the design and operational effectiveness. In addition, the inspection results prepared by each department are further reviewed by the Company’s internal accounting department and by an external<br>audit firm possessing a high level of independence and expertise
---	---

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