Korea Electric Power Corporation Q4 FY2025 earnings call

• Operating income, revenue, power sales, cost of goods sold, SG&A, fuel and purchase power costs, depreciation
• Power sales volume trend and 2026 outlook
• Fuel price trends by source
• Generation mix changes and 2026 outlook
• RPS cost details
• Funding situation

Consolidated operating income in 2025 was KRW 13,524.8 billion. Revenue increased 4.3% to KRW 97,434.5 billion. Power sales increased 4.6%. Overseas business and other revenue decreased 1.8% to KRW 4,429.9 billion. Cost of goods sold and SG&A decreased 1.3% to KRW 83,909.7 billion. Fuel costs decreased 13.8% to KRW 19,036.4 billion and purchase power costs decreased 1.8% to KRW 34,052.7 billion. Depreciation expense increased 2.3% to KRW 11,667.8 billion. Nonoperating items: interest expense decreased by KRW 325.6 billion Y-o-Y to KRW 4,339.5 billion. Consolidated annual net income was KRW 8,007.2 billion. Annual power sales volume was 549.4 terawatt hour, a 0.1% decrease Y-o-Y. 2026 expected slight increase in total sales volume. 2025 fuel prices: bituminous coal Australia around $105.7 per ton, LNG JKM KRW 980,000 per ton, S&P around KRW 112.7 per kilowatt hour. 2025 generation mix: nuclear capacity factor increased, coal increased, LNG decreased. 2026 expected nuclear contribution increase, coal decrease, LNG flat. 2026 capacity factor: nuclear mid- to high 80%, coal mid-40%, LNG early to mid-20%. 2025 RPS cost: consolidated KRW 3,989.7 billion, stand-alone KRW 4,818.8 billion. 2025 Q4 funding: consolidated total borrowings KRW 129.8 trillion, stand-alone KRW 84.9 billion

• 2026 expected slight increase in power sales volume
• 2026 nuclear capacity factor mid to high 80%, coal mid-40%, LNG early to mid-20%
• 2026 adjustment coefficient expected slightly higher than 2025
• Dividend strategy for 2026 to be discussed with government

• Provisions related to greenhouse gas emissions increased by KRW 120.6 billion
• Provisions regarding nuclear power site recovery increased by KRW 411.2 billion
• Used nuclear fuel-related provisional liabilities decreased by KRW 178.4 billion
• Bituminous coal price grace period ending potential cost impact
• Court case on BNPP construction cost and potential financial impact
• FX valuation losses/gains from subsidiaries' lease liabilities

Q: About other costs and nuclear power generation contribution; A: Provisions related to greenhouse gases and nuclear site recovery discussed, timing of booking to be internal; Q: About nuclear contribution in 2026 vs 2025 Q4; A: 2026 nuclear capacity factor expected higher due to maintenance and new plants; Q: About consolidated vs stand-alone operating income and adjustment coefficient; A: Stand-alone stronger due to subsidiary costs not in consolidated, 2026 adjustment coefficient expected slightly higher; Q: About before tax profit vs operating income; A: FX valuation losses/gains from subsidiaries' lease liabilities impacted numbers; Q: About dividends; A: Dividend payout decreased but absolute amount increased, 2026 strategy to be discussed with government; Q: About used nuclear fuel provisional liabilities and bituminous coal grace period; A: Used nuclear fuel liabilities decreased, bituminous coal grace period end cost impact not disclosed; Q: About bond issuance limit; A: Bond amount to be calculated after dividend finalized, room over 3x once finalized; Q: About nuclear power export strategy and BNPP case; A: Export strategy in research, BNPP case in negotiation with no specific numbers disclosed; Q: About tariff schemes, unusual one-offs, SG&A cost; A: Tariff schemes under negotiation, unusual one-offs related to overseas businesses, SG&A final numbers pending audit; Q: About fuel cost pass-through discussions; A: Cost pass-through system in place, working to improve with government and industry