Korea Electric Power Corporation

Good morning and good evening. First of all, thank you all for joining this conference call. And now, we'll begin the conference of the Best Career 2025 Third Quarter Earnings Results by Capco. This conference will start with a presentation followed by a divisional Q&A session. If you have a question, please press asterisk 1 on your phone during the Q&A. Now, we shall commence the presentation on the Best Career 2025 Third Quarter Earnings Results by Capco.

Good afternoon.

I am Jungtae Lee, head of the finance team at Korea Electric Power Corporation. We sincerely thank you all for joining us for our chapter of Q3 2025 earnings conference call despite your busy schedule.

Today's conference call will be conducted in both Korean and English, and after a brief earnings presentation, we will proceed to a Q&A session. Today's conference call will be conducted in both Korean and English, and after a brief earnings presentation, we will proceed to a Q&A session. The figures presented today are preliminary based on IFRS consolidated standard and all comparisons are made year-over-year unless otherwise stated.

Please also note that any management plans, targets, and estimated financial figures mentioned during the call reflect our current outlook and are subject to uncertainty and investment risk.

지금부터 2025년도 3분기 손익 증강 내역에 대해 우선 한국어로 말씀드린 다음 동일 내용을 영어로 설명하겠습니다.

We now present the Q3 2025 Profit and Loss Details in Korean and then provide the same content in English.

안녕하십니까 IR 담당 부장 양시영입니다. 먼저 영업 손익부터 살펴보겠습니다. 2025년 3분기 연결 영업이익은 11조 5,414억 원을 기록하였습니다.

Good afternoon. This is Chiyoung Yang, head of the IR team. Let us begin by reviewing the operating profit. The consolidated operating profit for Q3 of 2025 is 11,541.4 billion won.

구체적인 내역을 살펴보면 매출액은 5.5% 증가한 73조 7,465억 원을 기록하였습니다. If you look into the details, sales revenue was $73,746.5 billion won, up by 5.5%.

Of this, electricity sales revenue posted $70 trillion and $631.6 Accounting for 5.9% and other revenue including overseas business income recorded 3,114.9 billion won down by 0.9%.

De출원가와 판관비는 2.7% 감소한 62조 2,051억원입니다. 이중연료비는 16% 감소한 14조 8,260억원. 구입전력비는 0.8% 감소한 26조 6,063억 원을 기록하였습니다.

All the sales and SG&A expenses totaled 62 trillion and 205.1 billion won, down by 2.7%. Among these, the fuel cost is 14 trillion and 826 billion won, down by 16%. And power purchase cost is 26,606.3 billion won, down by 0.8%, affected by fuel price changes. Depreciation expenses came to 834.4 billion won, increasing by 3.5%.

주요 영업의 손익 중 이자 비용은 전년 동기 대비 1,435억 원 감소한 3조 2,794억 원을 기록하였습니다.

Among the non-operating items, interest expense is down YOY by 143.5 billion won to post 3 trillion and 279.4 billion won.

지금까지 언급한 내용을 주요 원인으로 2025년도 3분기 연결 영업 이행은 11조 5,414억 원,

Based on the factors mentioned, the Q3 2025 consolidated operating profit was $11,541.4 billion won, and net profit for the period was $7,328.1 billion won.

First of all, I would like to talk about the performance and outlook of the power sales. The power sales of the third quarter increased sales due to the storming of the sea and recorded a total sales of 419.9 TWh, which increased by 0.4% compared to the previous year. In the year of 2025, sales are expected to decrease rapidly due to the impact of the low economic growth rate and the growth of the manufacturing industry.

Good afternoon. This is Tessa Pong, Senior IR Manager of the IR team. I will now go over the key points of interest, first on electricity sales, performance, and outlook. Electricity sales volume in Q3 reached 419.9 carat hours of 0.4% YOY due to mostly the summer heat wave, among other factors. For the full year of 2025, we project sales to go down slightly, due to the impact of lower economic growth rate and also the impact of the downturn in the manufacturing sector.

다음으로 연료원별 연료가격 및 S&P 추이에 대해 말씀드리겠습니다. 2025년 3분기 연료가격은 유연탄은 호주탄 기준으로 톤당 약 105달러, LNG는 JKM 기준으로 톤당 약 101만원을 기록하였습니다. 또한 SP는 118.2원 per kWh를 기록하였습니다.

Next, let me cover the fuel price by type and the S&P trend. In Q3 of 2025, the bituminous coil price based on Australian coil was around $105.0 per ton, while LNG based on JKM was approximately 1.01 million Korean won per ton. Additionally, the S&P was around 118.21 per kilowatt-hour.

If we look at the power mix of power groups, in the third quarter of 2025, the total power balance increased with the entry of new power sources and the increase in the usage rate. In the case of coal, the power balance was maintained because there was no major change in the capacity and usage rate of coal. LNG's power balance decreased rapidly due to the decrease in the capacity of the equipment and the increase in the base power balance. 2025년 연간으로는 원전 발전 비중 증가, 석탄 비중은 감소, LNG 비중은 소폭 유지할 것으로 예상됩니다. 2025년 연간 발전 원별 이용률 전망은 원전은 80% 중후반, 석탄은 40% 중반, LNG는 20% 중후반을 전망하고 있습니다.

Looking at the generation mix of Kefka's Gencos, our generation mix for nuclear went up due to the entry into operation of new nuclear power plants. As for COIL, generation mix is maintained with no major changes in generation capacity and utilization rate, while LNG decreased slightly from decreased generation capacity and increased baseload generation. For the full year of 2025, we expect that the nuclear generation will increase and COIL is expected to decrease, while the LNG mix is expected to be maintained. Expected utilization rate by generation source for 2025 are for nuclear, it's at the mid to high 80% range, coil mid 40% range, and LNG mid to high 20% range.

Now let me touch upon the RPS-related cost.

In Q3 of 2025, the RPS costs were 2 trillion and 876.1 billion won on a consolidated basis, and 3 trillion and 469.4 billion won on a separate basis. Finally, to go over the funding status, as of Q3 of 2025, borrowing stood at 130.5 trillion won on a consolidated basis, and 86.1 trillion won on a separate basis.

So now move on to the Q&A session.

Since we're providing consecutive interpretation, we would appreciate it if you can keep your questions and answers brief. So now begin the Q&A session.

그럼 지금부터 질의응답을 시작하겠습니다. 질문이 있으신 분들은 전화기 버튼에 별표와 1번을 눌러주십시오. 신청하신 질문을 취소하시려면 별표와 2번을 눌러주시면 됩니다.

Now, 20th session will begin. Please press asterisk 1 if you have any questions. For cancellation, please press asterisk 2 on your phone.

처음으로 질문해 주실 분은 유진투자증권의 황성현 님입니다. 질문해 주십시오.

The first question will be given by Hwang Sung-Yeon from Eugene Investment Securities. Please go ahead.

Hello, I'm Hwang Sung-Yeon from Eugene Investment Securities. Congratulations on your success. It's not about the success. I just want to ask a few simple questions. First of all, I would like to ask you in detail if there is any problem with the recent financial changes or anything like that when the company rolls over. Secondly, I would like to ask you to tell me when it will start and what will happen in the future. Thirdly, I think it will go up to 50% by 2030 due to the expansion of the four-stage elementary school. Even if the development companies increase to S&P, please tell me what happens from my point of view and tell me how to respond. Finally, there is a human investment plan related to the energy highway. I would appreciate it if you could give me a brief view of how it will proceed with the budget and things like that.

That's it.

Thank you very much for giving me this opportunity to ask my questions, and congratulations on your good results. I have a brief list for questions. The first has to do with your short-term corporate bonds. When rolling over these securities, Is there any impact because of the volatility in the interest rate? And my second question has to do with the localized marginal pricing. So can you explain further about whether the wholesale and the retail pricing will be introduced simultaneously and the point in time in which this new system will be introduced? My third question has to do with the direct purchase transaction system. So it is expected that this will go up to 50% by 2030. And what would be your responses with regards to the J&Co settlement? And with regards to my fourth question, this has to do with the energy highway. It is expected that greater room will be given to the private sector players to increase their investment. And there will be advice to issues of sediment as well as other issues. Can you provide more details about this matter?

Yes, the first question is whether there is any special issue with the short-term fund rollover. I understand it as this question. Recently, it has been confirmed that the relevant parties are closely monitoring the fluctuation of the international interest rates. With regards to your first question about any impact or issues regarding the rollover of our short-term corporate debt,

With regards to the volatility and interest rates related to the sovereign bonds or the treasury bonds, we have read news reports that there is very close monitoring undertaken by the government and we are also closely monitoring the situation as well. As of yet, no special signs are being detected, but we will be working closely with the relevant government authorities as well as looking closely into the market developments and ensure that proactive responses are made whenever it is possible.

Second, I would like to talk about the introduction of the Regional Promotion Regulation. First, after the announcement that in May of 2024, we are going to introduce the sale price for each region in the year, and then we are going to introduce the sale price in the year of 2026. After that, there is no additional announcement regarding the schedule. With regard to the second question about the localized marginal pricing.

by in the May of 2024, it has been decided that within the year 2025, the wholesale system will be introduced, and by 2026, the retail system will be introduced. After that announcement, there has been no further announcement that has been made, and we will be completing the research that has been commissioned to outside organizations regarding this issue by the month of February of next year, and a more detailed plan will be designed by next year.

Third, I would like to talk about the issuance rights agreement. As the fourth issuance rights agreement is confirmed on November 11th, it is expected that the rate of commercialization of the power plant will increase from 10% to 50% gradually.

Thirdly, with regards to your question on the emission trading scheme, so on the 10th of November, the fourth planned period EPS has been announced and finalized, and it is expected that for the GENCOs, they will be subjected to 10% to 50% of the paid allocation. With regards to this, we will make sure that these charges are fully reflected in our environmental charges, and we will continue to maintain close consultations with the government authorities.

Fourth, I would like to talk about private investment in the energy highway. As of now, it has already been included in the 10th Power Funding Plan for the West Coast of the energy highway. As of now, private investment in the energy highway With regards to your last question about the possible private sector investment into the energy highway, what has been finalized as of present is that for the

West Coast Energy Highway private sector investment will be allowed. However, that is something that has already been included and reflected in the 10th Basic Plan for Electricity Supply and Demand. And there has been no further official announcements made about any additional private sector investment since then. But once discussions become public, about the 12th Basic Plan on Electricity Supply and Demand. It may be reviewed. However, as of yet, no official discussion is underway.

다음 질문 받겠습니다.

Now we see the next question.

다음으로 질문해 주실 분은 메리트 증권의 문경원 님입니다. 질문해 주십시오. The following question is by 문경원 from Merit Securities.

Please go ahead.

Yes, hello. I'm Moon Kyung-won, a member of the MediChunko. I have two questions. First of all, I think you are talking a lot with some government officials about the current rise in electricity bills. What is the strongest among the various reasons for our rise in electricity bills? There may be a problem with the body, or it may be due to the need to invest in the power grid. I wonder what the biggest reason is for that. And secondly, in relation to the number of real estate adjustments, I wonder if the number of real estate adjustments has been affected or deteriorated in the second or third quarter, and if you have any plans to change the number of real estate adjustments until the end of the year. That's it.

Thank you very much for giving me this opportunity to ask my question. So I have two questions. My first question is I would presume that you are having discussions with the relevant government authorities about the additional increases in the electricity tariffs. So there may, I do presume that there are many factors and many grounds for raising the tariffs. What, in your view, would be the strongest basis for further increases in the tariffs? Would it be your debt levels or would it be the need to invest further in great expansion? My second question has to do with the So has there ever been a case where in the second quarter or the third quarter you have actually raised the adjusted coefficient?

And do you have any plans of changing the adjusted coefficient to the end of this year? In order to expand renewable energy and provide a stable power supply to the three-tier industry, we need a lot of investment resources such as power supply expansion, and additional impact is needed to prepare for the power supply investment. With regards to the electricity, with expansion of the use of renewable energy and also to

supply stable electricity for the advanced industries in this country, there is a need to make further investments into our power grid. And so, yes, it is necessary to raise the tariffs in order to raise the funds to finance these investments. In addition, in order to achieve the greenhouse reduction targets that is set by the government, this will lead to additional costs, and this is also expected to increase

So in principle, there is a need to adjust the tariffs so that it reasonably or adequately reflects the cost involved.

Let me take a second question. With regards to the adjusted coefficient, there has been already one change set to the adjusted coefficient in the third quarter, and whether we will engage in an additional change to the adjusted coefficient is something that we will need to determine through consultations with the relevant authorities. We now receive the next question.

현재 질문을 요청하고 계신 분은 없습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 1번을 눌러주십시오. Currently there are no participants with questions. Please press asterisk 1 to give your question. 다음으로 질문해 주실 분은 대신증권의 허민호 님입니다. 질문해 주십시오.

The following question is by 허민호 from 대신증권입니다. Please go ahead.

Yes, if you look at the chart, there are a lot of full-fledged repairs in 2026, so I think it came out in the chart that it fills the work in the system. I wonder how much the full-fledged operation rate will be in 2022. How long do you expect to operate the Donghae-an HVC-1 engine every year? In that case, how much will the number of engine and turbocharged engines increase? Please let me know. Please let me know if you have any updates after the introduction of the construction market in the United States.

So if you look at the news, in the year 2026, a lot of the nuclear power plants are expected to go through scheduled maintenance, and that it's possible to make up for the gap through renewable energy. So can you give us an outlook for the utilization rate for the nuclear power generation for 2026? And also my second question has to do with the HDDC. When do you expect that the preliminary or first round of construction, first phase construction completion and the operation of this HDDC project to be? And if that happens, do you expect an increase in the utilization rate of the coal-fired power plants and the nuclear power generation? And also, another question has to do with your entry into the United States nuclear power market.

Is there any updates that you can provide to the analysts and investors?

So let me answer your question about the scheduled maintenance for nuclear power.

Let us verify the actual schedule and get back to you at a later date. So let me take your second question about the transmission capacity constraints that are occurring in the East Coast area.

At present, construction is underway for the HVDC project, and the first phase of the project is expected to be completed by October of 2026, and the second phase of the construction is expected to be completed by December of 2027. Once the HPDC project is completed, then it will be providing additional 4 gigawatts of transmission capacity, which is, we do believe, sufficient to address the 7.8 gigawatt of constraint that we are currently experiencing.

As you know, the U.S. Trump administration is hoping to strengthen cooperation with HANZO and Team Korea, which has excellent nuclear construction capability under the U.S. nuclear expansion policy in the U.S. HANZO is looking for its own way to participate in the U.S. nuclear market, and is planning to strategically promote the various risks in the nuclear business in the U.S.

So let me answer your third question. So as you are well aware, the Trump administration in the United States has announced a policy to increase nuclear power generation within the United States, and they are looking forward to cooperating with KEPCO and Team Korea in this area. So we are looking into various options in how we can participate in the U.S. nuclear market, and we'll be looking at the various risk factors that are involved and continue the review of this matter.

다음 질문 받겠습니다.

We will receive the next question.

다음으로 질문해 주실 분은 한화증권의 유재선 님입니다. 질문해 주십시오.

The following question is by Yoo Jae-sun from Hana Securities.

Please go ahead.

Yes, I have three questions. I confirmed that HBDC in Donghae-an is delayed, but I'm wondering if the issue of Dongseo-eubyeon Station has been resolved. The second is that the exchange rate has risen a lot, but please tell me how much the exchange rate is in terms of our fuel cost. You said that the original usage rate is 80% per year, but I'm curious about when it was established. If you look at the prevention and maintenance on the Han Suwon website, it seems to be about 79% to 80%. Yes, I'm curious when this was built, and I wonder if the number came out because of the re-movement of the original, which was stopped like a loop, and whether it will continue to stop in the future.

I have three questions. So I have read the disclosure about the delay in the HVDP project. What about the substation issue? Has that been resolved? That's my first question. And my second question has to do with the exchange rate volatility. So how much of exchange rate hedging is incorporated into your fuel cost? That is my second question. And you said that the utilization rate for the nuclear car generation is in the mid-80% range, when was that established? When we look at the website of KHMP, the plan overall is set at 79% or so. So I would like to know when these plans were established. And so do these numbers perhaps include a possibility that those reactor units that have been suspended operation like Cori No. 2 unit, that they will be back into operation perhaps. Is that possibility included in those numbers that you have established?

First, I would like to talk about the Dongseo-eul nuclear power plant in Donghae-an HVDC. Currently, the nuclear power plant has not been completed yet. Under the premise that the nuclear power plant will be completed, the first stage of the nuclear power plant will be completed in October 2016.

with regards to the licensing and permit issue of the substation that you have mentioned. As of not yet, the licensing process has not been completed. It is based on the assumption that all the licensing and permit will come through that the first phase of the construction will be completed on October 2026.

So let me touch upon the exchange rate issue that you have raised in your second question.

With regards to the LNG that we procure from COGAS, on a monthly basis, we settle on an average, settle the price based on the average exchange rate.

As we have mentioned during our presentation for the four-year nuclear power utilization rate, we expect that it will be around mid to high 80% range.

다음 질문 받겠습니다.

We'll receive the next question.

다음으로 질문해 주실 분은 NH 투자증권의 류승원 님입니다. 질문해 주십시오.

The following question is by Ryu Seung-won from NH Investment Securities. Please go ahead.

안녕하세요. NH 투자증권의 류승원 님입니다. 두 가지 여쭤보고 싶은데 첫 번째는 저희 이번에 합리협 If this is carried out, who will be in charge of one seat or one line, or if we don't do it, who will do it? Please tell me in terms of things like this. The second is how we are securing the LEU right now. Please let me know how it is in terms of the period, country, and so on.

I'm sorry, but what did you say you were securing?

Uranium. Uranium.

Uranium securing. Yes, I understand.

Yes.

That's it.

Okay. So I'm Yusa Won from NA Securities. Let me answer your question. So based on the agreement between Korea and the United States, we're now allowed to go ahead with the enrichment and the reprocessing of uranium. So would there be any rules to be played by KETCO or KMT in this? Or if not, who will be involved in this task? And my second question has to do with the procuring of the uranium from which countries and during which period and what share would be procured. That is my second question.

First of all, I would like to talk about the Korean-US nuclear agreement. Currently, it is not possible to contract the uranium in Korea, and we are looking forward to this being resolved. However, it has not been decided what will happen in detail.

First, let me take your question about the nuclear agreement between Korea and the United States. Up until now, it has not been allowed for Korea to engage in uranium enrichment within Korea. However, we are looking forward to this situation being resolved based on the recent agreement. However, going forward, the exact details of how this will be brought about is something that has not yet been finally determined.

Second, I would like to talk about uranium supply. In the case of Korea Power Plant, the uranium fuel contract is a five-year to ten-year long-term contract. We have various contracts. We also have the capacity to control the volume, so we control the purchase time according to the price range of uranium and manage the fuel price. However, in the case of uranium, the price is low at the cost of a single unit, and we are considering the stock properly.

Next question about the procurement of uranium. So in the case of K10P, uranium is being procured through various long-term agreements, standing from anywhere from five years to 10 years. And also these agreements include the option to adjust the volume that is procured. Depending on uranium price trend, they can adjust the timing of the purchase. And this is how they are actually managing or controlling for the fuel cost. However, the percentage taken up by uranium in the overall fuel cost of KHMP is not that high, and they do have sufficient inventory build-up.

May I ask one more question? Yes, please. If we were to recycle or refuel, would there be any companies in charge of this?

So, can I ask a further question? Yes, you may go ahead.

The question is, if we are allowed to have a role in the reprocessing or enrichment of uranium, do you have any, you know, candidates, companies that you have in mind for this role?

So as of now, the uranium is being imported by KHMP, and the fuel rod is the responsibility of KEPCO NS. But going forward, we're, as of yet, not in the know of the exact details. We'll receive the next question.

The next question is from Heo Minho from Dae Shin Securities.

The following question is by Heo Minho from Dae Shin Securities. Please go ahead. I wonder if it will take a few more months to actually solve the business problem. And then, you said that the state-of-the-art operation was in the first quarter of the third quarter, but I wonder if it has fallen or risen, or how wide it has been.

So this is from . I have two additional questions. So first this refers to each project. You said that the provisional construction phase of the construction is of 2026. So when the first phase of is it possible to link up or connect to the transmission system and resolve the transmission that is provided, or because HPDC requires, you know, commissioning, would it take several months or more from that point on until commercial operation is possible? Oh, and also, I have another question. You mentioned during one of your answers that you have once adjusted the adjusted adjusted coefficient in the third quarter. So did it go up or down? And what was the magnitude of the adjustment? That is my second question.

First, I would like to talk about the HVDC construction project. We are doing the first and second stages of the project, and each of them will have a capacity of 4 gigahertz. As I mentioned, the first project, First, let me take your question about the HVDC project.

So the first phase of the project and the second phase of the project will each provide four gigawatts in additional capacity for transmission. So once the first phase of the project is completed, then from Sinanur to Singapyeong, there will be, our understanding is that immediately once the project is completed, four gigawatts of additional capacity will be provided to the transmission system. So, let me take a question about the change in the adjusted coefficient, the magnitude of the change. In the case of the coil, there were no changes, and for the nuclear generation, there was a slight decline. Will we see the next question?

다음으로 질문해 주실 분은 JP Morgan의 이선우 님입니다. 질문해 주십시오.

The following question is by 이선우 from JP Morgan. Please go ahead.

네 안녕하세요. 질문 기회 주셔서 감사합니다. 두 가지 질문 드리고 싶은데요. 첫 번째로는 지금 환전이 아까 가스봉사 LNG는 월별로 정산한다 환율 정산한다고 하셨는데 환전이 전체적으로 원자력 수입에 있어서 환액기 없이 오픈 포지션으로 가려가시는지 아니면 일부 익스포드에 대해서 환 핵팅을 하고 계신지 궁금하고요. So this is Lee from Baker Morgan.

I have two questions. You said that there was a monthly settlement with a co-cast based on the average exchange rate. Does that mean that you have an open position or that you are hedging for an exchange rate to some degree? That's my first question. And my second question is that you said that the utilization rate of the coal fire had gone up. Do you think that this generation will continue or is there any possibility of the coal fire utilization rate coming down?

Going forward. Let me take a question about the foreign exchange rate.

In the case of Capcom, for the most part, yes, we are exposed. We have an open position to the foreign exchange rate.

Let me take a second question about the coal-fired generation utilization rate.

So this is related not only to the temperature conditions but also the policies of the government. So we will continue to ensure that reasonable Generation mix is maintained through confrontations with relevant government authorities.

다음 질문 받겠습니다.

We'll receive the next question.

다음으로 질문해 주실 분은 HSBC의 박유신 님입니다. 질문해 주십시오.

The following question is by 박유신 from HSBC. Please go ahead.

Yes, hello. Thank you for your question. I would like to ask two questions. In terms of the original, I would like to ask you to update the timeline of the project, which is scheduled to be held in Korea in the Asia-Pacific region, not in the United States and Europe in the future. In addition, I would like to ask you to explain how it will be carried out if it is possible to communicate about the policy direction in the future.

So this is from HSBC. I have two questions. With regards to the nuclear power, aside from the United States and Europe, you also have bidding projects in Asia as well as Middle East. Can you provide an update on those projects? And my second question has to do with the shareholder return. Can you communicate to the extent that is possible about the future directions for the shareholder return policy of KEPCO?

Yes, I will answer the first question. In relation to the Asian market, Vietnam is currently in the middle of the business, and the Middle East is currently participating in the Saudi nuclear project, so please understand that we cannot reveal the details.

Let me take your first question about the overseas nuclear power projects. For the Asian market, we are carrying out activities to win nuclear power plant orders in Vietnam. And in the case of Middle East, we have participated in the bidding process of a nuclear power plant project in Saudi Arabia. However, the bidding is in process, so we're not in a position to disclose any further details. We ask for your understanding.

Second, I would like to talk about the stock market. In the case of the stock market, the most important dividend policy is decided by the size of the first year's ranking and the next year's stock market dividend agreement, so it is difficult to talk about the current dividend size or timing.

Let me take your second question about the shareholder return. So the most important aspect of shareholder return would be, of course, the dividend policy, and the dividend policy would take into consideration the net profit of the year, and also it is determined through the dividend quantitative body in MOEF. So we're not in a position at present to disclose any size of the dividend.

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