Business Context and Reporting Period
Korea Electric Power Corporation (KEPCO) filed Form 6-K on November 13, 2025, reporting unaudited consolidated and separate results for the third quarter and first nine months of fiscal year 2025. The data is prepared under Korean International Financial Reporting Standards (K-IFRS) and is based on preliminary estimates.
Key Financial Metrics
Consolidated Results (in billions of KRW):
- Q3 2025 Revenue: 27,572 (vs. 26,103 in Q3 2024)
- Q3 2025 Operating Income: 5,652 (vs. 3,396 in Q3 2024)
- Q3 2025 Net Income: 3,790 (vs. 1,880 in Q3 2024)
- Q3 2025 Net Income Attributable to Owners: 3,756 (vs. 1,849 in Q3 2024)
- YTD 2025 Revenue: 73,747 (vs. 69,870 in YTD 2024)
- YTD 2025 Operating Income: 11,541 (vs. 5,946 in YTD 2024)
- YTD 2025 Net Income: 7,328 (vs. 2,590 in YTD 2024)
Separate Results (in billions of KRW):
- Q3 2025 Revenue: 27,007 (vs. 25,670 in Q3 2024)
- Q3 2025 Operating Income: 2,679 (vs. -774 loss in Q3 2024)
- Q3 2025 Net Income: 1,818 (vs. -968 loss in Q3 2024)
The filing does not provide specific values for cash flow, debt levels, liquidity ratios, or explicit margin percentages.
Material Changes
KEPCO reported significant year-over-year improvements across all major profitability metrics for both consolidated and separate entities.
- Consolidated Q3 Growth: Operating income increased by 2,256 billion KRW (66.4%), and net income attributable to owners rose by 1,907 billion KRW (103.1%) compared to Q3 2024.
- Consolidated YTD Growth: Operating income for the first nine months surged by 5,595 billion KRW (94.1%), while net income attributable to owners increased by 4,745 billion KRW (191.6%).
- Separate Entity Turnaround: The separate entity shifted from an operating loss of 774 billion KRW in Q3 2024 to an operating profit of 2,679 billion KRW in Q3 2025. Similarly, net income swung from a loss of 968 billion KRW to a profit of 1,818 billion KRW.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies beyond the standard disclaimer.
Disclaimer: The financial information is unaudited and based on preliminary estimates. It has not been reviewed by independent accountants (KPMG Samjong Accounting Corp.) and may differ from actual results. Investors are advised not to rely on this information for investment purposes.
Investor Verification Checklist
- Verify the final audited figures for Q3 and YTD 2025 once the full annual report is released.
- Confirm the specific drivers behind the significant turnaround in the separate entity's operating income (from loss to profit).
- Review the upcoming Form 20-F for detailed cash flow statements, debt covenants, and liquidity positions not included in this summary.
- Assess the sustainability of the margin expansion given the preliminary nature of the current data.