Korea Electric Power (015760) Q1 2026 earnings summary

Executive summary

• Achieved consolidated revenue of 24.4 trillion KRW in Q1 2026, up 0.7% year-over-year, with operating profit of 3.8 trillion KRW, a 306 billion KRW increase from last year.

• Separate revenue slightly decreased by 0.6% year-over-year, but operating profit rose by 9.8% to 2.1 trillion KRW.

• Net income increased 6.7% year-over-year on a consolidated basis and 14.7% on a separate basis.

Financial highlights

• Consolidated operating expenses rose 0.7% year-over-year, mainly due to a 4.1% increase in fuel costs and higher depreciation.

• Electricity sales volume decreased by 0.9%, but average sales price per kWh increased by 0.5%.

• EBITDA margin improved to 28.0% in 2025 from 23.9% in 2024.

• ROE turned positive at 3.7% in 2025 after negative results in prior years.

Outlook and guidance

• Plans to achieve 2050 net zero through coal phase-out, nuclear and renewables expansion, and grid digitalization.

• 11th Basic Plan targets 33% renewables and 35% nuclear share in power generation by 2038.

• Ongoing investments in new nuclear, LNG, and renewable capacity to meet rising demand from advanced industries.