Korea Electric Power (015760) Q3 2025 earnings summary

Executive summary

• Q3 2025 consolidated operating profit reached KRW 11.54 trillion, with net profit at KRW 7.33 trillion, reflecting strong operational performance and cost management.

• Sales revenue rose 5.5% year-over-year to KRW 73.75 trillion, driven by higher electricity sales and a summer heat wave.

• Sales increased by 11.1% year-over-year to KRW 393.7bn in 3Q 2025, with operating profit up 13.1% and net profit rising 26.0% compared to 3Q 2024.

• The company operates as a vertically integrated power utility with multiple subsidiaries in generation, transmission, and related services.

• Maintains strong credit ratings domestically (AAA, A1) and internationally (Aa2, AA, AA-).

Financial highlights

• Electricity sales revenue increased 5.9% to KRW 70.63 trillion, while other revenue declined 0.9% to KRW 3.11 trillion.

• Cost of sales and SG&A expenses fell 2.7% to KRW 62.21 trillion, with fuel costs down 16% and power purchase costs down 0.8%.

• Operating profit reached KRW 47.5bn, up 13.1% year-over-year; net profit was KRW 42.7bn, up 26.0%.

• Basic EPS: ₩11,248 (Q3 2025), up from ₩5,439 (Q3 2024).

• Total assets: ₩253.1 trillion; total equity: ₩47.75 trillion; net borrowings and debentures to total capitalization: 2.68.

Outlook and guidance

• Full-year 2025 electricity sales volume is projected to decline slightly due to lower economic growth and a manufacturing sector downturn.

• Nuclear generation mix expected to increase, coal to decrease, and LNG to remain stable; nuclear utilization rate forecasted in the mid-to-high 80% range for 2025.

• Planned outage (overhaul) maintenance activities are expected to increase in 2025, with more units scheduled for both thermal and nuclear segments.

• Continued focus on stable power supply, cost control, and investment in renewable and grid infrastructure.

• HVDC project first phase completion expected by October 2026, adding 4 GW transmission capacity.