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.

• Growth driven by higher planned outage activities and overseas thermal retrofit projects.

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%.

• Depreciation expenses rose 3.5% to KRW 834.4 billion.

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

• Gross profit increased 8.4% to KRW 68.3bn; operating expenses rose 10.8% to KRW 346.2bn.

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.

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

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