Korea Electric Power (015760) Q4 2026 earnings summary

Executive summary

• Consolidated operating income for 2025 was KRW 13.5248 trillion, with net income at KRW 8.7372 trillion, reflecting improved profitability year-over-year.

• Revenue rose 4.3% to KRW 97.4345 trillion, driven by a 4.6% increase in power sales, while overseas and other revenue declined 1.8%.

• Cost of goods sold and SG&A decreased 1.3% to KRW 83.9097 trillion, with notable reductions in fuel and power purchase costs.

Financial highlights

• Fuel costs dropped 13.8% to KRW 19.4364 trillion; power purchase costs fell 1.8% to KRW 34.0527 trillion.

• Depreciation expense increased 2.3% to KRW 11.6678 trillion.

• Interest expense decreased by KRW 325.6 billion year-over-year to KRW 4.3395 trillion.

Outlook and guidance

• Power sales volume in 2025 was 549.4 TWh, down 0.1% year-over-year due to weaker industrial demand; a slight increase is expected in 2026 with economic growth and more operating days.

• Nuclear and coal generation mix expected to shift in 2026, with nuclear increasing, coal decreasing, and LNG remaining stable.

• Capacity factors for 2026 projected: nuclear mid-high 80%, coal mid-40%, LNG early to mid-20%.