KEPCO (KEP) Q1 2026 results show improved profit despite flat revenue

Rhea-AI Filing Summary

Korea Electric Power Corporation (KEPCO) reported preliminary, unaudited first-quarter 2026 results prepared under K-IFRS. On a consolidated basis, operating revenues were ₩24,398 billion, slightly above ₩24,224 billion a year earlier, while operating income was ₩3,784 billion versus ₩3,754 billion.

Consolidated net income reached ₩2,519 billion, up from ₩2,362 billion, with net income attributable to owners at ₩2,493 billion compared with ₩2,328 billion. On a separate-company basis, KEPCO recorded operating revenues of ₩23,709 billion and net income of ₩3,239 billion, both higher profitability than in 2025 despite slightly lower revenue. The company emphasizes these figures are preliminary and have not been audited or reviewed by its independent accountants.

Insights

Equity analyst – utilities and infrastructure

KEPCO shows stronger profitability on stable first-quarter revenue.

KEPCO reports largely flat consolidated revenue but higher profits for the first quarter of 2026. Consolidated operating income of ₩3,784 billion and net income of ₩2,519 billion both exceed the prior-year period despite only a small revenue increase.

On a separate basis, operating revenue dipped slightly to ₩23,709 billion, yet operating income rose to ₩2,087 billion and net income to ₩3,239 billion. This suggests improved cost control or mix, although detailed drivers are not provided in the excerpt.

The figures are explicitly labeled as preliminary and unaudited under K-IFRS, so they may change when fully reviewed. Subsequent filings for the fiscal year 2026 will provide more detail on underlying cost trends and any revisions to these estimates.

Key Figures

Consolidated operating revenue: ₩24,398 billion Consolidated operating revenue prior year: ₩24,224 billion Consolidated operating income: ₩3,784 billion +5 more

8 metrics

Consolidated operating revenue ₩24,398 billion First three months ended March 31, 2026

Consolidated operating revenue prior year ₩24,224 billion First three months ended March 31, 2025

Consolidated operating income ₩3,784 billion First three months ended March 31, 2026

Consolidated net income ₩2,519 billion First three months ended March 31, 2026

Net income attributable to owners ₩2,493 billion First three months ended March 31, 2026

Separate operating revenue ₩23,709 billion First three months ended March 31, 2026

Separate operating income ₩2,087 billion First three months ended March 31, 2026

Separate net income ₩3,239 billion First three months ended March 31, 2026

Key Terms

Korean International Financial Reporting Standards (K-IFRS), condensed consolidated statements of comprehensive income, condensed separate statements of comprehensive income, unaudited consolidated and separate results of operation, +1 more

5 terms

Korean International Financial Reporting Standards (K-IFRS) financial

"prepared in accordance with Korean International Financial Reporting Standards (K-IFRS)"

condensed consolidated statements of comprehensive income financial

"CONDENSED CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME For the first three-month periods"

condensed separate statements of comprehensive income financial

"CONDENSED SEPERATE STATEMENTS OF COMPREHENSIVE INCOME For the first three-month periods"

unaudited consolidated and separate results of operation financial

"announces its unaudited consolidated and separate results of operation for the first quarter"

preliminary estimates financial

"prepared by KEPCO based on preliminary estimates and in accordance with K-IFRS"

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FAQ

How did KEPCO (KEP) perform on a consolidated basis in Q1 2026?

KEPCO’s consolidated Q1 2026 results show higher profit on steady revenue. Operating revenues were ₩24,398 billion versus ₩24,224 billion a year earlier, with operating income of ₩3,784 billion and net income of ₩2,519 billion, both above the 2025 first-quarter figures.

What were KEPCO’s separate (parent-only) results for Q1 2026?

On a separate basis, KEPCO improved profitability in Q1 2026. Operating revenues were ₩23,709 billion compared with ₩23,861 billion in 2025, while operating income rose to ₩2,087 billion and net income increased to ₩3,239 billion for the first three months of 2026.

Is KEPCO’s Q1 2026 financial information audited?

No, KEPCO’s Q1 2026 figures are preliminary and unaudited. The company states the data are based on preliminary estimates under K-IFRS and have not been audited or reviewed by its independent accountants, meaning final reported results may differ from these numbers.

How did KEPCO’s net income change year over year in Q1 2026?

KEPCO’s consolidated net income increased year over year in Q1 2026. Consolidated net income was ₩2,519 billion, up from ₩2,362 billion in the first quarter of 2025, while net income attributable to owners rose from ₩2,328 billion to ₩2,493 billion.

What accounting standards does KEPCO use for its Q1 2026 results?

KEPCO prepared its Q1 2026 results under K-IFRS. The filing specifies that the consolidated and separate financial information follows Korean International Financial Reporting Standards, providing a consistent framework with prior Korean IFRS-based reporting for comparability across periods.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of May 2026

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

Korea Electric Power Corporation (“KEPCO”) hereby announces its unaudited consolidated and separate results of operation for the first quarter of the fiscal year 2026 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) as shown below.

Disclaimer:

The financial information relating to the unaudited consolidated and separate results of operations of KEPCO for the first quarter of the fiscal year 2026 as presented below (the “Information”) has been prepared by KEPCO based on preliminary estimates and in accordance with K-IFRS. The Information has been neither audited nor reviewed by KEPCO’s independent accountants, KPMG Samjong Accounting Corp., or any other independent public accountants. The Information may differ from the actual results of operations of KEPCO, and accordingly should not be relied upon for investment or other purposes.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the first three-month periods ended March 31, 2026 and 2025

(Unit : in billions of Korean Won)		2026 Jan.-Mar.				2025 Jan.-Mar.				Change
Operating revenues			24,398				24,224				174
Operating income (loss)			3,784				3,754				30
Income (Loss) before income tax			3,395				3,232				163
Net income (loss)			2,519				2,362				157
Net income (loss) attributable to owners of the company			2,493				2,328				165

CONDENSED SEPERATE STATEMENTS OF COMPREHENSIVE INCOME

For the first three-month periods ended March 31, 2026 and 2025

(Unit : in billions of Korean Won)		2026 Jan.-Mar.				2025 Jan.-Mar.				Change
Operating revenues			23,709				23,861				-152
Operating income (loss)			2,087				1,901				186
Income (Loss) before income tax			3,717				3,212				505
Net income (loss)			3,239				2,824				415

* The figures may not add up to the relevant total numbers due to rounding.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:		/s/ Joo, Hwa-Sik
Name: Joo, Hwa-Sik
Title: Vice President

Date: May 13, 2026