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 JUNE 2025

COMMISSION FILE NUMBER: 333-04906

 

 

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

 

 

65, Eulji-ro, Jung-gu

Seoul 04539, Korea

(Address of principal executive office)

 

 

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 ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

QUARTERLY BUSINESS REPORT

(From January 1, 2025 to March 31, 2025)

THIS IS A SUMMARY OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN WHICH IS IN SUCH FORM AS REQUIRED BY THE KOREAN FINANCIAL SERVICES COMMISSION.

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS.

ALL REFERENCES TO THE “COMPANY” SHALL MEAN SK TELECOM CO., LTD. AND, UNLESS THE CONTEXT OTHERWISE REQUIRES, ITS CONSOLIDATED SUBSIDIARIES. REFERENCES TO “SK TELECOM” SHALL MEAN SK TELECOM CO., LTD., BUT SHALL NOT INCLUDE ITS CONSOLIDATED SUBSIDIARIES.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA (“K-IFRS”) WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. THE COMPANY HAS MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

I.	COMPANY OVERVIEW

Omitted in quarterly reports in accordance with applicable Korean disclosure rules. For more information, please refer to the Company’s annual business report for the year ended December 31, 2024.

 

II.

BUSINESS

1. Business Overview

Each company in the consolidated entity is a separate legal entity providing independent services and products. The Company’s business is primarily separated into (1) the wireless business consisting of cellular voice, wireless data and wireless Internet services, (2) the fixed-line business consisting of fixed-line telephone, high-speed Internet, data and network lease services, among others and (3) other businesses consisting of commercial retail data broadcasting channel business, among others.

Set forth below is a summary description of the business of each of the Company’s material consolidated subsidiaries.

 

Classification		Company name		Description of business
Wireless		SK Telecom Co., Ltd.		Wireless voice and data telecommunications services via digital wireless networks
		PS&Marketing Co., Ltd. (“PS& Marketing”)		Sale of fixed-line and wireless telecommunications products through wholesale, retail and online distribution channels
		SK O&S Co., Ltd. (“SK O&S”)		Maintenance of base stations
Fixed-line		SK Broadband Co., Ltd. (“SK Broadband”)		High-speed Internet, TV, telephone, commercial data and other fixed-line services and management of the transmission system for online digital contents   Various media-related services, such as channel management services including video-on-demand services
		Home & Service Co., Ltd. (“Home&Service”)		System maintenance of high-speed Internet, Internet protocol TV (“IPTV”) and fixed-line services
		SK Telink Co., Ltd. (“SK Telink”)		International wireless direct-dial “00700” services and mobile virtual network operator (“MVNO”) business
Other business		SK stoa Co., Ltd. (“SK Stoa”)		Operation of commercial retail data broadcasting channel services
		Atlas Investment		Investments
		SK Telecom Innovation Fund, L.P.		Investments
		SAPEON Inc. (“Sapeon”)		Manufacture of non-memory and other electronic integrated circuits
		Astra AI Infra LLC		Investments
		SK Telecom Americas, Inc.		Information collection and consulting services
		Global AI Platform Corporation		Software development and supply business

[Wireless Business]

 

A.

Overview

Wireless telecommunications companies provide services based on competitive strengths in handheld devices, affordable pricing, network coverage and an extensive contents library. The Company continues to maintain its reputation as the unparalleled premium network operator in the 5G market on the basis of its technological leadership and network management technology. With the world’s first commercialization of 5G technology in 2019, the Company continues to maintain its position as the top network operator in the 5G era and strives to provide differentiated services to its customers.

In order to strengthen its sales channels, the Company has been offering a variety of fixed-line and wireless telecommunications convergence products through its subsidiary, PS&Marketing. PS&Marketing provides differentiated service to customers through the establishment of new sales channels and product development.

 

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Additionally, SK O&S, the Company’s subsidiary responsible for the operation of the Company’s networks, including base stations and related transmission and power facilities, provides customers with quality network services and provides the Company with technological know-how in network operations.

The Company has been maintaining solid profitability based on the stable sales generated from its 5G subscribers, together with efficient investments in, and operation of, its wireless networks and stabilization of market competition. The number of the Company’s 5G subscribers, which has reached its maturation stage and continues to grow gradually, recorded 17.24 million subscribers as of March 31, 2025, and accounted for 76% of the Company’s total number of subscribers. The Company seeks to enhance profitability through stable market operations while striving to further expand customer choices and benefits in order to minimize the slowdown in the growths of wireless services revenue and Average Revenue Per User (“ARPU”). The Company seeks to achieve solid growth in profit from its wireless telecommunications business even in the mature 5G market.

 

B.	Industry Characteristics

The telecommunications services market can be categorized into telecommunications services (such as fixed-line, wireless and leased line services, as well as sales intermediary services relating thereto and value-added services) and broadcasting and telecommunications convergence services (including IPTV and integrated fixed-line and wireless telecommunications services). Pursuant to the Telecommunications Business Act, the telecommunications services market can be further classified into basic telecommunications (fixed-line and wireless telecommunications), special category telecommunications (resale of telecommunications equipment, facilities and services) and value-added telecommunications (Internet connection and management, media contents and others).

The size of the domestic telecommunications services market is determined based on various factors specific to Korea, including the size of the population that uses telecommunications services and telecommunications expenditures per capita. While it is possible for Korean telecommunications service providers to provide services abroad through acquisitions or otherwise, foreign telecommunications services markets have their own characteristics depending, among others, on the regulatory environment and demand for telecommunications services.

 

C.	Growth Potential

The Korean mobile communications market is considered to have reached its maturation stage with more than a 100% penetration rate. However, the Korean mobile communications market continues to improve in the quality of services with the help of advances in network-related technology and the development of highly advanced smartphones which enable the provision of new information and communications technology (“ICT”) services for advanced multimedia contents, mobile commerce, mobility and other related services. In addition, the ultra-low latency and high capacity characteristics of 5G networks as well as the advancement of artificial intelligence (“AI”) are expected to accelerate the introduction of new services and the growth of Internet-of-Things (“IoT”)-based business-to-business (“B2B”) businesses.

 

(Unit: in 1,000 persons)
Classification				As of March 31, 2025				As of December 31,
								2024				2023
Number of subscribers		SK Telecom			31,814				31,786				31,276
		Others (KT, LG U+)			38,432				38,360				35,643
		MVNO			18,175				17,825				15,851
		Total			88,422				87,971				82,770

 

*	Source: Wireless telecommunications service data from the Ministry of Science and ICT (“MSIT”) as of February 28, 2025.

 

D.	Domestic and Overseas Market Conditions

The Korean mobile communications market includes the entire population of Korea with mobile communications service needs, and almost every Korean is considered a potential user. Sales revenue related to data services has been growing due to the increasing popularity of smartphones and high-speed wireless networks. There is also a growing importance of the B2B segment, which creates added value by selling and developing various solutions. The telecommunications industry is a regulated industry requiring license and approval from the MSIT.

In the wireless business, industry players compete on the basis of the following three main competitive elements:

 

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(i) brand competitiveness, which refers to the overall sense of recognition and loyalty experienced by customers with respect to services and values provided by a company, including the images created by a company’s comprehensive activities and communications on top of the actual services rendered;

(ii) product and service competitiveness, which refers to the fundamental criteria for wireless telecommunications services, including voice quality, service coverage, broad ranges of rate plans, diversified mobile Internet services, price and quality of devices, and customer service quality, as well as the ability to develop new services that meet customer needs in a market environment defined by convergence; and

(iii) sales competitiveness, which refers to novel and diversified marketing methods and the strength of the distribution network.

Set forth below is the historical market share of the Company (excluding MVNO subscribers).

 

						(Unit: in percentages)
Classification		As of March 31, 2025				As of December 31,
						2024				2023
Mobile communication services			45.3				45.3				46.7

 

*	Source: Wireless telecommunications service data from the MSIT as of February 28, 2025.

[Fixed-line Business]

 

A.

Overview

SK Broadband engages in the fixed-line telecommunications business, which includes the provision of high-speed Internet, telecommunications, leased lines and data center services. SK Broadband’s business also includes the media business segment, which includes the provision of IPTV and cable TV services. For the three months ended March 31, 2025, SK Broadband recorded Won 1.11 trillion in revenue on a consolidated basis, which represented a 2.2% increase from Won 1.09 trillion for the three months ended March 31, 2024. Such increase was primarily attributable to the growth in the number of higher-value business-to-customer (“B2C”) subscribers and the growth of the B2B business primarily focused on new data centers.

The Company, through its consolidated subsidiary Home&Service, performs tasks related to the installation and troubleshooting of Internet and IPTV services, providing customers with a stable communication and broadcasting environment. Home&Service also operates various lifestyle partnership businesses including rental and security services along with a wide range of home services including those related to AI and IoT.

SK Telink, a consolidated subsidiary of the Company, engages in the international call services and value-added telecommunications businesses. SK International Call “00700” service is Korea’s leading international call service, offering premium call quality and differentiated benefits through direct international lines. SK Telink has established a high-quality network environment by partnering with the world’s largest telecommunications companies. SK Telink also operates an MVNO service, “SK 7Mobile,” which offers quality services at reasonable rates. SK Telink is increasing its efforts to develop low-cost distribution channels and create niche markets through targeted marketing towards select customer segments including foreign workers, middle-aged adults and students.

 

B.	Industry Characteristics

The domestic telecommunications service industry displays the typical characteristics of a domestic industry given that its coverage area is limited to Korea. As a result, the size of the industry is greatly affected by the domestic user population and the level of telecommunications service expenditures in light of the domestic income level. Domestic telecommunications companies may expand overseas through mergers and acquisitions or direct expansion, but the overseas telecommunications service industries are subject to inherently different industry characteristics from the domestic one, depending on the regulatory and demand characteristics of each country.

The broadcasting business involves the planning, programming or production of broadcasting programs and the process of transmitting them to viewers through telecommunications facilities. The broadcasting market can primarily be categorized into terrestrial broadcasting, fixed-line TV broadcasting, satellite broadcasting and programming-providing businesses, in each case pursuant to the Broadcasting Act, as well as Internet multimedia broadcasting business pursuant to the Internet Multimedia Broadcast Services Act.

 

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The Company engages in the fixed-line TV broadcasting business, which is defined as the business of managing and operating fixed-line TV broadcasting stations (including their facilities and employees for the purpose of providing multi-channel broadcasting) and providing broadcasts through transmission and line facilities. The Internet multimedia broadcasting refers to the broadcasting of programs through a combination of various contents including data, video, voice, sound and/or e-commerce, including real-time broadcasting, while guaranteeing a consistent service quality through a bidirectional Internet protocol using a broadband integrated information network.

As a result of the government’s direct and indirect control over the fixed-line telecommunications industry, ranging from service licensing to business activities, the industry’s growth potential and degree of competition are greatly affected by the government’s regulatory policies. The fixed-line telecommunications industry is also a technology-intensive industry that evolves rapidly and continuously through the development of communications technology and equipment, which requires proactive responses in meeting the various needs of subscribers by developing new services and penetrating the market. Fixed-line telecommunications services have become essential commodities and act as the foundation for integration and convergence with various other services. The essential nature of such services provides stable demand, resulting in low sensitivity to economic conditions.

In addition, the Korean fixed-line services industry is marked by a high level of market concentration, as the government is highly selective in granting telecommunications business licenses. While the competitive landscape of the fixed-line and wireless services markets is dominated by its three leading operators, the Company (including SK Broadband), KT and LG U+, the intensity of competition is growing as digitalization of communication technologies and devices leads to the convergence of fixed-line and wireless services, as well as broadcasting and telecommunications, and technology for faster data communications services is developed.

In the high-speed Internet services market, the demand for Giga Internet services has been continuing to increase due to the popularization of mobile and home IoT devices and the expansion of large media services including video streaming services.

In the pay TV market, competition for content has been intensifying, at the center of which are large over-the-top operators with exclusive content. Reflecting a rapid change in content consumption patterns and behaviors of viewers, the Company is preparing for new growth in the home platform domain by providing customized services using ICT convergence technologies such as AI and big data in addition to differentiated contents.

In the corporate business market, the Company expects to see growth in new business areas, following the emergence of new services based on novel technology, including AI data centers. The Company is continuing its efforts to generate stable returns by strengthening its competitiveness in the traditional fixed line-based business through expansion of core infrastructure including data centers and leased lines, for which market demand has been continually growing.

 

C.	Growth Potential

 

				(Unit: in persons)
Classification				As of March 31, 2025				As of December 31,
								2024				2023
Fixed-line Subscribers		High-speed Internet			24,809,316				24,721,782				24,098,164
		Fixed-line telephone			10,218,700				10,325,245				10,973,838
		IPTV			21,071,566				21,071,566				20,870,152
		Cable TV			12,412,495				12,412,495				12,586,391

 

*	Source: MSIT website.

**	High-speed Internet and fixed-line telephone subscribers represent the number of subscribers as of February 28, 2025, while IPTV and cable TV subscribers represent the average number of subscribers in the first half of 2024.

 

D.	Cyclical Nature and Seasonality

There is little difference among the services provided by operators of high-speed Internet, fixed-line telephone and broadcasting services. Such services, which demonstrate characteristics of essential public utilities, are subject to a subscriber-based business model, and are not sensitive to cyclical economic changes. Due to the low income elasticity of telecommunications services, the overall telecommunications market is not expected to be particularly affected by an economic downturn.

 

5

E.	Domestic and Overseas Market Conditions

Set forth below is the historical market share of the Company.

 

(Unit: in percentages)
Classification		As of March 31, 2025				As of December 31,
						2024				2023
High-speed Internet (including resales)			29.0				28.9				28.7
Fixed-line telephone (including Voice over Internet Protocol (“VoIP”)			18.4				18.3				18.0
IPTV			32.0				32.0				31.8
Cable TV			22.8				22.8				22.4

 

*	Source: MSIT website.

**	With respect to fixed-line telephone, the market share was calculated based on market shares among the Company, KT and LG U+ and is based on the number of landline and IP phone subscribers.

***	Market shares of high-speed Internet and fixed-line telephone represent the market shares as of February 28, 2025 and market shares of IPTV and cable TV represent the average subscriber rate in the first half of 2024.

The Company is engaged in a number of business areas including high-speed Internet, home telephone, corporate business, IPTV and cable TV pursuant to the relevant communications regulations such as the Telecommunications Business Act, the Internet Multimedia Broadcast Services Act and the Broadcasting Act. In each of its principal business areas, the Company competes on the basis of price, service quality and speed. In the IPTV business, the ability to offer complex services and differentiated contents are becoming increasingly important. General telecommunications businesses operate in a licensed industry with a high barrier of entry, which is dominated by the Company, KT and LG U+.

[Other Businesses]

 

A.	Other businesses

SK Stoa operates the television shopping (“T-Commerce”) business, which includes the commercial retail data broadcasting channel business, offering an interactive service that integrates television home shopping and data home shopping services. Such integrated service allows television viewers to organize various product categories on the television screen and select and purchase desired products using a television remote control or mobile device, unlike traditional home shopping services that only allowed for real-time purchase through the relevant broadcast.

2. Key Financial Data by Business Line

 

A.

Assets

 

										(Unit: in millions of Won and percentages)
Classification		As of March 31, 2025								As of December 31,
										2024								2023
		Amount				Ratio				Amount				Ratio				Amount				Ratio
Wireless			24,962,134				75	%			25,154,898				75	%			25,608,563				77	%
Fixed-line			7,068,269				21	%			7,174,920				21	%			6,825,342				20	%
Other			1,205,494				4	%			1,276,546				4	%			910,020				3	%
Subtotal			33,235,896				100	%			33,606,364				100	%			33,343,925				100	%
Consolidation Adjustment			(3,315,331	)			—				(3,091,111	)			—				(3,224,698	)			—
Total			29,920,565				—				30,515,254				—				30,119,227				—

 

B.

Revenue

 

						(Unit: in millions of Won and percentages)
Classification		For the three months ended March 31, 2025								For the year ended December 31,
										2024								2023
		Amount Ratio								Amount Ratio								Amount Ratio
Wireless			3,303,422				74	%			13,318,213				74	%			13,123,166				75	%
Fixed-line			1,034,054				23	%			4,075,412				23	%			3,928,020				22	%
Other			116,241				3	%			546,984				3	%			557,325				3	%
Total			4,453,717				100	%			17,940,609				100	%			17,608,511				100	%

 

6

C.	Operating Profit

 

						(Unit: in millions of Won and percentages)
Classification		For the three months ended March 31, 2025								For the year ended December 31,
										2024								2023
		Amount				Ratio				Amount				Ratio				Amount				Ratio
Wireless			485,129				84	%			1,529,971				84	%			1,463,934				84	%
Fixed-line			101,028				17	%			366,517				20	%			329,072				19	%
Other			(6,948	)			(1	)%			(64,929	)			(4	)%			(42,771	)			(2	)%
Subtotal			579,209				100	%			1,831,559				100	%			1,750,235				100	%
Consolidation Adjustment			(11,825	)			—				(8,150	)			—				2,969				—
Total			567,384				—				1,823,409				—				1,753,204				—

3. Updates on Major Products and Services

 

								(Unit: in millions of Won and percentages)
Business		Major Companies		Items		Major Trademarks		For the three months ended March 31, 2025								For the year ended December 31,
																2024								2023
								Consolidated Sales Amount				Ratio				Consolidated Sales Amount				Ratio				Consolidated Sales Amount				Ratio
Wireless		SK Telecom Co., Ltd., PS&Marketing Co., Ltd., SK O&S Co., Ltd., Service Ace Co., Ltd., etc.		Mobile communications service, wireless data service, ICT service and others		T, 5GX, T Plan and others			3,303,422				74	%			13,318,213				74	%			13,123,166				75	%
Fixed-line		SK Broadband Co., Ltd., Home & Service Co., Ltd., SK Telink Co., Ltd., etc.		Fixed-line phone, high-speed Internet, data and network lease service and others		B tv, 00700 international call, 7mobile and others			1,034,054				23	%			4,075,412				23	%			3,928,020				22	%
Other		SK stoa Co., Ltd., etc.		Commercial retail data broadcasting channel services and others		Stoa ON			116,241				3	%			546,984				3	%			557,325				3	%
Total									4,453,717				100	%			17,940,609				100	%			17,608,511				100	%

4. Price Trends for Major Products

[Wireless Business]

As of March 31, 2025, based on the Company’s standard monthly subscription plan, the basic service fee was Won 12,100 (including value-added tax) and the usage fee was Won 1.98 per second. Among the 4G-based plans, the “T-Plan Safe 4G” provides 4 GB of data and unlimited voice calls at Won 50,000 per month (including value-added tax). Among the 5G-based plans, the “Basic” plan provides 11 GB of data and unlimited voice calls at Won 49,000 per month (including value-added tax). In March 2024, the Company launched the “Compact” plan, which provides 5G data at Won 39,000 per month (including value-added tax). The Company plans to continue to introduce new services that reach out to different customer segments. The Company provides a variety of other subscription plans catering to subscriber demand, which may be reviewed on the Company’s website at www.tworld.co.kr.

[Fixed-line Business]

In 2025, SK Broadband is preparing to launch various new subscription plans. On March 4, 2025, SK Broadband launched the “AI Speaker Set-Top Box” for its Internet protocol cable TV service, which meets cable TV customers’ demand for AI services based on voice recognition and offers broader choice of set-top box options. The monthly rental fee for the AI Speaker Set-Top Box is Won 6,600 per month based on a three-year contract. As part of a launch promotion, customers who newly subscribe under a three-year contract by August 31, 2025 will receive a rental fee discount of Won 6,600.

 

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SK Broadband also provides a variety of other subscription plans based on consumer demand, which may be reviewed on SK Broadband’s website at www.bworld.co.kr.

5. Investment Status

[Wireless Business]

 

A.	Investment in Progress and Future Investment Plan

 

(Unit: in billions of Won)

Purpose of investment

Subject of investment

Investment period

Expected investment amount

Amount already invested

Investment effect

Upgrade/ New installation

Network, systems and others

Three months ended March 31, 2025

To be determined

31

Upgrades to the existing services and expanded provision of network services including 5G

[Fixed-line Business]

 

A.	Investment in Progress and Future Investment Plan

 

(Unit: in billions of Won)
Purpose of investment		Subject of investment		Investment period		Amount already invested		Future investment		Investment effect
Coverage expansion, upgrade of media platform		Network, systems, Internet data center and others		Three months ended March 31, 2025		75.2		To be determined		Securing subscriber network and equipment; quality and system improvement

6. Revenues

 

						(Unit: in millions of Won)
Business		Sales type				Item				For the three months ended March 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Wireless			Services			Mobile communication, wireless data, information communication		Export			45,575				212,235				169,885
								Domestic			3,121,881				13,105,978				12,953,281
								Subtotal			3,167,455				13,318,213				13,123,166
Fixed-line			Services			Fixed-line, high-speed Internet, data, lease line service		Export			50,750				213,815				178,824
								Domestic			1,152,999				3,861,597				3,749,196
								Subtotal			1,203,749				4,075,412				3,928,020
Other			Services			Commercial retail data broadcasting channel services		Export			—				—				—
								Domestic			82,513				546,984				557,325
								Subtotal			82,513				546,984				557,325
Total								Export			96,325				426,050				348,709
								Domestic			4,357,392				17,514,559				17,259,802
								Total			4,453,717				17,940,609				17,608,511

 

		(Unit: in millions of Won)
For the three months ended March 31, 2025		Wireless				Fixed-line				Other				Sub total				Consolidation adjustment				After consolidation
Total sales			3,681,348				1,337,053				130,617				5,149,018				(695,301	)			4,453,717
Internal sales			377,926				302,999				14,376				695,301				(695,301	)			—
External sales			3,303,422				1,034,054				116,241				4,453,717				—				4,453,717
Depreciation and amortization			641,107				242,005				5,337				888,449				(21,258	)			867,191
Operating profit (loss)			485,129				101,028				(6,948	)			579,209				(11,825	)			567,384
Finance profit (loss)																							(66,999	)
Gain from investments in associates and joint ventures																							132
Other non-operating profit (loss)																							7,363
Profit before income tax																							507,880

 

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7. Derivative Transactions

 

A.	Current Swap Contract Applying Cash Flow Risk Hedge Accounting

Currency and interest rate swap contracts under cash flow hedge accounting as of March 31, 2025 are as follows:

[SK Telecom]

 

Borrowing date		Hedged item		Hedged risk		Contract type		Financial institution		Duration of contract
July 20, 2007		Fixed rate foreign currency denominated bonds (face value of USD 400,000,000)		Foreign currency risk		Cross currency swap		Morgan Stanley and four other banks		July 20, 2007 – July 20, 2027
March 4, 2020		Floating rate foreign currency denominated bonds (face value of USD 300,000,000)		Foreign currency and interest rate risks		Cross currency interest rate swap		Citibank		March 4, 2020 – June 4, 2025
June 28, 2023		Fixed rate foreign currency denominated bonds (face value of USD 300,000,000)		Foreign currency risk		Cross currency interest rate swap		Citibank, Shinhan Bank, KDB, J.P. Morgan		June 28, 2023 – June 28, 2028
October 7, 2024		Floating rate Won denominated borrowings (face value of Won 200 billion)		Interest rate risk		Interest rate swap		DBS Bank Ltd		October 10, 2024 – October 8, 2026

[SK Broadband]

 

Borrowing date		Hedged item		Hedged risk		Contract type		Financial institution		Duration of contract
June 28, 2023		Non-guaranteed foreign currency denominated bonds (face value of USD 300,000,000)		Foreign currency risk		Cross currency swap		Citibank, Shinhan Bank, KDB, J.P. Morgan		June 28, 2023 – June 28, 2028

8. Major Contracts

None.

9. R&D Investments

Set forth below are the Company’s R&D expenditures.

 

				(Unit: in millions of Won except percentages)
Category				For the three months ended March 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023				Remarks
Raw material					8				492				48				—
Labor					35,343				134,508				140,790				—
Depreciation					30,314				134,989				137,264				—
Commissioned service					10,499				61,588				51,749				—
Others					16,022				61,267				61,992				—
Total R&D costs					92,186				392,844				391,843				—
Government Subsidies					—				—				—				—
Accounting		Sales and administrative expenses			89,912				378,079				369,507				—
		Development costs (Intangible assets)			2,274				14,765				22,334				—
R&D cost / sales amount ratio (Total R&D costs / Current sales amount×100)					2.07	%			2.19	%			2.23	%			—

 

9

10. Other information relating to investment decisions

 

A.	Brand Management Policies

The Company manages its corporate brand and other product brands in a comprehensive way to protect and increase their value. The Company operates an intranet system called “Comm.ON” in order to implement consistent communication with consumers across various areas including branding, design, marketing and public relations, and systematically manages the development, registration and licensing of brands through such system.

 

B.	Business-related Intellectual Property

[SK Telecom]

As of March 31, 2025, the registered patents and trademarks held by the Company included 3,022 Korean-registered patents, 1,732 foreign-registered patents and 778 Korean-registered trademarks. The number of registered patents and trademarks is subject to constant change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

[SK Broadband]

As of March 31, 2025, SK Broadband held 227 Korean-registered patents and 47 foreign-registered patents (including those held jointly with other companies). It also holds 278 Korean-registered trademarks. SK Broadband owns intellectual property rights to its proprietary graphic design of the alphabet “B” representing its brand. The designed alphabet “B” is registered in all business categories for trademarks (total of 45). The number of registered patents and trademarks is subject to continual change due to the acquisition of new rights, expiration of terms, abandonments and dispositions.

 

C.	Business-related Pollutants and Environmental Protection

[SK Telecom]

The Company does not directly engage in any manufacturing and therefore does not undertake any industrial processes that emit pollutants into the air or industrial processes in which hazardous materials are used. Nevertheless, the Company clearly recognizes the severity of the climate crisis and has been diligently fulfilling its social obligations by establishing a systematic and practical environmental management strategy system. Under the vision of “realizing a sustainable future based on AI” and to achieve Net Zero by 2050, the Company is making efforts to (1) preemptively respond to climate change, (2) improve its environmental management system and (3) create an eco-friendly green culture. To this end, the Company was one of the first information technology companies in Korea to join the RE100 (Renewable Electricity 100%) initiative and signed a green premium contract with Korea Electric Power Corporation. The Company has been implementing company-wide adoption of renewable energy through efforts such as installing solar power generation equipment in its office buildings and base stations. In addition, the Company leads in energy savings and environmental protections based on AI technology, and recently became the first company in the telecommunications industry to obtain carbon emission rights by reducing greenhouse gas through integration of telecommunications equipment and technology upgrades.

[SK Broadband]

SK Broadband does not directly engage in any manufacturing processes that emit environmental pollutants, and more than 99% of its greenhouse gas emissions is indirect emissions from its use of external electricity. SK Broadband was selected as a business subject to allocation of emission permits as part of Korea’s greenhouse gas emissions trading scheme that commenced in 2015, and it actively fulfills its obligations and consistently achieves the targets set by the government.

In 2021, SK Broadband declared its goal to achieve Net Zero by 2045 in an effort to actively participate in the international community’s response to climate change. Prior to the declaration, SK Broadband had already subscribed to the RE100 initiative in 2020. Since 2021, SK Broadband has participated in Korea Electrical Power Corporation’s renewable energy power purchase program, “Green Premium,” to purchase renewable energy and has installed additional solar power generation facilities to increase the self-production and use of renewable energy.

 

10

III.	FINANCIAL INFORMATION

1. Summary Financial Information (Consolidated and Separate)

 

A.	Summary Financial Information (Consolidated)

Below is the summary consolidated financial information of the Company as of March 31, 2025, December 31, 2024 and December 31, 2023 and for the three months ended March 31, 2025 and for the years ended December 31, 2024 and 2023. The Company’s consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and 2024, which are prepared in accordance with K-IFRS, are attached hereto.

 

(Unit: in millions of Won except number of companies)
		As of March 31, 2025				As of December 31, 2024				As of December 31, 2023
Assets
Current Assets			7,675,417				7,476,682				6,585,602
•  Cash and Cash Equivalents			2,297,239				2,023,721				1,454,978
•  Accounts Receivable – Trade, net			1,999,052				1,989,306				1,978,532
•  Accounts Receivable – Other, net			476,079				369,192				344,350
•  Others			2,903,047				3,094,463				2,807,742
Non-Current Assets			22,245,148				23,038,573				23,533,625
•  Long-Term Investment Securities			1,848,885				1,877,922				1,679,384
•  Investments in Associates and Joint Ventures			2,331,816				2,341,827				1,915,012
•  Property and Equipment, net			11,982,418				12,617,394				13,006,196
•  Goodwill			2,072,493				2,072,493				2,075,009
•  Intangible Assets, net			2,073,729				2,194,871				2,861,137
•  Others			1,935,807				1,934,066				1,996,887
Total Assets			29,920,565				30,515,255				30,119,227
Liabilities
Current Liabilities			8,730,622				9,224,278				6,993,980
Non-Current Liabilities			9,248,086				9,463,343				10,896,848
Total Liabilities			17,978,708				18,687,621				17,890,828
Equity
Equity Attributable to Owners of the Parent Company			11,819,346				11,698,627				11,389,046
Share Capital			30,493				30,493				30,493
Capital Surplus (Deficit) and Other Capital Adjustments			(11,953,053	)			(11,954,936	)			(11,828,644	)
Retained Earnings			23,087,254				22,976,127				22,799,981
Reserves			654,652				646,943				387,216
Non-controlling Interests			122,511				129,007				839,353
Total Equity			11,941,857				11,827,634				12,228,399
Total Liabilities and Equity			29,920.565				30,515,255				30,119,227

 

(Unit: in millions of Won except per share data and number of consolidated subsidiaries)
		For the three months ended March 31, 2025				For the year ended December 31, 2023				For the year ended December 31, 2022
Operating Revenue			4,453,717				17,940,609				17,608,511
Operating Profit			567,384				1,823,409				1,753,204
Profit Before Income Tax			507,880				1,761,765				1,488,179
Profit for the Period			361,575				1,387,095				1,145,937
Profit for the Period Attributable to Owners of the Parent Company			364,422				1,250,155				1,093,611
Profit for the Period Attributable to Non-controlling Interests			(2,847	)			136,940				52,326
Basic Earnings Per Share (Won)			1,689				5,780				4,954
Diluted Earnings Per Share (Won)			1,684				5,765				4,950
Total Number of Consolidated Subsidiaries			19				21				25

 

11

B.	Summary Financial Information (Separate)

Below is the summary separate financial information of the Company as of March 31, 2025, December 31, 2024 and December 31, 2023 and for the three months ended March 31, 2025 and for the years ended December 31, 2024 and 2023. The Company’s separate financial statements as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and 2024, which are prepared in accordance with K-IFRS, are attached hereto.

 

			(Unit: in millions of Won)
		As of March 31, 2025				As of December 31, 2024				As of December 31, 2023
Assets
Current Assets			5,729,047				5,242,405				4,703,844
•  Cash and Cash Equivalents			1,339,520				1,165,158				631,066
•  Accounts Receivable – Trade, net			1,537,413				1,508,893				1,495,617
•  Accounts Receivable – Other, net			653,931				390,243				343,036
•  Others			2,198,183				2,178,111				2,234,125
Non-Current Assets			18,667,773				19,343,221				20,292,088
•  Long-Term Investment Securities			1,405,300				1,418,465				1,426,290
•  Investments in Subsidiaries and Associates			4,894,413				4,899,558				4,670,568
•  Property and Equipment, net			8,041,292				8,515,225				9,076,459
•  Goodwill			1,306,236				1,306,236				1,306,236
•  Intangible Assets, net			1,552,232				1,683,018				2,250,829
•  Others			1,468,300				1,520,719				1,561,706
Total Assets			24,396,820				24,585,626				24,995,932
Liabilities
Current Liabilities			6,044,605				6,240,886				5,505,470
Non-Current Liabilities			7,175,187				7,383,886				9,054,369
Total Liabilities			13,219,792				13,624,772				14,559,839
Equity
Share Capital			30,493				30,493				30,493
Capital Surplus (Deficit) and Other Capital Adjustments			(4,551,927	)			(4,551,820	)			(4,766,147	)
Retained Earnings			15,498,289				15,273,451				15,032,473
Reserves			200,173				208,730				139,274
Total Equity			11,177,028				10,960,854				10,436,093
Total Liabilities and Equity			24,396,820				24,585,626				24,995,932

 

(Unit: in millions of Won)
		For the three months ended March 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Operating Revenue			3,167,455				12,774,060				12,589,220
Operating Profit			482,366				1,523,175				1,455,870
Profit Before Income Tax			601,014				1,477,084				1,354,939
Profit for the Period			474,592				1,280,484				1,059,750
Basic Earnings Per Share (Won)			2,206				5,923				4,798
Diluted Earnings Per Share (Won)			2,200				5,907				4,794

 

12

2. Dividends and Others

 

A.	Dividend Policy

The Company seeks to enhance its enterprise value through distribution of cash dividends based on stable business performance and by increasing long-term shareholder returns based on sustainable growth. The Company has established and is implementing a capital allocation strategy that balances the use of additional free cash flow generated from enhancement in performance and operational improvement across shareholder returns, investments for growth and enhancement in financial structure.

The Company determines the amount of its shareholder return in consideration of a comprehensive set of factors including its business performance, investment plans, financial status and prospects, and the Company may make shareholder return in the form of cash or shares in accordance with its Articles of Incorporation. Cash dividends are determined based on the Company’s consideration of investment needs for its continued future growth as well as its annual business performance and overall cash flow status. In the case of share dividends, the type of the shares to be distributed may be determined pursuant to the resolution of the Company’s general meeting of shareholders.

In accordance with the global trend towards stable dividend distribution, the Company adopted a quarterly dividend distribution policy through the approval of certain amendments to the Company’s Articles of Incorporation at the 37th General Meeting of Shareholders held in March 2021 and has been distributing quarterly dividends since the second quarter of 2021.

In April 2024, the Company disclosed its shareholder return policy for fiscal years 2024 through 2026, under which the total amount of shareholder return for each year is expected to be at least 50% of the adjusted profit for the year on a consolidated basis. Shareholder returns are expected to be provided in the form of cash dividend distribution and/or through acquisition and cancellation of the Company’s treasury shares. The Board of Directors will make its determinations on dividends in accordance with such policy.

The Company has engaged in repurchases and cancelations of its own shares from time to time to enhance its enterprise value in consideration of the market price of the Company’s shares and its financial resources. From 2020 to 2021, the Company purchased approximately Won 500 billion of treasury shares, and in May 2021, the Company canceled 8,685,568 units of previously acquired treasury shares (10.76% of the total number of shares issued at the time) to enhance shareholder value. In addition, in 2023, the Company purchased approximately Won 300 billion of treasury shares, and in February 2024, the Company canceled 4,043,091 units of treasury share (1.85% of the total number of shares issued at the time).

 

B.	Matters related to Provision of Dividend Predictability

 

(1)

Dividend Improvement Procedures in the Articles of Incorporation

 

Classification		Status and plans
Authority for deciding dividend amounts		Under the Company’s Articles of Incorporation, annual dividends are decided at the General Meeting of Shareholders, while quarterly dividends are decided by the Board of Directors.
Whether it is possible to set the dividend record date after the dividend amount is determined		Following the amendments to the Company’s Articles of Incorporation at the 40th General Meeting of Shareholders on March 26, 2024, the Company’s dividend policy was enhanced by allowing the annual dividend record date to be set after determination of the dividend amount. Following the amendments to the Company’s Articles of Incorporation at the 41st General Meeting of Shareholders on March 26, 2025, the Company’s dividend policy was further enhanced by allowing the quarterly dividend record date to be set after determination of the dividend amount.
Plans for implementing dividend improvement procedures		—

 

(2)

Status of Dividend Amount Determination Date and Dividend Record Date

 

13

Classification

Fiscal month

Dividend status

Dividend amount determination date

Dividend record date

Provision of dividend predictability

Note

Annual dividend for the year ended December 31, 2024

December 2024

Declared

March 26, 2025

February 28, 2025

Provided

Quarterly dividend

Annual dividend for the year ended December 31, 2023

December 2023

Declared

March 26, 2024

December 31, 2023

Not provided

Quarterly dividend

Annual dividend for the year ended December 31, 2022

December 2022

Declared

March 28, 2023

December 31, 2022

Not provided

Quarterly dividend

3. Use of Direct Financing

 

A.	Use of Proceeds from Public Offerings

[SK Telecom]

 

(As of March 31, 2025)

(Unit: in millions of Won)

Category

Bond Series

Payment Date

Planned Use of Proceeds

Actual Use of Proceeds

Reasons for Difference

Use

Amount

Use

Amount

Corporate bond

Series 85-1,2

February 17, 2023

Repayment of debt

300,000

Repayment of debt

300,000

—

Corporate bond

Series 86-1,2,3

April 12, 2023

Repayment of debt

350,000

Repayment of debt

350,000

—

Hybrid securities

Series 3

June 5, 2023

Repayment of debt

400,000

Repayment of debt

400,000

—

Corporate bond

Series 87-1,2,3,4

October 18, 2023

Repayment of debt

295,000

Repayment of debt

295,000

—

Corporate bond

Series 88-1,2,3

February 22, 2024

Repayment of debt

400,000

Repayment of debt

400,000

—

Corporate bond

Series 89-1,2,3

December 11, 2024

Repayment of debt

300,000

Repayment of debt

300,000

—

Corporate bond

Series 90-1,2,3

February 21, 2025

Repayment of debt

400,000

Repayment of debt

400,000

—

[SK Broadband]

 

(As of March 31, 2025)

(Unit: in millions of Won)

Category

Bond Series

Payment Date

Planned Use of Proceeds

Actual Use of Proceeds

Reasons for Difference

Use

Amount

Use

Amount

Corporate bond

Series 53-1

March 2, 2023

Operation fund

5,000

Operation fund

5,000

—

Corporate bond

Series 53-1

March 2, 2023

Repayment of debt

45,000

Repayment of debt

45,000

—

Corporate bond

Series 53-2

March 2, 2023

Operation fund

55,000

Operation fund

55,000

—

Corporate bond

Series 53-2

March 2, 2023

Repayment of debt

45,000

Repayment of debt

45,000

—

Corporate bond

Series 53-3

March 2, 2023

Operation fund

46,900

Operation fund

46,900

—

Corporate bond

Series 53-3

March 2, 2023

Repayment of debt

43,100

Repayment of debt

43,100

—

Corporate bond

Series 54-1

October 30, 2023

Facility fund

100,000

Facility fund

100,000

—

Corporate bond

Series 54-2

October 30, 2023

Facility fund

60,000

Facility fund

60,000

—

Corporate bond

Series 55-1

January 22, 2024

Repayment of debt

170,000

Repayment of debt

170,000

—

Corporate bond

Series 55-2

January 22, 2024

Repayment of debt

60,000

Repayment of debt

60,000

—

Corporate bond

Series 56-1

December 4, 2024

Repayment of debt

100,000

Repayment of debt

100,000

—

Corporate bond

Series 56-1

December 4, 2024

Facility fund

30,000

Facility fund

30,000

—

Corporate bond

Series 56-2

December 4, 2024

Repayment of debt

50,000

Repayment of debt

50,000

—

Corporate bond

Series 56-2

December 4, 2024

Facility fund

65,000

Facility fund

65,000

—

Corporate bond

Series 56-3

December 4, 2024

Repayment of debt

30,000

Repayment of debt

30,000

—

Corporate bond

Series 56-3

December 4, 2024

Facility fund

20,000

Facility fund

20,000

—

4. Other Matters Related to Financial Information

 

A.	Restatement of the Financial Statements

Not applicable.

 

14

B.	Loss Allowance

 

(1)

Loss Allowance of Trade and Other Receivables

 

			(Unit: in millions of Won, except percentages)
		For the three months ended March 31, 2025
		Gross amount				Loss Allowance				Percentage
Accounts receivable – trade			2,274,722				265,338				11.7	%
Loans			153,617				42,055				27.4	%
Accounts receivable – other			681,615				26,507				3.9	%
Accrued income			2,876				—				—
Guarantee deposits			264,940				—				—
Total			3,377,770				333,900				9.9	%
			(Unit: in millions of Won, except percentages)
		For the year ended December 31, 2024
		Gross amount				Loss Allowance				Percentage
Accounts receivable – trade			2,258,412				258,030				11.4	%
Loans			141,609				41,958				29.6	%
Accounts receivable – other			568,072				25,628				4.5	%
Accrued income			4,242				—				—
Guarantee deposits			275,450				—				—
Total			3,247,785				325,616				10.0	%
			(Unit: in millions of Won, except percentages)
		For the year ended December 31, 2023
		Gross amount				Loss Allowance				Percentage
Accounts receivable – trade			2,233,586				242,737				10.9	%
Loans			150,671				42,087				27.9	%
Accounts receivable – other			690,157				33,276				4.8	%
Accrued income			4,295				—				—
Guarantee deposits			286,520				300				0.1	%
Total			3,365,229				318,400				9.5	%

 

(2)

Movements in Loss Allowance of Trade and Other Receivables

 

											(Unit: in millions of Won)
		For the three months ended March 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Beginning balance			325,616				318,401				325,003
Effect of change in accounting policy			—				—				—
Increase of loss allowance			8,360				54,703				43,162
Reversal of loss allowance			—				—				—
Write-offs			(76	)			(44,556	)			(49,764	)
Other			—				(2,933	)			—
Ending balance			333,900				325,615				318,400

 

(3)

Policies for Loss Allowance

The Company establishes loss allowances based on the likelihood of recoverability of trade and other receivables based on their aging at the end of the period and past customer default experience for the past three years. With respect to trade receivables relating to wireless telecommunications services, the Company considers the likelihood of recovery based on past customer default experience and the length of default in connection with the type of default (e.g., whether the customer’s service has been terminated or is continued). Consistent with customary practice, the Company writes off trade and other receivables for which the prescription period has passed or that are determined to be impossible or economically too costly to collect, including receivables that are less than Won 200,000 and more than six months overdue and receivables that have been determined to be the subject of identity theft.

 

15

(4)

Aging of Accounts Receivable

 

											(Unit: in millions of Won, except percentages)
		As of March 31, 2025
		Six months or less				From six months to one year				From one year to three years				More than three years				Total
Accounts receivable – general			2,012,728				58,721				156,689				46,583				2,274,721
Percentage			83.7	%			2.4	%			6.5	%			1.9	%			100.0	%

 

C.	Inventories

 

(1)

Detailed Categories of Inventories

 

			(Unit: in millions of Won, except percentages)
Account Category		For the three months ended March 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Merchandise			177,640				183,202				166,614
Goods in transit			—				—				—
Other inventories			28,263				26,581				13,195
Total			205,903				209,783				179,809
Percentage of inventories to total assets [Inventories / Total assets]			0.69	%			0.69	%			0.60	%
Inventory turnover [Cost of sales / { ( Beginning balance of inventories + Ending balance of inventories ) / 2}]			6.31				6.73				7.32

 

(2)

Reporting of Inventories

The Company holds handsets, ICT equipment for offline sales, etc. in inventory. The Company conducts physical due diligence of its inventories with external auditors at the end of each year.

 

D.	Fair Value Measurement

See Note 29 of the notes to the Company’s interim consolidated financial statements attached hereto for more information.

 

E.	Key Terms of Debt Securities

[SK Telecom]

The following are key terms and conditions of bonds issued by the Company as of March 31, 2025. The compliance status is as of December 31, 2024, the date of the latest financial statements including the audit opinion of the independent auditor applicable to the determination of compliance status, except for the compliance status of the restriction on changes of ownership structure, which is as of the end of the reporting period.

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 62-3		Aug. 28, 2012		Aug. 28, 2032		90,000		Aug. 22, 2012		Meritz Securities Co., Ltd.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 2 trillion
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

16

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 63-2		Apr. 23, 2013		Apr. 23, 2033		130,000		Apr. 17, 2013		Korea Securities Finance Corp.
Unsecured Bond – Series 66-3		Feb. 26, 2015		Feb. 26, 2030		50,000		Feb. 11, 2015		Korea Securities Finance Corp.
Unsecured Bond – Series 67-2		July 17, 2015		July 17, 2025		70,000		July 9, 2015		Korea Securities Finance Corp.
Unsecured Bond – Series 67-3		July 17, 2015		July 17, 2030		90,000		July 9, 2015		Korea Securities Finance Corp.
Unsecured Bond – Series 68-2		Nov. 30, 2015		Nov. 30, 2025		100,000		Nov. 18, 2015		Korea Securities Finance Corp.
Unsecured Bond – Series 68-3		Nov. 30, 2015		Nov. 30, 2035		70,000		Nov. 18, 2015		Korea Securities Finance Corp.
Unsecured Bond – Series 69-3		Mar. 4, 2016		Mar. 4, 2026		90,000		Feb. 22, 2016		Korea Securities Finance Corp.
Unsecured Bond – Series 69-4		Mar. 4, 2016		Mar. 4, 2036		80,000		Feb. 22, 2016		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 100% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 2 trillion
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 70-3		June 3, 2016		June 3, 2026		120,000		May 24, 2016		Korea Securities Finance Corp.
Unsecured Bond – Series 70-4		June 3, 2016		June 3, 2031		50,000		May 24, 2016		Korea Securities Finance Corp.
Unsecured Bond – Series 71-3		Apr. 25, 2017		Apr. 25, 2027		100,000		Apr. 13, 2017		Korea Securities Finance Corp.
Unsecured Bond – Series 71-4		Apr. 25, 2017		Apr. 25, 2032		90,000		Apr. 13, 2017		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed Won 5 trillion
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 72-3		Nov. 10, 2017		Nov. 10, 2027		100,000		Oct. 31, 2017		Korea Securities Finance Corp.
Unsecured Bond – Series 73-3		Feb. 20, 2018		Feb. 20, 2028		200,000		Feb. 6. 2018		Korea Securities Finance Corp.
Unsecured Bond – Series 73-4		Feb. 20, 2018		Feb. 20, 2038		90,000		Feb. 6. 2018		Korea Securities Finance Corp.
Unsecured Bond – Series 74-3		Sept. 17, 2018		Sept. 17, 2038		50,000		Sept. 5, 2018		Korea Securities Finance Corp.
Unsecured Bond – Series 75-3		Mar. 6, 2019		Mar. 6, 2029		50,000		Feb. 21, 2019		Korea Securities Finance Corp.
Unsecured Bond – Series 75-4		Mar. 6, 2019		Mar. 6, 2039		50,000		Feb. 21, 2019		Korea Securities Finance Corp.

 

17

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 76-3		July 29, 2019		July 29, 2029		120,000		July 17, 2019		Korea Securities Finance Corp.
Unsecured Bond – Series 76-4		July 29, 2019		July 29, 2039		50,000		July 17, 2019		Korea Securities Finance Corp.
Unsecured Bond – Series 76-5		July 29, 2019		July 29, 2049		50,000		July 17, 2019		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 77-3		Oct. 22, 2019		Oct. 22, 2029		40,000		Oct. 10, 2019		Korea Securities Finance Corp.
Unsecured Bond – Series 77-4		Oct. 22, 2019		Oct. 22, 2039		60,000		Oct. 10, 2019		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

18

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 78-3		Jan. 14, 2020		Jan. 14, 2030		50,000		Dec. 31, 2019		Korea Securities Finance Corp.
Unsecured Bond – Series 78-4		Jan. 14, 2020		Jan. 14, 2040		70,000		Dec. 31, 2019		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 79-1		Oct. 19, 2020		Oct. 19, 2025		140,000		Oct. 6, 2020		Korea Securities Finance Corp.
Unsecured Bond – Series 79-2		Oct. 19, 2020		Oct. 19, 2030		40,000		Oct. 6, 2020		Korea Securities Finance Corp.
Unsecured Bond – Series 79-3		Oct. 19, 2020		Oct. 19, 2040		110,000		Oct. 6, 2020		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

Name		Issue Date		Maturity Date		Principal Amount (millions of Won)		Date of Fiscal Agency Agreement		Fiscal Agent
Unsecured Bond – Series 80-2		Jan. 15, 2021		Jan. 15, 2026		80,000		Jan. 5, 2021		Korea Securities Finance Corp.
Unsecured Bond – Series 80-3		Jan. 15, 2021		Jan. 15, 2031		50,000		Jan. 5, 2021		Korea Securities Finance Corp.
Unsecured Bond – Series 80-4		Jan. 15, 2021		Jan. 15, 2041		100,000		Jan. 5, 2021		Korea Securities Finance Corp.

 

Maintenance of Financial Ratio		Key Term		Debt ratio no greater than 300%
		Compliance Status		Compliant
Restriction on Liens		Key Term		The total amount of secured debt not to exceed 150% of share capital as of the end of the previous fiscal year
		Compliance Status		Compliant
Restriction on Disposition of Assets		Key Term		Disposal of assets per fiscal year not to exceed 50% of total assets
		Compliance Status		Compliant
Restriction on Changes of Ownership Structure		Key Term		Exclusion from corporate group subject to restriction against cross-shareholding
		Compliance Status		Compliant
Submission of Compliance Certificate		Compliance Status		Submitted on April 14, 2025

 

19