Companies: 10,813     total market cap: C$197.451 T
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KT Corporation
KT
#2001
Rank
C$14.04 B
Marketcap
๐Ÿ‡ฐ๐Ÿ‡ท South Korea
Country
C$29.15
Share price
1.18%
Change (1 day)
5.34%
Change (1 year)
๐Ÿ“ก Telecommunication
Categories
  1. KT Corporation
  2. Annual Reports (20-F)
  3. Submitted on 2026-04-29

KT Corporation - 20-F annual report


Text size:
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As filed with the Securities and Exchange Commission on April 29, 2026
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 20-F
☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Date of event requiring this shell company report
 For the transition period from to
Commission file number 1-14926
KT Corporation
(Exact name of Registrant as specified in its charter)
KT CorporationThe Republic of Korea
(Translation of Registrant’s name into English)(Jurisdiction of incorporation or organization)
KT Gwanghwamun Building East 33,
Jong-ro 3-Gil, Jongno-gu
03155 Seoul, Korea
(Address of principal executive offices)
Hye-Byung Min
KT Gwanghwamun Building East 33,
Jong-ro 3-Gil, Jongno-gu
03155 Seoul, Korea
Telephone: +82-70-4193-4036;E-mail:ktir@kt.com
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each classTrading symbolName of each exchange on which registered
American Depositary Shares, each representing one-half of one share of ordinary share
KT
New York Stock Exchange, Inc.
Ordinary share, par value ￦5,000 per share*
KT
New York Stock Exchange, Inc.*
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
As of December 31, 2025, there were 241,095,063 ordinary shares, par value ￦5,000 per share, outstanding
(not Including 10,926,622 ordinary shares held by the registrant as treasury shares)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x    No o
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes o    No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Emerging growth company o
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes x    No o
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes o    No x
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes o    No x
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing. U.S. GAAP o    IFRS x    Other o
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 o    Item 18 o
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No x
____________
*Not for trading, but only in connection with the registration of the American Depositary Shares.

TABLE OF CONTENTS
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iii
PRESENTATION
All references to “Korea” or the “Republic” contained in this annual report mean the Republic of Korea. All references to the “Government” are to the government of the Republic of Korea. All references to “we,” “us” or the “Company” are to KT Corporation and, as the context may require, its subsidiaries.
Our consolidated financial statements as of December 31, 2024 and 2025 and for each of the years in the three-year period ended December 31, 2025 and related notes thereto (“Consolidated Financial Statements”) are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
All references to “Won” or “￦” in this annual report are to the currency of the Republic. All references to “Dollars,” “$,” “US$” or “U.S. dollars” are to the currency of the United States of America. All references to “Euro” or “EUR” are to the currency of the European Union. All references to “SGD” or “Singapore dollars” are to the currency of the Republic of Singapore. Our monetary assets and liabilities denominated in foreign currency are translated into Won at the market average exchange rate announced by Seoul Money Brokerage Services, Ltd. (the “Market Average Exchange Rate”) on the balance sheet dates, which were, for U.S. dollars, ￦1,289.3 to US $1.00, ￦1,470.0 to US $1.00, and ￦1,434.9 to US $1.00 on December 31, 2023, 2024 and 2025, respectively.
Any discrepancies in any table between totals and the sums of the amounts listed are due to rounding.
All market share data contained in this annual report, unless otherwise specified, are based on the number of subscribers announced by the Ministry of Science and ICT (the “MSIT”), the Korea Media Communications Commission (the “KMCC”) or the Korea Telecommunications Operators Association.
1
PART I
Item 1.  Identity of Directors, Senior Managers and Advisers
Item 1.A.  Directors and Senior Management
Not applicable.
Item 1.B.  Advisers
Not applicable.
Item 1.C.  Auditors
Not applicable.
Item 2.  Offer Statistics and Expected Timetable
Item 2.A.  Offer Statistics
Not applicable.
Item 2.B.  Method and Expected Timetable
Not applicable.
Item 3.  Key Information
Item 3.A.  [RESERVED]
Item 3.B.  Capitalization and Indebtedness
Not applicable.
Item 3.C.  Reasons for the Offer and Use of Proceeds
Not applicable.
Item 3.D.  Risk Factors
You should carefully consider the following risk factors, which have been identified by us.
Risks Relating to Our Business
Competition in each of our principal business areas is intense.
We face significant competition in each of our principal business areas. In the markets for mobile services, fixed-line services and media and content services, we compete primarily with SK Telecom Co., Ltd. (“SK Telecom”) and LG Uplus Corp. (“LG U+”) (including their affiliates). In the past two decades, considerable consolidation in the telecommunications industry has occurred, resulting in the current competitive landscape comprising three network service providers that offer a wide range of telecommunications and data communications services. In recent years, each of our primary competitors has acquired a leading cable TV operator in Korea to significantly increase their market shares in the pay TV market, which has further intensified competition.
To a lesser extent, we also compete with various value-added service providers and network service providers as classified under the Framework Act on Telecommunications and the Telecommunications Business Act, including MVNOs that lease mobile networks and offer mobile services, VoIP service providers that offer
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Internet telephone services, cable TV operators, text messaging service providers (particularly Kakao Corp. (“Kakao”)) and voice resellers, many of which offer competing services at lower prices. We also face changes in the evolving landscape of the market for media and content services arising from the increasing popularity of global over-the-top (“OTT”) media services such as Netflix. In January 2023, the MSIT announced plans to encourage a fourth service provider to enter the Korean mobile service market by awarding a bandwidth license for the use of the 28 GHz spectrum and provide various measures to support the competitiveness of the new market entrant. In January 2024, Stage X, a consortium led by Stage Five, won the auction for 800 MHz of bandwidth license on the 28 GHz spectrum. However, in July 2024, the MSIT revoked Stage X’s bandwidth allocation, citing its failure to meet certain regulatory requirements for the license, and announced plans to facilitate the entry of new service providers in the future. The entrance of new service providers in the markets for mobile services, fixed-line services and media and content services may further increase competition, as well as cause downward price pressure on the fees we charge for our services. For a discussion of our market shares in key markets, please see “Item 4. Information on the Company—Item 4.B. Business Overview—Competition.”
We compete primarily based on our service performance, quality and reliability, ability to accurately identify and respond to evolving consumer demand, and pricing. Mobile service providers also grant subsidies or subscription discount rates to subscribers who purchase new handsets and agree to a minimum subscription period, and we compete also based on such amounts.The repeal of the Mobile Device Distribution Improvement Act may have a material impact on the competitive landscape of the mobile telecommunications industry, as mobile service providers are given more flexibility to offer handset subsidies or discounts, which may in turn increase expenses. See “—The Korean telecommunications and Internet-related industries are subject to extensive Government regulations, and changes in Government policy relating to these industries could have a material adverse effect on our operations and financial condition.”

We and SK Telecom have been designated as market-dominating business entities in the local telephone and mobile markets, respectively, under the Telecommunications Business Act. Under this Act, a market-dominating business entity may not engage in any act of abuse, such as unreasonably interfering with business activities of other business entities, hindering unfairly the entry of newcomers or substantially restricting competition to the detriment of the interests of consumers. In addition, changes in our local telephone rates and mobile rates of SK Telecom are required to be reported to the MSIT, which has 15 days to object to such changes. The KMCC has also issued guidelines on fair competition of the telecommunications companies. In line with these guidelines, from May to September 2024, the KMCC conducted its first compliance review of network usage agreements between telecommunications carriers and value-added service providers. As of the date hereof, we have not received any feedback or indication that any further action will be taken as a result of the review.

In the financial services market, our credit and check cards issued under the “BC Card” brand pursuant to co-brand agreements with member companies compete principally with cards issued by other leading credit card companies in Korea with their own merchant payment networks, such as Shinhan Card, Hyundai Card and Samsung Card. Our member companies that issue co-branded credit or check cards include NH Card, Industrial Bank of Korea and Standard Chartered Bank Korea. We also compete with service providers that provide outsourcing services related to business operations of credit card companies. Competition in the credit card and check card businesses has intensified as existing credit card companies, consumer finance companies and other financial institutions in Korea have made significant investments and engaged in aggressive marketing campaigns and promotions for their credit and check cards, as well as invested in operational infrastructure that may reduce the need for our outsourcing services.
Our inability to adapt to changes in the competitive landscape and compete against our competitors in our principal business areas could have a material adverse effect on our business, financial condition and results of operations.
Failure to renew existing bandwidth licenses, acquire adequate additional bandwidth licenses or use our bandwidth efficiently may adversely affect our mobile telecommunications business and results of operations.
One of the principal limitations on a wireless network’s subscriber capacity is the amount of bandwidth allocated to a service provider. We have acquired a number of licenses to secure bandwidth capacity to provide our broad range of services, for which we typically make an initial payment as well as pay usage fees
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during the license period. The MSIT reserves the right to reallocate bandwidths in order to address the changing needs for bandwidth capacity of mobile service providers, the consideration for which may depend on the extent of the buildout of the service provider’s telecommunications network to utilize the relevant bandwidth. For example, certain bandwidths used for our existing 3G and 4G LTE services, including the 900 MHz, 1.8 GHz and 2.1 GHz bands, are scheduled to be reallocated in 2026, which will require additional payments and compliance with revised deployment, coverage and bandwidth utilization requirements. For all of our bandwidth licenses, we made aggregate payments of ￦327 billion in 2023, ￦299 billion in 2024 and ￦290 billion in 2025. For our outstanding payment obligations relating to our bandwidth licenses, see “Item 5. Operating and Financial Review and Prospects—Item 5.A. Operating Results—Overview—Acquisition of New Bandwidth Licenses and Usage Fees.” For more information on our bandwidth licenses, see “Item 4. Information on the Company—Item 4.D. Property, Plant and Equipment—Mobile Networks.”

The growth of our mobile telecommunications business and the increase in usage of wireless data transmission services have significantly increased the utilization of our bandwidth, because wireless data applications are generally more bandwidth-intensive than voice services. The current trend of increasing data transmission use and the increasing sophistication of multimedia contents are likely to put additional strain on the bandwidth capacity of mobile service providers. In the event we are unable to maintain sufficient bandwidth capacity by renewing existing bandwidth licenses, receiving additional bandwidth allocation or cost-effectively implementing technologies that enhance the efficiency of our bandwidth usage, our subscribers may perceive a general decrease in the quality of mobile telecommunications services. No assurance can be given that bandwidth constraints will not adversely affect the growth of our mobile telecommunications business. Furthermore, we may be required to make substantial payments to acquire additional bandwidth capacity in order to meet increasing bandwidth demand, which may adversely affect our business, financial condition and results of operations.
Introduction of new services poses challenges and risks to us.
The telecommunications industry is characterized by continual advances and improvements in telecommunications technology, and we have been continually researching and implementing technology upgrades and additional telecommunications services to maintain our competitiveness. For example, we commenced providing commercial 5G mobile services in April 2019 and completed the expansion of our coverage nationwide in April 2024. As we continue to compete with SK Telecom and LG U+ to improve network quality, introduce new services and accommodate increased data usage of subscribers, we may incur significant expenses to acquire additional bandwidth licenses and incur significant capital expenditures to build out and improve our network. We have made extensive efforts to develop advanced technologies as well as provide a variety of services with enhanced speed, latency and connectivity. Furthermore, we are continually upgrading our broadband network to enable better fiber-to-the-home (“FTTH”) connection, which enhances data transmission speed and connection quality.

No assurance can be given that our new services will gain broad market acceptance such that we will be able to derive revenue from such services to justify the license fees, capital expenditures and other investments required to provide such services. If our new services do not gain broad market acceptance, our business, financial condition and results of operations may be adversely affected.

We may not be able to successfully pursue our strategy to acquire businesses and enter into joint ventures that complement or diversify our current business, and we may need to incur additional debt to finance such expansion activities.
One key aspect of our overall business strategy calls for acquisitions of businesses and entering into joint ventures that complement or diversify our current businesses. While we plan to continue searching for suitable acquisition and joint venture opportunities, we cannot provide assurance that we will be able to identify attractive opportunities or that we will successfully complete the transactions without encountering administrative, technical, political, financial or other difficulties, or at all. Even if we were to successfully complete a transaction, the success of an acquisition or a joint venture depends largely on our ability to achieve the anticipated synergies, cost savings and growth opportunities from integrating the business of the acquired company or the joint venture with our current businesses. There can be no assurance that we will achieve the anticipated benefits of the transaction, which may adversely affect our business, financial condition and results of operations. Pursuing acquisitions or joint venture transactions also requires significant capital, and as we pursue further growth opportunities for the future, we may need to raise additional capital through incurring loans or through issuances of bonds or other securities in the international capital markets.
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The Korean telecommunications and Internet-related industries are subject to extensive Government regulations, and changes in Government policy relating to these industries could have a material adverse effect on our operations and financial condition.
The Government, primarily through the MSIT and the KMCC, has the authority to regulate the telecommunications industry in Korea. The MSIT and the KMCC also have the authority to regulate the pay TV industry under the Korea Broadcasting Act and the Internet Multimedia Broadcasting Services Act, which cover our IPTV services, our satellite TV services provided through KT Skylife (in which we held a 50.3% interest as of December 31, 2025), and cable TV services that we provide through KT HCN, in which KT Skylife holds a 100.0% interest. See “Item 4. Information on the Company—Item 4.B. Business Overview—Regulation.” The MSIT’s policy is to promote competition through measures designed to prevent the dominant service provider in any such market from exercising its market power in a way that would prevent the emergence and development of viable competitors. Under such regulations, if a network service provider has the largest market share for a specified type of telecommunications service and its revenue from that service for the previous year exceeds a specific revenue amount set by the MSIT, such entity may be designated as a market-dominating business entity that may not engage in any act of abuse, such as unreasonably interfering with business activities of other business entities, hindering unfairly the entry of newcomers or substantially restricting competition to the detriment of the interests of consumers. The KMCC has also issued guidelines on fair competition of telecommunications and Internet-related companies. In line with these guidelines, from May to September 2024, the KMCC conducted its first compliance review of network usage agreements between telecommunications carriers and value-added service providers. As of the date hereof, we have not received any feedback or indication that any further action will be taken as a result of the review. In addition, the Government sets the policies regarding the use of radio frequency bandwidths and allocates the bandwidths used for wireless telecommunications by an auction process or by a planned allocation.
We and SK Telecom have been designated as market-dominating business entities in the local telephone and mobile markets, respectively. Accordingly, changes in our local telephone rates and mobile rates of SK Telecom are required to be reported to the MSIT, which has 15 days to object to such changes. The form of our standard agreement for providing local network services and each agreement for interconnection with other service providers must also be reported to the MSIT. Although we compete freely with other network service providers in terms of rate plans for our principal telecommunications and Internet-related services except for rates we charge for local calls, our inability to freely set our local telephone service rates may hurt profits from such businesses and impede our ability to compete effectively against our competitors. In addition, the MSIT may periodically announce policy guidelines that telecommunications companies are recommended to take into consideration in their telecommunications and Internet-related businesses. In recent years, the Government has been promoting further diversification of mobile rate plans, in part to mitigate the burden of rising household expenditures. In response, the three network service providers in Korea, including us, have launched additional lower-priced mobile rate plans.
The repeal of the Mobile Device Distribution Improvement Act was passed on January 21, 2025, and became effective on July 22, 2025. Prior to its repeal, the Mobile Device Distribution Improvement Act permitted subscribers to choose between a designated handset subsidy for the purchase of a recently released mobile phone or a designated discount on the mobile service subscription rate. Following the repeal, the obligation for mobile carriers to disclose handset subsidies, as well as the regulation limiting additional subsidies provided by retailers to within 15% of the disclosed subsidy, have been abolished. As a result, mobile service providers are permitted to offer greater subsidies to subscribers who switch service providers, based on specific criteria designated by the KMCC, such as estimated profit margins and subscriber switching costs. The repeal of the Mobile Device Distribution Improvement Act may have a material impact on the competitive landscape of the mobile telecommunications industry, as mobile service providers are given more flexibility to offer handset subsidies or discounts, which may in turn increase expenses.

The Government may pursue additional measures to regulate the markets in which we compete. There can be no assurance that we will not adopt additional measures that reduce rates charged to our subscribers as well as adjustments to our handset subsidies and other measures in the future to comply with regulatory requirements or the Government’s policy guidelines. However, the Enforcement Decree of the Telecommunications Business Act, which is expected to set out detailed matters such as the types and criteria of unfairly discriminatory subsidies and the specific items to be included in contracts (other than subsidy amounts and conditions), has not yet been amended, and no specific measures have been announced to date.

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The MSIT may revoke our licenses or suspend any of our businesses if we fail to comply with its rules, regulations and corrective orders, including the rules restricting beneficial ownership and control or any violation of the conditions of our licenses. Alternatively, in lieu of suspension of our business, the MSIT may levy a monetary penalty of up to 3.0% of the average of our annual revenue from telecommunications services relating to the violation for the preceding three fiscal years. From time to time, we have been imposed fines for violation of regulations imposed by MSIT and KMCC. There is no guarantee that the laws and regulations to which we are or become subject will not have a material adverse effect on our business, financial condition or results of operations.
Legal cases involving our political donations and other incidents and allegations could have a material adverse effect on our business, reputation and stock price.
In November 2021, the Seoul Central District Prosecutor’s Office issued a summary indictment against our former representative director and chief executive officer, Hyeon-mo Ku, and nine other former executive officers, who had permitted the use of their names. They were indicted on charges including violations of the Political Funds Act and embezzlement. In February 2022, after a summary judgment was issued, the 10 former executive officers filed for a formal trial. In July 2023, with respect to the alleged violation of the Political Funds Act, the Seoul Central District Court found all 10 former executives guilty and imposed monetary penalties ranging from ￦3 million to ￦7 million on each person. The Seoul Central District Prosecutor’s Office appealed such decisions, and in June 2024, the Appellate Division of the Seoul Central District Court upheld the lower court’s rulings, which have since become final. In October 2023, with respect to the alleged embezzlement violations, the Seoul Central District Court found all 10 former executives guilty and imposed monetary penalties ranging from ￦2 million to ￦3 million on each person. The Seoul Central District Prosecutor’s Office and some of the former executive officers appealed such decisions, and the Appellate Division of the Seoul Central District Court overturned the lower court’s initial guilty verdict in June 2024, declaring the former executives not guilty of embezzlement charges. The Seoul Central District Prosecutor’s Office subsequently appealed to the Supreme Court of Korea, which dismissed the appeal on June 12, 2025, thereby making the appellate court's decision final.
In November 2022, the KT New Labor Union and the People’s Solidarity for Participatory Democracy filed a criminal complaint with the Seoul Central District Prosecutor’s Office against our former chief executive officer, Hyeon-mo Ku, and our board of directors, alleging a criminal breach of fiduciary duty related to (i) a settlement with the U.S. Securities and Exchange Commission (the “SEC”) to resolve its investigation (described below) and (ii) inaction to take responsibility for the alleged violation of the Political Funds Act by our former executives described above. This matter is currently under investigation by the Seoul Central District Prosecutor’s Office.
In March 2023, a civic group filed a complaint with the Seoul Central District Prosecutor’s Office against Hyeon-mo Ku, our former chief executive officer, and Kyoung-Lim Yun, our former president, alleging breach of fiduciary duty in connection with various matters, particularly (i) their alleged involvement in Hyundai Motor Company’s acquisition of AirPlug Co., Ltd. (“AirPlug”), a company operated by the brother of Hyeon-mo Ku and (ii) Hyeon-mo Ku’s alleged improper funneling of subcontracting work from KT Telecop Co., Ltd. to KDFS Co., Ltd. (“KDFS”), a facility management company, in violation of the Fair Trade Act. As of the date hereof, Hyeon-mo Ku and Kyoung-Lim Yun have not been indicted with respect to their alleged involvement in AirPlug’s acquisition. Regarding the alleged violation of the Fair Trade Act, the Seoul Central District Prosecutor’s Office issued a non-indictment decision on May 30, 2024, due to a lack of sufficient grounds for prosecution.
Cybersecurity breaches may expose us to significant legal and financial exposure, damage to our reputation and a loss of confidence of our customers.
Our business involves the storage and transmission of large amounts of confidential information of our subscribers and cardholders, and cybersecurity breaches expose us to a risk of loss of this information, which may lead to improper use or disclosure of such information, ensuing potential liability and litigation, any of which could harm our reputation and adversely affect our business. Even though we strive to take all steps we believe are necessary to protect personal information, hardware, software or applications that we develop or procure from third parties may contain defects or other problems that could unexpectedly compromise information security. For a discussion of our cybersecurity risk management and strategy, see “Item 16K.
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Cybersecurity.” Unauthorized parties may also attempt to circumvent our security measures to gain access to our systems or facilities through fraud, trickery or other forms of deception aimed at our employees, contractors and temporary staff. In addition, because the techniques used to gain unauthorized access or sabotage systems change frequently and may be difficult to detect for long periods of time, we may be unable to anticipate these techniques or implement adequate preventive measures.
Despite these measures, we have experienced cyber-attacks of varying degrees from time to time, including the theft of personal information of our subscribers by third parties, which has led to lawsuits and administrative actions against us alleging that the leak was related to our mismanagement of subscribers’ personal information. In particular, in December 2025, the MSIT released the final results of a joint public-private investigation concluding that deficiencies in our femtocell management enabled unauthorized access to the information of subscribers who have previously been connected to an illegal femtocell. According to the investigation, these incidents resulted in unauthorized micropayment transactions affecting 368 customers, with total damages of approximately W243 million, and the leakage of personal information of approximately 22,227 subscribers, including phone numbers, International Mobile Subscriber Identity (“IMSI”) numbers and International Mobile Equipment Identity (“IMEI”) numbers. The investigation also identified malware infections affecting 94 of our servers. Authorities further determined that certain security configurations were insufficient and that our notifications to regulatory authorities regarding these incidents were delayed. In addition, we are subject to an ongoing investigation by the Personal Information Protection Commission (the “PIPC”) regarding the timing and circumstances of these incidents. As a result, we are currently unable to reasonably estimate any obligations that may arise in connection with this matter. See Note 20(19) of the notes to the Consolidated Financial Statements.

The MSIT concluded that we did not meet our contractual and statutory obligations to provide secure telecommunications services and announced that it may impose administrative fines under the Information and Communications Network Act, the Personal Information Protection Act and other applicable laws. The MSIT advised us to waive early termination fees for subscribers who elect to terminate their service contracts and ordered us to submit and implement corrective measures within specified timelines, with implementation to be verified by June 2026. Following this incident, our Board of Directors resolved to waive early termination fees for the period from December 31, 2025 to January 13, 2026, during which over 233,000 subscribers terminated their service contracts, resulting in a decline in our total subscriber base and market share. We expect that such terminations will have an adverse effect on our results of operations in 2026. We plan to mitigate the potential financial impact through customer retention and acquisition efforts, such as personalized marketing initiatives supported by AI-based data analytics. In addition, we are implementing measures to prevent recurrence of such incidents, including enhancements to our organizational oversight and governance, system upgrades and strengthened management of femtocell operations. As of the date hereof, we have fully compensated subscribers affected by unauthorized payments arising from illegal femtocell activity, and no class actions or similar collective proceedings have been initiated against us in connection with this incident. However, no assurance can be made that certain of our customers will not pursue additional legal actions to seek alleged damages against us in connection with this incident.

If we experience additional significant cybersecurity breaches or fail to detect and appropriately respond to such breaches, we could be subject to additional government enforcement actions, regulatory sanctions and litigation. In addition, our subscribers and cardholders may lose confidence in our ability to protect their personal information, which could cause them to discontinue using our services altogether. Furthermore, adverse final determinations, decisions or resolutions regarding such matters could encourage other parties to bring related claims and actions against us. Accordingly, our failure to prevent cybersecurity breaches may materially and adversely impact our business, financial condition and results of operations.

Our business and performance may be harmed by a disruption in our services due to failures in or changes to our systems, or by our failure to timely and effectively expand and upgrade our technology and infrastructure.
Our reputation and ability to attract, retain, and serve our subscribers, cardholders and other business partners are dependent in large part upon the reliable performance of our services and the underlying technical infrastructure. Our telecommunications network systems and information technology systems may not be adequately designed with the necessary reliability and redundancy to avoid performance delays or outages that could be harmful to our business. We have experienced, and may in the future experience, service disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes, human or software errors, hardware failures, capacity constraints due to an overwhelming number of
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people accessing our services simultaneously, computer viruses, power losses, fraud and security attacks. Our technical infrastructure is also vulnerable to risks of damage from natural and other disasters, such as fires, earthquakes, floods, and typhoons, as well as from acts of terrorism and other criminal acts. For example, in August 2024, a software error that occurred during our equipment upgrade process caused temporary disruptions to landline telephone services in certain regions of the country. This disruption affected approximately 123,000 landline connections, preventing customers from making or receiving calls for approximately 10 hours. In response to the disruption, KT implemented compensatory measures for affected customers, including waiving service fees for periods equivalent to ten times the duration of the outage for retail subscribers and offering a one-month service fee waiver for small business owners.

As the numbers of our subscribers and cardholders increase and as our customers access, download and transmit increasing volumes of media contents as well as engage in increasing volumes of financial transactions, we may be required to expand and upgrade our technology and infrastructure to continue to reliably deliver our services. We cannot provide assurance that we will be able to expand and upgrade our technology and infrastructure to meet user demand in a timely manner, or on favorable economic terms. We purchase telecommunications network and other equipment from a limited number of key suppliers, and any discontinuation or interruption in the availability of equipment from our key suppliers for any reason could have an adverse effect on our operations. If our users are unable to easily access our services or if access is disrupted, they may seek other service providers and may not return to our services or use them as often in the future. This could negatively impact our ability to attract subscribers, cardholders and other business partners as well as increase engagement of our customers. To the extent that we do not effectively address capacity constraints, upgrade our systems as needed or continually develop our technology and infrastructure to accommodate actual and anticipated changes in our customers’ needs, our business, financial condition and results of operations may be harmed.
Our intellectual property rights are valuable, and our inability to protect them could reduce the value of our products, services and brands.
Our trade secrets, trademarks, copyrights, patents and other intellectual property rights are important assets for us. We rely on, and expect to continue to rely on, a combination of confidentiality and license agreements with our employees, consultants and third parties with whom we have relationships, as well as trademark, trade dress, domain name, copyright, trade secret and patent laws, to protect our brands and other intellectual property rights. However, various events outside of our control may pose a threat to our intellectual property rights, as well as to our products, services and technologies. For example, we may fail to obtain effective intellectual property protection, or effective intellectual property protection may not be available, in every country in which our services are available. Also, the efforts we have taken to protect our intellectual property rights may not be sufficient or effective, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. There can be no assurance that our intellectual property rights will be sufficient to protect us against others offering services that are substantially similar to ours and compete with our business.
We also rely on non-patented proprietary information and technology, such as trade secrets, confidential information, know-how and technical information. While in certain cases we have agreements in place with employees and third parties that place restrictions on the use and disclosure of such intellectual property, these agreements may be breached, or such intellectual property may otherwise be disclosed or become known to our competitors, which could cause us to lose competitive advantages resulting from such intellectual property.
We are also pursuing the registration of trademarks and domain names in Korea and select jurisdictions outside of Korea. Effective protection of trademarks, domain names and other intellectual property is expensive and difficult to maintain, both in terms of application and registration costs, as well as the costs of defending and enforcing those rights.
We also seek to obtain patent protection for some of our technology and have filed various applications in Korea and elsewhere to protect certain aspects of our intellectual property. We currently hold a number of issued patents in multiple jurisdictions. However, we may be unable to obtain patent or trademark protection for our technologies and brands, and our existing patents and trademarks, as well as any patents or trademarks that may be issued in the future, may not provide us with competitive advantages or effectively distinguish our products and services from those of our competitors. In addition, our patents and trademarks
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may be contested, circumvented, or found unenforceable or invalid, and we may not be able to prevent third parties from infringing, diluting or otherwise violating them. Significant infringements of our intellectual property rights, and limitations on our ability to assert our intellectual property rights against others, could harm our ability to compete and our business, financial condition and results of operations could be adversely affected.
We may become party to intellectual property rights claims in the future that may be expensive and time consuming to defend, and such claims, if resolved adversely, could have a significant impact on our business.
Telecommunications and information technology companies own large numbers of patents, copyrights, trademarks, licenses and trade secrets, and frequently enter into litigation based on allegations of infringement, misappropriation or other violations of intellectual property or other rights. In addition, various “non-practicing entities” that own intellectual property rights often attempt to aggressively assert claims in order to extract payments from companies like us. From time to time, we have received, and may receive in the future, claims from third parties alleging that we have infringed upon their intellectual property rights. Furthermore, from time to time, we may introduce or acquire new services or content, including in areas where we currently do not compete, which could increase our exposure to intellectual property claims from competitors and non-practicing entities.
As we face increasing competition, the number and scope of intellectual property claims against us may grow. Any claim or litigation alleging that we have infringed or otherwise violated intellectual property or other rights of third parties, with or without merit, and whether or not settled out of court or determined in our favor, could be time-consuming and costly to address and resolve, and could divert the time and attention of our management and technical personnel. The outcome of any litigation is inherently uncertain, and there can be no assurance that favorable final outcomes will be obtained. In addition, plaintiffs may seek, and we may become subject to, preliminary or provisional rulings in the course of any such litigation, including potential preliminary injunctions requiring us to cease some or all of our operations.
If any litigation to which we are a party is resolved adversely, we may be subject to an unfavorable judgment that may not be reversed upon appeal. The terms of such a judgment or any settlement may require us to cease some or all of our operations, pay substantial amounts to the other party or seek licensing arrangements. If we are required or choose to enter into royalty or licensing arrangements, such arrangements may not be available on commercially reasonable terms, or at all. In addition, the development or procurement of alternative technology could require significant effort and expense or may not be feasible. Accordingly, an unfavorable resolution of any intellectual property rights claims could adversely affect our business, financial condition and results of operations.
We rely on key researchers and engineers, and the loss of the services of any such key personnel or the inability to attract and retain replacements may negatively affect our business.
Our success depends to a significant extent upon the continued service of our research and development and engineering personnel, and on our ability to continue to attract, retain and motivate qualified researchers and engineers. In particular, our focus on leading the market in introducing new telecommunications, Internet-related and artificial intelligence (“AI”)-related services requires us to aggressively recruit engineers with expertise in cutting-edge technologies. Any loss or interruption of the services of these individuals, whether from retirement, loss to competitors or other causes, or failure to attract and retain other qualified new personnel, could prevent us from effectively executing our business strategy, cause us to lose key business relationships, or otherwise materially affect our operations.
Government regulation of the credit card industry may adversely affect the operations of BC Card in which we held a 69.5% interest as of December 31, 2025.
Due to the rapid growth of the credit card market and rising consumer debt levels in Korea, the Government has heightened its regulatory oversight of the credit card industry in recent decades. In particular, the FSC and the Financial Supervisory Service (“FSS”) have adopted a variety of regulations governing the credit card industry. Among other things, these regulations impose minimum capital adequacy ratios, minimum required provisioning levels applicable to credit card receivables and stringent lending ratios. The FSC and FSS
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also impose rules governing the evaluation and reporting of credit card balances, procedures governing which persons may receive credit cards as well as processing fees paid by merchants.
Pursuant to the FSS’s capital adequacy guidelines, which are derived from standards established by the Bank for International Settlements, credit card companies in Korea are required to maintain a total capital adequacy ratio of at least 8.0% on a consolidated basis. If a credit card company fails to maintain such ratio, Korean regulatory authorities may impose penalties ranging from a warning to a suspension or revocation of its license. BC Card’s capital adequacy ratios were 25.4% as of December 31, 2023, 29.9% as of December 31, 2024 and 29.3% as of December 31, 2025. Such capital adequacy ratio will decrease if the growth in BC Card’s asset base is not matched by corresponding growth in its regulatory capital. In addition, BC Card’s capital base and its capital adequacy ratio may decrease if its results of operations or financial condition deteriorates. Accordingly, there can be no assurance that BC Card will not be required to obtain additional capital in the future in order to maintain its capital adequacy ratio above the minimum required levels. There can also be no assurance that, if BC Card requires additional capital in the future, it will be able to obtain such capital on favorable terms or at all, which could have a material adverse effect on the business, financial condition and results of operations of BC Card.

The Government may adopt further regulatory changes in the future that affect the credit card industry. Depending on their nature, such changes may adversely affect the operations of BC Card, by restricting its growth or scope, subjecting it to stricter requirements and potential sanctions or greater competition, constraining its profitability or otherwise.
Disputes with our labor union may disrupt our business operations.
In the past, we have experienced opposition from our labor union for our strategy of restructuring to improve our efficiency and profitability by disposing of non-core businesses and reducing our employee base. Although we have not experienced any significant labor disputes or unrests in recent years, there can be no assurance that we will not experience labor disputes or unrests in the future, including extended protests and strikes, which could disrupt our business operations and have an adverse effect on our financial condition and results of operations.
We also negotiate collective bargaining agreements every two years with our labor union and annually negotiate a wage agreement. Our current collective bargaining agreement expires on August 17, 2027. Although we have been able to reach collective bargaining agreements and wage agreements with our labor union in recent years, there can be no assurance that we will not experience labor disputes and unrest resulting from disagreements with the labor union in the future.
We are subject to various laws and regulations in Korea and other jurisdictions, including the Monopoly Regulation and Fair Trade Act of Korea.
Our business operations and acts of our management, employees and other relevant parties are subject to various laws and regulations in and outside Korea. These laws are complicated and sometimes conflicting and our efforts to comply with these laws could increase our cost of doing business, restrict our business activities and expose us or our employees to legal sanctions and liabilities.

The Monopoly Regulation and Fair Trade Act provides for various regulations and restrictions on large business groups enforced by the Korea Fair Trade Commission to prohibit or restrict actions that impede competition and fair trade. The Korea Fair Trade Commission designated us as a large business group under the Monopoly Regulation and Fair Trade Act on May 1, 2025. Our business relationships and transactions with our subsidiaries, affiliates and other companies within the KT group are subject to ongoing scrutiny by the Korea Fair Trade Commission as to, among other things, whether such relationships and transactions constitute undue financial support among companies of the same business group. We are also subject to the fair trade regulations limiting debt guarantees for other domestic member companies of the same group and cross-shareholdings among domestic member companies of the same group, as well as requiring disclosure of the status of such cross-shareholdings. Additionally, we are subject to a prohibition, in effect since July 2014, against circular shareholding among any three or more entities within our business group. Any future determination by the Korea Fair Trade Commission that we have engaged in transactions that violate the fair trade laws and regulations may result in fines or other punitive measures and may have a material adverse effect on our reputation and our business.
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Concerns that radio frequency emissions may be linked to various health concerns could adversely affect our business and we could be subject to litigation relating to these health concerns.
In the past, allegations that serious health risks may result from the use of wireless telecommunications devices or other transmission equipment have adversely affected the share prices of some wireless telecommunications companies in the United States. In May 2011, the International Agency for Research on Cancer (“IARC”) announced that it has classified radiofrequency electromagnetic fields associated with wireless phone use as possibly carcinogenic to humans, based on an increased risk for glioma, a malignant type of brain cancer. The IARC is part of the World Health Organization that conducts research on the causes of human cancer and the mechanisms of carcinogenesis, and aims to develop scientific strategies for cancer control. We cannot assure you that such health concerns will not adversely affect our business. Several class action and personal injury lawsuits have been filed in the United States against several wireless phone manufacturers and carriers, asserting product liability, breach of warranty and other claims relating to radio transmissions to and from wireless phones. We could be subject to liability or incur significant costs defending lawsuits brought by our subscribers or other parties who claim to have been harmed by or as a result of our services. In addition, the actual or perceived risk of wireless telecommunications devices could have an adverse effect on us by reducing our number of subscribers or our usage per subscriber.
Depreciation of the value of the Won against the Dollar and other major foreign currencies may have a material adverse effect on the results of our operations and on the prices of our securities.
Substantially all of our revenues are denominated in Won. Depreciation of the Won may materially affect the results of our operations because, among other things, it causes an increase in the amount of Won required by us to make interest and principal payments on our foreign-currency-denominated debt, the costs of telecommunications equipment that we purchase from overseas sources, net settlement payments to foreign carriers and certain payments related to our derivative instruments entered into for foreign exchange risk hedging purposes. Of the W10,786 billion total borrowings (including short-term borrowings) outstanding as of December 31, 2025, W3,233 billion was denominated in foreign currencies. Upon identification and evaluation of our currency risk exposures, we, having considered various circumstances, enter into derivative financial instruments to try to mitigate such risks. Although the impact of exchange rate fluctuations has in the past been partially mitigated by such strategies, our results of operations have historically been affected by exchange rate fluctuations, and there can be no assurance that such strategies will be sufficient to reduce or eliminate the adverse impact of such fluctuations in the future. See “Item 5. Operating and Financial Review and Prospects—Item 5.B. Liquidity and Capital Resources” and “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Exchange Rate Risk.”

Fluctuations in the exchange rate between the Won and the Dollar will also affect the Dollar equivalent of the Won price of our ordinary shares on the KRX Korea Composite Stock Price Index (the “KOSPI”) Market and, as a result, will likely affect the market price of the ADSs. These fluctuations will also affect the Dollar conversion by the depositary for the American Depositary Receipts (“ADRs”) of cash dividends, if any, paid in Won on our ordinary shares represented by the ADSs.
We may be exposed to potential claims for unpaid wages and become subject to additional labor costs arising from the Supreme Court of Korea’s interpretation of ordinary wages.
Under the Labor Standards Act, an employee’s “ordinary wage” is used as the basis for calculating various statutory benefits. In December 2013, the Supreme Court of Korea ruled that regularly paid bonuses, including those that are paid other than on a monthly basis, are included in the scope of employees’ ordinary wages if these bonuses are paid (i) “regularly,” (ii) “uniformly” and (iii) on a “fixed basis,” notwithstanding differential amounts based on seniority. However, in December 2024, the Supreme Court of Korea reversed its prior ruling and excluded “fixed basis” from the attributes of ordinary wage and redefined the concept and judgment criteria of what constitutes ordinary wage. According to the Supreme Court of Korea’s decision in December 2024, a wage determined to be paid regularly and uniformly in exchange for prescribed work constitutes ordinary wage regardless of the existence or fulfillment of conditions attached to it. In addition, wages based on tenure or on the number of working days are recognized as ordinary wages, but performance wages paid according to work performance are not recognized as ordinary wages in principle. In order to minimize confusion resulting from this change, the Supreme Court of Korea also ruled that the revised legal principle will apply to ordinary wage calculations starting from December 19, 2024. Under this decision, any
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provision of a collective bargaining agreement or other agreements that attempt to exclude such regular bonuses from employees’ ordinary wages will be deemed void.
In February 2025, the Ministry of Employment and Labor subsequently revised the ‘Guidelines for Labor-Management Guidance on Ordinary Wage’ (the “Guidelines”), and in December 2025 abolished the previously existing ‘Guidelines for the Calculation of Ordinary Wages'. The new legal principle on ordinary wages is effective for ordinary wage calculations starting from December 19, 2024. Following the Supreme Court of Korea’s decision and the revised Guidelines, we have accounted for additional payments related to employees’ ordinary wages in 2024 and anticipate similar recognition in the current fiscal year as part of our employee benefit costs. Any such additional payments may have an adverse effect on our financial condition and results of operations.

Risks Relating to Korea
If economic conditions in Korea deteriorate, our current business and future growth could be materially and adversely affected.
We are incorporated in Korea, and we generate most of our operating revenue in Korea. As a result, we are subject to economic, political, legal and regulatory risks specific to Korea, and our performance and successful execution of our operational strategies are substantially dependent on the overall Korean economy.

In addition, the future growth of the Korean economy is subject to many factors beyond our control, including developments in the global economy. In recent years, adverse conditions and volatility in the worldwide financial markets, fluctuations in oil and commodity prices, supply chain disruptions and the increasing weakness of the global economy, mainly due to the Russia-Ukraine war and ensuing sanctions against Russia, difficulties faced by several banks in the United States and Europe, fluctuations in policy interest rates globally (including Korea), and more recently, the military conflicts between Iran and other countries, including the United States and Israel, have contributed to the uncertainty of global economic prospects in general and have adversely affected, and may continue to adversely affect, the Korean economy.

The value of the Won relative to major foreign currencies, in particular the U.S. dollar, has fluctuated significantly and, as a result of uncertain global and Korean economic, social and political conditions, there has been significant volatility in the stock prices of Korean companies recently. Future declines in the KOSPI, and large amounts of sales of Korean securities by foreign investors and subsequent repatriation of the proceeds of such sales may adversely affect the value of the Won, the foreign currency reserves held by financial institutions in Korea, and the ability of Korean companies to raise capital. Any future deterioration of the Korean or global economy could adversely affect our business, financial condition and results of operations.

Other developments that could have an adverse impact on Korea’s economy include:
•declines in consumer confidence and a slowdown in consumer spending, including as a result of higher levels of market interest rates;
•the imposition of significant tariffs on Korea’s exports by any of its major export markets, including the United States, as well as any countermeasures or policy responses adopted by the Government that may entail significant costs;

•hostilities or political or social tensions involving countries in the Middle East (such as those resulting from the military conflicts between Iran and other countries, including the United States and Israel, and internal political or social unrest within countries in the region) and Northern Africa and any material disruption in the global supply of oil or sudden increase in the price of oil;

•rising inflationary pressures leading to increases in the costs of goods and services and a decrease in purchasing power;

•political uncertainty or increasing strife among or within political parties in Korea following the declaration of martial law by former President Yoon Suk-yeol in December 2024 that led to his impeachment and subsequent removal in April 2025 and the election of Mr. Lee Jae-myung as President in June 2025;
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•adverse conditions or developments in the economies of countries and regions that are important export markets for Korea, such as China, the United States, Europe and Japan, or in emerging market economies in Asia or elsewhere, including as a result of the deterioration of economic and trade relations among such countries (including increases in tariffs) and increased uncertainties in the global financial markets and industry;

•hostilities, political or social tensions involving Russia (including the Russia-Ukraine war and the ensuing actions against Russia) and any resulting adverse effects on the global supply of oil and other natural resources and the global financial markets;

•adverse changes or volatility in foreign currency reserve levels, interest rates, inflation rates, commodity prices (including oil prices), exchange rates (including fluctuations of the U.S. dollar, Euro or Japanese Yen exchange rates or revaluation of the Chinese Yuan) or stock markets;

•the occurrence of severe health epidemics in Korea and other parts of the world;

•deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including deterioration resulting from territorial or trade disputes or disagreements in foreign policy;

•the economic impact of any pending or future free trade agreements or of any changes to existing free trade agreements;

•increased sovereign default risks in select countries and the resulting adverse effects on the global financial markets;

•deterioration in the financial condition or performance of small- and medium-sized enterprises and other companies in Korea;

•investigations of large Korean business groups and their senior management for possible misconduct;

•shortages of imported raw materials, natural resources, rare earth minerals or component parts, including semiconductors, due to disruptions to the global supply chain;

•continuing rise in the level of household debt and increasing delinquencies and credit defaults by retail and small‑ and medium‑sized enterprise borrowers in Korea;

•social and labor unrest;

•substantial changes in the market prices of Korean real estate;

•a substantial decrease in tax revenues and a substantial increase in the Government’s expenditures for fiscal stimulus measures, unemployment compensation and other economic and social programs, which would likely lead to a national budget deficit as well as an increase in the Government’s debt;

•financial problems or lack of progress in the restructuring of Korean business groups, other large, troubled companies, their suppliers or the financial sector;

•loss of investor confidence arising from corporate accounting irregularities or corporate governance issues concerning certain Korean companies;

•increases in social expenditures to support an aging population in Korea or decreases in economic productivity due to the declining population size in Korea;

•a continued decrease in the population and birthrates in Korea;
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•geo-political uncertainty and the risk of further attacks by terrorist groups around the world;

•natural or man‑made disasters that have a significant adverse economic or other impact on Korea or its major trading partners; and

•an increase in the level of tensions or an outbreak of hostilities between North Korea and Korea or the United States.

Escalations in tensions with North Korea could have an adverse effect on us and the market value of our common shares and ADSs.
Relations between Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between Korea and North Korea has fluctuated and may increase abruptly as a result of current and future events. In particular, there have been heightened security concerns in recent years stemming from North Korea’s nuclear weapon, ballistic missile and satellite programs as well as its hostile military actions against Korea.
North Korea renounced its obligations under the Nuclear Non-Proliferation Treaty in January 2003 and has conducted six rounds of nuclear tests since October 2006, including claimed detonations of hydrogen bombs and warheads that can be mounted on ballistic missiles. Over the years, North Korea has continued to conduct a series of missile tests, including missiles launched from submarines and intercontinental missiles that it claims can reach the United States mainland. North Korea has increased the frequency of such activities since the beginning of 2022, firing numerous ballistic missiles, including intercontinental ballistic missiles, and in November 2023, successfully launched its first spy satellite. In response, the Government has repeatedly condemned North Korea's provocations and flagrant violations of relevant United Nations Security Council resolutions. Over the years, the United Nations Security Council has passed a series of resolutions condemning North Korea’s actions and significantly expanding the scope of sanctions applicable to North Korea, as did the United States and the European Union.

North Korea’s economy also faces severe challenges, which may further aggravate social and political pressures within North Korea.
Although bilateral summit meetings between Korea and North Korea were held in April, May and September 2018 and between North Korea and the United States in June 2018, February 2019 and June 2019, there can be no assurance that the level of tensions affecting the Korean peninsula will not escalate in the future. Any further increase in tensions, which may occur, for example, if North Korea experiences a leadership crisis, high-level contacts between Korea and North Korea or between the United States and North Korea break down or military hostilities occur, could have a material adverse effect on the Korean economy and on our business, financial condition and results of operations and the market value of our common shares and ADSs.

Korea’s legislation allowing class action suits related to securities transactions may expose us to additional litigation risk.
The Securities-related Class Action Act of Korea enacted in January 2004 allows class action suits to be brought by shareholders of companies (including us) listed on the KRX KOSPI Market for losses incurred in connection with purchases and sales of securities and other securities transactions arising from (1) false or inaccurate statements provided in the registration statements, prospectuses, business reports, audit reports, semi-annual or quarterly reports and material fact reports and omission of material information in such documents, (2) insider trading, (3) market manipulation and (4) unfair trading. This law permits 50 or more shareholders who collectively hold 0.01% of the shares of a company to bring a class action suit against, among others, the issuer and its directors and officers. Because of the enactment of the act, there is not enough judicial precedent to predict how the courts will apply the law. Litigation can be time-consuming and expensive to resolve, and can divert management time and attention from business operation. We are not aware of any basis upon which such suit may be brought against us, nor are any such suits pending or threatened. Any such litigation brought against us could have a material adverse effect on our business, financial condition and results of operations.
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We are generally subject to Korean corporate governance and disclosure standards, which differ in significant respects from those in other countries.
Companies in Korea, including us, are subject to corporate governance standards applicable to Korean public companies which differ in some respects from standards applicable in other countries, including the United States. As a reporting company registered with the Securities and Exchange Commission and listed on the New York Stock Exchange, we are, and will continue to be, subject to certain corporate governance standards. However, foreign private issuers, including us, are exempt from certain corporate governance standards required under the New York Stock Exchange. For a description of significant differences in corporate governance practice compared to corporate governance standards of the New York Stock Exchange applicable to U.S. issuers, see “Item 16G. Corporate Governance.” There may also be less publicly available information about Korean companies, such as us, than is regularly made available by public or non-public companies in other countries.
There are special risks involved with investing in securities of Korean companies, including the possibility of restrictions being imposed by the Government in emergency circumstances.
As we are a Korean company and operate in a business and cultural environment that is different from that of other countries, there are risks associated with investing in our securities that are not typical for investments in securities of companies in other jurisdictions.

Under the Korean Foreign Exchange Transaction Laws (as defined in Item 10.D. Exchange Controls—General), if the Government deems that certain emergency circumstances, including, but not limited to, the outbreak of natural calamities, wars or grave and sudden changes in domestic or foreign economies, are likely to occur, the Ministry of Finance and Economy (the “MOFE”) may temporarily suspend the transactions where Foreign Exchange Transaction Laws are applicable, or impose an obligation to deposit or sell capital to certain Korean governmental agencies or financial institutions. In addition, if the Government deems that it is confronted or is likely to be confronted with serious difficulty in movement of capital between Korea and abroad which will bring serious obstacles in carrying out its currency policies, exchange rate policies or other macroeconomic policies, the MOFE may take measures to require any person who performs transactions to deposit such capital to certain Korean governmental agencies or financial institutions. These restrictions could limit your ability to acquire our securities or to repatriate interest, dividends or sales proceeds arising from our securities. See “Item 10.D. Exchange Controls—General.”

Risks Relating to the Securities
If an investor surrenders his American Depositary Shares (“ADSs”) to withdraw the underlying shares, he may not be allowed to deposit the shares again to obtain ADSs.
Korean law currently limits foreign ownership of the ADSs and our shares. In addition, under our deposit agreement, the depositary bank cannot accept deposits of shares and deliver ADSs representing those shares unless (1) we have consented to such deposit or (2) Korean counsel has advised the depositary bank that the consent required under (1) is no longer required under Korean laws and regulations. Under current Korean laws and regulations, the depositary bank is required to obtain our prior consent for the number of shares to be deposited in any given proposed deposit which exceeds the difference between (1) the aggregate number of shares deposited by us or with our consent for the issuance of ADSs (including deposits in connection with the initial and all subsequent offerings of ADSs and stock dividends or other distributions related to these ADSs) and (2) the number of shares on deposit with the depositary bank at the time of such proposed deposit. The depositary bank has informed us that, at a time it considers to be appropriate, the depositary bank plans to start accepting deposits of shares without our consent and to deliver ADSs representing those shares up to the amount allowed under current Korean laws and regulations. Until such time, however, the depositary bank will continue to obtain our consent for such deposits of shares and delivery of ADSs, which we may not provide. Consequently, if an investor surrenders his ADSs to withdraw the underlying shares, he may not be allowed to deposit the shares again to obtain ADSs. See “Item 10. Additional Information—Item 10.D. Exchange Controls.”
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A foreign investor may not be able to exercise voting rights with respect to common shares exceeding certain restrictions.
Under the Telecommunications Business Act, a foreign shareholder who holds 5.0% or more of our total shares is prohibited from becoming our largest shareholder. However, any foreign shareholder who held 5.0% or more of our total shares and was our largest shareholder on or prior to May 9, 2004 is exempt from the regulations, provided that such foreign shareholder may not acquire any more of our shares. In addition, under the Telecommunications Business Act, the MSIT may, if it deems it necessary to preserve substantial public interests, prohibit a foreign shareholder from being our largest shareholder. In the event that any foreigner or foreign government acquires our shares in violation of the above provisions, such foreign shareholder may not be able to exercise voting rights with respect to common shares exceeding such threshold. The MSIT may also order us or the foreign shareholder to take corrective measures in respect of the excess shares within a specified period of six months or less.
In addition, the Telecommunications Business Act restricts the ownership and control of network service providers by foreign shareholders. Foreigners (based on citizenship), foreign governments and “companies deemed as foreigners” may not own more than 49.0% of the issued shares with voting rights of a network service provider, including us. For purposes of the Telecommunications Business Act, the term “company deemed as a foreigner” means a company in which a foreigner or a foreign government is the largest shareholder and holds 15.0% or more of the company’s shares with voting rights, provided, however, that such company will not be counted as a foreign shareholder for the purposes of the 49.0% limit if (1) it holds less than 1.0% of our total issued and outstanding shares with voting rights or (2) if the MSIT determines that the fact that such foreign government or entity holds a 15.0% or greater shareholding in such company does not present a risk of harm to the public interest.
Notwithstanding the above, pursuant to an amendment to the Telecommunications Business Act that became effective in April 2022, a company, so long as (i) its largest shareholder (determined by aggregating the shareholdings of such shareholder and its related parties) is a foreign government or a foreigner of a country that has entered into a bilateral or multilateral free trade agreement with Korea (an “FTA Country”) that is designated by the MSIT, and (ii) such shareholder (together with the shareholdings of its related parties) owns 15.0% or more of the issued voting stock of such entity, may own more than 49.0% of our issued shares with voting rights but may not exercise its voting rights with respect to the shares held in excess of the 49.0% ceiling until the conclusion of the MSIT’s public interest review. Furthermore, this exemption from the restriction of foreign ownership of a network service provider beyond the 49.0% threshold applies not only to a foreign government or a foreigner from an FTA Country but also to a foreign government or a foreigner from an Organization for Economic Co-operation and Development (“OECD”) country.
As of December 31, 2025, 49.0% of our common shares were owned by foreign investors. See “Item 4. Information of the Company—Item 4.B. Business Overview—Regulation—Foreign Investment” and “Item 10. Additional Information—Item 10.B. Memorandum and Articles of Association—Limitations on Shareholding.”

Holders of ADSs will not be able to exercise appraisal rights unless they have withdrawn the underlying ordinary shares and become our direct shareholders.
In some limited circumstances, including the transfer of the whole or any significant part of our business and our merger or consolidation with another company, dissenting shareholders have the right to require us to purchase their shares under Korean law. A holder of ADSs will not be able to exercise appraisal rights unless he has withdrawn the underlying ordinary shares and become our direct shareholder. See “Item 10. Additional Information—Item 10.B. Memorandum and Articles of Association.”
An investor may not be able to exercise preemptive rights for additional shares and may suffer dilution of his equity interest in us.
The Commercial Code of Korea and our articles of incorporation require us, with some exceptions, to offer shareholders the right to subscribe for new shares in proportion to their existing ownership percentage whenever new shares are issued. If we offer any rights to subscribe for additional ordinary shares or any rights of any other nature, the depositary bank, after consultation with us, may make the rights available to an ADS holder or use reasonable efforts to dispose of the rights on behalf of the ADS holder and make the net proceeds
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available to the ADS holder. The depositary bank, however, is not required to make available to an ADS holder any rights to purchase any additional shares unless it deems that doing so is lawful and feasible and:
•a registration statement filed by us under the Securities Act of 1933, as amended, is in effect with respect to those shares; or
•the offering and sale of those shares is exempt from or is not subject to the registration requirements of the Securities Act.
We are under no obligation to file any registration statement. If a registration statement is required for an ADS holder to exercise preemptive rights but is not filed by us, the ADS holder will not be able to exercise his preemptive rights for additional shares. As a result, the ADS holder may suffer dilution of his equity interest in us.
Forward-looking statements may prove to be inaccurate.
This annual report contains “forward-looking statements” that are based on our current expectations, assumptions, estimates and projections about us and the industries in which we operate. The forward-looking statements are subject to various risks and uncertainties. These forward-looking statements include, but are not limited to, those statements using words such as “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project,” “aim,” “plan,” “likely to,” “target,” “contemplate,” “predict,” “potential” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions generally intended to identify forward-looking statements. Those statements include, among other things, the discussions of our business strategy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources. We caution you that reliance on any forward-looking statement involves risks and uncertainties, and that although we believe that the assumptions on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions could be incorrect. The uncertainties in this regard include, but are not limited to, those identified in the risk factors discussed above. In light of these and other uncertainties, you should not conclude that we will necessarily achieve any plans and objectives or projected financial results referred to in any of the forward-looking statements. We do not undertake to release the results of any revisions of these forward-looking statements to reflect future events or circumstances.
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Item 4.  Information on the Company
Item 4.A.  History and Development of the Company
In 1981, the Government established us under the Korea Telecom Act to operate the telecommunications services business that it previously directly operated. Under the Korea Telecom Act and the Government-Invested Enterprises Management Basic Act, the Government exercised substantial control over our business and affairs. Effective October 1, 1997, the Korea Telecom Act was repealed and the Government-Invested Enterprises Management Basic Act became inapplicable to us. As a result, we became a corporation under the Commercial Code, and our corporate organization and shareholders’ rights were governed by the Government’s privatization laws and the Commercial Code. Among other things, we began to exercise greater autonomy in setting our annual budget and making investments in the telecommunications industry, and our shareholders began electing our directors, who had previously been appointed by the Government under the Korea Telecom Act.
Prior to 1993, the Government owned all of the issued shares of our common stock. From 1993 through May 2002, the Government disposed of all of its equity interest in us, and the privatization laws ceased to apply to us in August 2002. We amended our legal name from Korea Telecom Corp. to KT Corporation in March 2002.
Before December 1991, we were the sole provider of local, domestic long-distance and international long-distance telephone services in Korea. The Government began to introduce competition in the telecommunications services market in the early 1990’s. As a result, there are currently three local telephone service providers, five domestic long-distance carriers and numerous international long-distance carriers (including voice resellers) in Korea, including ourselves. In addition, the Government awarded licenses to several service providers to promote competition in other telecommunications business areas such as mobile telephone services and data network services. In June 2009, KT Freetel Co., Ltd. (“KTF”), a subsidiary providing mobile telephone services, merged into KT Corporation, with KT Corporation surviving the merger, with the objective of maximizing management efficiencies of our fixed-line and mobile telecommunications operations as well as more effectively responding to the convergence trends in the telecommunications industry. There are currently three mobile telephone service providers in Korea. See “—Item 4.B. Business Overview—Competition.”

We are a corporation with limited liability organized under the laws of Korea, and our legal and commercial name is KT Corporation. Our principal executive offices are located at KT Gwanghwamun Building East, 33, Jong-ro 3-gil, Jongno-gu, 03155, Seoul, Korea, our telephone number is +82-70-4193-4036 and the address of our English website is https://corp.kt.com/eng/.
The SEC maintains a website (http://www.sec.gov), which contains reports, information statements and other information regarding issuers that file electronically with the SEC.
Item 4.B.  Business Overview
We are the leading integrated telecommunications and platform service provider in Korea and one of the most advanced in Asia. We plan to transform ourselves into an AI-driven information and communication technology (“ICT”) company that integrates AI and information technology into our existing communication technology business and expands into new businesses that utilize AI. In addition, we will continue to pursue innovation in our other major business areas, including media and content services, Internet data centers and cloud services, real estate operations and financial services. In line with our strategic direction under our new management, we are pursuing a vision to become an “AX (AI Transformation) platform company,” leveraging our core connectivity infrastructure and data capabilities to support next-generation platforms and services.

Our principal services include:
•mobile voice and data telecommunications services based on 5G, 4G LTE and 3G W-CDMA technology;
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•fixed-line services, which include:
Ø(i) fixed-line telephone services, including local, domestic long-distance and international long-distance services, (ii) Voice over Internet Protocol (“VoIP”) telephone services (i.e., provision of communication services over the Internet, and not over the fixed-line PSTN) and (iii) interconnection services to other telecommunications companies;
Øbroadband Internet access services; and
Ødata communication services, including fixed-line and satellite leased line services and dedicated broadband Internet connection service to corporate and other institutional customers;
•media and content services, including IPTV, satellite TV, media content creation and distribution services, digital music services, e-commerce services, online advertising consulting services and web comics and novels services;
•financial services, including credit card processing and other financial services offered primarily through BC Card;
•other business activities, including information technology and network services and rental of real estate by KT Estate Inc. (“KT Estate”); and
•sale of goods, primarily sale of handsets related to our mobile services and miscellaneous telecommunications equipment, as well as sale of residential units and commercial real estate developed by KT Estate.
Leveraging our dominant position in the fixed-line telephone services market and our established customer base in Korea, we have successfully pursued new growth opportunities and obtained strong market positions in each of our principal lines of business. In particular:
•in mobile services, we had approximately 29.0 million subscribers, consisting of 20.6 million MNO mobile subscribers and 8.4 million MVNO mobile subscribers. We achieved a market share of 28.9% with approximately 13.6 million MNO mobile phone subscribers as of December 31, 2025;

•in fixed-line and VoIP telephone services, we had approximately 10.9 million subscribers, consisting of 7.7 million PSTN subscribers and 3.2 million VoIP subscribers as of December 31, 2025. As of such date, our market share of the fixed-line local telephone and VoIP services was 51.7%; and

•we are Korea’s largest broadband Internet access provider with approximately 10.2 million subscribers as of December 31, 2025, representing a market share of 40.3%.
For the year ended December 31, 2025, our operating revenue was W28,548 billion, our profit for the year was W1,825 billion and our basic earnings per share was W7,074. As of December 31, 2025, our total assets were W43,050 billion, total liabilities were W23,633 billion and total equity was W19,417 billion.
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Our Services
The following table sets out our operating revenue by principal product categories and the respective percentage of total operating revenue in 2023, 2024 and 2025.

For the Year Ended December 31,
202320242025
Products and services
Billions of
Won
%
Billions of
Won
%
Billions of
Won
%
Mobile services₩7,140 26.8%₩7,318 27.4%₩7,586 26.6%
Fixed-line services:
Fixed-line and VoIP telephone services1,249 4.71,188 4.41,116 3.9
Broadband Internet access services2,579 9.72,634 9.92,684 9.4
Data communication services1,315 4.91,335 5.01,392 4.9
Subtotal5,142 19.35,158 19.35,192 18.2
Media and content services3,207 12.13,107 11.63,085 10.8
Financial services3,968 14.93,743 14.03,474 12.2
Others3,846 14.54,025 15.14,346 15.2
Sale of goods (1)
3,293 12.43,374 12.64,865 17.0
Total operating revenue₩26,595 100.0%₩26,724 100.0%₩28,548 100.0%
_______________________
(1)Primarily related to sale of handsets for our mobile service and miscellaneous telecommunications equipment, as well as sale of residential units and commercial real estate developed by KT Estate.
Mobile Services
We provide mobile services based on 5G, 4G LTE and 3G W-CDMA technology. We have made extensive efforts to continually develop advanced technologies as well as to provide a variety of new mobile services with enhanced speed, latency and connectivity. We commercially launched our next generation 5G mobile services in April 2019 and completed the expansion of our coverage nationwide in April 2024. We believe that the faster data transmission speed and lower latency of the 5G network enables us to offer significantly enhanced wireless data transmission with faster access to multimedia contents. We began offering 4G LTE services in the Seoul metropolitan area in January 2012, and we completed the expansion of our coverage nationwide in October 2012.
Revenue related to mobile services accounted for 26.6% of our operating revenue in 2025. The following table shows selected information concerning the usage of our network during the periods indicated and the number of our mobile subscribers as of the end of such periods:

As of or for the Year Ended December 31,
202320242025
Average monthly revenue per subscriber (1)
₩33,965 ₩34,524 ₩35,180 
Total number of mobile subscribers (in thousands)24,897 26,132 28,985 
MNO mobile subscribers (in thousands) (2)
17,759 18,950 20,618 
MNO mobile phone subscribers:
LTE mobile phone subscribers3,659 2,870 2,419 
5G mobile phone subscribers9,724 10,402 11,156 
W-CDMA mobile phone subscribers134 97 68 
Sub-total13,517 13,369 — 13,643 
Subscribers of miscellaneous devices (3)
4,242 5,581 6,974 
MVNO mobile subscribers (in thousands) (4)
7,138 7,182 8,368 
_______________________
(1)The average monthly revenue per subscriber is computed by dividing total monthly fees, usage charges and value-added service fees for the period by the weighted average number of subscribers (other than MVNO subscribers and subscribers of miscellaneous IoT services) and dividing the quotient by the number of months in the period.
(2)Represents the number of mobile subscribers who directly subscribe to mobile services provided by us.
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(3)Includes tablets and other IoT devices.
(4)Represents the number of mobile subscribers served by MVNOs (consisting of third-party companies as well as subsidiaries and affiliates of KT Corporation), which lease network access from us to provide mobile services.
We compete with SK Telecom, a mobile service provider that has a longer operating history than us, and LG U+ which began its service at around the same time as KTF. As of December 31, 2025, we had approximately 13.6 million MNO mobile phone subscribers, or a market share of 28.9%.
We market our mobile services primarily through independent exclusive dealers located throughout Korea. In addition to assisting new subscribers to activate mobile service and purchase handsets, authorized dealers are connected to our database and are able to assist customers with their accounts. Although most of these dealers sell exclusively our products and services, sub-dealers hired by exclusive dealers may sell products and services offered by other mobile telecommunications service providers. Authorized dealers are entitled to a commission for each new subscriber registered, as well as ongoing commissions for the first five years based primarily on the subscriber’s monthly fee, usage charges and length of subscription.
In response to the diversification of our customers’ demands and their increasing sophistication, we have also selectively engaged in opportunities to expand our internal sales channels. We operate customer plazas in key areas that engage in mobile service sales activities as well as provide a one-stop shop for a wide range of other services and products that we offer. We also operate a website to promote and advertise our products and services to the general public and in particular to younger customers who are more familiar with the Internet.
We conduct the screening process for new subscribers with great caution. A potential subscriber must meet all minimum credit criteria before receiving mobile service. The procedure includes checking the history of non-payment and credit information from banks and credit agencies such as the National Information and Credit Evaluation Corporation. Applicants who do not meet the minimum criteria can only subscribe to the mobile service by using a pre-paid card.
Fixed-line Services
We provide a variety of fixed-line services, including various telephone services, broadband Internet access and data communication services.
Fixed-line and VoIP Telephone Services
We utilize our extensive nationwide telephone network to provide fixed-line telephone services, which consist of local, domestic long-distance, international long-distance services and land-to-mobile interconnection services. Our fixed-line telephone network includes exchanges, long-distance transmission equipment and fiber optic and copper cables. We also provide VoIP telephone services that enable VoIP phone devices with broadband connection to make domestic and international calls. These fixed-line and VoIP telephone services accounted for 3.9% of our operating revenue in 2025. In recent years, the proliferation of mobile phones, as well as the availability of increasingly lower wireless pricing plans, some of which include unlimited voice minutes, has led to significant decreases in our domestic long-distance call minutes and local call pulses.
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The following table shows selected information concerning our fixed-line telephone network and the number of PSTN and VoIP subscribers as of the end of the periods indicated as well as their engagement levels during such periods.
As of or for the Year Ended December 31,
20212022202320242025
Total Korean population (thousands) (1)
51,639 51,439 51,325 51,217 51,117 
PSTN and VoIP lines in service (thousands)13,096 12,581 12,035 11,475 10,890 
PSTN lines in service9,905 9,376 8,820 8,264 7,717 
Local lines in service8,937 8,430 7,892 7,347 6,808 
Group lines in service968 946 928 917 907 
VoIP lines in service3,191 3,206 3,215 3,211 3,173 
Fiber optic cable (kilometers)896,076 917,114 937,146 953,183 968,465 
Domestic long-distance call minutes (millions) (2)
500 395 321 242 201 
Local call pulses (millions) (2)
554 463 363 294 265 
_______________________
(1)Based on the number of registered residents as published by the Ministry of the Interior and Safety of Korea.
(2)Excluding calls placed from public telephones.
Our domestic long-distance cable network is entirely made up of fiber optic cable and can carry both voice and data transmissions. Compared to conventional materials such as coaxial cable, fiber optic cable provides significantly greater transmission capacity with less signal fading, thus requiring less frequent amplification. All of our lines are connected to exchanges capable of handling digital signal technology. A principal limitation of the older analog technology is that applications other than voice communications, such as the transmission of text and computer data, require either separate networks or conversion equipment. Digital systems permit a range of voice, text and data applications to be transmitted simultaneously on the same network.
In recent years, the volume of our incoming international calls has significantly exceeded the volume of our outgoing international calls. The agreed settlement rate is applied to the call minutes to determine the applicable net settlement payment. The following table shows the number of minutes of international long-distance calls recorded by us and network service providers utilizing our international long-distance network in each specified category for each year in the three-year period ended December 31, 2025:
Year Ended December 31,
202320242025
(In millions of billed minutes)
Incoming international long-distance calls615.8 518.3 436.3 
Outgoing international long-distance calls31.5 27.5 23.5 
Total647.3 545.8 459.8 
_______________________
(1)Includes incoming traffic of application-to-person correspondence.
Under the Telecommunications Business Act, we are required to permit other service providers to interconnect to our fixed-line network. Currently, the principal users of this interconnection capacity include affiliates of SK Telecom and LG U+ (offering local, domestic long-distance and international long-distance services, and transmitting calls to and from their mobile networks). We recognize as land-to-mobile interconnection revenue the entire amount of the usage charge collected from the landline user and recognize as an expense the amount of interconnection charge paid to the mobile service provider.
Broadband Internet Access Services
Leveraging our nationwide network of 968,465 kilometers of fiber optic cables as of December 31, 2025, we have achieved a leading market position in the broadband Internet access market in Korea. We
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believe we have a competitive advantage over other broadband Internet access service providers because, unlike our competitors, we can utilize our existing networks nationwide to provide broadband Internet access service. Our principal Internet access services are offered under the “KT Internet” and “KT GiGA Internet” brand names. We also offer WiFi services under the “KT WiFi” brand name, which is designed to integrate fixed-line and wireless services by offering high speed wireless Internet access to laptops and smartphones in hot-spot zones and KT Internet service in fixed-line environments. Our broadband Internet access services accounted for 9.4% of our operating revenue in 2025.

As of December 31, 2025, we had approximately 10.2 million broadband Internet subscribers, including approximately 7.1 million KT GiGA Internet service subscribers with enhanced data transmission speeds. We also sponsored approximately 78 thousand hot-spot zones nationwide for wireless connection as of December 31, 2025.

Our KT Internet services primarily utilize ADSL technology, which is a technology that converts existing copper twisted-pair telephone lines into access paths for multimedia and high-speed data communications. ADSL transforms the existing public telephone network from one limited to voice, text and low-resolution graphics to a system capable of bringing multimedia to subscriber premises without new cabling. The asymmetric design optimizes the bandwidth by maximizing the downstream speed for downloading information from the Internet. We are continually upgrading our broadband network to enable better FTTH connection, which further enhances data transmission speed and connection quality. FTTH is a telecommunication architecture in which a communication path is provided over optical fiber cables extending from the telecommunications operator’s switching equipment to the boundary of home or office. FTTH uses fiber optic cable, which is able to carry a high-bandwidth signal for longer distances without degradation. FTTH enables us to deliver enhanced services that require high bandwidth, such as IPTV, and other digital media contents with higher stability.
Data Communication Services
Our data communication services involve offering exclusive lines that allow point-to-point connection for voice and data traffic between two or more geographically separate points. As of December 31, 2025, we leased 320,496 lines to domestic and international businesses. We provide dedicated and secure broadband Internet connection service to institutional customers under the “Kornet” brand name. We provide high-speed connection to our Internet backbone network, as well as rent to our customers and install necessary routers to ensure reliable Internet connection and enhanced security. We provide discount rates to qualified customers, including small- and medium-sized enterprises, businesses engaging in Internet access services and government agencies. Data communication services accounted for 4.9% of our operating revenue in 2025.

Through our wholly owned subsidiary KT Sat Co., Ltd., we also provide transponder leasing, broadcasting, video distribution and data communication services through satellites periodically launched by us. We also lease satellite capacity from other satellite operators to offer satellite services to both domestic and international customers.
Media and Content Services
We offer a variety of media and content services, including IPTV, satellite TV, media content creation and distribution services, e-commerce services, digital music services, online advertising consulting services, web comics and novels services and media content creation and distribution services. Media and content services accounted for 10.8% of our operating revenue in 2025. In addition, in September 2021, KT Skylife, in which we held a 50.3% interest as of December 31, 2025, acquired a 100.00% interest in KT HCN, which is Korea’s fifth largest cable TV operator. See “Item 5. Operating and Financial Review and Prospects—Item 5.A. Operating Results—Overview—Acquisitions and Disposals of Interests in Subsidiaries and Joint Ventures.”

IPTV
We offer high definition video-on-demand and real-time broadcasting and ultra-high-definition (“UHD”) IPTV services under the brand name “Genie tv.” Our IPTV service offers access to an array of digital media contents, including broadcast channels, movies, sports, news, educational programs and TV replay, for a fixed monthly fee or on a pay-per-view basis. Through a digital set-top box that we rent to our customers, our customers are able to browse the catalogue of digital media contents and view selected media streams on their
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television. A set-top box provides two-way communications on an IP network and decodes video streaming data. We had approximately 9.5 million IPTV subscribers as of December 31, 2025.

We are also leveraging our big data analytics capabilities and AI technology to further enhance our IPTV services. We offer AI-based “GiGA genie” service to our IPTV subscribers through a voice recognition speaker that also serves as the IPTV’s set-top box, which enables us to take advantage of big data analytics and enhance our product offerings as well as operate a more effective automated customer service center.
Satellite TV
We offer satellite TV services with features similar to our IPTV services through KT Skylife. As of December 31, 2025, we had approximately 3.2 million subscribers for our satellite TV services, including Genie tv Skylife combination services.
Digital Music Services
We operate Genie, our platform for music contents as well as subscription-based access to digital music streaming and downloading services, through our subsidiary KT Genie Music Corporation, in which KT Studio Genie Co., Ltd. (“KT Studio Genie”) held a 36.0% interest as of December 31, 2025. Genie offers a broad selection of Korean and international music, both in streaming and download formats, as well as a variety of features designed to enhance the experience of users. In addition, we provide a variety of original audio contents through Genie, including audio books and novels. We offer Genie services in various formats that are specifically designed for mobile and other connected devices, PCs, TVs and automobiles. KT Genie Music Corporation also provides online streaming of live music performances through STAYG platform.

E-commerce Services
Through KT alpha Co., Ltd. (“KT alpha”), in which we held a 73.0% interest on a consolidated basis as of December 31, 2025, we offer TV home shopping and mobile gift voucher distribution services. Furthermore, we offer a variety of consumer products and food items on our IPTV and satellite TV platforms. We also secure rights to digital entertainment contents such as movies, animations and TV series and distribute such contents to other media platforms.
We also offer mobile gift card services through KT alpha under the brand name “giftishow” and other mobile advertising solutions to corporate customers.
Online Advertising Consulting Services
We provide strategic advertising consulting services for the online advertising industry through our subsidiaries KT Nasmedia, Co., Ltd. (“KT Nasmedia”), in which we held a 43.1% interest as of December 31, 2025. We provide a variety of services for advertising agencies, online media companies and their clients, ranging from market studies to advertising campaign planning as well as analysis of such campaign’s effectiveness. Our proprietary data analysis tools enable us to define specific advertising targets for the clients as well as to evaluate the effectiveness of various marketing channels to provide an optimal advertising campaign strategy.
Web Comics and Novels Services
StoryWiz, which was established in February 2020 and in which KT Studio Genie held a
100.0% interest as of December 31, 2025, specializes in producing and distributing web comics and web novels. StoryWiz operates a platform called Blice for web novels and web comics. Through Blice, numerous writers distribute their web novels and web comics, and we support them in various ways, including holding contests and providing funding for new and promising writers. Blice also offers a diverse selection of genres including comedy, romance, action and fantasy. We strive to further expand our intellectual property to movies and dramas.

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Media Content Creation and Distribution Services
We engage in media content creation and distribution services through KT Studio Genie, in which we held a 90.9% interest as of December 31, 2025. KT Studio Genie produces and sells a wide range of media contents, including multi-episode drama series, to traditional media channels and OTT services. KT Studio Genie also serves as a distribution agency of media contents produced by third-parties.
Financial Services
As part of our overall strategy, we selectively pursue new business opportunities in the financial sector that complement our telecommunications business. In October 2011, we acquired a controlling interest in BC Card, a leading credit card solutions provider in Korea in which we held a 69.5% interest as of December 31, 2025. As of such date, BC Card held a 33.7% interest in Kbank, an Internet-only bank that began its commercial operations in April 2017. Revenue from our financial services, which consist primarily of revenue from BC Card, accounted for 12.2% of our operating revenue in 2025.

BC Card
Through BC Card, we offer various credit card processing and related financial services. We operate the largest merchant payment network in Korea as measured by transaction volume. We also provide outsourcing services to a wide range of financial institutions for their credit card and check card business operations, including production and delivery of new credit cards, the preparation of monthly statements, management of merchants and other ancillary services. BC Card also offers its own credit cards as well as financial services including card loans and consumer loans to individuals, corporate loans and real estate project finance loans. In recent years, BC Card has been focusing on lending activities secured by collateral assets. BC Card offers services in select countries in Asia, including Korea, China, Indonesia and Vietnam.
A minority interest in BC Card is owned by various financial institutions in Korea, many of which are member companies that enter into co-branding agreements with us and issue credit cards and check cards under the “BC Card” brand. Our member companies that issue co-branded credit or check cards include NH Card, Industrial Bank of Korea and Standard Chartered Bank Korea. We engage in joint marketing efforts to promote cards issued pursuant to our co-branding agreements. However, we typically do not assume credit risks related to the inability of cardholders to make payments on their card usage, which are typically assumed by the member companies. We also provide ancillary outsourcing services to various other banks, securities companies and financial institutions that do not issue co-branded cards with us.
We charge commissions for merchant fees paid by merchants to credit card companies for processing transactions. Merchant fees vary depending on the type of merchant and the total transaction amounts generated by the merchant. In addition to merchant fees, we receive commissions related to nominal interchange fees for international card transactions, as well as service fees from financial institutions that outsource their credit card business operations.
Kbank
Kbank is one of three Internet-only banks in Korea. Internet-only banks generally operate without branches and conduct their operations primarily through electronic means, which enable them to minimize costs and offer customers higher interest rates on deposits as well as lower lending rates. As of December 31, 2025, Kbank had approximately 15.5 million account holders, with total deposits of W28.4 trillion and outstanding loans of W18.4 trillion. Other shareholders of Kbank include Woori Bank, a leading bank in Korea.

Pursuant to the Act on Special Cases Concerning Internet-Only Banks, starting from January 2019, a company with its ICT assets comprising more than 50% of its total assets (such as us) may obtain up to a 34.0% interest in an Internet-only bank, and is required to obtain approval from the FSC in order to become its largest shareholder.
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Other Businesses
We also engage in various business activities that extend beyond telecommunications and financial services, including real estate development. Our other businesses accounted for 15.2% of our operating revenue in 2025.

Information Technology and Network Services
Digital transformation has increased in recent years. Leveraging our (i) data communications networks, (ii) infrastructure operational know-how and (iii) big data analytics capabilities, we believe that we are well-positioned to take advantage of the attractive opportunities in this era of digital transformation. We offer a broad array of information technology and network services to our corporate and other institutional customers under our “KT Enterprise” brand.
Our range of systems integration services includes consulting, designing, building and maintaining systems and communication networks that satisfy the individual needs of our customers in the public and private sectors. We also provide one-stop global ICT services specifically targeting multinational corporations and international agencies, which range from ICT infrastructure design and buildout to operational solutions that address their multinational needs. In addition, we provide consulting services to optimize energy consumption by corporate and other institutional customers, as well as security surveillance services ranging from buildout of monitoring systems to dispatching of security personnel. We also offer a wide range of “KT AX platform” services for our corporate and other institutional customers that provide customized and integrated digital transformation services that address their technical infrastructure, platform and solution needs.
Information Data Center and Cloud Services
We operate Internet data centers located throughout Korea and provide a wide range of computing services to companies that need servers, storage and leased lines. In April 2022, we completed a vertical spin-off of our Internet data centers business and established a wholly-owned subsidiary, kt cloud Co., Ltd., (“kt cloud”) to more effectively promote the growth of our Internet data center and cloud operations. As of December 31, 2025, we held an 86.3% interest in kt cloud. Data centers are facilities used to house, protect and maintain network server computers that store and deliver Internet and other network contents. kt cloud’s data centers are designed to meet international standards, and are equipped with temperature and humidity control systems, regulated and reliable power supplies, mechanical equipment, fire detection and suppression equipment, security monitoring and wide-bandwidth connections to the Internet. kt cloud’s data center businesses include (i) colocation services (provision of infrastructure services necessary for clients’ server operations), (ii) interconnection services (direct private connections of counterparties, including global cloud service providers), (iii) DBO (design, build and operation) services for clients’ data centers and (iv) managed service provider offerings (operation and maintenance of information technology equipment).

kt cloud also provides a wide range of cloud services that are tailored to address specific needs of its customers in public and private sectors. kt cloud’s cloud businesses include (i) customized cloud infrastructure services for government institutions and major enterprises, (ii) CDN (content delivery network) services offering geographically distributed and interconnected servers for enhanced data traffic and content delivery, (iii) private cloud computing services with infrastructure dedicated to a single customer and (iv) marketplace platform services that enable users to access SaaS (software as a solution) services of various partners of kt cloud.
Real Estate Development
We own land and real estate in various locations throughout Korea. Technological developments have enhanced the coverage area of telecommunications facilities, which enable us to better utilize our existing land and other real estate holdings. Through our wholly-owned subsidiary KT Estate, we engage in the planning and development of residential complexes and commercial buildings on our unused sites, as well as in the leasing of buildings we own. Under the “Remark VILL” brand, we also lease units in residential complexes developed by us in urban areas such as Seoul and Busan.
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Sale of Goods
We recognize revenue related to sale of goods, primarily handsets sold to subscribers of our mobile services as well as miscellaneous telecommunications equipment sold to vendors and other telecommunications companies and sale of residential units and commercial real estate developed by KT Estate. We purchase handsets primarily from Samsung Electronics and Apple. Sale of goods accounted for 17.0% of our operating revenue in 2025.

Our Rates
We offer various service plans for our mobile, fixed-line and media and content services. For our individual customers, we offer rate plans targeting specific customer segments that aim to address their individual needs. We also offer bundled rate plans that provide discounts for subscribing to a combination of our services, as well as family plans that provide discounts for multiple line subscriptions under one household. For many of our services, we provide additional discounts for customers who commit to extended subscription periods. We provide an online tool designed to help our customers select a plan that is customized to their needs. Our service rates are typically charged on a monthly basis and are due at the end of the month. Our customers are also assessed a 10.0% VAT, which is included in the monthly subscription rates that we charge to our customers.
Our rates for business customers are tailored to the specific needs of the business customers.
Mobile Services
We offer a wide range of mobile service plans that vary depending, among others, on mobile technology (5G, LTE or W-CDMA), mobile device (mobile phone, tablet or other WiFi device) and age category, under which we offer plans based on usage volume for voice calling, data transmission and text messaging as well as addition of value-added services. Our premium packages offer unlimited voice calling, data transmission and text messaging as well as additional media content. We also provide plans specially designed for elderly and young subscribers as well as special discounts to subscribers with physical disabilities or on welfare programs. We do not charge an activation fee for our mobile services.
For mobile service plans that offer unlimited data transmission, we typically decelerate data transmission speeds after a subscriber reaches a set data usage threshold. For usage-based data transmission plans, our subscribers are typically charged additional data transmission fees if usage exceeds the applicable quota. However, for many of our plans, we provide our subscribers the ability to carry over unused data transmission quota of the current month to the following month, or borrow quota allocated to the following month if the current monthly quota have been exhausted. We also subsidize the purchase of new handsets by our qualifying subscribers who agree to use our service for a predetermined service period and purchase handsets on an installment basis.
The following table summarizes the terms of our representative 5G and LTE mobile service plans that we currently offer:

Plan
Monthly
Rate
Voice
Calls
Video
Calls
Data TransmissionAdditional Features
5G Premium Choice₩130,000 Unlimited300 min.Unlimited
• Unlimited data roaming at 3 Mbps
•Handset insurance using reward points
• No service fee for additional smart device
• Free benefits (subscribers can choose one benefit from each category: 1) Tving / Netflix / YouTube Premium / Disney / Samsung / Electronics Subscription; and 2) Music / E-book / Webtoon)
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Plan
Monthly
Rate
Voice
Calls
Video
Calls
Data TransmissionAdditional Features
5G Special Choice₩110,000 Unlimited300 min.Unlimited
• Unlimited data roaming at 100 kbps
• Handset insurance using reward points
• No service fee for additional smart device
• Free benefits (subscribers can choose one benefit from each category: 1) Tving / Netflix / YouTube Premium / Disney / Samsung / Electronics Subscription; and 2) Music / E-book / Webtoon)
5G Special₩100,000 Unlimited300 min.Unlimited
•Unlimited data roaming at 100 kbps
•Handset insurance using reward points
• No service fee for additional smart device
5G Basic Choice₩90,000 Unlimited300 min.Unlimited
• Unlimited data roaming at 100 kbps
•Free benefits (subscribers can choose one benefit among Tving / Netflix / YouTube Premium / Disney / Samsung / Electronics Subscription)
5G Basic₩80,000 Unlimited300 min.Unlimited
•Unlimited data roaming at 100 kbps
5G Simple 110 GB₩69,000 Unlimited300 min.Unlimited, but decelerate to 5 Mbps after 110 GB
5G Simple 90 GB₩67,000 Unlimited300 min.Unlimited, but decelerate to 1 Mbps after 90 GB
5G Simple 70 GB₩65,000 Unlimited300 min.Unlimited, but decelerate to 1 Mbps after 70 GB
5G Simple 50 GB₩63,000 Unlimited300 min.Unlimited, but decelerate to 1 Mbps after 50 GB
5G Simple 30 GB₩61,000 Unlimited300 min.Unlimited, but decelerate to 1 Mbps after 30 GB
5G Slim 21 GB₩58,000 Unlimited300 min.Unlimited, but decelerate to 1 Mbps after 21 GB
5G Slim 14 GB₩55,000 Unlimited300 min.Unlimited, but decelerate to 1 Mbps after 14 GB
5G Slim 10 GB₩50,000 Unlimited300 min.Unlimited, but decelerate to 400 kbps after 10 GB
5G Slim 7 GB₩45,000 Unlimited300 min.Unlimited, but decelerate to 400 kbps after 7 GB
5G Slim 4 GB₩37,000 Unlimited300 min.Unlimited, but decelerate to 400 kbps after 4 GB
Data On Premium₩89,000 Unlimited300 min.Unlimited
•Handset insurance using reward points
• No service fee for additional smart device
•Media package offering music, e-book and audio books.
Data On Video Plus₩69,000 Unlimited300 min.Unlimited, but decelerate to 5 Mbps after 110 GB
LTE Basic₩33,000 Unlimited50 min.1.4 GB with an option to transfer data from and into the next month’s usage
In addition to our mobile service plans, we offer value-added services for additional monthly fees that can be added to the subscription such as media packages, mobile TV packages, additional data transmission packages, caller ID, music service packages and ring tone services and usage reporting services. We also offer fixed-rate international roaming plans that provide data roaming services in various countries around the world, which may be scheduled or automatically activated upon access from an overseas location.
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Our mobile services also generate interconnection charges and expenses. For a call initiated by a mobile subscriber of one of our competitors to our mobile subscriber, the competitor collects from its subscriber its normal rate and remits to us a mobile-to-mobile interconnection charge. In addition, for a call initiated by our mobile subscriber to a mobile subscriber of one of our competitors, we collect from our subscriber our normal rate and remit to the competitor a mobile-to-mobile interconnection charge.
The following table shows the interconnection charge per minute (exclusive of VAT) for mobile to mobile calls, which are uniform across the three mobile operators (us, SK Telecom and LG U+):
Effective Starting
January 1, 2023January 1, 2024January 1, 2025
₩9.2 ₩8.6 ₩8.2 
Fixed-line Services
Fixed-line Telephone Services
Local and Domestic Long-distance. Our standard usage-based fixed-line telephone service plan consists of a base monthly rate of ￦5,720 and usage fees for local and domestic long-distance calls, as well as calls to VoIP phones and mobile phones. We charge ￦42.9 per three-minute increment for local calls, ￦15.95 per ten second increment for domestic long-distance calls, ￦53.9 per three-minute increment for calls to VoIP phones and ￦15.95 per ten second increment for calls to mobile phones. All usage-based fees are subject to discounts during certain low-usage periods of the day and on national holidays. The rates we charge for local calls are required to be reported to the MSIT, which has 15 days to object to such changes. For our subscribers who are initiating fixed-line telephone services, we charge a one-time nonrefundable activation fee of ￦36,000.

Calls to mobile phones are not included in the free 50 hours, and we charge ￦14.50 per ten second increment for such calls. For a premium plan with a base monthly fee of ￦16,500 (or ￦11,550 for a three year subscription commitment), calls to KT mobile subscribers are included as part of the free 50 hours.
International Long-distance. For our international long-distance services, fees for out-going calls vary based on the destination country and whether the user has subscribed to an international long-distance services plan, which can be customized based on the type of telecommunication device (mobile or fixed-line), destination countries and other customer preferences. Usage is typically measured in one-second increments. We pay a settlement fee to the relevant foreign carrier for such calls under a bilateral agreement with the foreign carrier. For incoming calls (including those placed in Korea by customers of the foreign carriers for home country direct-dial services), we receive settlement payments from the relevant foreign carrier at the applicable settlement rate specified under the relevant bilateral agreement.
Land-to-mobile Interconnection. We provide other telecommunications service providers, including mobile operators and other fixed-line operators, interconnection to our fixed-line network. For a call initiated by a landline user to a mobile service subscriber, we collect from the landline user the land-to-mobile usage charge and remit to the mobile service provider a land-to-mobile interconnection charge. We recognize as land-to-mobile interconnection revenue the entire amount of the usage charge collected from the landline user and recognize as expense the amount of interconnection charge paid to the mobile service provider. The MSIT periodically issues orders setting the interconnection charge calculation method applicable to interconnections with mobile service providers. The MSIT determines the land to mobile interconnection charge by calculating the long run incremental cost of mobile service providers, taking into consideration technology development and future expected costs.
The following table shows the interconnection charge we paid per minute (exclusive of VAT) to mobile operators for landline to mobile calls:
Effective Starting
January 1, 2023January 1, 2024January 1, 2025
₩9.2 ₩8.6 ₩8.2 
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Land-to-land and Mobile-to-land Interconnection. For a call initiated by a landline subscriber of our competitor to our fixed-line user, the landline service provider collects from its subscriber its normal rate and remits to us a land-to-land interconnection charge. In addition, for a call initiated by a mobile service subscriber to our landline user, the mobile service provider collects from its subscriber its normal rate and remits to us a mobile-to-land interconnection charge.
The following table shows such interconnection charge per minute collected for a call depending on the type of call, as determined by the MSIT:
Effective Starting
January 1, 2023January 1, 2024January 1, 2025
Local access (1)
₩6.3 ₩6.2 ₩6.0 
Single toll access (2)
7.2 6.9 6.7 
Double toll access (3)
10.1 9.1 9.1 
_______________________
Source: The MSIT.
(1)Interconnection between local switching center and local access line.
(2)Interconnection involving access to single long-distance switching center.
(3)Interconnection involving access to two long-distance switching centers.
VoIP Telephone Services
Our VoIP telephone services offer rate plans that charge generally lower base monthly rates and usage-based fees compared to our fixed-line telephone services. For our subscribers who are initiating VoIP telephone services, we charge a one-time nonrefundable activation fee of ￦36,000, which may be waived if the subscriber opts for self-installation.
Broadband Internet Access Services
We offer various broadband Internet access service plans based on data transmission speed and data usage thresholds and offer discounts based on length of commitment that are applied for periods of up to four years. Most of our plans also include WiFi routers that enable our subscribers to create a WiFi environment in their residences. We charge our customers a one-time installation fee per site of ￦27,500. We also charge a modem rental fee ranging from ￦4,400 to ￦22,000 per year that varies depending on the type of model required for the service plan, which is also subject to discounts and waivers based on length of subscription commitment period.
The following table summarizes the terms of our representative broadband Internet access service plans that we currently offer.
PlanMonthly RateRate with
3 Year Term		Maximum
Speed
Max Speed
Daily Limit (1)
Additional Features
Internet Super Premium₩110,000 ₩88,000 10 Gbps1000 GB2 WiFi routers included.
Internet Premium Plus₩82,500 ₩60,500 5 Gbps500 GB2 WiFi routers included.
Internet Premium₩60,500 ₩44,000 2.5 Gbps250 GBDiscount on 1 WiFi router rental.
Internet Essence₩55,000 ₩38,500 1.0 Gbps150 GB
Internet Slim₩39,600 ₩22,000 100 MbpsNone
_______________________
(1)Data transmission speed is reduced to 100 Mbps if data usage exceeds the specified maximum speed daily limit.
Media and Content Services
Our IPTV and satellite TV service plans vary based on the package of media channels provided, availability of UHD channels and the inclusion of other value-added services. In addition to monthly rates for subscription, we charge a one-time installation fee of ￦34,100 per set-top box and a digital set-top box rental fee ranging from ￦7,700 to ￦22,000 that varies depending on the type of set-top box required for the service
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plan, which is also subject to discounts and waivers based on length of subscription commitment period. We also offer various video-on-demand contents for streaming and downloading for a fee.
The following table summarizes the terms of our representative IPTV service plans that we currently offer:
PlanMonthly
Rate		Rate for
3 Year Term		Channels
(UHD)		Additional Features
Genie tv
NETFLIX Choice UHD₩42,300 ₩35,480 266 (6)
• Genie tv Essence and NETFLIX premium service
NETFLIX Choice HD₩38,800 ₩31,980 266 (6)
• Genie tv Essence and NETFLIX standard service
Disney+All G₩36,630 ₩28,100 250 (6)
• Genie tv All G and Disney+ service
SuperPack Choice₩36,300 ₩29,480 266 (6)
• Genie tv Essence and free movie, drama and animation contents
VOD Choice₩31,020 ₩24,816 266 (6)
• Genie tv Essence and monthly coupon of ￦10,000 for video-on-demand
Essence Plus₩28,160 ₩22,484 266 (6)
• Genie tv Essence and monthly coupon of ￦5,000 for video-on-demand
All G₩26,730 ₩21,340 250 (6)
• Free VOD contents and movie
Essence₩25,300 ₩20,240 266 (6)
Lite₩19,800 ₩15,840 240 (3)
Basic₩18,150 ₩14,740 236 (3)
Slim₩16,500 ₩13,200 220 (3)
Genie tv skylife
Entertainment₩31,020 ₩24,816 228 (6)
• Monthly coupon of ￦10,000 for video-on-demand.
Slim₩16,500 ₩13,200 220 (6)
Bundled Rate Plans
In order to provide our customers with additional value and further promote our marketing efforts to cross sell our various services, we provide our customers with various bundled rate plans that provide discounts for subscribing to a combination of our services, as well as family plans that provide discounts for multiple line subscriptions under one household. The majority of our subscribers participate in our bundled rate plans.
Fixed-line Packages
We offer substantial discounts to customers who subscribe to two or more of our fixed-line and TV services consisting of fixed-line telephone, VoIP telephone, broadband Internet access, IPTV and satellite TV services. Subscription payments collected pursuant to our bundled rate plans are allocated to each service.
Mobile Packages
For our mobile services, we offer family plans that provide monthly discounts of up to ￦22,110 per mobile phone subscription. Up to five members of a household may participate in our family plans.
Fixed-line and Mobile Combination Packages
We also offer various bundled rate plans that combine our fixed-line and TV services with mobile services, for both households and single subscribers. For households that subscribe to broadband Internet access as well as mobile services, our premium family plan provides discounts of approximately 50% for broadband Internet access subscription as well as for mobile services of each additional family member (up to four additional members).
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Competition
We face significant competition in each of our principal business areas. In the markets for mobile services, fixed-line services and media and content services, we compete primarily with SK Telecom and LG U+ (including their affiliates). Over time, considerable consolidation in the telecommunications industry has occurred, resulting in the current competitive landscape comprising three network service providers that offer a wide range of telecommunications and data communications services. In recent years, each of our primary competitors has acquired a leading cable TV operator in Korea to significantly increase their market shares in the pay TV market, which has further intensified competition.
To a lesser extent, we also compete with various value-added service providers and network service providers as classified under the Framework Act on Telecommunications and the Telecommunications Business Act, including MVNOs that lease mobile networks and offer mobile services, VoIP service providers that offer Internet telephone services, cable TV operators, text messaging service providers (particularly Kakao) and voice resellers, many of which offer competing services at lower prices. We also face changes in the evolving landscape of the market for media and content services arising from the increasing popularity of global OTT media services such as Netflix. In January 2023, the MSIT announced plans to encourage a fourth service provider to enter the Korean mobile service market by awarding a bandwidth license for the use of the 28 GHz spectrum and provide various measures to support the competitiveness of the new market entrant. In January 2024, Stage X, a consortium led by Stage Five, won the auction for 800 MHz of bandwidth license on the 28 GHz spectrum. However, in July 2024, the MSIT revoked Stage X’s bandwidth allocation, citing its failure to meet certain regulatory requirements for the license, and announced plans to facilitate the entry of new service providers in the future.
We compete primarily based on our service performance, quality and reliability, ability to accurately identify and respond to evolving consumer demand, and pricing. Mobile service providers also grant subsidies or subscription discount rates to subscribers who purchase new handsets and agree to a minimum subscription period, and we compete also based on such amounts. The repeal of the Mobile Device Distribution Improvement Act may have a material impact on the competitive landscape of the mobile telecommunications industry, as mobile service providers are given more flexibility to offer handset subsidies or discounts, which may in turn increase expenses. See “Item 3.D. Risk Factors—Risks Relating to Our Business—
The Korean telecommunications and Internet-related industries are subject to extensive Government regulations, and changes in Government policy relating to these industries could have a material adverse effect on our operations and financial condition.”

We and SK Telecom have been designated as market-dominating business entities in the local telephone and mobile markets, respectively, under the Telecommunications Business Act. Under this Act, a market-dominating business entity may not engage in any act of abuse, such as unreasonably interfering with business activities of other business entities, hindering unfairly the entry of newcomers or substantially restricting competition to the detriment of the interests of consumers. In addition, changes in our local telephone rates and mobile rates of SK Telecom are required to be reported to the MSIT, which has 15 days to object to such changes. The KMCC has also issued guidelines on fair competition of the telecommunications companies. In line with these guidelines, from May to September 2024, the KMCC conducted its first compliance review of network usage agreements between telecommunications carriers and value-added service providers. As of the date hereof, we have not received any feedback or indication that any further action will be taken as a result of the review.

In the financial services market, our credit and check cards issued under the “BC Card” brand pursuant to co-brand agreements with member companies compete principally with cards issued by other leading credit card companies in Korea with their own merchant payment networks, such as Shinhan Card, Hyundai Card and Samsung Card. Our member companies that issue co-branded credit or check cards include NH Card, Industrial Bank of Korea and Standard Chartered Bank Korea. We also compete with service providers that provide outsourcing services related to business operations of credit card companies. Competition in the credit card and check card businesses has increased substantially as existing credit card companies, consumer finance companies and other financial institutions in Korea have made significant investments and engaged in aggressive marketing campaigns and promotions for their credit and check cards, as well as investing in operational infrastructure that may reduce the need for our outsourcing services.
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The following tables show the market shares in our principal markets in terms of subscribers as of the dates indicated:
Mobile Services
Market Share (%) (1)
KT CorporationSK TelecomLG U+
December 31, 202328.5 48.4 23.1 
December 31, 202428.2 48.7 23.1 
December 31, 202528.9 47.3 23.8 
_______________________
Source: The MSIT.
(1)Calculated in terms of the number of MNO mobile phone subscribers (not including MVNO mobile subscribers and subscribers of miscellaneous devices such as tablets and other IoT devices).
Fixed-line Local Telephone and VoIP Services
Market Share (%)
KT CorporationSK BroadbandLG U+Others
December 31, 2023 (1)
54.2 15.7 17.0 13.1 
December 31, 2024 (1)
53.7 15.8 16.7 13.8 
December 31, 2025 (1)
51.7 15.6 16.5 16.2 
_______________________
Source: Korea Telecommunications Operators Association.
(1)Calculated in terms of an aggregation of the retail and corporate subscribers of (i) the three major network service providers and (ii) other fixed-line telecommunications service providers that co-use our fixed-line telecommunications infrastructure.
Broadband Internet Access Services
Market Share (%)
KT CorporationSK BroadbandLG U+Others
December 31, 202340.8 28.7 21.4 9.1 
December 31, 202439.8 28.6 22.6 9.0 
December 31, 202540.3 28.7 22.1 8.9 
_______________________
Source: The MSIT.
IPTV Services
Market Share (%)
KT Corporation (1)
SK BroadbandLG U+
December 31, 202343.6 31.2 25.2 
December 31, 202443.3 31.2 25.5 
December 31, 202543.3 30.6 26.1 
_______________________
Source: Investor relations report of each company.
(1)Includes market share of IPTV services offered by KT Skylife.
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Regulation
Under the Framework Act on Telecommunications, the Telecommunications Business Act, the Broadcasting Act and the Radio Waves Act, the MSIT has comprehensive regulatory authority over the telecommunications industry and all network service providers.
The MSIT has primary policy and regulatory responsibility for matters such as: (i) registration of network service providers and licensing of select services (the KMCC authorizes the licensing of IPTV service providers); (ii) regulation of mergers and acquisitions, as well as license suspension and termination of network service providers; (iii) providing oversight on foreign ownership ratios in network service providers; and (iv) reviewing telecommunication matters as they relate to the public interest and approving ancillary telecommunication business activities. Additionally, the MSIT is responsible for a broad range of other policy and regulatory matters, including the administration and supervision of regulatory reporting by telecommunications companies, examination and analysis of accounting and business management practices in the industry, establishment and administration of policies governing telecommunications service fees, value-added service providers and network service providers, as well as supervision of reporting requirements of standard telecommunications service/user contracts.

The KMCC’s overall policy role is to play a key role in regulatory activities aimed at protecting service users in the broadcast and telecommunications market and it continues to be responsible for investigations and sanctions regarding violations by telecommunications companies, as well as for mediating disputes between service providers and users. The KMCC is established under the direct jurisdiction of the President of Korea and is comprised of seven commissioners, including one Chairperson, one Vice Chairperson, one standing commissioner and four non-standing commissioners. Commissioners of the KMCC are appointed by the President, and the appointment of the Chairperson must be approved at a confirmation hearing at the National Assembly.

Under the Personal Information Protection Act, telecommunications service providers are also required to protect personal information of their customers. Generally, when a telecommunications service provider intends to collect or use its customer’s personal information, such telecommunications service provider, with certain exceptions, must notify and receive the customers’ consent in relation to the purpose of collection, the use of the collected personal information, types of personal information collected and period during which the personal information will be possessed and used. Certain exceptions for collecting or using personal information without consent came into effect on September 15, 2023 under the amended Personal Information Protection Act, which relaxed the regulations to some extent. Under the Personal Information Protection Act, any enterprise, including Korean telecommunications providers, may not use their customers’ personal information for any purpose other than the purpose their customers have consented to. In addition, there are various internal processes that the telecommunications providers are mandated to install in order to collect and handle personal information of their customers.
The KMCC also has the authority to regulate the pay TV market, including IPTV services. Under the Internet Multimedia Broadcasting Services Act, anyone intending to engage in the Internet multimedia broadcasting business must obtain a license from the KMCC. The ownership of the shares of an Internet multimedia broadcasting company by a newspaper, a news agency or a foreigner is limited.
Rates
Under current regulations implementing the Telecommunications Business Act, a network service provider may set its rates at its discretion, although it must report to the MSIT the rates and the general terms and conditions for each type of network service provided by it. However, the MSIT may object to the rates set by a market-dominating business entity within 15 days from the date of receipt of such report if there is a high risk of (i) harming the users’ interests (including unfair discrimination against specific users based on contract length and usage volume with such service provider), (ii) harming fair competition (including the provision of telecommunication services at unfair rates compared to the wholesale price offered by other telecommunications service providers) or (iii) unreasonably limiting the liability for damages without justifiable grounds. In 1997, we and SK Telecom were designated as market-dominating business entities for local telephone service and for mobile service, respectively, which currently remains in effect. As a result, changes in our local telephone rates and in the mobile rates of SK Telecom are required to be reported to the MSIT, which has 15 days to object to such changes. The form of our standard agreement for providing local network service and each agreement for interconnection with other service providers must also be reported to the MSIT.
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The repeal of the Mobile Device Distribution Improvement Act was passed on January 21, 2025, and became effective on July 22, 2025. Prior to its repeal, the Mobile Device Distribution Improvement Act permitted subscribers to choose between a designated handset subsidy for the purchase of a recently released mobile phone or a designated discount on the mobile service subscription rate. Following the repeal, the obligation for mobile carriers to disclose handset subsidies, as well as the regulation limiting additional subsidies provided by retailers to within 15% of the disclosed subsidy, have been abolished. As a result, mobile service providers are permitted to offer greater subsidies to subscribers who switch service providers, based on specific criteria designated by the KMCC, such as estimated profit margins and subscriber switching costs. The repeal of the Mobile Device Distribution Improvement Act may have a material impact on the competitive landscape of the mobile telecommunications industry, as mobile service providers are given more flexibility to offer handset subsidies or discounts, which may in turn increase expenses. In addition, the MSIT may periodically announce policy guidelines that telecommunications companies are recommended to take into consideration in their telecommunications and Internet-related businesses.

Other Activities
A network service provider, such as us, must obtain the permission of the MSIT in order to:
•modify its licenses;
•discontinue, suspend or spin off all or a part of the business for which it is licensed;
•transfer or acquire all or a part of the business of another network service provider; or
•enter into a merger with another network service provider.
By submitting a report to the MSIT, a network service provider may enter into arrangements for services to be furnished to its customers by a different telecommunications service provider and, in connection therewith, may provide its telecommunications services to, or authorize the use of all or a portion of its telecommunications facilities by, such other telecommunications service provider. The MSIT can revoke our licenses or order the suspension of any of our businesses if we do not comply with the regulations of the MSIT under the Telecommunications Business Act.
The responsibilities of the MSIT include:
•drafting and implementing plans for developing telecommunications technology;
•fostering and providing guidance to institutions and entities that conduct research relating to telecommunications; and
•recommending to network service providers that they invest in research and development or that they contribute to telecommunications research institutes in Korea.
In addition, all network service providers (other than regional paging service providers) are obligated to contribute toward the supply of “universal” telecommunications services in Korea. Telecommunications service providers designated as “universal service providers” by the MSIT are required to provide universal telecommunications services such as local services, local public telephone services, broadband services, discount services for persons with disabilities and for certain low-income persons, telecommunications services for remote islands and wireless communication services for ships. We have been designated as a universal service provider. The costs and losses recognized by universal service providers in connection with providing these universal telecommunications services, except for discount services for persons with disabilities and for certain low-income persons, will be shared on an annual basis by all network service providers (other than regional paging service providers), including us, on a pro rata basis based on their respective net annual revenue calculated pursuant to a formula set by the MSIT. As for the costs and losses recognized by a universal service provider in connection with providing discount services for persons with disabilities and for certain low-income persons, such costs and losses will be borne by such universal service provider.
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Prior to April 2018, in accordance with the MSIT’s determination that we possessed essential infrastructure, we were required to permit other fixed-line communications service providers to co-use our fixed-line telecommunication infrastructure, upon the request of such other fixed-line telecommunications service providers. Subsequently, to facilitate expedient establishment of 5G mobile services infrastructure, the Government amended the co-use system as follows: (i) we should permit not only fixed-line telecommunications service providers, but also mobile service providers such as SK Telecom and LG U+ to co-use our telecommunications infrastructure necessary for provision of 5G mobile services, (ii) the Government determined that we, SK Telecom, SK Broadband and LG U+ possessed essential infrastructure with respect to the interval between the cable entry at a building and the initial occurrence of connection within the building and required that the three companies share such infrastructure throughout buildings in Korea with each other, and (iii) fixed-line telecommunications service providers and mobile service providers are required to participate in joint efforts to construct additional fixed-line and mobile network architecture. For more information on our mobile network architecture, see “Item 4.D. Property, Plant and Equipment—Mobile Networks.”
In addition, we are required to lease to other companies our fixed-lines that connect subscribers to our network. This system, which is called local loop unbundling, is intended to prevent excessive investment in local loops. This system requires us to lease the portion of our copper lines that represent our excess capacity to other companies upon their request at rates that are determined by the MSIT based on our cost, and taking into consideration an appropriate rate of return, to enable them to provide voice and broadband services. Revenue from local loop unbundling, if any, are recognized as revenue from other businesses.
All telecommunications service providers must also provide compensation to their users in the following cases: (i) damage is caused to the user in connection with the service provider’s provision of telecommunication services (including from disruptions in service) and (ii) damage is caused to the user due to the reasons stated in such user’s complaint addressed to the service provider or a delay in the service provider’s processing of such complaint. However, if damage to a user is caused by force majeure, or if damage is caused intentionally by, or due to the negligence of, the user, the service provider’s liability for any compensation to such user is mitigated or absolved. In cases where the provision of telecommunication services is disrupted, the service provider must inform its user of the disruption as well as the standards and procedures for obtaining compensation for any damages.
In addition, if the number of users and the network traffic of a value-added service provider exceeds a certain threshold set by the MSIT, such value-added service provider must secure adequate measures to provide stable services to its users, which may require cooperation with other network service providers. According to an amendment to the Telecommunications Business Act effective July 2023, a value-added service provider that (i) averages greater than one million domestic users per day during the last three months of the preceding year and (ii) records domestic communication traffic volume equivalent to at least one hundredth (1/100) of the total average daily domestic traffic volume transmitted over information and communications networks used by facilities-based telecommunications service providers to provide internet services during the same three-month period of the preceding year is obligated, among other things, to submit to the MSIT information regarding the status and its plans on measures to provide stable services, on an annual basis. Furthermore, the amended Enforcement Decree of the Telecommunications Business Act, which took effect on February 12, 2026, imposes additional obligations on value-added service providers that meet the above criteria, including: (i) operating both an online and a telephone automated response system, (ii) processing user requests in real-time and in Korean during business hours, and (iii) if real-time processing is not feasible, addressing user requests within three business days from the date of receipt. If there are justifiable reasons for not completing the process within this timeframe, the user must be informed of the reason and provided with a processing schedule.

Furthermore, pursuant to an amendment to the Telecommunications Business Act in December 2023, which became effective on June 30, 2024, a network service provider that exceeds certain thresholds set forth in the Enforcement Decree is obliged to make efforts to provide stable services by (i) taking certain technical and managerial measures, such as vulnerability analysis and assessment, and the management and monitoring of core equipment, (ii) submitting the implementation results of the technical and managerial measures to the MSIT and (iii) disclosing an annual report on the stability of its network services. Such thresholds are set forth in the amendment to the Enforcement Decree of the Telecommunications Business Act, which took effect on June 28, 2024. Under the Enforcement Decree, network service providers with annual network service sales of at least ￦1 trillion and either at least 100,000 subscribers or 500,000 lines must implement technical and managerial measures. They may be required to submit implementation results by
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January 31 and must publish an annual service stability report on their website by June 30. Additionally, effective February 12, 2026, facilities-based network service providers that meet either (i) annual telecommunications service sales of at least ￦1 trillion, or (ii) at least 100,000 subscribers or 500,000 lines as of the end of the preceding year, must take appropriate technical and managerial measures to ensure stable services, submit the implementation results of these measures to the MSIT, and publicly disclose reports regarding their actions taken to maintain service stability.
In addition, the amended Telecommunications Business Act, which took effect on September 19, 2025, introduced and enhanced regulatory measures to prevent crimes involving illegal spam, including establishing a legal basis for a sender qualification certification system for bulk messaging service providers and requiring regular inspections (at least once every year) to verify compliance with registration requirements. Bulk messaging service providers that were registered under the previous law were required to obtain sender qualification certification and comply with the registration requirements in accordance with the amended Act within six months from its effective date, and are currently subject to the ongoing requirements thereunder.

Foreign Investment
The Telecommunications Business Act restricts the ownership and control of network service providers by foreign shareholders. Foreigners (based on citizenship), foreign governments and “companies deemed as foreigners” may not in the aggregate own more than 49.0% of the issued shares with voting rights of a network service provider, including us. For purposes of the Telecommunications Business Act, the term “company deemed as a foreigner” means a company in which a foreigner or a foreign government is the largest shareholder and holds 15.0% or more of the company’s shares with voting rights, provided, however, that such company will not be counted as a foreign shareholder for the purposes of the 49.0% limit if (1) it holds less than 1.0% of our total issued and outstanding shares with voting rights or (2) if the MSIT determines that the fact that such foreign government or entity holds a 15.0% or greater shareholding in such company does not present a risk of harm to the public interest.
Notwithstanding the above, pursuant to an amendment to the Telecommunications Business Act that became effective in April 2022, a company, so long as (i) its largest shareholder (determined by aggregating the shareholdings of such shareholder and its related parties) is a foreign government or a foreigner of a country that has entered into a bilateral or multilateral free trade agreement with Korea that is designated by the MSIT, and (ii) such shareholder (together with the shareholdings of its related parties) owns 15.0% or more of the issued voting stock of such entity, may own more than 49.0% of our issued shares with voting rights but may not exercise its voting rights with respect to the shares held in excess of the 49.0% ceiling until the conclusion of the MSIT’s public interest review. Furthermore, this exemption from the restriction of foreign ownership of a network service provider beyond the 49.0% threshold applies not only to a foreign government or a foreigner from an FTA Country but also to a foreign government or a foreigner from an OECD country.
In addition, the calculation of the above-referenced 49% ceiling applies to: (x) any foreign entities that have entered into a major management-related agreement with a network service provider or the shareholder(s) thereof; and (y) foreign entities that have entered into an agreement pertaining to the settlement of fees relating to the handling of international electronic telecommunications services. As of December 31, 2025, 49.0% of our common shares were owned by foreign investors. In the event that a network service provider violates the shareholding restrictions, its foreign shareholders cannot exercise voting rights for their shares in excess of such limitation, and the MSIT may require corrective measures be taken to comply with the ownership restrictions.

In addition to the 49.0% limit referenced above, under the Telecommunications Business Act, a foreign shareholder who holds 5.0% or more of our total shares is prohibited from becoming our largest shareholder. In addition, under the Telecommunications Business Act, the MSIT may, if it deems it necessary to preserve substantial public interests, prohibit a foreign shareholder from being our largest shareholder. In the event that any foreigner or foreign government acquires our shares in violation of the above provisions, the Telecommunications Business Act restricts such foreign shareholder from exercising his or her voting rights with respect to common shares exceeding such threshold. The MSIT may also order us or the foreign shareholder to take corrective measures in respect of the excess shares within a period of up to six months.
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Customers and Customer Billing
We typically charge residential subscribers and business subscribers similar rates for services provided. On a case-by-case basis, we also provide discount rates for some of our high-volume business subscribers. We bill all of our customers on a monthly basis. Our customers may make payment at either payment points such as local post offices, banks or our service offices, through a direct-debit service that automatically deducts the monthly payment from a subscriber’s designated bank account, or through a direct-charge service that automatically charges the monthly payment to a subscriber’s designated credit card account. Approximately 90.0% of our subscribers as of December 31, 2025 pay through the direct-debit service. Accounts of subscribers who fail to pay our invoice are transferred to a collection agency, which sends out a notice of payment. If such charges are not paid after notice, we cease to provide outgoing service to such subscribers after a period of time determined by the type of subscribed service. If charges are still not paid two to three months after outgoing service is cut off, we cease all services to such subscribers. After service is ceased, the overdue charges that are not collected by the collection agency are written off.

Credit Card Business
Through BC Card in which we held a 69.5% interest as of December 31, 2025, we offer various credit card processing and related financial services. BC Card is regulated and supervised as a Specialized Credit Financial Business (“SCFB”), as defined under the Specialized Credit Financial Businesses Act of Korea (“SCFBA”). The SCFBA subjects SCFB companies to licensing (for credit card businesses) and registration (for leasing, installment finance or new technology finance businesses) requirements and provides guidance and restrictions regarding capital adequacy, liquidity ratios, loans to major shareholders, reporting and other matters relating to the supervision of SCFB companies. The SCFBA delegates regulatory authority over SCFB companies to the FSC and FSS. The FSC has the authority to suspend the operations of an SCFB company for up to six months for non-compliance with certain regulations under the SCFBA and issue certain administrative orders. The FSC is also entitled to cancel a license or registration if an SCFB company fails to comply with certain SCFBA regulations or FSC administrative orders, including a suspension order.

The SCFBA and the regulations thereunder require an SCFB company to satisfy a minimum paid-in capital amount of (i) ￦20 billion, where the SCFB company engages in no more than two kinds of core businesses and (ii) ￦40 billion, where the SCFB company, such as BC Card, engages in three or more kinds of core businesses. An SCFB engaging in a credit card business must maintain a total Tier I and Tier II capital adequacy ratio (adjusted equity capital divided by adjusted total assets) of 8% or more. In addition, an SCFB company must maintain a one-month-or-longer delinquent claim ratio (delinquent claims divided by total claims) of less than 10%.
Under the SCFBA and the regulations thereunder, an SCFB company is required to maintain a Won liquidity ratio (Won-denominated current assets divided by Won-denominated current liabilities) of 100% or more. In addition, if an SCFB company is registered as a foreign exchange business institution with the MOFE, such SCFB company is required to maintain (1) a foreign-currency liquidity ratio (foreign currency liquid assets due within three months divided by foreign-currency liabilities due within three months) of not less than 80%, (2) a ratio of foreign currency liquid assets due within seven days less foreign currency liabilities due within seven days, divided by total foreign-currency assets, of not less than 0%, and (3) a ratio of foreign currency liquid assets due within a month less foreign currency liabilities due within a month, divided by total foreign-currency assets, of not less than negative 10%.
Under the SCFBA and the regulations thereunder, an SCFB company may not provide loans in the aggregate exceeding 50% of its equity capital to its major shareholders (including their specially related persons).
Pursuant to the SCFBA and the regulations thereunder, an SCFB company is required to submit business reports to the FSC regarding, among others, financial statements, actual results of management and soundness of assets. An SCFB company is also required to provide information regarding specific matters, including: (i) the amount of loans provided to major shareholders as of the end of each quarter; (ii) changes in the aggregate amount of such loans and the terms and conditions of the credit extension transactions for each quarter; (iii) the amount of stocks acquired by major shareholders as of the end of each quarter; and (iv) changes in the aggregate amount of stocks held and the acquisition price of such stocks for each quarter, in each case within one month of the end of each quarter. In addition, an SCFB company is required to file a report to the FSC upon the occurrence of certain events, including (i) changes to its name; (ii) changes to the largest
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shareholder; or (iii) changes of 1% or more in the ownership of stocks with voting rights held by a major shareholder and such major shareholder’s specially related persons, in each case within seven days from the date of its occurrence.
Insurance
We carry insurance against loss or damage to all significant buildings and automobiles. Except for our insurance coverage of our satellites and data centers, we do not carry insurance covering losses to outside plants or to equipment because we believe the cost of such insurance is excessive and the risk of material loss or damage is insignificant. We do not have any provisions or reserves against such loss or damage. We do not carry any business interruption insurance.
We provide co-location and a variety of value-added services including server-hosting services to a number of corporations whose business largely depends on critical data operated on our servers or on their servers located at our data centers. Any disruptions, interruptions, physical or electronic data loss, delays or slowdowns in communication connections could expose us to potential liabilities for losses relating to the disrupted businesses of our customers relying on our services.
Information Technology and Operational Systems
Enhancement of our information technology and operational systems and efficient utilization of such systems are important in effectively promoting our core strategies. We are committed to continually investing in and enhancing our information technology systems, which provide support to many aspects of our businesses. In June 2017, we implemented KT One System (“KOS”), a wired/wireless system integration program that unified wired/wireless workflows, structures and systems that had been separated previously. We have continued to enhance and expand KOS since its initial implementation. In March 2025, we completed the integration of our remaining fixed-line products that had been operated on a separate system into KOS, resulting in a fully integrated wired/wireless system. KOS has contributed to enhancing various aspects of our business processes and control systems.

Patents and Licensed Technology
The ability to obtain and protect intellectual property rights to the latest telecommunications technology is important for our business. We own or have licenses to various patents and trademarks in Korea and overseas, and have applications for patents pending in Korea and other select countries such as the United States, Europe, China and Japan. A majority of our patents registered in Korea and overseas relate to our wireless and fixed-line telecommunications, media services and technologies related to IoT and AI. In addition, we operate several research and development (“R&D”) laboratories to develop latest technology and additional platforms, as described in “Item 5.C. Research and Development, Patents and Licenses, Etc.” We license our intellectual property rights to third parties in return for periodic royal payments. We currently do not license any material technologies or patents from third parties.
Seasonality of the Business
Our main business generally does not experience significant seasonality.
Item 4.C.  Organizational Structure
These matters are discussed under Item 4.B. where relevant.
Item 4.D.  Property, Plant and Equipment
Our principal fixed asset consists of our integrated telecommunications networks. In addition, we own buildings and real estate throughout Korea. As of December 31, 2025, the net book value of our property and equipment was W14,258 billion, of which W4,020 billion is accounted for by the net book value of our land, buildings and structures. As of December 31, 2025, the net book value of our investment properties, which is accounted for separately from our property and equipment, was W2,872 billion. Other than as may be described in this annual report, no significant amount of our properties is leased. There are no material encumbrances on our properties including the fixed assets below.
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Mobile Networks
Our mobile network architecture includes the following components:
•cell sites, which are physical locations equipped with radio units of base transceiver stations and other equipment used to communicate through radio channels with subscribers’ mobile telephone handsets within the range of a cell;
•centralized centers, which are physical locations with baseband units of base transceiver stations;
•core networks, which connect to and control the base transceiver stations and provide the gateway to other networks and services; and
•transmission lines, which connect the mobile switching centers, base station controllers, base transceiver stations and the public switched telephone network.
One of the principal limitations on a wireless network’s subscriber capacity is the amount of bandwidth allocated to a service provider. We have acquired a number of bandwidth licenses to secure additional bandwidth capacity to provide our broad range of services, for which we typically make an initial payment as well as pay usage fees during the license period. See “Item 5. Operating and Financial Review and Prospects—Item 5.A. Operating Results—Overview—Acquisition of New Bandwidth Licenses and Usage Fees.”
Exchanges
Exchanges include local exchanges and “toll” exchanges that connect local exchanges to long-distance transmission facilities. We had approximately 18.8 million lines connected to local exchanges and 2.2 million lines connected to toll exchanges as of December 31, 2025.

All of our exchanges are fully digital and automatic in order to provide higher speed and larger volume services. In addition, all of our lines connected to toll exchanges are compatible with IP platforms.
Internet Backbone
Our Internet backbone network, called KORNET, has the capacity to handle aggregate traffic of our broadband Internet access subscribers, data centers and Internet exchange system at any given moment of up to 59.8 Tbps as of December 31, 2025. Our IP premium network enables us to more reliably support our IPTV, VoIP and other IP-related services. As of December 31, 2025, our IP premium network had capacity of 6.5 Tbps to support LTE data, IPTV, voice and virtual private network (“VPN”) service traffic. In addition, our 5G backbone network had capacity of 5.6 Tbps to support 5G data service traffic.

Access Lines

As of December 31, 2025, we had 26.6 million access lines installed, which allow us to reach virtually all homes and businesses in Korea. As of December 31, 2025, we had approximately 26.0 million broadband lines with speed of at least 50 Mbps that enable us to deliver broadband Internet access and multimedia contents to our customers.
Transmission Networks
Our domestic fiber optic cable network consisted of 968,465 kilometers of fiber optic cables as of December 31, 2025, of which 137,188 kilometers of fiber optic cables are used to connect our backbone network and 831,277 kilometers are used to connect the backbone network to our subscribers. As of December 31, 2025, our backbone network utilizes 64 Tbp Long-haul Reconfigurable Optical Add Drop Multiplexer (“ROADM”) technology for connecting cities. ROADM technology improves bandwidth efficiency by enabling data to be transmitted from multiple signals across one fiber strand in a cable and carrying each signal on a separate wavelength. Our transmission backbone network connecting major cities in Korea utilize Packet
40
Optical Transport Network (“POTN”), and we access such network through multi-service provisioning platform (“MSPP”) architecture.
Our extensive domestic long-distance network is supplemented by our fully digital domestic microwave network, which consisted of 52 relay sites as of December 31, 2025.
International Networks
Our international network infrastructure consists of both submarine cables and satellite transmission systems, including two submarine cable-landing stations in Busan and Keoje and one satellite teleport in Kumsan. International traffic is handled by submarine cables and telecommunications satellites. Because of the high cost of laying a submarine cable, the usual practice is for multiple carriers to jointly commission a new cable and share the costs and the capacity. We own interests in several international fiber optic submarine cable networks. We also operate satellites periodically launched by us, as well as lease satellite capacity from other satellite operators. Data services such as international private lease circuits, IP and very small aperture terminals are provided through submarine cables and satellite transmission. In order to guarantee high quality services to our end customers, our submarine cables and satellite transmission systems are linked to various points-of-presence in the United States, Asia and Europe. In addition, as of December 31, 2025, our international telecommunications networks were directly linked to 195 telecommunications service providers in various international destinations and are routed through our three international switching centers in Seoul, Daejeon and Busan.
As of December 31, 2025, our international Internet backbone with capacity of approximately 10,970 Gbps is connected to approximately 320 Internet service and content providers through our two Internet gateways in Busan. In addition, we operate a broadcasting backbone with capacity of 0.17 Gbps to transmit broadcasting signals from Korea to the rest of the world.
Item 4A.  Unresolved Staff Comments
We do not have any unresolved comments from the Securities and Exchange Commission staff regarding our periodic reports under the Exchange Act.
Item 5.  Operating and Financial Review and Prospects
Item 5.A.  Operating Results
The following discussion and analysis is based on our consolidated financial statements, which have been prepared in accordance with IFRS as issued by the IASB.
Overview
We are an integrated provider of telecommunications services. Our principal telecommunications and Internet-related services include mobile voice and data telecommunications services, fixed-line services (consisting of fixed-line telephone, VoIP telephone, broadband Internet access and data communication services) and media and content services (including IPTV and satellite TV). The principal factors affecting our revenue from these services have been our rates for, and the usage volume of, these services, as well as the number of subscribers. For information on rates we charge for our services, see “Item 4. Information on the Company—Item 4.B. Business Overview—Our Rates.” In addition, we derive revenue from credit card processing and other financial services, sale of goods (primarily handsets related to our mobile services and miscellaneous telecommunications equipment, as well as sale of residential units and commercial real estate developed KT Estate), and miscellaneous business activities including information technology and network services, real estate development and satellite services.
Our five operating segments for financial reporting purposes are organized as the following:

•the ICT segment, which primarily consists of KT Corporation on a standalone basis that is primarily engaged in providing various telecommunications and platform services to individual, household and corporate customers as well as selling handsets;
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•the finance segment, which engages in providing various financial services such as credit card services and value-added network and payment gateway services;
•the satellite TV segment, which engages in satellite TV services;
•the real estate segment, which engages in real property development and leasing services; and
•the others segment, which includes (i) information technology and network services, (ii) contents and commerce services, (iii) security services, (iv) satellite service, (v) global business services that provide global network services to multinational or domestic corporate customers and telecommunications companies and (vi) miscellaneous services provided by our subsidiaries.
Our future performance will depend at least in part on Korea’s general economic growth and prospects. For a description of recent developments that have had and may continue to have an adverse effect on our results of operations and financial condition, see “Item 3. Key Information—Item 3.D. Risk Factors—If economic conditions in Korea deteriorate, our current business and future growth could be materially and adversely affected.” A number of other developments have had or are expected to have a material impact on our results of operations, financial condition and capital expenditures. These developments include:
•acquisition of new bandwidth licenses and usage fees;
•researching and implementing technology upgrades and additional telecommunications services;
•changes in the rate structure for our telecommunications services; and
•acquisitions and disposals of interests in subsidiaries and joint ventures.
As a result of these factors, our financial results in the past may not be indicative of future results or trends in those results.
Acquisition of New Bandwidth Licenses and Usage Fees
One of the principal limitations on a wireless network’s subscriber capacity is the amount of bandwidth allocated to a service provider. The growth of our mobile telecommunications business and the increase in usage of wireless data transmission services have been significant factors in the increased utilization of our bandwidth, since wireless data applications are generally more bandwidth-intensive than voice services. The current trend of increasing data transmission use and the increasing sophistication of multimedia contents are likely to put additional strain on the bandwidth capacity of mobile service providers. We have acquired a number of licenses in recent years to secure additional bandwidth capacity to provide our broad range of services, for which we typically make an initial payment as well as pay usage fees during the license period. The MSIT reserves the right to reallocate bandwidths in order to address the changing needs for bandwidth capacity of mobile service providers, the consideration for which may depend on the extent of the buildout of the service provider’s telecommunications network to utilize the relevant bandwidth. For example, certain bandwidths used for our existing 3G and 4G LTE services, including the 900 MHz, 1.8 GHz and 2.1 GHz bands, are scheduled to be reallocated in 2026, which will require additional payments and compliance with revised deployment, coverage and bandwidth utilization requirements.

For all of our bandwidth licenses, we made aggregate payments of W327 billion in 2023, W299 billion in 2024 and W290 billion in 2025. The following table sets forth our outstanding payment obligations relating to our bandwidth licenses as of December 31, 2025.

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SpectrumBandwidthLicense
Acquisition
Date		Total
Payable
Amount
(in billions
of Won)		Total
remaining
amount
(in billions
of Won)		Initial
Payment
Amount
(in billions
of Won)		Initial
Payment
Year		Annual
Usage
Fee
(in billions
of Won)		Annual
Usage
Fee Payment
Term
900 MHz20 MHzJuly 1, 2021₩141 ₩21 ₩35 2021₩21 2022 to 2026
1.8 GHz35 MHzJuly 1, 2021₩548 ₩82 ₩137 2021₩82 2022 to 2026
1.8 GHz20 MHzAug. 4, 2016₩470 ₩35 ₩118 2016₩35 2017 to 2026
2.1 GHz40 MHzDec. 6, 2021₩412 ₩62 ₩103 2021₩62 2022 to 2026
3.5 GHz100 MHzDec. 1, 2018₩968 ₩218 ₩242 2018₩73 2019 to 2028
Researching and Implementing Technology Upgrades and Additional Telecommunications Services such as 5G Technologies
The telecommunications industry is characterized by continued advances and improvements in telecommunications technology, and we have been continually researching and implementing network upgrades and launching additional telecommunications services to maintain our competitiveness. In recent years, we have made extensive efforts to continue to develop mobile services with enhanced speed, latency and connectivity that enable us to offer significantly improved wireless data transmission with faster access to multimedia content.
We also make investments to continually upgrade our broadband network to enable better FTTH connection, which further enhances data transmission speed and connection quality. FTTH is a telecommunication architecture in which a communication path is provided over optical fiber cables extending from the telecommunications operator’s switching equipment to the boundary of home or office. FTTH uses fiber optic cable, which is able to carry a high-bandwidth signal for longer distances without degradation. FTTH enables us to deliver enhanced services that require high bandwidth with stability, such as IPTV and other digital media content. The MSIT has the authority to recommend to network service providers that they provide funds for national research and development of telecommunications technology and related projects. Including such contributions, total expenditures (which include capitalized expenses) on research and development were ￦225 billion in 2023, ￦212 billion in 2024 and ￦355 billion in 2025. We plan to continue to invest in researching and implementing network upgrades, which will entail additional operating expenses as well as capital expenditures.

Fee Discounts and Adjustments to the Rates for Our Telecommunications Services
We provide bundled packages of our various services at a discount in order to attract additional subscribers to our new services. We offer discounts to customers who subscribe to two or more of our fixed-line and TV services consisting of fixed-line telephone, VoIP telephone, broadband Internet access, IPTV and satellite TV services. For our mobile services, we offer a family plan that provides a discount for each additional mobile phone subscription. We also offer various bundled rate plans that combine our fixed-line and TV services with mobile services, for both households and single subscribers. See “Item 4. Information on the Company—Item 4.B. Business Overview—Our Rates.”
Changes in our local telephone rates are required to be reported to the MSIT, which has 15 days to object to such changes. The form of our standard agreement for providing local network service and each agreement for interconnection with other service providers must also be reported to the MSIT. Although we compete freely with other network service providers in terms of rate plans for our principal telecommunications and Internet-related services except for rates we charge for local calls, the MSIT may periodically announce policy guidelines that we may be recommended to take into consideration.
The Government may pursue additional measures to regulate the markets in which we compete. There can be no assurance that we will not adopt additional measures that reduce rates charged to our subscribers as well as adjustments to our handset subsidies and other measures in the future to comply with regulatory requirements or the Government’s policy guidelines. For a discussion of adjustments in our rate structure, see “Item 4. Information on the Company—Item 4.B. Business Overview—Our Rates.”
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Acquisitions and Disposals of Interests in Subsidiaries and Joint Ventures
One key aspect of our overall business strategy calls for acquisitions of businesses and entering into joint ventures that complement or diversify our current business, as well as disposal or termination of such businesses from time to time. The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and our financial condition and results of operations may be affected as a result of such acquisitions, disposals or consolidation. Furthermore, pursuing acquisitions, joint venture and certain investment transactions also requires significant capital, and as we pursue further growth opportunities for the future, we may need to raise additional capital by incurring loans or through the issuances of bonds or other securities in the international capital markets, which may lead to increased levels of debt and debt servicing costs in the future.

Explanatory Note Regarding Presentation of Certain Financial Information under K-IFRS
In addition to preparing financial statements in accordance with IFRS as issued by the IASB included in this annual report, we prepare financial statements in accordance with K-IFRS, which we are required to file with the Financial Services Commission and the Korea Exchange under the FSCMA.
K-IFRS differs in certain respects from IFRS as issued by the IASB in the presentation of operating profit. Additionally, under K‑IFRS, revenue from the development and sale of real estate is recognized using the percentage of completion method. However, under IFRS as issued by the IASB, revenue from the development and sale of real estate is recognized when an individual unit of residential real estate is delivered to the buyer. Primarily due to such differences, our consolidated statements of comprehensive income and our consolidated statements of financial position prepared in accordance with IFRS as issued by the IASB included in this annual report differ from our consolidated statements of comprehensive income and consolidated statements of financial position prepared in accordance with K-IFRS.

The table below sets forth a reconciliation of our operating profit and net income or loss as presented in our consolidated statements of profit or loss prepared in accordance with IFRS as issued by the IASB for each of the years ended December 31, 2023, 2024 and 2025 to our operating profit and net income or loss in our consolidated statements of profit or loss prepared in accordance with K-IFRS, for each of the corresponding years, taking into account such differences:
For the Year Ended December 31,
202320242025
(In billions of Won)
Operating profit under IFRS as issued by the IASB₩1,428 ₩640 ₩2,529 
Differences under K-IFRS requiring other income and other expenses to be distinguished from operating revenue200 156 (76)
Revenue recognition of development, sale of real estate, etc.22 13 17 
Operating profit under K-IFRS₩1,650 ₩— ₩809 ₩2,470 
For the Year Ended December 31,
202320242025
(In billions of Won)
Net income under IFRS as issued by the IASB₩972 ₩407 ₩1,825 
Revenue recognition of development, sale of real estate, etc.22 13 ₩17 
Income tax(5)(3)₩(5)
Profit for the year under K-IFRS₩989 ₩417 ₩1,837 
Changes in Accounting Policies
For a summary of new standards, amendments and interpretations issued under IFRS as issued by the IASB, see Note 2.2 of the notes to the Consolidated Financial Statements.
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Operating Revenue and Operating Expenses
Operating Revenue
Our operating revenue primarily consists of:

•fees related to our mobile services, including monthly fees, usage charges for outgoing calls, usage charges for wireless data transmission, contents download fees, mobile-to-mobile interconnection revenue and value-added monthly service fees;
•fees from our fixed-line services, including:
Øbroadband Internet access service revenue, primarily consisting of installation fees and basic monthly charges;
Øfees from our fixed-line and VoIP telephone services, which include:
Ømonthly basic charges, which are one-time or monthly fixed charges primarily consisting of (i) non-refundable activation fees; and (ii) monthly fixed charges from local telephone services (or monthly fixed charges for discount plans);
Ømonthly usage charges, which are usage fees based on the amount of services used, primarily consisting of (i) monthly usage charges for local telephone and domestic long distance services; (ii) international long-distance service revenue, (primarily (a) amounts we bill to our customers for outgoing calls made to foreign countries, (b) amounts we bill to foreign telecommunications carriers for connection to the domestic telephone network in respect of incoming calls at the applicable settlement rate, and (c) other revenue, including revenue from international leased lines); (iii) land-to-mobile and land-to-land interconnection revenue; and (iv) interconnection fees we charge to fixed-line and mobile service providers and voice resellers for their use of our local, domestic long-distance and international networks in providing their services; and
Øother revenue from (i) value-added services, local telephone directory assistance, call waiting and caller identification services; and (ii) local, domestic long-distance and international calls placed from public telephones; and
Ødata communication services, primarily consisting of installation fees and basic monthly charges for our fixed-line and satellite leased line services and Kornet Internet connection service;
•revenue from media and content services, primarily consisting of installation fees and basic monthly charges of IPTV and satellite TV services, as well as revenue from digital music services, e-commerce services, online advertising consulting services and web comics and novels services;
•financial service revenue, primarily consisting of fees from credit card services provided by BC Card, our consolidated subsidiary in which we held a 69.5% interest as of December 31, 2025;
•revenue from our miscellaneous business activities categorized as “others,” including information technology and network services and rental of real estate; and
•revenue from sale of goods, primarily handsets related to our mobile services and miscellaneous telecommunications equipment, as well as sale of residential units and commercial real estate developed by KT Estate.
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Operating Expenses
Our operating expenses primarily include:
•employee benefit costs, including salaries and wages, post-employment benefits, termination benefits (including severance benefits for voluntary and special early retirements) and share-based payments;
•purchase of inventories, primarily consisting of (i) inventories purchased for our sale of mobile handsets and (ii) development costs of KT Estate for real estate units to be sold, and changes of inventories, which reflects increases or decreases of inventories of handsets, phones and for-sale real estate units during the applicable period;
•card service costs, primarily consisting of costs in connection with credit and cash card services provided by BC Card, including fees paid to member credit card companies in our network for marketing expenses;
•depreciation expenses incurred primarily in connection with our telecommunications network facilities;
•sales commissions, primarily consisting of sales commissions to third-party dealers related to procurement of mobile subscribers and mobile handset sales;
•service cost, primarily consisting of payments to IPTV and satellite TV content providers;
•commissions, primarily consisting of commission-based payments for certain third-party outsourcing services, including commissions to the outsourced call center staff;
•amortization expenses incurred primarily in connection with our intangible assets; and
•interconnection charges, which are interconnection payments to telecommunication service providers for calls from landline users and our mobile subscribers to our competitors’ subscribers.
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Operating Results—2025 Compared to 2024
The following table presents selected income statement data and changes therein for 2024 and 2025:
For the Year Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Operating revenue₩26,724 ₩28,548 ₩1,823 6.8%
Operating expenses26,084 26,019 (65)(0.2)
Operating profit640 2,529 1,889 295.1
Finance income918 627 (291)(31.7)
Finance costs995 772 (223)(22.4)
Share of net profits of associates and joint ventures9 18 9 108.7
Profit before income tax572 2,401 1,830 320.2
Income tax expense165 577 412 249.9
Profit for the year₩407 ₩1,825 1,418 348.7

Operating Revenue
The following table presents a breakdown of our operating revenue and changes therein for 2024 and 2025:
For the Year Ended
December 31,
Changes
2024 vs. 2025
Products and services20242025Amount%
(In billions of Won)
Mobile services₩7,318 ₩7,586 ₩268 3.7%
Fixed-line services:
Fixed-line and VoIP telephone services1,188 1,116 (72)(6.1)
Broadband Internet access services2,634 2,684 50 1.9
Data communication services1,335 1,392 57 4.2
Subtotal5,158 5,192 34 0.7
Media and content services3,107 3,085 (22)(0.7)
Financial services3,743 3,474 (269)(7.2)
Others4,025 4,346 321 8.0
Sale of goods (1)
3,374 4,865 1,491 44.2
Total operating revenue₩26,724 ₩28,548 1,823 6.8
_______________________
(1)Primarily related to sale of handsets for our mobile service and miscellaneous telecommunications equipment, as well as sale of residential units and commercial real estate developed by KT Estate.
Total operating revenue increased by 6.8%, or ￦1,823 billion, from ￦26,724 billion in 2024 to ￦28,548 billion in 2025 primarily due to increases in revenue from our sale of goods, information technology and network services categorized as “others” (particularly from the operation of Internet data centers and systems integration services), mobile services, data communication services and broadband Internet access services, which impact was partially offset by decreases in revenue from financial services, fixed-line and VoIP telephone services and media and content services.
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Mobile Services
Our mobile services revenue increased by 3.7%, or W268 billion, from W7,318 billion in 2024 to W7,586 billion in 2025 primarily due to an increase in our overall mobile subscribers, which was partially due to the transfer of subscribers of another mobile service provider following its cybersecurity incident in the first half of 2025, as well as increases in our average revenue per subscriber.
We recorded an 11.1% increase in our mobile subscribers from 26.1 million subscribers as of December 31, 2024 to 29.0 million subscribers as of December 31, 2025 due to (i) a 25.0% increase in our subscribers of mobile services for miscellaneous devices such as tablets and other IoT devices from 5.6 million as of December 31, 2024 to 7.0 million as of December 31, 2025, (ii) a 16.5% increase in our subscribers of MVNO mobile subscribers from 7.2 million as of December 31, 2024 to 8.4 million as of December 31, 2025 and (iii) a 2.0% increase in our MNO mobile phone subscribers from 13.4 million as of December 31, 2024 to 13.6 million as of December 31, 2025.
While our mobile services revenue in 2025 benefited from an increase in our overall mobile subscribers, which was partially due to the transfer of subscribers of another mobile service provider following its cybersecurity incident in the first half of 2025, the adverse effects from our own cybersecurity incident in September 2025 were only partially reflected in our 2025 results. In particular, our mobile service market share and a significant portion of the subscriber attrition is expected to affect our results of operations in 2026. For information on our cybersecurity incident, see “Item 3. Key Information—Item 3.D. Risk Factors—Cybersecurity breaches may expose us to significant legal and financial exposure, damage to our reputation and a loss of confidence of our customers.”
Our average revenue per user increased by 1.9%, or W656, from W34,524 in 2024 to W35,180 in 2025 mainly due to an increase in our users subscribing to 5G services and roaming services.

Fixed-line Services
Our fixed-line services revenue increased by 0.7%, or W34 billion, from W5,158 billion in 2024 to W5,192 billion in 2025, reflecting increases in revenue from data communication services and broadband Internet access services, the impact of which was partially offset by a decrease in revenue from fixed-line and VoIP telephone services.
Fixed-line and VoIP Telephone Services
Our fixed-line and VoIP telephone services revenue decreased by 6.1%, or W72 billion, from W1,188 billion in 2024 to W1,116 billion in 2025 primarily due to a decrease in the number of PSTN and VoIP lines in service from 11.5 million as of December 31, 2024 to 10.9 million as of December 31, 2025.
Broadband Internet Access Services
Our broadband Internet access services revenue increased by 1.9%, or W50 billion, from W2,634 billion in 2024 to W2,684 billion in 2025 primarily due to an increase in the number of subscribers to our premium services. The number of our KT GiGA Internet service subscribers increased from approximately 6.9 million as of December 31, 2024 to approximately 7.1 million as of December 31, 2025.
Data Communication Services
Our data communication services revenue increased by 4.2%, or W57 billion, from W1,335 billion in 2024 to W1,392 billion in 2025 primarily due to (i) increased revenue from major content service providers that experienced increases in traffic volume and data usage and (ii) increased subscriptions to Flexline, our premium enterprise network service.

Media and Content Services
Our media and content services revenue decreased by 0.7%, or W22 billion, from W3,107 billion in 2024 to W3,085 billion in 2025 primarily due to the divestiture of PlayD, a subsidiary that provided online
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advertising services. Such decrease was partially offset by an increase in the number of IPTV subscribers opting for higher priced premium plans. The number of IPTV subscribers increased from approximately 9.4 million as of December 31, 2024 to approximately 9.5 million as of December 31, 2025.
Financial Services
Financial services revenue decreased by 7.2%, or W269 billion, from W3,743 billion in 2024 to W3,474 billion in 2025 primarily due to a decrease in fees from credit card services of BC Card reflecting a reduction in the transaction volume of credit cards utilizing BC Card services.

Others
Other operating revenue increased by 8.0%, or W321 billion, from W4,025 billion in 2024 to W4,346 billion in 2025 primarily due to an increase in revenue from our information technology services, particularly from the operation of Internet data centers, as well an increase in revenue from KT Estate driven by increases in revenue from hotel operations and rental housing.
Sale of Goods
Revenue from sale of goods increased by 44.2%, or W1,491 billion, from W3,374 billion in 2024 to W4,865 billion in 2025 primarily due to apartment sales from a real estate development project in Gwangjin-gu, Seoul, which accounted for approximately W1 trillion of such revenue.
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Operating Expenses
The following table presents a breakdown of our operating expenses and changes therein for 2024 and 2025:
For the Year Ended
December 31,		Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Employee benefit costs₩5,628 ₩4,593 ₩(1,035)(18.4)%
Depreciation2,828 2,850 22 0.8
Depreciation of right-of-use assets411 431 20 4.9
Amortization of intangible assets639 600 (40)(6.2)
Commissions1,403 1,588 184 13.1
Interconnection charges411 397 (14)(3.3)
International interconnection fee139 129 (9)(6.8)
Purchase of inventories3,527 3,668 141 4.0
Changes of inventories(28)550 578 N.A.
(1)
Sales commissions2,258 2,600 341 15.1
Service costs2,142 2,446 304 14.2
Utilities556 571 15 2.7
Taxes and dues265 268 3 1.0
Rent148 154 6 4.0
Insurance premium68 68 (0)(0.1)
Installation fees165 173 8 4.8
Advertising expenses169 169 (0)(0.2)
Allowance for bad debts151 121 (30)(20.1)
Card service costs3,009 2,794 (215)(7.2)
Loss on disposal of property and equipment90 52 (39)(42.8)
Loss on disposal of intangible assets10 9 (1)(7.8)
Loss on disposal of right-of-use assets3 3 0 9.2
Loss on disposal of investments in associates0 2 2 N.A.
(1)
Loss on disposal of investments in subsidiaries8 7 (1)(17.9)
Impairment loss on property and equipment7 15 8 113.2
Impairment loss on intangible assets239 43 (196)(82.0)
Donations9 14 5 52.4
Other allowance for bad debts26 20 (7)(25.3)
Others1,802 1,686 (116)(6.4)
Total operating expenses₩26,084 ₩26,019 (65)(0.2)
_______________________
(1) N.A. means not available.
Total operating expenses decreased by 0.2%, or ￦65 billion, from ￦26,084 billion in 2024 to ￦26,019 billion in 2025 primarily due to decreases in employee benefit costs, card service costs and impairment loss on intangible assets, which impact was partially offset by fluctuations in changes of inventories and increases in sales commissions and service costs. Specifically:
•Employee benefit costs, which include salaries and wages, post-employment benefits and termination benefits, decreased by 18.4%, or W1,035 billion, from W5,628 billion in 2024 to W4,593 billion in 2025 primarily due to (i) W956 billion of benefits paid under our special voluntary retirement program implemented in the fourth quarter of 2024, which was not repeated in 2025 and (ii) a decrease in the number of our employees following such retirement program.
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•Card service costs decreased by 7.2%, or W215 billion, from W3,009 billion in 2024 to W2,794 billion in 2025 primarily due to a decrease in the card service costs of BC Card reflecting a reduction in the transaction volume of credit cards utilizing BC Card services.
•Impairment loss on intangible assets decreased by 82.0%, or W196 billion, from W239 billion in 2024 to W43 billion in 2025 primarily due to impairment losses on goodwill recognized in 2024 relating to HCN Co., Ltd. and Epsilon Global Communications Pte. Ltd., which did not recur in 2025.
These factors were partially offset by the following:
•We recorded changes of inventories of W(28) billion in 2024 compared to changes of inventories of W550 billion in 2025 primarily due to a decrease in inventories related to mobile handsets, which reflected, in part, higher levels of handsets sold in connection with the increase in our overall mobile subscribers as discussed above.
•Sales commissions increased by 15.1%, or W341 billion, from W2,258 billion in 2024 to W2,600 billion in 2025 primarily due to (i) an increase in subscribers, which was partially attributable to subscriber migration from another mobile service provider following its cybersecurity incident in the first half of 2025 and (ii) customer compensation expenses incurred in connection with our cybersecurity incident in September 2025, including costs associated with voluntary measures, such as SIM card replacements and customer compensation packages.

•Service costs increased by 14.2%, or ￦304 billion, from ￦2,142 billion in 2024 to ￦2,446 billion in 2025 primarily due to service costs incurred by kt cloud related to internet data center and cloud operations.
Operating Profit
Due to the factors described above, our operating profit increased by 295.1%, or W1,889 billion, from W640 billion in 2024 to W2,529 billion in 2025. Our operating margin, which is operating profit as a percentage of operating revenue, increased from 2.4% in 2024 to 8.9% in 2025.
Finance Income (Costs)
The following table presents a breakdown of our finance income and costs and changes therein for 2024 and 2025:
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For the Year Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Interest income₩304 ₩259 ₩(44)(14.6)%
Gain on foreign currency transactions27 90 63 231.2
Gain on foreign currency translation44 86 42 97.0
Gain on derivative transactions49 12 (37)(75.3)
Gain on valuation of derivatives399 65 (335)(83.8)
Gain on disposal of trade receivables— — — 
N.A.(1)
Gain on valuation of financial instruments13 42 29 217.2
Others82 73 (9)(11.5)
Total finance income₩918 ₩627 (291)(31.7)
Interest expenses₩375 ₩366 (9)(2.3)
Loss on foreign currency transactions49 19 (30)(61.7)
Loss on foreign currency translation427 74 (353)(82.8)
Loss on derivative transactions11 80 69 650.0
Loss on valuation of derivatives4 63 59 1,553.3
Loss on disposal of trade receivables8 13 5 64.4
Loss on valuation of financial instruments112 153 41 36.6
Others9 4 (5)(52.9)
Total finance costs₩995 ₩772 (223)(22.4)
_______________________
(1) N.A. means not available.
We recognized net gain on foreign currency translation of W12 billion in 2025 compared to net loss on foreign currency translation of W383 billion in 2024, as the Won depreciated against the U.S. dollar at year-end 2024 but appreciated at year-end 2025. In terms of the Market Average Exchange Rate, the Won depreciated against the U.S. dollar from W1,289.4 to US$1.00 as of December 31, 2023 to W1,470.0 to US$1.00 as of December 31, 2024, but appreciated to W1,434.9 to US$1.00 as of December 31, 2025. In addition, we recognized net gain on foreign currency transactions of W71 billion in 2025 compared to net loss on foreign currency transactions of W22 billion in 2024, as the average value of the Won against the U.S. dollar depreciated in 2024 and further depreciated in 2025. The Market Average Exchange Rate, which was W1,305.4 to US$1.00 as of December 31, 2023, depreciated during 2024 to an average of W1,364.0 to US$1.00 in 2024 and further depreciated during 2025 to an average of W1,422.2 to US$1.00 in 2025. Against such fluctuations, our net gain on valuation of derivatives decreased by 99.5%, or W393 billion, from W395 billion in 2024 to W2 billion in 2025, and we recognized net loss on derivative transactions of W68 billion in 2025 compared to net gain of W38 billion in 2024.
Our net loss on valuation of financial instruments increased by 12.6%, or W13 billion, from W99 billion in 2024 to W111 billion in 2025 primarily due to an increase in the valuation loss of our investments in TeamFresh Co., Ltd.

Our interest income decreased by 14.6%, or W44 billion, from W304 billion in 2024 to W259 billion in 2025 primarily due to generally lower levels of interest-earning assets and interest rates in 2025 compared to 2024.

Our interest expenses decreased by 2.3%, or W9 billion, from W375 billion in 2024 to W366 billion in 2025 primarily due to generally lower levels of interest rates in 2025 compared to 2024.

Share of Net Profits of Associates and Joint Ventures
Our share of net profits of associates and joint ventures increased by 108.7%, or W9 billion, from W9 billion in 2024 to W18 billion in 2025. In 2024, our share of net profit of associates and joint ventures consisted
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primarily of our share of profit from (i) Kbank of W44 billion and (ii) KIF Investment Fund of W12 billion, the impact of which was significantly offset by our share of loss from other associates and joint ventures of W36 billion, partly attributable to KT Investment Co., Ltd. In 2025, our share of net profit of associates and joint ventures consisted primarily of our share of profit from (i) Kbank of W32 billion and (ii) KIF Investment Fund of W7 billion, the impact of which was significantly offset by our share of loss from other associates and joint ventures of W23 billion, partly attributable to KT Investment Co., Ltd.
Income Tax Expense
Income tax expense increased by 249.9%, or W412 billion, from W165 billion in 2024 to W577 billion in 2025, as our profit before income tax increased by 320.2%, or W1,829 billion, from W572 billion in 2024 to W2,401 billion in 2025. Our effective tax rate was 28.8% in 2024 and 24.0% in 2025. See Note 30 of the notes to the Consolidated Financial Statements.
Profit for the Year
Due to the factors described above, our profit for the year increased by 348.7%, or W1,418 billion, from ￦407 billion in 2024 to W1,825 billion in 2025. Our net profit margin, which is net profit for the year as a percentage of operating revenue, increased from 1.5% in 2024 to 6.4% in 2025.
Segment Results—ICT
The following table presents selected income statement data of the ICT segment and changes therein for 2024 and 2025:
For the Year Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Operating revenue₩18,929 ₩19,592 ₩663 3.5%
Operating expenses18,496 18,135 (361)(2.0)
Operating income433 1,457 1,024 236.7
Depreciation and amortization (1)
3,231 3,241 11 0.3
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our ICT segment, prior to adjusting for inter-segment transactions, increased by 3.5%, or W663 billion, from W18,929 billion in 2024 to W19,592 billion in 2025, primarily due to increases in revenue from our mobile services, broadband Internet access services and data communication services, which impact was offset by decreases in revenue from our fixed-line and VoIP telephone services, as described above. The increase in revenue from our mobile services was primarily due to an increase in our overall mobile subscribers, which was partially due to the transfer of subscribers of another mobile service provider following its cybersecurity incident in the first half of 2025 as discussed above.

The operating income for our ICT segment, prior to adjusting for inter-segment transactions, increased by 236.7%, or W1,024 billion, from W433 billion in 2024 to W1,457 billion in 2025, as the W663 billion increase in the segment’s operating revenue was enhanced by the W361 billion decrease in operating expenses. For this segment, operating margin, which is operating profit as a percentage of total operating revenue prior to adjusting for inter-segment transactions, increased from 2.3% in 2024 to 7.4% in 2025.
Depreciation and amortization for our ICT segment, prior to adjusting for inter-segment transactions, increased by 0.3%, or W11 billion, from W3,231 billion in 2024 to W3,241 billion in 2025.
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Segment Results—Finance
The following table presents selected income statement data of the finance segment and changes therein for 2024 and 2025:
For the Year
Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Operating revenue₩3,559 ₩3,361 ₩(198)(5.6)%
Operating expenses3,415 3,209 (207)(6.1)
Operating income143 152 9 6.2
Depreciation and amortization (1)
34 29 (5)(14.1)
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our finance segment, prior to adjusting for inter-segment transactions, decreased by 5.6%, or W198 billion, from W3,559 billion in 2024 to W3,361 billion in 2025 primarily due to a decrease in revenue of BC Card’s value added network business.
The operating income for our finance segment, prior to adjusting for inter-segment transactions, increased by 6.2%, or W9 billion, from W143 billion in 2024 to W152 billion in 2025, as the W207 billion decrease in the segment’s operating expenses outpaced the W198 billion decrease in operating revenue. For this segment, operating margin increased from 4.0% in 2024 to 4.5% in 2025.
Depreciation and amortization for our finance segment, prior to adjusting for inter-segment transactions, decreased by 14.1%, or W5 billion, from W34 billion in 2024 to W29 billion in 2025.
Segment Results—Satellite TV
The following table presents selected income statement data of the satellite TV segment and changes therein for 2024 and 2025:
For the Year
Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Operating revenue₩710 ₩688 ₩(22)(3.0)%
Operating expenses817 663 (154)(18.9)
Operating income (loss)(107)26 133 
N.A.(2)
Depreciation and amortization (1)
48 44 (4)(7.5)
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
(2)N.A. means not available.

Our operating revenue for the satellite TV segment, prior to adjusting for inter-segment transactions, decreased by 3.0%, or W22 billion, from W710 billion in 2024 to W688 billion in 2025 due to a decrease in consolidated operating revenue of KT Skylife.
The satellite TV segment recognized operating loss, prior to adjusting for inter-segment transactions, of W107 billion in 2024 compared to operating income, prior to adjusting for inter-segment transactions, of W26 billion in 2025, as the W154 billion decrease in the segment’s operating expenses outpaced the W22 billion decrease in operating revenue. For this segment, operating loss margin was 15.1% in 2024 and operating margin was 3.7% in 2025.
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Depreciation and amortization for our satellite TV segment, prior to adjusting for inter-segment transactions, decreased by 7.5%, or W4 billion, from W48 billion in 2024 to W44 billion in 2025.
Segment Results—Real Estate
The following table presents selected income statement data of the real estate segment and changes therein for 2024 and 2025:
For the Year Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Operating revenue₩547 ₩693 ₩146 26.8%
Operating expenses462 594 132 28.6 
Operating income85 100 14 16.8 
Depreciation and amortization (1)
69 71 2 2.5 
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our real estate segment, prior to adjusting for inter-segment transactions, increased by 26.8%, or W146 billion, from W547 billion in 2024 to W693 billion in 2025 primarily due to increases in revenues from apartment presales and hotel operations.
The operating income for our real estate segment, prior to adjusting for inter-segment transactions, increased by 16.8%, or W14 billion, from W85 billion in 2024 to W100 billion in 2025, as the W146 billion increase in the segment’s operating revenue outpaced the W132 billion increase in operating expenses. Operating margin for this segment decreased from 15.6% in 2024 to 14.4% in 2025.
Depreciation and amortization for our real estate segment, prior to adjusting for inter-segment transactions, increased by 2.5%, or W2 billion, from W69 billion in 2024 to W71 billion in 2025.
Segment Results—Others
The following table presents selected income statement data of the others segment and changes therein for 2024 and 2025:
For the Year
Ended
December 31,
Changes
2024 vs. 2025
20242025Amount%
(In billions of Won)
Operating revenue₩8,223 ₩10,474 ₩2,251 27.4%
Operating expenses8,157 9,703 1,546 18.9 
Operating income66 771 706 1,076.1
Depreciation and amortization (1)
605 628 23 3.8 
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our others segment, prior to adjusting for inter-segment transactions, increased by 27.4%, or W2,251 billion, from W8,223 billion in 2024 to W10,474 billion in 2025, primarily due to an increase in revenue from our information technology and network services, particularly from the operation of Internet data centers and systems integration services.
The operating income for our others segment, prior to adjusting for inter-segment transactions, increased by 1,076.1%, or W706 billion, from W66 billion in 2024 to W771 billion in 2025, as the W2,251 billion
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increase in the segment’s operating revenue outpaced the W1,546 billion increase in operating expenses. Operating margin for this segment increased from 0.8% in 2024 to 7.4% in 2025.
Depreciation and amortization for this segment, prior to adjusting for inter-segment transactions, increased by 3.8%, or W23 billion, from W605 billion in 2024 to W628 billion in 2025.
Operating Results—2024 Compared to 2023
The following table presents selected income statement data and changes therein for 2023 and 2024:
For the Year Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Operating revenue₩26,595 ₩26,724 ₩129 0.5%
Operating expenses25,167 26,084 918 3.6
Operating profit1,428 640 (788)(55.2)
Finance income486 918 431 88.7
Finance costs569 995 426 74.9
Share of net profits of associates and joint ventures(43)9 52 N.A.
(1)
Profit before income tax1,303 572 (731)(56.1)
Income tax expense330 165 (165)(50.0)
Profit for the year₩972 ₩407 (566)(58.2)
_______________________
N.A. means not available.
Operating Revenue
The following table presents a breakdown of our operating revenue and changes therein for 2023 and 2024:
For the Year Ended
December 31,
Changes
2023 vs. 2024
Products and services20232024Amount%
(In billions of Won)
Mobile services₩7,140 ₩7,318 ₩178 2.5%
Fixed-line services:
Fixed-line and VoIP telephone services1,249 1,188 (61)(4.9)
Broadband Internet access services2,579 2,634 56 2.2
Data communication services1,315 1,335 20 1.6
Subtotal5,142 5,158 15 0.3
Media and content services3,207 3,107 (99)(3.1)
Financial services3,968 3,743 (225)(5.7)
Others3,846 4,025 179 4.7
Sale of goods (1)
3,293 3,374 81 2.5
Total operating revenue₩26,595 ₩26,724 129 0.5
_______________________
(1)Primarily related to sale of handsets for our mobile service and miscellaneous telecommunications equipment, as well as sale of residential units and commercial real estate developed by KT Estate.
Total operating revenue increased by 0.5%, or ￦129 billion, from ￦26,595 billion in 2023 to ￦26,724 billion in 2024 primarily due to increases in revenue from our information technology and network services
56
categorized as “others” (particularly from the operation of Internet data centers and systems integration services), mobile services, sale of goods and broadband Internet access services, which impact was partially offset by decreases in revenue from financial services, media and content services and fixed-line and VoIP telephone services.
Mobile Services
Our mobile services revenue increased by 2.5%, or ￦178 billion, from ￦7,140 billion in 2023 to ￦7,318 billion in 2024 primarily due to increases in our average revenue per subscriber and the number of our MVNO mobile subscribers, as well as the reclassification of revenue generated from KT Skylife related to MVNO mobile subscribers procured by it starting in 2024, which was previously recognized under media and content services.
Our average revenue per user increased by 1.6%, or ￦559, from ￦33,965 in 2023 to ￦34,524 in 2024 mainly due to an increase in our users subscribing to 5G services and roaming services.
We recorded a 5.0% increase in our mobile subscribers from 24.9 million subscribers as of December 31, 2023 to 26.1 million subscribers as of December 31, 2024 due to (i) a 31.6% increase in our subscribers of mobile services for miscellaneous devices such as tablets and other IoT devices from 4.2 million as of December 31, 2023 to 5.6 million as of December 31, 2024 (primarily from an addition of a significant number of IoT subscribers of Korea Electric Power Corporation’s electricity usage reporting services in the second half of 2024) and (ii) a 0.6% increase in our subscribers of MVNO mobile subscribers from 7.1 million as of December 31, 2023 to 7.2 million as of December 31, 2024, the impact of which was partially offset by a 1.1% decrease in our MNO mobile phone subscribers from 13.5 million as of December 31, 2023 to 13.4 million as of December 31, 2024.
Fixed-line Services
Our fixed-line services revenue increased by 0.3%, or ￦15 billion, from ￦5,142 billion in 2023 to ￦5,158 billion in 2024, reflecting increases in revenue from broadband Internet access services and data communication services, the impact of which was partially offset by a decrease in revenue from fixed-line and VoIP telephone services.
Fixed-line and VoIP Telephone Services. Our fixed-line and VoIP telephone services revenue decreased by 4.9%, or ￦61 billion, from ￦1,249 billion in 2023 to ￦1,188 billion in 2024 primarily due to a decrease in the number of PSTN and VoIP lines in service from 12.0 million as of December 31, 2023 to 11.5 million as of December 31, 2024.
Broadband Internet Access Services. Our broadband Internet access services revenue increased by 2.2%, or ￦56 billion, from ￦2,579 billion in 2023 to ￦2,634 billion in 2024 primarily due to an increase in the number of subscribers to our premium services. The number of our KT GiGA Internet service subscribers increased from approximately 6.7 million as of December 31, 2023 to approximately 6.9 million as of December 31, 2024.
Data Communication Services. Our data communication services revenue increased by 1.6%, or ￦20 billion, from ￦1,315 billion in 2023 to ￦1,335 billion in 2024 primarily due to increases in revenue from (i) major content service providers that experienced increases in traffic volume and data usage and (ii) the provision of additional services to local governments, including installations of additional CCTVs as well as enhancements of network lines.
Media and Content Services
Our media and content services revenue decreased by 3.1%, or ￦99 billion, from ￦3,207 billion in 2023 to ￦3,107 billion in 2024 primarily due to (i) the reclassification of revenue generated from KT Skylife related to MVNO mobile subscribers procured by it as mobile services starting in 2024, and (ii) a downturn in the content creation and online advertising industries caused by deteriorating economic conditions, which in turn led to decreases in original content productions and online advertisements provided through KT Nasmedia and PlayD. Such impacts were partially offset by an increase in the number of IPTV subscribers opting for higher
57
priced premium plans. The number of IPTV subscribers remained constant at approximately 9.4 million as of December 31, 2023 and 2024.
Financial Services
Financial services revenue decreased by 5.7%, or ￦225 billion, from ￦3,968 billion in 2023 to ￦3,743 billion in 2024 primarily due to a decrease in fees from credit card services of BC Card reflecting a reduction in the transaction volume of credit cards utilizing BC Card services.
Others
Other operating revenue increased by 4.7%, or ￦179 billion, from ￦3,846 billion in 2023 to ￦4,025 billion in 2024 primarily due to an increase in revenue from our information technology services, particularly from the operation of Internet data centers, as well an increase in revenue from KT Estate driven by increases in revenue from hotel operations and rental housing.
Sale of Goods
Revenue from sale of goods increased by 2.5%, or ￦81 billion, from ￦3,293 billion in 2023 to ￦3,374 billion in 2024 primarily reflecting increases in sales of educational smart devices and e-commerce products, particularly cosmetics.
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Operating Expenses
The following table presents a breakdown of our operating expenses and changes therein for 2023 and 2024:
For the Year Ended
December 31,		Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Employee benefit costs₩4,557 ₩5,628 ₩1,071 23.5%
Depreciation2,724 2,828 104 3.8
Depreciation of right-of-use assets403 411 8 2.0
Amortization of intangible assets684 639 (45)(6.5)
Commissions1,265 1,403 139 11.0
Interconnection charges437 411 (26)(5.9)
International interconnection fee140 139 (2)(1.2)
Purchase of inventories3,595 3,527 (69)(1.9)
Changes of inventories(203)(28)175 (86.2)
Sales commissions2,353 2,258 (95)(4.0)
Service costs2,230 2,142 (88)(3.9)
Utilities545 556 11 2.1
Taxes and dues251 265 15 5.8
Rent168 148 (20)(11.9)
Insurance premium67 68 2 2.6
Installation fees174 165 (9)(5.3)
Advertising expenses154 169 15 10.0
Allowance for bad debts151 151 1 0.6
Card service costs3,189 3,009 (180)(5.7)
Loss on disposal of property and equipment73 90 18 24.3
Loss on disposal of intangible assets5 10 4 82.3
Loss on disposal of right-of-use assets2 3 0 21.9
Loss on disposal of investments in associates— 0 0 N.A.
(1)
Loss on disposal of investments in subsidiaries— 8 8 N.A.
(1)
Impairment loss on property and equipment8 7 (1)(8.7)
Impairment loss on intangible assets236 239 3 1.3
Donations25 9 (15)(61.5)
Other allowance for bad debts34 26 (8)(22.4)
Others1,902 1,802 (101)(5.3)
Total operating expenses₩25,167 ₩26,084 918 3.6
_______________________
N.A. means not available.
Total operating expenses increased by 3.6%, or ￦918 billion, from ￦25,167 billion in 2023 to ￦26,084 billion in 2024 primarily due to increases in employee benefit costs, changes of inventories, commissions and depreciation expenses, which impact was partially offset by decreases in card service costs, sales commissions and service cost. Specifically:
•Employee benefit costs, which include salaries and wages, post-employment benefits and termination benefits, increased by 23.5%, or ￦1,071 billion, from ￦4,557 billion in 2023 to ￦5,628 billion in 2024 primarily due to ￦956 billion of benefits paid under our special voluntary retirement program implemented in the fourth quarter of 2024 to optimize our workforce, pursuant to which approximately 2,700 employees elected to retire early and approximately 1,700 employees chose to transfer to a newly established KT subsidiary, for which they were paid additional benefits for making this transition.
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•Changes of inventories decreased by 86.2%, or ￦175 billion, from ￦(203) billion in 2023 to ￦(28) billion in 2024 primarily due to an increase in inventories related to KT Estate’s large-scale real estate project in Gangbuk, Seoul, in 2024.
•Commissions increased by 11.0%, or ￦139 billion, from ￦1,265 billion in 2023 to ￦1,403 billion in 2024 primarily reflecting general increases in commission costs related to system development for the launch of new services, as well as other miscellaneous commission costs.
•Depreciation expenses increased by 3.8%, or ￦104 billion, from ￦2,724 billion in 2023 to ￦2,828 billion in 2024 primarily reflecting increase in depreciable assets.
These factors were partially offset by the following:
•Card service costs decreased by 5.7%, or ￦180 billion, from ￦3,189 billion in 2023 to ￦3,009 billion in 2024 primarily due to a decrease in the card service costs of BC Card reflecting a reduction in the transaction volume of credit cards utilizing BC Card services.
•Sales commissions decreased by 4.0%, or ￦95 billion, from ￦2,353 billion in 2023 to ￦2,258 billion in 2024 primarily due to a decrease in the number of newly acquired MNO mobile subscribers.
•Service costs decreased by 3.9%, or ￦88 billion, from ￦2,230 billion in 2023 to ￦2,142 billion in 2024 primarily due to the elimination of service cost related to Lolab Co., Ltd., following our divestiture.
Operating Profit
Due to the factors described above, our operating profit decreased by 55.2%, or ￦788 billion, from ￦1,428 billion in 2023 to ￦640 billion in 2024. Our operating margin, which is operating profit as a percentage of operating revenue, decreased from 5.4% in 2023 to 2.4% in 2024.
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Finance Income (Costs)
The following table presents a breakdown of our finance income and costs and changes therein for 2023 and 2024:
For the Year Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Interest income₩280 ₩304 ₩24 8.6%
Gain on foreign currency transactions27 27 (0 )(0.5)
Gain on foreign currency translation12 44 32 264.8
Gain on derivative transactions12 49 36 294.7
Gain on valuation of derivatives50 399 349 700.4
Gain on disposal of trade receivables3 — (3)N.A.
Gain on valuation of financial instruments32 13 (19)(59.5)
Others69 82 13 18.9
Total finance income₩486 ₩918 431 88.7
Interest expenses₩356 ₩375 18 5.1
Loss on foreign currency transactions34 49 15 43.8
Loss on foreign currency translation96 427 331 345.9
Loss on derivative transactions0 11 10 2,454.2
Loss on valuation of derivatives7 4 (3)(42.5)
Loss on disposal of trade receivables18 8 (10)(55.8)
Loss on valuation of financial instruments55 112 57 103.7
Others2 9 7 312.5
Total finance costs₩569 ₩995 426 74.9
_______________________
N.A. means not available.
Our net loss on foreign currency translation increased by 357.4%, or ￦299 billion, from ￦84 billion in 2023 to ￦383 billion in 2024, as the Won depreciated against the U.S. dollar at year-end 2023 and further depreciated (to a much greater extent) at year-end 2024. In terms of the Market Average Exchange Rate, the Won depreciated against the U.S. dollar from ￦1,267.3 to US$1.00 as of December 31, 2022 to ￦1,289.4 to US$1.00 as of December 31, 2023, and further depreciated to ￦1,470.0 to US$1.00 as of December 31, 2024. In addition, our net loss on foreign currency transactions increased by 220.6%, or ￦15 billion, from ￦7 billion in 2023 to ￦22 billion in 2024, as the average value of the Won against the U.S. dollar depreciated in 2023 and further depreciated (to a much greater extent) in 2024. The Market Average Exchange Rate, which was ￦1,292.0 to US$1.00 as of December 31, 2022, depreciated during 2023 to an average of ￦1,305.4 to US$1.00 in 2023 and further depreciated during 2024 to an average of ￦1,364.0 to US$1.00 in 2024. Against such fluctuations, our net gain on valuation of derivatives increased by 813.7%, or ￦352 billion, from ￦43 billion in 2023 to ￦395 billion in 2024, and our net gain on derivative transactions increased by 219.0%, or ￦26 billion, from ￦12 billion in 2023 to ￦38 billion in 2024.
Our net loss on valuation of financial instruments increased by 338.5%, or ￦76 billion, from ￦23 billion in 2023 to ￦99 billion in 2024 primarily due to an increase in the valuation loss of our investments in TeamFresh Corp.
Our interest income increased by 8.6%, or ￦24 billion, from ￦280 billion in 2023 to ￦304 billion in 2024 primarily due to an increase in our interest-earning cash and cash equivalents in 2024 compared to 2023.
Our interest expenses increased by 5.1%, or ￦18 billion, from ￦356 billion in 2023 to ￦375 billion in 2024 primarily due to general increases in interest rates in Korea and abroad in 2024 compared to 2023.
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Share of Net Profits (Losses) of Associates and Joint Ventures
We recognized net loss of associates and joint ventures of ￦43 billion in 2023 compared to net profit of associates and joint ventures of ￦9 billion in 2024. In 2023, our share of net loss of associates and joint ventures consisted primarily of our share of loss from (i) a real estate investment company invested by KT Estate of ￦25 billion, (ii) IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395 of ￦5 billion and (iii) Megazone Cloud Corporation of ￦5 billion, the impact of which was partially offset by our share of profit from KIF Investment Fund of ￦5 billion. In 2024, our share of net profit of associates and joint ventures consisted primarily of our share of profit from (i) Kbank of ￦44 billion and (ii) KIF Investment Fund of ￦12 billion, the impact of which was significantly offset by our share of loss from other associates and joint ventures of ￦36 billion, partly attributable to KT Investment Co., Ltd.
Income Tax Expense
Income tax expense decreased by 50.0%, or ￦165 billion, from ￦330 billion in 2023 to ￦165 billion in 2024, as our profit before income tax decreased by 56.1%, or ￦731 billion, from ￦1,303 billion in 2023 to ￦572 billion in 2024. Our effective tax rate was 25.4% in 2023 and 28.8% in 2024. See Note 30 of the notes to the Consolidated Financial Statements.
Profit for the Year
Due to the factors described above, our profit for the year decreased by 58.2%, or ￦566 billion, from ￦972 billion in 2023 to ￦407 billion in 2024. Our net profit margin, which is net profit for the year as a percentage of operating revenue, decreased from 3.7% in 2023 to 1.5% in 2024.
Segment Results—ICT
The following table presents selected income statement data of the ICT segment and changes therein for 2023 and 2024:
For the Year Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Operating revenue₩18,699 ₩18,929 ₩230 1.2%
Operating expenses17,506 18,496 990 5.7
Operating income1,193 433 (761)(63.7)
Depreciation and amortization (1)
3,183 3,231 47 1.5
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our ICT segment, prior to adjusting for inter-segment transactions, increased by 1.2%, or ￦230 billion, from ￦18,699 billion in 2023 to ￦18,929 billion in 2024, primarily due to increases in revenue from our mobile services, broadband Internet access services and data communication services, which impact was offset by decreases in revenue from our fixed-line and VoIP telephone services, as described above.
The operating income for our ICT segment, prior to adjusting for inter-segment transactions, decreased by 63.7%, or ￦761 billion, from ￦1,193 billion in 2023 to ￦433 billion in 2024, as the ￦990 billion increase in the segment’s operating expenses outpaced the ￦230 billion increase in operating revenue. For this segment, operating margin, which is operating profit as a percentage of total operating revenue prior to adjusting for inter-segment transactions, decreased from 6.4% in 2023 to 2.3% in 2024.
Depreciation and amortization for our ICT segment, prior to adjusting for inter-segment transactions, increased by 1.5%, or ￦47 billion, from ￦3,183 billion in 2023 to ￦3,231 billion in 2024.
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Segment Results—Finance
The following table presents selected income statement data of the finance segment and changes therein for 2023 and 2024:
For the Year
Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Operating revenue₩3,723 ₩3,559 ₩(165)(4.4)%
Operating expenses3,632 3,415 (216)(6.0)
Operating income92 143 52 56.4
Depreciation and amortization (1)
37 34 (4)(9.5)
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our finance segment, prior to adjusting for inter-segment transactions, decreased by 4.4%, or ￦165 billion, from ￦3,723 billion in 2023 to ￦3,559 billion in 2024 primarily due to a decrease in revenue of BC Card’s value added network business.
The operating income for our finance segment, prior to adjusting for inter-segment transactions, increased by 56.4%, or ￦52 billion, from ￦92 billion in 2023 to ￦143 billion in 2024, as the ￦216 billion decrease in the segment’s operating expenses outpaced the ￦165 billion decrease in operating revenue. For this segment, operating margin increased from 2.5% in 2023 to 4.0% in 2024.
Depreciation and amortization for our finance segment, prior to adjusting for inter-segment transactions, decreased by 9.5%, or ￦4 billion, from ￦37 billion in 2023 to ￦34 billion in 2024.
Segment Results—Satellite TV
The following table presents selected income statement data of the satellite TV segment and changes therein for 2023 and 2024:
For the Year
Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Operating revenue₩715 ₩710 ₩(5)(0.6)%
Operating expenses785 817 33 4.2 
Operating loss(70)(107)(37)53.1 
Depreciation and amortization (1)
53 48 (5)(9.0)
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
Our operating revenue for the satellite TV segment, prior to adjusting for inter-segment transactions, decreased by 0.6%, or ￦5 billion, from ￦715 billion in 2023 to ￦710 billion in 2024 due to a decrease in consolidated operating revenue of KT Skylife.
Our operating loss for the satellite TV segment, prior to adjusting for inter-segment transactions, increased by 53.1%, or ￦37 billion from ￦70 billion in 2023 to ￦107 billion in 2024, as the ￦33 billion increase in the segment’s operating expenses was enhanced by the ￦5 billion decrease in operating revenue. Operating loss margin for this segment increased from 9.8% in 2023 to 15.1% in 2024.
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Depreciation and amortization for our satellite TV segment, prior to adjusting for inter-segment transactions, decreased by 9.0%, or ￦5 billion, from ￦53 billion in 2023 to ￦48 billion in 2024.
Segment Results—Real Estate
The following table presents selected income statement data of the real estate segment and changes therein for 2023 and 2024:
For the Year Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Operating revenue₩500 ₩547 ₩47 9.4%
Operating expenses427 462 35 8.2 
Operating income73 85 12 16.1 
Depreciation and amortization (1)
71 69 (1)(1.8)
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our real estate segment, prior to adjusting for inter-segment transactions, increased by 9.4%, or ￦47 billion, from ￦500 billion in 2023 to ￦547 billion in 2024 primarily due to increases in revenues from apartment presales and hotel operations.
The operating income for our real estate segment, prior to adjusting for inter-segment transactions, increased by 16.1%, or ￦12 billion, from ￦73 billion in 2023 to ￦85 billion in 2024, as the ￦47 billion increase in the segment’s operating revenue outpaced the ￦35 billion increase in operating expenses. Operating margin for this segment increased from 14.7% in 2023 to 15.6% in 2024.
Depreciation and amortization for our real estate segment, prior to adjusting for inter-segment transactions, decreased by 1.8%, or ￦1 billion, from ￦71 billion in 2023 to ￦69 billion in 2024.
Segment Results—Others
The following table presents selected income statement data of the others segment and changes therein for 2023 and 2024:
For the Year
Ended
December 31,
Changes
2023 vs. 2024
20232024Amount%
(In billions of Won)
Operating revenue₩8,145 ₩8,223 ₩78 1.0%
Operating expenses8,048 8,157 110 1.4 
Operating income98 66 (32)(32.8)
Depreciation and amortization (1)
585 605 20 3.4 
_______________________
(1)Sum of the amortization of tangible assets, intangible assets, investment properties and right-of-use assets.
The operating revenue for our others segment, prior to adjusting for inter-segment transactions, increased by 1.0%, or ￦78 billion, from ￦8,145 billion in 2023 to ￦8,223 billion in 2024, primarily due to an increase in revenue from our information technology and network services, particularly from the operation of Internet data centers and systems integration services.
The operating income for our others segment, prior to adjusting for inter-segment transactions, decreased by 32.8%, or ￦32 billion, from ￦98 billion in 2023 to ￦66 billion in 2024, as the ￦110 billion increase
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in the segment’s operating expenses outpaced the ￦78 billion increase in the segment’s operating revenue. Operating margin for this segment decreased from 1.2% in 2023 to 0.8% in 2024.
Depreciation and amortization for this segment, prior to adjusting for inter-segment transactions, increased by 3.4%, or ￦20 billion, from ￦585 billion in 2023 to ￦605 billion in 2024.

Item 5.B.  Liquidity and Capital Resources
The following table sets forth the summary of our cash flows for the years indicated:
For the Years Ended December 31,
202320242025
(In billions of Won)
Net cash inflow from operating activities₩5,503 ₩5,066 ₩4,942 
Net cash outflow from investing activities(4,621)(2,845)(4,518)
Net cash outflow from financing activities(453)(1,390)(631)
Cash and cash equivalents at beginning of the year2,449 2,880 3,717 
Cash and cash equivalents at end of the year2,880 3,717 3,507 
Net increase (decrease) in cash and cash equivalents430 837 (210)
Capital Requirements
Historically, our capital requirements consisted principally of purchases of property and equipment and other assets and repayments of borrowings. In our investing activities, we used cash of W3,693 billion in 2023, W2,909 billion in 2024 and W3,597 billion in 2025, for the acquisition of property and equipment and investment properties. In addition, we used cash of W479 billion in 2023, W439 billion in 2024 and W444 billion in 2025 for the acquisition of intangible assets, which consisted primarily of acquisition of bandwidth licenses. In our financing activities, we used cash of W5,275 billion in 2023, W4,733 billion in 2024 and W5,324 billion in 2025, for repayments of borrowings (including debentures). From time to time, we may also require capital for investments involving acquisitions, including shares of our affiliates, and strategic relationships, as well as repurchases of our shares. We used cash of W300 billion in 2023, W27 billion in 2024 and W250 billion in 2025 for the repurchase of our shares.
Our cash dividends paid to shareholders and non-controlling interests amounted to W527 billion in 2023, W872 billion in 2024 and W578 billion in 2025.

We anticipate that capital expenditures and repayment of outstanding contractual obligations and commitments (including for bandwidth licenses) will represent the most significant use of funds for the next several years. We currently expect our capital expenditures for the acquisition of property and equipment and investment property and acquisition of intangible assets in 2026 to remain at a similar level compared to those in 2025 on a standalone basis. However, the actual amount remains subject to adjustment depending on market conditions, our results of operations and changes in our build-out plan for our telecommunications network and other infrastructure. We may also require capital for purchase of shares of our affiliates as well as investments involving acquisitions and strategic relationships.
Payments of contractual obligations and commitments will also require considerable resources. In our ordinary course of business, we routinely enter into commercial commitments for various aspects of our operations, including repair and maintenance. We have also provided guarantees to our affiliates. See Note 20 of the notes to the Consolidated Financial Statements for a disclosure of the guarantees provided.
Capital Resources
We have traditionally met our working capital and other capital requirements principally from cash provided by operations, while raising the remainder of our requirements primarily through debt financing. Our major sources of cash have been net cash provided by operating activities, including profits for the year, and
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proceeds from issuance of bonds and borrowings. We expect that these sources will continue to be our principal sources of cash in the future. We recorded profits for the year of W972 billion in 2023, W407 billion in 2024 and W1,825 billion in 2025 as discussed in “Item 5.A. Operating Results.” Non-cash expense adjustments in our statement of cash flows from depreciation, amortization of intangible assets and depreciation of right-of-use assets amounted to W3,868 billion in 2023, W3,930 billion in 2024 and W3,937 billion in 2025, primarily reflecting our capital investment activities during the recent years, including our payments on bandwidth licenses for our operations, investments in network infrastructures and acquisition of real estate.

We had net proceeds from borrowings and debentures, after adjusting for repayments of borrowings and debentures,of W106 billion in 2023, net repayments of borrowings and debentures, after adjusting for proceeds from borrowings and debentures, of W135 billion in 2024 and net proceeds from borrowings and debentures, after adjusting for repayments of borrowings and debentures, of W426 billion in 2025. Long‑term borrowings, excluding current installments, were W7,160 billion as of December 31, 2023, W6,616 billion as of December 31, 2024 and W8,286 billion as of December 31, 2025. Total short‑term borrowings were W3,059 billion as of December 31, 2023, W3,905 billion as of December 31, 2024 and W2,500 billion as of December 31, 2025. For the maturity profile of our borrowings, their currency denomination and interest rates, see Note 16 of the notes to the Consolidated Financial Statements. Under our borrowing policy, we continually take into consideration various factors, including financial market conditions and our business environment, in order to decide on specific terms of the borrowing, such as borrowing amount, maturity date, currency denomination and type of interest rate (fixed or floating). We also strive to prudently manage our borrowing level and mitigate our refinancing risks through various methods, including diversification of currency denominations and borrowing lines. Our debt‑to‑equity ratio, which is calculated by dividing total liabilities by total equity, was 131% as of December 31, 2023, 134% as of December 31, 2024 and 122% as of December 31, 2025.
We also dispose of a portion of our trade receivables relating to handset sales to several special purpose companies, as part of our efforts to improve our cash and asset management. We entered into asset management agreements with each of these special purpose companies, and will be receiving management fees from such companies. See Note 20 of the notes to the Consolidated Financial Statements. From time to time, we also generate cash from the sale of our treasury shares.
We believe that we have sufficient working capital available to us for our current requirements and that we have a variety of alternatives available to us to satisfy our financial requirements to the extent that they are not met by funds generated by operations, including the issuance of debt securities and bank borrowings denominated in Won and various foreign currencies. See Note 16 of the notes to the Consolidated Financial Statements. However, our ability to rely on some of these alternatives could be affected by factors such as the liquidity of the Korean and the global financial markets, prevailing interest rates, our credit rating and the Government’s policies regarding Won currency and foreign currency borrowings. Other factors which could materially affect our liquidity in the future include unanticipated increase in capital expenditures and decrease in cash provided by operations resulting from a significant decrease in demand for our services. We may also need to raise additional capital sooner than we expect in order to fund unanticipated investments and acquisitions.
Our total equity was W18,543 billion as of December 31, 2023, W17,968 billion as of December 31, 2024 and W19,417 billion as of December 31, 2025.
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Liquidity
We had a working capital (current assets minus current liabilities) surplus of W1,347 billion as of December 31, 2023, W340 billion as of December 31, 2024 and W2,231 billion as of December 31, 2025.
The following table sets forth the summary of our significant current assets for the years indicated:
As of December 31,
202320242025
(In billions of Won)
Cash and cash equivalents₩2,880 ₩3,717 ₩3,507 
Trade and other receivables, net7,170 6,147 5,845 
Inventories, net988 1,055 505 
Other financial assets1,440 1,344 1,627 
Our cash and cash equivalents (substantially all of which are in Won) totaled ￦2,880 billion as of December 31, 2023, ￦3,717 billion as of December 31, 2024 and ￦ 3,507 billion as of December 31, 2025. As of December 31, 2025, we held approximately 96.1% of our cash and cash equivalents denominated in Won and the remainder denominated in foreign currencies. Other current financial assets primarily consist of financial instruments, available-for-sale financial assets and derivative assets used for hedging. For a discussion of our use of financial instruments for hedging purposes, see “Item 11. Quantitative and Qualitative Disclosures about Market Risk.

The following table sets forth the summary of our significant current liabilities for the years indicated:
As of December 31,
202320242025
(In billions of Won)
Trade and other payables₩8,055 ₩7,395 ₩6,869 
Borrowings3,059 3,905 2,500 
Substantially all of our revenues are denominated in Won. Depreciation of the Won may materially affect the results of our operations because, among other things, it causes an increase in the amount of Won required by us to make interest and principal payments on our foreign currency-denominated debt, the costs of telecommunications equipment that we purchase from overseas sources, net settlement payments to foreign carriers and certain payments related to our derivative instruments entered into for foreign exchange risk hedging purposes. As of December 31, 2025, we entered into various commitments with financial institutions totaling W3,687 billion, US$1,985 million, and JPY 30,000 million, of which W1,417 billion, US$1,985 million and JPY 30,000 million were used. See Note 20 of the notes to the Consolidated Financial Statements. Of the W10,786 billion total borrowings (including short-term borrowings) outstanding as of December 31, 2025, W3,233 billion was denominated in foreign currencies. See Note 16 of the notes to the Consolidated Financial Statements. Upon the identification and evaluation of our currency risk exposures, we, having considered various circumstances, enter into derivative financial instruments to manage such risks. See “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Exchange Rate Risk and Interest Rate Risk.” We have not had, and do not anticipate that we will have, difficulty gaining access to short-term financing sufficient to meet our current requirements.

Item 5.C.  Research and Development, Patents and Licenses, Etc.
In order to maintain our leadership in the converging telecommunications business environment and develop additional platforms, services and applications, we engage in research and development (“R&D”) activities together with our various business units and also operate the following R&D laboratories:

•Responsible AI Policy and Technology Leadership (“AI Future”) R&D laboratory;
•Development of proprietary Large Language Models ("LLMs") & Multi-Modal AI Core Technologies (“Gen AI”) R&D laboratory;
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•Development of AI Agent Core Technologies and Commercial Agents (“Agentic AI”) R&D laboratory; and
•Implementation of Data Science Across KT’s Business and CDO Office (“Decision Intelligence”) R&D laboratory.
As of December 31, 2025, KT Corporation had 3,804 domestic and 2,155 international registered patents.

The MSIT has the authority to recommend to network service providers that they provide funds for national research and development of telecommunications technology and related projects. Including such contributions, total expenditures (which include capitalized expenses) on research and development were W225 billion in 2023, W212 billion in 2024 and W355 billion in 2025.

Item 5.D.  Trend Information
These matters are discussed under Item 5.A. above where relevant.
Item 5.E.  Critical Accounting Estimates
Our financial statements are prepared in accordance with IFRS as issued by IASB. See Note 3 of the notes to our financial statements for a discussion of our critical accounting estimates.
Item 6.  Directors, Senior Management and Employees
Item 6.A.  Directors and Senior Management
Directors
Our board of directors has the ultimate responsibility for the administration of our affairs. Our articles of incorporation provide for a board of directors consisting of:
•up to two inside directors, including the Representative Director; and
•up to eight outside directors.
All of our directors are elected at the general shareholders’ meeting. If the total assets of a company listed on the KRX KOSPI Market exceed ￦2,000 billion as of the end of the preceding year, which is the case with us, the Commercial Code of Korea requires such company to have more than three outside directors, with outside directors being the majority of the board of directors. Under our articles of incorporation, the term of office for a director is up to three years. The term of office for an outside director may be up to six years, pursuant to the Commercial Code of Korea. The term of office for our outside directors is currently three years. The terms for both an inside director and an outside director are, however, extended to the close of the annual shareholders’ meeting convened with respect to the last full fiscal year of a director’s term of office. Pursuant to an amendment to the Korean Commercial Code, the term “outside director” will be changed to “independent director,” effective July 23, 2026, to emphasize the independence of such directors and strengthen their oversight of management.

Under the Commercial Code of Korea, we must establish a committee to nominate candidates for outside directors within the board of directors, and outside directors must make up more than half of the total members of the outside director candidate nominating committee. According to our articles of incorporation, such committee must consist of all of our outside directors, other than for election of an outside director resulting from the expiration of the term of the office, in which case such outside director whose term is expiring may not participate in the relevant deliberations or resolutions. Our Director Candidate Recommendation Committee nominates outside director candidates for appointment at the general shareholders’ meeting.
According to our articles of incorporation, upon the request of any director (to the extent that the board of directors does not separately authorize only a particular director to make such request), a meeting of
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the board of directors will be assembled. The chairperson of the board of directors is elected from among the outside directors by a resolution of the board of directors. The term of office of the chairperson is one year.
Our current directors are as follows:
NamePosition
Director
Since
Date of Birth
Expiration
of
Term of
Office
Inside Directors (1)
Yoon Young ParkRepresentative Director and Chief Executive OfficerMarch 2026April 18, 1962March 2029
Hyun Jin ParkSenior Executive Vice President, Head of Customer Business GroupMarch 2026September 10, 1968March 2027
Outside Directors (1)
Yong-Hun KimChaired Professor, Department of Law, Sejong UniversityMarch 2022March 29, 1955March 2028
Woo-Young KwakFormer Chairman of Steering Committee, Vehicle IT Fusion and Innovation Center, Ministry of Science and ICTJune 2023September 3, 1956March 2028
Seung Hoon LeeMember of the Steering Committee—Korea Investment CorporationJune 2023December 25, 1962March 2028
Seongcheol KimProfessor, School of Media and Communication, Korea UniversityJune 2023June 12, 1964March 2028
Younghan KimProfessor, School of Electronic Engineering, Soongsil UniversityMarch 2026February 12, 1962March 2029
Myung Sook KwonFormer President, Intel KoreaMarch 2026January 10, 1964March 2029
Jin-Sug SuhFormer Regional Managing Partner(CEO) of EY KoreaMarch 2026August 1, 1965March 2029
_______________________
(1)All of our inside and outside directors beneficially own less than one percent of the issued shares of KT Corporation in the aggregate.
Our “Representative Director” is authorized to perform all judicial and extra-judicial acts relating to our business. Our shareholders elect the Representative Director in accordance with the provisions of the Commercial Code and our articles of incorporation. In June 2023, we amended our articles of incorporation in efforts to add more rigor and transparency to the process of selecting our Representative Director. Our Director Candidate Recommendation Committee conducts the investigation on, and composition of, a pool of candidates and selects the representative director candidates whose candidacy will be further examined. Subsequently, the Director Candidate Recommendation Committee examines and selects Representative Director candidates and submits an examination report of such candidates to our board of directors. The Representative Director candidate recommended by our board of directors is nominated at the shareholders’ meeting.
Under our articles of incorporation, the board of directors must submit a draft management contract between KT Corporation and the Representative Director candidate covering our management objectives to the shareholders’ meeting at the time of candidate nomination to the meeting. When the draft management contract has been approved at the shareholders’ meeting, we enter into such management contract with the Representative Director. In such case, the chairperson of the board of directors, on our behalf, signs the management contract. In March 2020, our articles of incorporation were amended to have management goals be set based on objectives that can be accomplished during a Representative Director’s term in office.
The board of directors may conduct performance review discussions to determine if the new Representative Director performed his or her duties under the management contract, or hire a professional evaluation agency for such purpose. If the board of directors determines, based on the results of the performance review, that the new Representative Director has failed to achieve the management goals, it may propose to dismiss the Representative Director at a shareholders’ meeting.
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Senior Management
In addition to our inside directors who are also our executive officers, we have the following executive officers as of April 20, 2026:

NameTitle and ResponsibilityYear of
Birth
Bong-Gyun KimSenior Executive Vice President, Enterprise Business Division1972
Gyujong SongSenior Executive Vice President, Legal Affairs Office1969
Kyung Hwa OkSenior Executive Vice President, IT Division1968
Young-In KimSenior Executive Vice President, Network Division and Safety&Health Office1968
Donghoon KimExecutive Vice President, Public Relations Office1967
Hee-Keun KwonExecutive Vice President, Sales Operating Business Unit1970
Hye Jin KwonExecutive Vice President, Supply Chain Management Office1971
Hye-Byung MinExecutive Vice President, Financial Management Office1969
Hyeong Min HanExecutive Vice President, Corporate Relations Office1967
Jeong Hyun SeoExecutive Vice President, Legal Advisory Department1971
Jin-Ho YangExecutive Vice President, Litigation Department1973
Jong Sik LeeExecutive Vice President, Future Network Laboratory1972
Joonbum CheonExecutive Vice President, Audit Office1977
Sangweon ParkExecutive Vice President, AX Business Division1968
Sangwoon LeeExecutive Vice President, Information Security Office1967
Sun-Joo LeeExecutive Vice President, Group Human Resources Office1969
Tae Jun HeoExecutive Vice President, Strategy Office1970
Won Tae KimExecutive Vice President, Public/Finance Customer Business Unit1969
Bomsu YehSenior Vice President, IPR Department1971
Bum-Min KimSenior Vice President, Office of Board Affairs1970
Bum-Seok OhSenior Vice President, Western Network O&M Headquarter1970
Byongjin KimSenior Vice President, Media Business Unit1970
Byoung-Hyu YoonSenior Vice President, Eastern Customer Sales Headquarter 1972
Byung Gwan JangSenior Vice President, Win-Win Cooperation Group1970
Chang Seog SongSenior Vice President, Safety&Health Department1970
Chan-Ho JungSenior Vice President, IT Strategy Unit1968
Cheal-Ho ParkSenior Vice President, Policy Cooperation Group1972
Chul Woo ParkSenior Vice President, Finance Customer Business Department1975
Dae-Hyeok BangSenior Vice President, Northern Seoul Network O&M Headquarter1972
Dae-Hyun KimSenior Vice President, AX Synergy Department1972
Gang-Bon KooSenior Vice President, Northern Seoul Customer Sales Headquarter 1972
Hae Chon HongSenior Vice President, AX Consulting & Implementation Unit1972
Hye-Jin LimSenior Vice President, Legal Support Department1978
Hyoung-Min HamSenior Vice President, Southern Seoul Customer Sales Headquarter 1972
Hyun-Goo KangSenior Vice President, Group Synergy Department1971
Jaehyoung ParkSenior Vice President, Frontier AI Lab1976
Jaeyoung YangSenior Vice President, AX Tech Unit1975
Je Hoon MyungSenior Vice President1972
Je Hyun SungSenior Vice President, Northern Seoul Enterprise Customer Sales Headquarter 1972
Jeung-Yeup SonSenior Vice President, Device Business Unit1972
Jin Hyoun YounSenior Vice President, Media Technology Unit 1968
Jin Kwon LeeSenior Vice President, Enterprise Business Consulting & Implementation Unit1969
Jin-Hyoung LeeSenior Vice President, AX Business Unit1977
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NameTitle and ResponsibilityYear of
Birth
Jong Su ShinSenior Vice President, Group Media Strategy TF1977
Jung Woo LeeSenior Vice President, ESG Implementation Department1971
Junseok KimSenior Vice President, Agentic AI Lab1973
Kap-Sok KwonSenior Vice President, Corporate Strategy Department1975
Kil Sung JungSenior Vice President, Enterprise Business Strategy Unit1974
Kyeng-Hee HwangSenior Vice President, Eastern Network O&M Headquarter1970
Kyong Chae YiSenior Vice President, Western Customer Sales Headquarter 1971
Lee-Hwan KangSenior Vice President, Customer Service Unit1970
Man Ho WonSenior Vice President, AX Platform Unit1974
Myung-Joon JeonSenior Vice President, Enterprise Service Unit1976
Roh Hyoung ReaSenior Vice President, Enterprise Customer Business Unit1970
Sae-Jun ChoiSenior Vice President, Customer Business Strategy Unit1971
Sangbong LeeSenior Vice President, AX Data Lab1976
Se-Bum ShinSenior Vice President, Executive Operations Department1971
Seon-Il JeongSenior Vice President, Network O&M Innovation Unit1968
Seoung-Taek BaekSenior Vice President, Western Enterprise Customer Sales Headquarter 1972
Seung Ho SongSenior Vice President, AX Partnership Department1974
Seung Rok JeonSenior Vice President, AX Business Strategy Unit1977
Seung-Ho LeeSenior Vice President, Southern Seoul Enterprise Customer Sales Headquarter 1970
Seung-Woon KimSenior Vice President, IT Platform Unit1968
Sung Kyu LeeSenior Vice President, Network Technology Unit1969
Sung-Hwan LeeSenior Vice President, Information Security Planning Group1969
Tae Won HurSenior Vice President, Compliance Office1970
Taek Gyun OhSenior Vice President, Network Strategy Unit1968
Won-Je SungSenior Vice President, Eastern Enterprise Customer Sales Headquarter 1972
Woo Chul ByunSenior Vice President, Data Engineering Department1977
Woo-Hyung ChoiSenior Vice President, Network Core Service Unit1970
Yong-Nam KimSenior Vice President, Enterprise Business Unit1969
Young Geol KimSenior Vice President, Customer Business Unit1973
Young Min KimSenior Vice President, AX Engineering Unit1971
Young-Geun JiSenior Vice President, Southern Seoul Network O&M Headquarter1972
Young-Ho LeeSenior Vice President, External Cooperation Group1970
Young-Hoon JungSenior Vice President, Financial Planning Department1971
Item 6.B.  Compensation
Compensation of Directors and Executive Officers
In 2025, the aggregate compensation paid to and accrued for all directors and executive officers was approximately W42.9 billion and the aggregate amount set aside or accrued by us to provide pension and retirement benefits to such persons was approximately W7.1 billion.
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Table of Contents
The compensation of our directors and executive officers in 2025 that was disclosed on an individual basis in Korea was as follows:
NamePositionTotal Compensation
in 2025
Composition of Total
Compensation
(In millions of Won)
Young-Shub KimChief Executive Officer₩1,718
￦556 (salary); ￦1,151 (bonus); ￦11 (benefits)
Chang-Seok SeoInside Director₩775
￦397 (salary); ￦361 (bonus); ￦17 (benefits)
Hyun-Kyu LimSenior Executive Vice President₩951
￦380 (salary); ￦554 (bonus); ￦17 (benefits)
Eui-Jeung ChooExecutive Vice President₩844
￦369 (salary); ￦462 (bonus); ￦13 (benefits)
Seung-Phil OhSenior Executive Vice President₩834
￦389 (salary); ￦401 (bonus); ￦44 (benefits)
Young-Bok LeeSenior Executive Vice President₩833￦390 (salary); ￦430 (bonus); ￦13 (benefits)
The chairperson of our board of directors enters into an employment agreement on our behalf with our Representative Director. The employment agreement sets certain management targets to be achieved by the Representative Director as determined by the Evaluation and Compensation Committee each year, including a target for the amount of “EBITDA” to be achieved in each year. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Other management targets include (i) short-term operational and strategic goals centered around key performance indices and (ii) increase on a long-term basis in shareholder value measured against performance of companies listed on KOSPI and the shares of our competitors. Failure to achieve certain thresholds below the targets will allow the board of directors to take actions with respect to the Representative Director’s employment, including proposing at the shareholders’ meeting an early termination of his employment. In addition, the head of each of our functional departments, the president of each of our subsidiaries and the heads of each regional head office have entered into employment agreements with the Representative Director that provide for similar management targets to be achieved by each of our departments, subsidiaries and regional head offices.
Item 6.C.  Board Practices
As of April 20, 2026, none of our inside or outside directors maintained directors’ service contracts with us or with any of our subsidiaries providing for benefits upon termination of employment.
Corporate Governance Committee
The Corporate Governance Committee is comprised of four outside directors Woo-Young Kwak, Myung Sook Kwon, Younghan Kim and Jin-Sug Suh. The chairperson is Woo-Young Kwak. The committee is responsible for the review of matters with respect to our Corporate Governance Guidelines and our performance under such guidelines to monitor effectiveness of our corporate governance. The committee members are elected by the board after the annual meeting.

Director Candidate Recommendation Committee
The Director Candidate Recommendation Committee is comprised of all of our outside directors. The chairperson is Yong-Hun Kim. The committee’s duties include (i) authorizing the investigation and composition of a pool of internal and external Representative Director candidates, (ii) examining the Representative Director candidates selected under the examination criteria determined by our board of directors, selecting the Representative Director candidates pursuant to such criteria and reporting to the board of directors the outcome of the examination and (iii) reviewing the qualifications of outside director candidates and proposing nominees to our shareholders for consideration at the general shareholders’ meeting.
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Evaluation and Compensation Committee
The Evaluation and Compensation Committee is comprised of four outside directors Yong-Hun Kim, Seung Hoon Lee, Seongcheol Kim and Younghan Kim. The chairperson is Yong-Hun Kim. The committee’s duties include prior review of the Representative Director’s management goals, terms and conditions proposed for inclusion in the management contract of the Representative Director, including, but not limited to, determining whether the Representative Director has achieved the management goals, and the determination of compensation for the Representative Director and the inside directors. The committee members are elected by the board after the closing of the annual meeting.
ESG Committee
The ESG Committee is comprised of four outside directors Myung Sook Kwon, Woo-Young Kwak, Seongcheol Kim and Younghan Kim and one inside director Hyun Jin Park. The chairperson is Myung Sook Kwon. The committee’s duties include reviewing ESG management activities relating to environmental, social and governance matters, reviewing transactions between KT Corporation and its subsidiaries, and overseeing compliance with applicable antitrust laws. The committee members are elected by the board after the annual meeting.
Investment Committee
The Investment Committee is comprised of five outside directors Younghan Kim, Yong-Hun Kim, Woo-Young Kwak, Seung Hoon Lee and Jin-Sug Suh and one inside director Hyun Jin Park. The chairperson is Younghan Kim. The committee’s duties include reviewing and making decisions on strategic matters relating to our future business value, including investments and equity disposals. The committee members are elected by the board after the annual meeting.
Audit Committee
Under the Commercial Code of Korea and our articles of incorporation, we are required to establish an audit committee comprised of three or more outside directors and at least two-thirds of the Audit Committee members are required to be outside directors. Audit Committee members must also meet the applicable independence criteria set forth under the rules and regulations of the Sarbanes-Oxley Act of 2002. The committee is comprised of Jin-Sug Suh, Seung Hoon Lee, Seongcheol Kim and Myung Sook Kwon. The chairperson is Jin-Sug Suh. Jin-Sug Suh serves as the financial expert of the Audit Committee. Members of the committee are elected by our shareholders at the shareholders’ meeting. Our internal and external auditors report directly to the committee.
The duties of the committee include:
•appointing an independent registered public accounting firm;
•approving the appointment and recommending the dismissal of the internal auditor;
•evaluating performance of the independent registered public accounting firm;
•approving services to be provided by the independent registered public accounting firm;
•reviewing annual financial statements;
•reviewing audit results and reports;
•reviewing and evaluating our system of internal controls and policies
•examining improprieties or suspected improprieties; and
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•on a quarterly basis, reviewing reports on internal controls for legal compliance, including with respect to cybersecurity laws.
In addition, regarding the shareholders’ meeting, the committee may examine the agenda, financial statement and other reports to be submitted by the board of directors at each shareholders’ meeting.
Item 6.D.  Employees
On a standalone basis, we had 14,701 employees as of December 31, 2025, compared to 16,927 employees as of December 31, 2024 and 19,737 employees as of December 31, 2023.

Labor Relations
We consider our current relations with our work force to be good. However, in the past, we have experienced opposition from our labor union for our strategy of restructuring to improve our efficiency and profitability by disposing of non-core businesses and reducing our employee base.
As of December 31, 2025, approximately 78.8% of the employees of KT Corporation were members of labor unions. The representative of the labor unions negotiates a collective bargaining agreement with us every two years, and our current collective bargaining agreement expires on August 17, 2027. The current collective bargaining agreement provides that even in the event of a strike, the minimum number of employees necessary to operate the telecommunications business must continue to work.
KT Trade Union also negotiates its members’ wages with us every year. Under the Act of the Promotion of Worker’s Participation and Cooperation, our Employee-Employer Cooperation Committees, which are composed of representatives of management and labor for each business unit and regional office, meet quarterly to discuss employee grievances, working conditions and potential employee-initiated improvements in service or management.
Employee Stock Ownership and Benefits
We operate an employee stock ownership plan (the “ESOP”) with the purpose of enabling our employees to build financial assets, enhancing corporate productivity, and fostering cooperative labor-management relations. Through the ESOP, our employee stock ownership association owned 2.72% of our issued shares as of December 31, 2025.
In accordance with the National Pension Act of Korea, we contribute an amount equal to 4.5% of an employee’s standard monthly wages, and each employee contributes 4.5% of his or her standard monthly wages, into his or her personal pension account. Our employees, including executive officers as well as non-executive employees, are subject to a pension insurance system, under which we make monthly contributions to the pension accounts of the employees, and upon retirement, such employees are paid the pension amount due from their pension accounts. Prior to April 2011, our executive and non-executive employees were subject to a lump-sum severance payment system, under which they were entitled to receive a lump-sum severance payment upon termination of their employment, based on their length of service and salary level at the time of termination. Starting in April 2011, in accordance with the Korean Employee Retirement Income Security Act, we replaced such lump-sum severance payment system with our current pension insurance system in the form of a defined benefit plan, and also introduced a defined contribution plan in December 2012, with a total combined unfunded portion of approximately ￦170 billion as of December 31, 2025. Lump-sum severance amounts previously accrued prior to our adoption of the current pension insurance system continue to remain payable. We also provide a wide range of fringe benefits to our employees, including housing, housing loans, company-provided hospitals and schools, a company-sponsored pension program, an employee welfare fund, industrial disaster insurance, cultural and athletic facilities, physical education grants, meal allowances, medical examinations and training and resort centers. See “Item 5. Operating and Financial Review and Prospects—Item 5.A. Operating Results.”
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Employee Training
The objective of our training program is to develop professionals who can create value for our customers by leveraging core digital transformation technologies such as telecommunications, AI, big data and cloud computing. To support the development of our employees, we provide individually tailored curricula based on competency assessments, who complete an average of approximately 75.5 hours of training per year. We also operate a Cyber Academy to provide online classes to our employees, as well as offer various foreign language classes to our employees. In addition, we provide tuition reimbursements to select employees who pursue graduate programs in Korea, as well as provide financial assistance to those who pursue work-related professional licenses or study foreign languages.
Item 6.E.  Share Ownership
Ordinary Shares
The persons who currently serve as our directors or executive officers held, as a group, 123,545 common shares as of April 20, 2026. The table below shows the ownership of our ordinary shares by our directors and executive officers as of April 20, 2026:
Shareholders
Number of Common
Shares Owned
Yoon Young Park62
Hyun Jin Park1,900
Yong-Hun Kim347
Woo-Young Kwak704
Seung Hoon Lee704
Seongcheol Kim704
Younghan Kim287
Bong-Gyun Kim4,571
Kyung Hwa Ok12,519
Young-In Kim9,402
Hee-Keun Kwon3,069
Hye Jin Kwon6,918
Hye-Byung Min7,201
Jeong Hyun Seo1,815
Jin-Ho Yang7,279
Jong Sik Lee10,201
Sun-Joo Lee2,659
Tae Jun Heo2,985
Bomsu Yeh81
Bum-Min Kim1,249
Bum-Seok Oh10
Byongjin Kim147
Byoung-Hyu Yoon1,090
Byung Gwan Jang1,282
Chang Seog Song281
Chan-Ho Jung158
Cheal-Ho Park147
Gang-Bon Koo6,512
Hae Chon Hong1,080
Hye-Jin Lim451
Hyoung-Min Ham1,321
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Shareholders
Number of Common
Shares Owned
Jaehyoung Park157
Je Hoon Myung4,101
Je Hyun Sung1,217
Jeung-Yeup Son208
Jin Hyoun Youn2,717
Jin Kwon Lee147
Jung Woo Lee1,442
Kap-Sok Kwon800
Kil Sung Jung4,154
Kyeng-Hee Hwang1,186
Kyong Chae Yi111
Lee-Hwan Kang700
Myung-Joon Jeon57
Roh Hyoung Rea1,195
Sae-Jun Choi45
Se-Bum Shin157
Seon-Il Jeong877
Seoung-Taek Baek81
Seung-Ho Lee147
Sung Kyu Lee1,080
Sung-Hwan Lee3,231
Tae Won Hur1,282
Taek Gyun Oh933
Won-Je Sung3,787
Woo Chul Byun1,000
Woo-Hyung Choi1,080
Yong-Nam Kim1,719
Young Geol Kim1,668
Young Min Kim1,130
Total123,545
Share-based Payments
We have granted share-based payments to our chief executive officer, inside directors, outside directors and executive officers. For details of our share-based payments, see Note 25 of the notes to the Consolidated Financial Statements.
Item 6.F.  Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation
Not applicable.
Item  7.  Major Shareholders and Related Party Transactions
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Item  7.A.  Major Shareholders
The following table sets forth certain information relating to the shareholders of our ordinary shares as of December 31, 2025:

Shareholders
Number of
Shares
Percent of
Total
Shares Issued
National Pension Service17,868,0967.09 %
Wellington Management Company16,446,8326.53 %
Shinhan Financial Group Co., Ltd14,493,7535.75 %
Hyundai Motor Company12,251,2344.86 %
KT Corporation (held in the form of treasury stock)10,926,6224.34 %
Hyundai Mobis Co., Ltd.8,094,4663.21 %
Director as a group4,708— %
Public171,935,97468.22 %
Total issued shares252,021,685100.00 %
Major shareholders of our ordinary shares do not have voting rights that are different from those of our public shareholders.
Item  7.B.  Related Party Transactions
We have engaged in various transactions with our subsidiaries and affiliated companies. See Note 36 of the notes to the Consolidated Financial Statements. We have not issued any guarantees in favor of our consolidated subsidiaries.
Item  7.C.  Interests of Experts and Counsel
Not applicable.
Item  8.  Financial Information
Item  8.A.  Consolidated Statements and Other Financial Information
See “Item 18. Financial Statements” and pages F-1 through F-121.
Legal Proceedings
In April 2019, the Korea Fair Trade Commission determined that we, LG U+, SK Broadband and Sejong Telecom colluded in numerous biddings held by public institutions, including the Public Procurement Service and the Korea Racing Authority, between April 2015 to June 2017 for the engagement of telecommunications companies to provide dedicated fixed-line services, in violation of the Monopoly Regulation and Fair Trade Act, and issued an order to cease and desist, imposed a penalty surcharge of ￦5.7 billion on us and filed a criminal complaint against us. In April 2020, several plaintiffs, including the Government and Korea Racing Authority, filed lawsuits alleging damages. As of the date hereof, a total of nine lawsuits have been filed in connection with such matters, seeking damages of approximately W28.7 billion in the aggregate, which amount may increase as the litigations progress. Three of these lawsuits have been finally resolved, resulting in our liability for damages of approximately W1.6 billion in the aggregate, and six lawsuits remain pending. We intend to vigorously defend against the remaining lawsuits.

In July 2023, the Korea Fair Trade Commission imposed fines and corrective orders on three network service providers, including a fine of ￦13.9 billion on us, for unfair advertising related to the performance of 5G mobile services. In August 2023, we filed an administrative lawsuit seeking the cancellation of such fine and corrective order, which is currently pending at the Seoul High Court.
From April 2021 to April 2024, 568 of our subscribers have filed seven class action lawsuits claiming damages totaling approximately ￦0.6 billion alleging poor service quality of our 5G mobile services. There can
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be no assurance that such class action lawsuits may not result in additional subscribers making similar claims in the future. We intend to vigorously defend against such lawsuits, but there can be no assurance that such lawsuits will not lead to compensation for all of our 5G subscribers, which may lead to significant expenses.
In July 2023, seven leading credit card companies in Korea, which have entered into joint marketing arrangements with us, filed a lawsuit against us at the Seoul Central District Court, alleging our unjust enrichment from refund of certain value-added tax to us related to joint marketing activities. We offer discounts to our subscribers who pay their service fees or handset installment payments through certain credit cards issued by the plaintiffs.The plaintiffs claim that the value-added tax refunds of approximately ￦86.2 billion to us, which relate to such discount activities, should be returned to the plaintiffs. The claim amount remains subject to adjustments based on the amount of value-added tax refunded during the course of the litigation. We intend to vigorously defend against such lawsuit.
In May 2024, we filed a lawsuit against Ssangyong Engineering & Construction Co., Ltd. (“Ssangyong”) seeking a court declaration that no additional payment obligations exist under the construction contract for a building constructed for us in Pangyo, Korea. In June 2024, Ssangyong filed a counterclaim against us, demanding an additional construction payment of W5 billion. In September 2025, Ssangyong expanded its claim to W14.2 billion following completion of a court appraisal process. We intend to vigorously defend against such lawsuit.
The Korea Fair Trade Commission conducted an investigation into us, along with two other major telecommunications providers, for potential violations of the Fair Trade Act, alleging that the companies had conferred in (i) limiting the overall level of mobile service subscribers switching service providers and (ii) setting the range of sales incentives offered to authorized dealers. In June 2025, the Korea Fair Trade Commission imposed an aggregate fine of approximately W96.3 billion (including a fine of W29.9 billion on us), and issued a corrective order aimed at prohibiting similar joint conduct in the future. In August 2025, we filed an administrative lawsuit with the Seoul High Court requesting the cancellation of such fine and corrective order, which proceeding is currently pending.
For a description of our additional legal proceedings, see “Item 3. Key Information—Item 3.D. Risk Factors—Legal cases involving our political donations and other incidents and allegations could have a material adverse effect on our business, reputation and stock price.”
As of December 31, 2025, we have established provisions relating to litigation proceedings of ￦21 billion. See Notes 17 and 19 of the notes to the Consolidated Financial Statements.

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Dividends
The table below sets forth the interim and annual dividends declared on the outstanding ordinary shares with respect to the years ended December 31, 2023, 2024 and 2025. The annual dividend was paid in the immediately following year, and the interim dividends were paid in the same year.
Dividend Type
Dividend per Ordinary
Share
(In Won)
Interim dividend (for the period ended March 31, 2023)— 
Interim dividend (for the period ended June 30, 2023)— 
Interim dividend (for the period ended September 30, 2023)— 
Annual dividend (for the year ended December 31, 2023)1,960 
Interim dividend (for the period ended March 31, 2024)500 
Interim dividend (for the period ended June 30, 2024)500 
Interim dividend (for the period ended September 30, 2024)500 
Annual dividend (for the year ended December 31, 2024)500 
Interim dividend (for the period ended March 31, 2025)600 
Interim dividend (for the period ended June 30, 2025)600 
Interim dividend (for the period ended September 30, 2025)600 
Annual dividend (for the year ended December 31, 2025)600 
If sufficient profits are available, the board of directors may propose annual dividends on the outstanding ordinary shares, which our shareholders must approve by a resolution at the annual general meeting of shareholders. This meeting is generally held in March of the following year and if our shareholders at such annual general meeting of shareholders approve the annual dividend, we must pay such dividend within one month following the date of such resolution. Typically, we pay such dividends shortly after the meeting. The declaration of annual dividends is subject to the vote of our shareholders, and consequently, there can be no assurance as to the amount of dividends per ordinary share or that any such dividends will be declared. Interim dividends paid in cash can be declared by a resolution of the board of directors. See “Item 10. Additional Information—Item 10.B. Memorandum and Articles of Association—Dividends” and “Item 12. Description of Securities Other than Equity Securities—Item 12.D. American Depositary Shares.”
The Commercial Code provides that shares of a company of the same class must receive equal treatment. However, major shareholders may consent to receive dividend distributions at a lesser rate than minor shareholders.
Any cash dividends relating to the shares held in the form of ADSs will be paid to the depositary bank in Won. The deposit agreement provides that, except in certain circumstances, cash dividends received by the depositary bank will be converted by the depositary bank into Dollars and distributed to the holders of the ADRs, less withholding tax, other governmental charges and the depositary bank’s fees and expenses. See “Item 12. Description of Securities Other than Equity Securities—Item 12.D. American Depositary Shares.”
Item 8.B.  Significant Changes
Except as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.
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Item 9.  The Offer and Listing
Item 9.A.  Offer and Listing Details
Market Price Information
Ordinary Shares
Our shares were listed on the KRX KOSPI Market on December 23, 1998 under the securities identification code “030200.”
ADSs
The outstanding ADSs, each of which represents one-half of one share of our ordinary share, have been traded on the New York Stock Exchange under the ticker symbol “KT” since May 25, 1999.
Item 9.B.  Plan of Distribution
Not applicable.
Item 9.C.  Markets
Please refer to “Item 9.A. Offering and Listing Details.”
Item 9.D.  Selling Shareholders
Not applicable.
Item 9.E.  Dilution
Not applicable.
Item 9.F.  Expenses of the Issuer
Not applicable.
Item 10.  Additional Information
Item 10.A.  Share Capital
Currently, our authorized share capital is 1,000,000,000 shares, which consists of ordinary shares, par value ￦5,000 per share (“Ordinary Shares”) and shares of non-voting preferred stock, par value ￦5,000 per share (“Non-Voting Shares”). Ordinary Shares and Non-Voting Shares together are referred to as “Shares.” Under our articles of incorporation, we are authorized to issue Non-Voting Shares up to one-fourth of our total issued share capital. As of December 31, 2025, 252,021,685 Ordinary Shares were issued, of which 10,926,622 shares were held by the treasury stock fund or us as treasury shares. We have never issued any Non-Voting Shares. All of the issued Ordinary Shares are fully-paid and non-assessable and are in registered form.

Item 10.B.  Memorandum and Articles of Association
Under Article 2 of our articles of incorporation, the primary purpose of KT Corporation is to engage in, including but not limited to, the integrated telecommunications business, the new media and internet multimedia broadcasting business, the development and sale of media contents and software, the sale of telecommunications devices, the testing and inspection of telecommunications equipment, the telemarketing business and financial data services. This section provides information relating to our share capital, including brief summaries of material provisions of our articles of incorporation, the FSCMA, the Commercial Code and related laws of Korea, all as currently in effect. The following summaries are subject to, and are qualified in their entirety by reference to, our articles of incorporation and the applicable provisions of the FSCMA and the
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Commercial Code. We have filed a copy of our articles of incorporation as an exhibit to registration statements under the Securities Act or annual reports under the Securities Exchange Act previously filed by us.
Directors
According to the Commercial Code of Korea, a director is prohibited from voting on a proposal, arrangement or contract in which the director has an interest. Director compensation is determined based on the standards and methods of compensation as determined by the board of directors and reviewed by the Compensation Committee and approved by the board of directors in accordance with our articles of incorporation. See “Item 6.B. Compensation—Compensation of Directors.” Directors appointed at the general shareholders meeting may not be beneficiaries nor participants of the employee welfare fund, which includes borrowings. There is no explicit age limit relating to a director’s retirement or non-retirement, and there is no number of shares required for purposes of determining a director’s qualifications.
Dividends
We distribute dividends to our shareholders in proportion to the number of shares owned by each shareholder. No dividends are distributed with respect to shares held by us or our treasury stock fund. The Ordinary Shares represented by the ADSs have the same dividend rights as other outstanding Ordinary Shares.
Holders of Non-Voting Shares are entitled to receive dividends in priority to the holders of Ordinary Shares in an amount of not less than 9% of the par value of the Non-Voting Shares as determined by the board of directors at the time of their issuance, provided that if the dividends on the Ordinary Shares exceed those on the Non-Voting Shares, the Non-Voting Shares will also participate in the distribution of such excess dividend amount in the same proportion as the Ordinary Shares. If the amount available for dividends is less than the aggregate amount of such minimum dividend, the holders of Non-Voting Shares will be entitled to receive such accumulated unpaid dividend in priority to the holders of Ordinary Shares from the dividends payable in respect of the next fiscal year.
We declare dividends annually at the annual general meeting of shareholders which is held within three months after December 31 of each year. We pay the annual dividend shortly after the annual general meeting to the shareholders of record as December 31 of the preceding year. We may distribute the annual dividend in cash or in Shares. However, a dividend of Shares must be distributed at par value. If the market price of the Shares is less than their par value, dividends in Shares may not exceed one-half of the annual dividend. We may, by a resolution of the board of directors within 45 days after the end of March, June or September, pay quarterly dividends in cash to shareholders or registered pledgees who hold the Shares as of the record date determined by the board of directors. We have no obligation to pay any annual dividend unclaimed for five years from the payment date.
Under the Commercial Code, we may pay dividends only out of the excess of our net assets, on a non-consolidated basis, over the sum of (1) our stated capital and (2) the total amount of our capital surplus reserve and earned surplus reserve (the “Legal Reserve”) accumulated up to the end of the relevant dividend period. In addition, we may not pay any dividend unless we have set aside as earned surplus reserve an amount equal to at least 10% of the cash portion of the dividend or unless we have accumulated an earned surplus reserve of not less than one-half of our stated capital. We may not use the Legal Reserve to pay cash dividends but may transfer amounts from the Legal Reserve to share capital or use the Legal Reserve to reduce an accumulated deficit.
Distribution of Free Shares
In addition to paying dividends in Shares out of our retained or current earnings, we may also distribute to our shareholders an amount transferred from the Legal Reserve to our stated capital in the form of free shares. We must distribute such free shares to all our shareholders in proportion to their existing shareholdings.
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Preemptive Rights and Issuance of Additional Shares
We may issue authorized but unissued shares at times and, unless otherwise provided in the Commercial Code, on terms our board of directors may determine. Subject to the limitation described in “Limitation on Shareholdings” below, all our shareholders are generally entitled to subscribe for any newly issued Shares in proportion to their existing shareholdings. We must offer new Shares on uniform terms to all shareholders who have preemptive rights and are listed on our shareholders’ register as of the relevant record date. Under the Commercial Code, we may vary, without shareholders’ approval, the terms of these preemptive rights for different classes of shares. We must give notice to all persons who are entitled to exercise preemptive rights regarding new Shares and their transferability at least two weeks before the relevant record date. Our board of directors may determine how to distribute Shares for which preemptive rights have not been exercised or where fractions of Shares occur.
Under the Commercial Code, it is required that new Shares, convertible bonds or bonds with warrants be issued to persons other than the existing shareholders solely for the purpose of achieving managerial objectives. Under our articles of incorporation, we may issue new Shares pursuant to a board resolution to persons other than existing shareholders, who in these circumstances will not have preemptive rights, if the new Shares are:
•publicly offered pursuant to Articles 4 and 119 of the FSCMA;
•issued to members of our employee stock ownership association;
•represented by depositary receipts;
•issued upon exercise of stock options granted to our officers and employees;
•issued through an offering to public investors pursuant to Article 165-6 of the FSCMA, the amount of which is no more than 10% of the issued Shares;
•issued in order to satisfy specific needs such as strategic alliance, inducement of foreign funds or new technology, improvement of financial structure or other capital raising requirement; or
•issued to domestic or foreign financial institutions when necessary for raising funds in emergency cases.
In addition, we may issue convertible bonds or bonds with warrants, each up to an aggregate principal amount of ￦2,000 billion, to persons other than existing shareholders in the situations described above.
Members of our employee stock ownership association, whether or not they are our shareholders, generally have a preemptive right to subscribe for up to 20.0% of the Shares publicly offered pursuant to the FSCMA. This right is exercisable only to the extent that the total number of Shares so acquired and held by members of our employee stock ownership association does not then exceed 20.0% of the total number of Shares then issued (including in such total both: (i) all issued and outstanding Shares at the time the preemptive rights are exercised; and (ii) all Shares to be newly issued in the applicable share issuance transaction in connection with which such preemptive rights are exercised). As of December 31, 2025, 2.72% of the issued Shares were held by members of our employee stock ownership association.

Limitations on Shareholding
The Telecommunications Business Act limits the maximum aggregate foreign shareholding in us to 49.0% of our total issued and outstanding Shares with voting rights (including equivalent securities with voting rights, e.g., depositary certificates and certain other equity interests). For the purposes of the foregoing, a shareholder is a “foreign shareholder” if such shareholder is: (1) a foreign person; (2) a foreign government; or (3) a company whose largest shareholder is a foreign person (including any “specially related persons” as determined under the FSCMA) or a foreign government, in circumstances where (i) such foreign person or foreign government holds, in aggregate, 15.0% or more of such company’s total voting shares, and (ii) such company holds at least 1.0% of our total issued and outstanding Shares with voting rights. For the avoidance of
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doubt, both of conditions (i) and (ii) in the foregoing item (3) must exist for such a company to be considered as a “foreign shareholder” for the purposes of calculating whether the 49.0% foreign shareholding threshold is reached under the Telecommunications Business Act. In addition, the Telecommunications Business Act prohibits a foreign shareholder from being our largest shareholder if such shareholder owns 5.0% or more of our Shares with voting rights. For the purposes of this restriction, any two or more foreign persons or foreign governments who enter into an agreement to act in concert in the exercise of their voting rights will be counted together and prohibited from becoming our largest shareholder in the event that they collectively hold 5.0% or more of our Shares. For the purposes of this restriction under the Foreign Investment Promotion Act, a “foreign shareholder” is defined in the same manner as described above with respect to the foreign shareholding restriction under the Telecommunications Business Act, provided, however, that no exception is made under the Foreign Investment Promotion Act regulations for companies that own less than 1.0% of our Shares (see item (3)(ii) above in this paragraph). A foreigner who has acquired the Shares in excess of such ceiling described above may not exercise its voting rights for shares in excess of such limitation, and the MSIT may require corrective measures to comply with the ownership restrictions.
General Meeting of Shareholders
We hold the annual general meeting of shareholders within three months after December 31 of each year. Subject to a board resolution or court approval, we may hold an extraordinary general meeting of shareholders:
•as necessary;
•at the request of shareholders of an aggregate of 3.0% or more of our issued Ordinary Shares;
•at the request of shareholders holding an aggregate of 1.5% or more of our issued Shares for at least six months; or
•at the request of our Audit Committee.
We must give shareholders written notice specifying the date, place and agenda of the meeting at least two weeks before the date of the general meeting of shareholders. However, for holders of less than 1.0% of the total number of issued and outstanding Ordinary Shares, we may give notice either by placing at least two public notices in at least two daily newspapers, or by making a public announcement on the Data Analysis, Retrieval and Transfer System (“DART”) operated by the Financial Supervisory Service or the Korea Exchange, at least two weeks in advance of the meeting. Currently, we use DART for such public announcements. Shareholders not on the shareholders’ register as of the record date are not entitled to receive notice of the general meeting of shareholders or attend or vote at the meeting. Holders of Non-Voting Shares are not entitled to receive notice of general meetings of shareholders, but may attend such meetings.
Our general meetings of shareholders are held at our office in Seoul, or if necessary, may be held elsewhere. Pursuant to amendments to the Korean Commercial Code, it has become possible to hold an electronic shareholders’ meeting concurrently with an in-person shareholders’ meeting at the physical meeting venue. For listed companies above a certain size threshold, such concurrent holding of an electronic shareholders’ meeting has been made mandatory. This amendment will take effect on January 1, 2027.

Voting Rights
Holders of our Ordinary Shares are entitled to one vote for each Ordinary Share, except that voting rights of Ordinary Shares held by us, or by a corporate shareholder that is more than 10.0% owned by us either directly or indirectly, may not be exercised. The Commercial Code of Korea permits cumulative voting, under which voting method each shareholder has multiple voting rights corresponding to the number of directors to be appointed in the voting and may exercise all voting rights cumulatively to elect one director. Our articles of incorporation permit cumulative voting at our shareholders’ meeting. Under the Commercial Code of Korea, any shareholder holding shares equivalent to not less than 1/100 of the total number of shares issued may apply to us for selecting and appointing such directors by cumulative voting.
Our shareholders may adopt resolutions at a general meeting by an affirmative majority vote of the voting shares present or represented at the meeting, where the affirmative votes also represent at least one-
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fourth of our total voting shares then outstanding, except that where voting rights can be exercised electronically, members of the Audit Committee may be elected by an affirmative majority vote of the voting shares present at the meeting. In addition, under the Commercial Code of Korea and our articles of incorporation, the following matters, among others, require approval by the holders of at least two-thirds of the voting shares present or represented at a meeting, where the affirmative votes also represent at least one-third of our total voting shares then outstanding:
•amending our articles of incorporation;
•removing a director;
•reduction of our share capital;
•effecting any dissolution, merger or consolidation of us;
•transferring the whole or any significant part of our business;
•effecting our acquisition of all of the business of any other company or our acquisition of a part of the business of any other company which will significantly affect our business; or
•issuing any new Shares at a price lower than their par value.
In general, holders of Non-Voting Shares are not entitled to vote on any resolution or receive notice of any general meeting of shareholders. However, in the case of amendments to our articles of incorporation, any merger or consolidation of us, or in some other cases that affect the rights or interests of the Non-Voting Shares, approval of the holders of Non-Voting Shares is required. We may obtain such approval by a resolution of holders of at least two-thirds of the Non-Voting Shares present or represented at a class meeting of the holders of Non-Voting Shares, where the affirmative votes also represent at least one-third of our total outstanding Non-Voting Shares.
Shareholders may exercise their voting rights by proxy. The proxy must present a document evidencing an appropriate power of attorney prior to the start of the general meeting of shareholders. Additionally, shareholders may exercise their voting rights in absentia by submission of signed write-in voting forms. To make it possible for our shareholders to proceed with voting on a write-in basis, we are required to attach the appropriate write-in voting form and related informational material to the notices distributed to shareholders for convening the relevant general meeting of shareholders. Any of our shareholders who desire to vote on such write-in basis must submit their completed and signed write-in voting forms to us no later than one day prior to the date that the relevant general meeting of shareholders is convened.
Holders of ADRs exercise their voting rights through the ADR depositary, an agent of which is the record holder of the underlying Ordinary Shares. Subject to the provisions of the deposit agreement, ADR holders are entitled to instruct the ADR depositary how to vote the Ordinary Shares underlying their ADSs.
Appraisal Rights of Dissenting Shareholders
In some limited circumstances, including the transfer of the whole or any significant part of our business and our merger or consolidation with another company, dissenting shareholders have the right to require us to purchase their Shares. To exercise this right, shareholders must submit to us a written notice of their intention to dissent before the general meeting of shareholders. Within 20 days after the relevant resolution is passed at a meeting, the dissenting shareholders must request us in writing to purchase their Shares. We are obligated to purchase the Shares of dissenting shareholders within one month after the expiration of the 20-day period. The purchase price for the Shares is required to be determined through negotiation between the dissenting shareholders and us. If we cannot agree on a price through negotiation, the purchase price will be the average of (1) the weighted average of the daily Share prices on the KRX KOSPI Market for the two-month period before the date of the adoption of the relevant board resolution, (2) the weighted average of the daily Share price on the KRX KOSPI Market for the one month period before the date of the adoption of the relevant board resolution and (3) the weighted average of the daily Share price on the KRX KOSPI Market for the one week period before the date of the adoption of the relevant board resolution. However, if we or any of the
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dissenting shareholders do not accept the purchase price calculated using the above method, the rejecting party may request the court to determine the purchase price. Holders of ADSs will not be able to exercise appraisal rights unless they have withdrawn the underlying ordinary shares and become our direct shareholders.
Register of Shareholders and Record Dates
Our account management institution, Kookmin Bank, maintains the electronic register of our shareholders at its office in Seoul, Korea. Our account management institution effects transfers of Shares on the electronic register of shareholders only upon the electronic registration of such transfers pursuant to the Act on Electronic Registration of Stocks, Bonds, Etc. of Korea (the “Electronic Registration Act”).
The record date is December 31. Further, we may set a record date for the purpose of determining the shareholders entitled to rights pertaining to the Shares, and we must announce such record date at least two weeks prior to such record date. The trading of Shares and the delivery of share certificates may continue while the register of shareholders is closed.
Annual Reports
At least one week before the annual general meeting of shareholders, we must make our annual report and audited consolidated financial statements available for inspection at our principal office and at all of our branch offices. In addition, copies of annual reports, the audited consolidated financial statements and any resolutions adopted at the general meeting of shareholders will be available to our shareholders.
Under the FSCMA, we must file with the Financial Services Commission and the KRX KOSPI Market (1) an annual report within 90 days after the end of our fiscal year and (2) interim reports with respect to the three month period, six month period and nine month period from the beginning of each fiscal year within 45 calendar days following the end of each period. Copies of these reports are or will be available for public inspection at the Financial Services Commission and the KRX KOSPI Market.
Transfer of Shares
Under the Electronic Registration Act, the transfer of Shares is effected by the electronic registration of such transfers on an electronic registry pursuant to the Electronic Registration Act, under which the electronic registration of stocks, bonds and transfers thereof will be required. To assert shareholders’ rights against us, the transferee must have his name and address registered on our electronic register of shareholders. For this purpose, a shareholder is required to apply for electronic registration of transfer between accounts. The above requirements do not apply to the holders of ADSs.
Under current Korean regulations, Korean securities companies and banks, including licensed branches of non-Korean securities companies and banks, investment management companies, futures trading companies, internationally recognized foreign custodians and the Korea Securities Depository may act as agents and provide related services for foreign shareholders. Certain foreign exchange controls and securities regulations apply to the transfer of Shares by non-residents or non-Koreans. See “Item 10. Additional Information—Item 10.D. Exchange Controls.”
Our account management institution is Kookmin Bank, located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul, Korea.
Acquisition of Shares by Us
Under the Commercial Code, we may acquire our own Shares by (i) purchasing on the KRX KOSPI Market, or (ii) purchasing from shareholders on a pro rata basis in accordance with the number of shares held by each shareholder. The aggregate purchase price for the Shares may not exceed the total amount available for distribution of dividends at the end of the preceding fiscal year. Moreover, we must acquire our own Shares from dissenting shareholders who exercise their appraisal rights.
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Under the FSCMA, we may acquire Shares only by (i) purchasing on the KRX KOSPI Market, (ii) purchasing from shareholders on a pro rata basis in accordance with the number of shares held by each shareholder, or (iii) receiving Shares returned to us upon the cancellation or termination of a trust agreement with a trustee who acquired the Shares by either of the methods indicated above. The aggregate purchase price for the Shares may not exceed the total amount available for distribution of dividends at the end of the preceding fiscal year.
Under our articles of incorporation, we are required to report the purpose of holding our own Shares and plans for disposition at each annual general meeting of shareholders. We are also required to obtain approval at the annual general meeting of shareholders if we acquire cross-held shares of another company through a sale or exchange of treasury stock.
In general, corporate entities in which we own a 50.0% or more equity interest may not acquire our Shares.
As of December 31, 2025, there were 10,926,622 treasury shares, including shares held by our treasury stock fund.

Liquidation Rights
In the event of our liquidation, after payment of all debts, liquidation expenses and taxes, our remaining assets will be distributed among shareholders in proportion to their shareholdings. Holders of Non-Voting Shares have no preference in liquidation.
Item 10.C.  Material Contracts
None.
Item 10.D.  Exchange Controls
General
The Foreign Exchange Transaction Act and the Presidential Decree and regulations under that Act and Decree (collectively the “Foreign Exchange Transaction Laws”) regulate investment in Korean securities by non-residents and issuance of securities outside Korea by Korean companies. Under the Foreign Exchange Transaction Laws, non-residents may invest in Korean securities only in compliance with the provisions of, and to the extent specifically allowed by, these laws or otherwise permitted by the MOFE. The Financial Services Commission has also adopted, pursuant to its authority under the FSCMA, regulations that control investment by foreigners in Korean securities and regulate the issuance of securities outside Korea by Korean companies.
Under the Foreign Exchange Transaction Laws, if the Government deems that certain emergency circumstances, including, but not limited to, the outbreak of natural calamities, wars or grave and sudden changes in domestic or foreign economies, are likely to occur, the MOFE may temporarily suspend the transactions where Foreign Exchange Transaction Laws are applicable, or impose an obligation to deposit or sell capital to certain Korean governmental agencies or financial institutions. In addition, if the Government deems that it is confronted or is likely to be confronted with serious difficulty in movement of capital between Korea and abroad which will bring serious obstacles in carrying out its currency policies, exchange rate policies and other macroeconomic policies, the MOFE may take measures to require any person who performs transactions to deposit such capital to certain Korean governmental agencies or financial institutions.
Government Review of Issuance of ADSs
In order for us to issue shares represented by ADSs, we are required to file a prior report of the issuance with the MOFE if our securities and borrowings denominated in foreign currencies issued during the one-year period preceding such filing date exceed US$50 million in aggregate. No further Korean governmental approval is necessary for the initial offering and issuance of the ADSs.
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Under current Korean laws and regulations, the depositary bank is required to obtain our prior consent for the number of shares to be deposited in any given proposed deposit which exceeds the difference between (1) the aggregate number of shares deposited by us or with the consent of us for the issuance of ADSs (including deposits in connection with the initial and all subsequent offerings of ADSs and stock dividends or other distributions related to these ADSs) and (2) the number of shares on deposit with the depositary bank at the time of such proposed deposit. We can give no assurance that we would grant our consent, if our consent is required. Therefore, a holder of ADRs who surrenders ADRs and withdraws shares may not be permitted subsequently to deposit those shares and obtain ADRs.
Reporting Requirements for Holders of Substantial Interests
Any person whose direct or beneficial ownership of shares, whether in the form of shares or ADSs, certificates representing the rights to subscribe for Shares and equity-related debt securities including convertible bonds and bonds with warrants (collectively, the “Equity Securities”) together with the Equity Securities beneficially owned by certain related persons or by any person acting in concert with the person accounts for 5.0% or more of the total issued Equity Securities is required to report the status of the holdings to the Financial Services Commission and the KRX KOSPI Market within five business days after reaching the 5.0% ownership interest. In addition, any change in the ownership interest subsequent to the report which equals or exceeds 1.0% of the total issued Equity Securities is required to be reported to the Financial Services Commission and the KRX KOSPI Market within five business days from the date of the change. The required information to be included in the 5.0% report may be different if the acquisition of such shareholding interest is for the purpose of exercising influence over the management, as opposed to an acquisition for investment purposes. Any person reporting the holding of 5.0% or more of the total issued Equity Securities and any person reporting the change in the ownership interest which equals or exceeds 1.0% of the total issued Equity Securities pursuant to the requirements described above must also deliver a copy of such reports to us.
Violation of these reporting requirements may subject a person to criminal sanctions such as fines or imprisonment and may result in a loss of voting rights with respect to the unreported ownership of Equity Securities exceeding 5.0%. Furthermore, the Financial Services Commission may issue an order to dispose of non-reported Equity Securities.
Restrictions Applicable to ADSs
No Korean governmental approval is necessary for the sale and purchase of ADSs in the secondary market outside Korea or for the withdrawal of shares underlying ADSs and the delivery inside Korea of shares in connection with the withdrawal. In general, the acquisition of the shares by a foreigner must be reported by the foreigner or his standing proxy in Korea immediately to the Governor of the Financial Supervisory Service; provided, however, that in cases where a foreigner acquires shares through the exercise of rights as a holder of ADSs (or other depositary certificates), the foreigner must cause such report to the Governor of the Financial Supervisory Service to be filed by the Korea Securities Depository.
Persons who have acquired shares as a result of the withdrawal of shares underlying the ADSs may exercise their preemptive rights for new shares, participate in free distributions and receive dividends on shares without any further governmental approval.
Restrictions Applicable to Shares
As a result of amendments to the Foreign Exchange Transaction Laws and Financial Services Commission regulations adopted in connection with the stock market opening from January 1992, which we refer to collectively as the Investment Rules, foreigners may invest, with limited exceptions and subject to procedural requirements, in all shares of Korean companies, whether listed on the KRX KOSPI Market or the KRX KOSDAQ Market, unless prohibited by specific laws. Foreign investors may trade shares listed on the KRX KOSPI Market or the KRX KOSDAQ Market only through the KRX KOSPI Market or the KRX KOSDAQ Market, except in limited circumstances, including:
•odd-lot trading of shares;
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•acquisition of shares (“Converted Shares”) by exercise of warrant, conversion right under convertible bonds or withdrawal right under depositary receipts issued outside of Korea by a Korean company;
•acquisition of shares as a result of inheritance, donation, bequest or exercise of shareholders’ rights, including preemptive rights or rights to participate in free distributions and receive dividends;
•over-the-counter transactions between foreigners of a class of shares for which the ceiling on aggregate acquisition by foreigners, as explained below, has been reached or exceeded;
•shares acquired by foreign direct investment as defined in the Foreign Investment Promotion Act;
•disposal of shares pursuant to the exercise of appraisal rights of dissenting shareholders;
•disposal of shares in connection with a tender offer;
•acquisition of shares by a foreign depositary in connection with the issuance of depositary receipts;
•acquisition and disposal of shares through an overseas stock exchange market if such shares are simultaneously listed on the KRX KOSPI Market or the KRX KOSDAQ Market and such overseas stock exchange;
•acquisition and disposal of shares through alternative trading systems (ATS);
•arm’s length transactions between foreigners, if all of such foreigners belong to an investment group managed by the same person.
For over-the-counter transactions of shares between foreigners outside the KRX KOSPI Market or the KRX KOSDAQ Market for shares with respect to which the limit on aggregate foreign ownership has been reached or exceeded, an investment broker licensed in Korea must act as an intermediary. Odd-lot trading of shares outside the KRX KOSPI Market or the KRX KOSDAQ Market must involve a licensed investment trader in Korea as the other party. Foreign investors are prohibited from engaging in margin transactions through borrowing shares from a securities company with respect to shares which are subject to a foreign ownership limit.
Pursuant to amendments to the Investment Rules that became effective on December 14, 2023, foreign investors who wish to invest in shares on the KRX KOSPI Market or the KRX KOSDAQ Market (including Converted Shares) may do so using their Legal Entity Identifier, instead of having to register their identity with the Financial Supervisory Service prior to making any such investment. However, those who have already registered as a foreign investor may continue to make investments using their investment registration card.
Upon a foreign investor’s purchase of shares through the KRX KOSPI Market or the KRX KOSDAQ Market, no separate report by the investor is required because the investment registration certificate system is designed to control and oversee foreign investment through a computer system. However, a foreign investor’s acquisition or sale of shares outside the KRX KOSPI Market or the KRX KOSDAQ Market (as discussed above) must be reported by the foreign investor or his standing proxy to the Governor of the Financial Supervisory Service at the time of each such acquisition or sale; provided, however, that in cases where a foreigner acquires shares through the exercise of rights as a holder of ADSs (or other depositary certificates), the foreigner must cause such report to the Governor of the Financial Supervisory Service to be filed by the Korea Securities Depository; and further provided that a foreign investor must ensure that any acquisition or sale by it of shares outside the KRX KOSPI Market or the KRX KOSDAQ Market in the case of trades in connection with a tender offer, odd-lot trading of shares or trades of a class of shares for which the aggregate foreign ownership limit has been reached or exceeded, is reported to the Governor of the Financial Supervisory Service by the investment trader, the investment broker, the Korea Securities Depository or the financial securities company engaged to
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facilitate such transaction. A foreign investor may appoint one or more standing proxies from among the Korea Securities Depository, foreign exchange banks, including domestic branches of foreign banks, investment traders, investment brokers, the Korea Securities Depository, financial securities companies and internationally recognized custodians that satisfy all relevant requirements under the FSCMA.
Certificates evidencing shares of Korean companies must be kept in custody with an eligible custodian in Korea. Only the Korea Securities Depository, foreign exchange banks including domestic branches of foreign banks, investment traders, investment brokers, collective investment business entities and internationally recognized custodians satisfying the relevant requirements under the FSCMA are eligible to act as a custodian of shares for a non-resident or foreign investor. A foreign investor must ensure that his custodian deposits its shares with the Korea Securities Depository. However, a foreign investor may be exempted from complying with this deposit requirement with the approval of the Governor of the Financial Supervisory Service in circumstances where compliance with that requirement is made impracticable, including cases where compliance would contravene the laws of the home country of such foreign investor.
Under the Investment Rules, with certain exceptions, foreign investors may acquire shares of a Korean company without being subject to any foreign investment ceiling. As one such exception, designated public corporations are subject to a 40.0% ceiling on the acquisition of shares by foreigners in the aggregate and a ceiling on the acquisition of shares by a single foreign investor pursuant to the articles of incorporation of such corporation. Currently, Korea Electric Power Corporation is the only designated public corporation which has set such a ceiling. Furthermore, an investment by a foreign investor of not less than 10.0% of the issued shares with voting rights of a Korean company is defined as a direct foreign investment under the Foreign Investment Promotion Act, which is, in general, subject to the report to, and acceptance, by the Ministry of Trade Industry & Resources. The acquisition of shares of a Korean company by a foreign investor may also be subject to certain foreign shareholding restrictions in the event that the restrictions are prescribed in each specific law which regulates the business of the Korean company. A foreigner who has acquired our ordinary shares in excess of this ceiling may not exercise his voting rights with respect to our ordinary shares exceeding the limit.
Under the Foreign Exchange Transaction Laws, a foreign investor who intends to acquire shares must designate a foreign exchange bank at which he must open a foreign currency account and a Won account exclusively for stock investments. No approval is required for remittance into Korea and deposit of foreign currency funds in the foreign currency account. Foreign currency funds may be transferred from the foreign currency account at the time required to place a deposit for, or settle the purchase price of, a stock purchase transaction to a Won account opened at an investment broker or an investment trader. Funds in the foreign currency account may be remitted abroad without any governmental approval.
Dividends on Shares are paid in Won. No governmental approval is required for foreign investors to receive dividends on, or the Won proceeds of the sale of, any shares to be paid, received and retained in Korea. Dividends paid on, and the Won proceeds of the sale of, any shares held by a non-resident of Korea must be deposited either in a Won account with the investor’s investment broker or investment trader or his Won Account. Funds in the investor’s Won Account may be transferred to his foreign currency account or withdrawn for local living expenses up to certain limitations. Funds in the Won Account may also be used for future investment in shares or for payment of the subscription price of new shares obtained through the exercise of preemptive rights.
Investment brokers and investment traders are allowed to open foreign currency accounts with foreign exchange banks exclusively for accommodating foreign investors’ stock investments in Korea. Through these accounts, these investment brokers and investment traders may enter into foreign exchange transactions on a limited basis, such as conversion of foreign currency funds and Won funds, either as a counterparty to or on behalf of foreign investors, without the investors having to open their own accounts with foreign exchange banks.
Item 10.E.  Taxation
The following summary is based upon tax laws of the United States and the Republic of Korea as in effect on the date of this annual report on Form 20-F, and is subject to any change in United States or Korean law that may come into effect after such date. Investors in the ordinary shares or ADSs are advised to consult
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their own tax advisers as to the United States, Korean or other tax consequences of the purchase, ownership and disposition of such securities, including the effect of any national, state or local tax laws.
Korean Taxation
The following summary of Korean tax considerations applies to you as long as you are not:
•a resident of Korea;
•a corporation organized under Korean law; or
•engaged in a trade or business in Korea through a permanent establishment or a fixed base.
Shares or ADSs
Dividends on Ordinary Shares or ADSs
Unless an applicable tax treaty provides otherwise, we will deduct Korean withholding tax from dividends paid to you either in cash or shares at a rate of 22.0% (including local income tax). If you are a resident of a country that has entered into a tax treaty with Korea, you may qualify for a reduced rate of Korean withholding tax under such a treaty. For example, if you are a qualified resident of the United States for purposes of the US-Korea Tax Treaty (the “Treaty”) and you are the beneficial owner of a dividend, a reduced withholding tax rate of 16.5% (including local income tax) generally will apply. You will not be entitled to claim treaty benefits if you are not the beneficial owner of a dividend.
In order to obtain the benefits of a reduced withholding tax rate under a tax treaty, you must submit to us, prior to the dividend payment date, an application for entitlement to a reduced tax rate. Effective January 1, 2026, we are required to submit such application to the relevant district tax office by the end of February of the year following the year in which the dividend payment date falls. If you hold ADSs and receive the dividends through a depositary, you are not required to submit the application for entitlement to a reduced tax rate. If you are an overseas investment vehicle (an “OIV”), which is defined as an organization established in a non-Korean jurisdiction that manages funds collected through investment solicitation by way of acquiring, disposing, or otherwise investing in any such assets and distributes the yield therefrom to investors, you must submit to us a report of the OIV and a schedule of beneficial owners together with their applications for entitlement to a reduced tax rate, which you should collect from each beneficial owner. Excess taxes withheld may be recoverable if you subsequently produce satisfactory evidence that you were entitled to have tax withheld at a lower rate.

If we distribute to you free shares representing a transfer of certain capital reserves or asset revaluation reserves into paid-in capital, that distribution may be a deemed dividend subject to Korean tax.
Capital Gains
Capital gains from a sale of ordinary shares will generally be exempt from Korean taxation if you have owned, together with certain related parties, less than 25.0% of our total issued shares during the year of sale and the five calendar years before the year of sale, and the sale is made through the KRX KOSPI Market, and you have no permanent establishment in Korea. Capital gains earned by a non-Korean holder from a sale of ADSs outside of Korea are exempt from Korean taxation by virtue of the Special Tax Treatment Control Law of Korea (the “STTCL”), provided that the issuance of the ADSs is deemed to be an overseas issuance under the STTCL.
If you are subject to Korean taxation on capital gains from a sale of ADSs, or ordinary shares that you acquired as a result of a withdrawal, your gain will be calculated based on your cost of acquiring the ADSs representing the ordinary shares, although there are no specific Korean tax provisions or rulings on this issue. In the absence of the application of a tax treaty that exempts tax on capital gains, the amount of Korean tax imposed on such capital gains will be the lesser of 11.0% (including local income tax) of the gross realization proceeds or, subject to the production of satisfactory evidence of the acquisition cost and the transaction costs of the ADSs, 22.0% (including local income tax) of the net capital gain.
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If you are subject to Korean taxation on capital gains from a sale of ADSs, or ordinary shares that you acquire as a result of a withdrawal, and you sell your ordinary shares or ADSs, the purchaser or, in the case of a sale of ordinary shares on the KRX KOSPI Market or through a licensed securities company in Korea, the licensed securities company, is required to withhold Korean tax from the sales price in an amount equal to 11% (including local income tax) of the gross realization proceeds and to make payment thereof to the Korean tax authorities, unless you establish your entitlement to an exemption from taxation under an applicable tax treaty or produce satisfactory evidence of your acquisition cost and the transaction costs for the ordinary shares or ADSs. In order to obtain the benefit of an exemption from tax pursuant to a tax treaty, you must submit to the purchaser or the securities company (or through the depositary), as the case may be, prior to the first payment, an exemption application, together with a certificate of your tax residence issued by a competent authority of your residence country, provided that if such tax exemption is being sought to be applied to an amount that is ￦1 billion or more (including where the aggregate amount exempted within one year from the last day of the month in which the payment was made, is ￦1 billion or more), in addition to the certificate of your tax residence issued by a competent authority of your residence country, you will also be required to submit the names and addresses of all of the members of your board of directors, the identities and shareholding percentages of all of your shareholders (provided that if you have more than 100 shareholders, you may instead provide a statement showing the total number of shareholders and aggregate investment amount from each country), and financial statements (including appendices), tax returns or audit reports for the most recent three years (or, if your entity has been in existence for less than three years, the aforementioned documents since incorporation), which must be submitted with a Korean translation in principle. If you are an OIV, you must submit a report of the OIV and a schedule of beneficial owners together with their applications for exemption, which you should collect from each beneficial owner. The withholding obligor must submit the application and the report to the relevant tax office by the ninth day of the month following the date of the first payment of such income. This requirement will not apply to exemptions under Korean tax law. Excess taxes withheld may be recoverable if you subsequently produce satisfactory evidence that you were entitled to have taxes withheld at a lower rate.
Most tax treaties that Korea has entered into provide exemptions for capital gains tax for capital gains from sale of ordinary shares. However, Korea’s tax treaties with Japan, Austria, Spain and a few other countries do not provide an exemption from such capital gains tax. For example, Article 13 of Korea’s tax treaty with Japan provides that if a taxpayer holding 25% or more (including those shares held by any related party of the taxpayer) of total issued shares of a company in a taxable year sells 5% or more (including those sold by any related party of the taxpayer) of total issued shares of the same company in the same taxable year, the country where the company is a resident may impose tax on such taxpayer.
Inheritance Tax and Gift Tax
Korean inheritance tax is imposed upon (a) all assets (wherever located) of the deceased if at the time of his death he was domiciled in Korea or had resided in Korea for at least 183 days immediately prior to his death and (b) all property located in Korea which passes on death (irrespective of the domicile of the deceased). Gift tax is imposed in similar circumstances to the above. Taxes are currently imposed at the rate of 10% to 50% if the value of the relevant property is above a certain limit and vary according to the identity of the parties involved.
Under Korean Inheritance and Gift Tax Law, shares issued by a Korean corporation are deemed located in Korea irrespective of where they are physically located or by whom they are owned. It remains unclear whether, for Korean inheritance and gift tax purposes, a non-resident holder of ADSs will be treated as the owner of the shares underlying the ADSs. If such non-resident is treated as the owner of the shares, the heir or donee of such non-resident (or in certain circumstances, the non-resident as the donor) will be subject to Korean inheritance or gift tax at the same rate as described above.
Securities Transaction Tax
If you transfer ordinary shares on the KRX KOSPI Market, you are subject to securities transaction tax at a rate of 0.03% for any transfers made during 2024, 0% for any transfers made during 2025 and 0.05% for any transfers made on and after January 1, 2026, and an agriculture and fishery special tax at a rate of 0.15%, calculated based on the sales price of the shares. If you transfer ordinary shares on the KRX KOSDAQ Market, you are subject to securities transaction tax at a rate of 0.18% for any transfers made during 2024, 0.15% for any transfers made during 2025 and 0.20% for any transfers made on and after January 1, 2026, and
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will generally not be subject to the agriculture and fishery special tax. If you transfer ordinary shares and your transfer is not made on the KRX KOSPI or KRX KOSDAQ Market (e.g., shares of private companies), you will generally be subject to the securities transaction tax at a rate of 0.35% for transfers on and after January 1, 2023 and will generally not be subject to the agriculture and fishery special tax.
With respect to transfers of ADSs, a tax ruling issued in 2004 by the Korean tax authority appears to hold that depositary receipts (such as the ADSs) constitute share certificates subject to the securities transaction tax. In May 2007, the Seoul Administrative Court held that depositary receipts do not constitute share certificates subject to the securities transaction tax. In 2008, the Seoul Administrative Court’s holding was upheld by the Seoul High Court and was further upheld by the Supreme Court. Subsequent to this series of rulings, however, the Securities Transaction Tax Law was amended to expressly provide that depositary receipts constituted a form of share certificates subject to the securities transaction tax. However, the sale price of ADSs from a transfer of depositary receipts listed on the New York Stock Exchange, the Nasdaq National Market or other qualified foreign exchanges are exempt from the securities transaction tax.
United States Federal Income Taxation
The following discussion describes the material United States federal income tax consequences of the ownership of our ADSs and ordinary shares as of the date hereof. This discussion deals only with ADSs and ordinary shares that are held as capital assets by a U.S. Holder (as defined below). In addition, the discussion set forth below is applicable only to U.S. Holders (i) who are residents of the United States for purposes of the current Treaty, (ii) whose ADSs or ordinary shares are not, for purposes of the Treaty, effectively connected with a permanent establishment in Korea and (iii) who otherwise qualify for the full benefits of the Treaty.
For purposes of this summary, a “U.S. Holder” is a beneficial owner of our ADSs or ordinary shares that is:
•a citizen or resident of the United States;
•a United States domestic corporation; or
•otherwise is subject to United States federal income taxation on a net income basis in respect of such ADSs or ordinary shares.
This discussion is based upon provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and regulations, rulings and judicial decisions thereunder as of the date hereof, as well as the Treaty (as defined above). Those authorities may be changed, perhaps retroactively, so as to result in United States federal income tax consequences different from those summarized below. In addition, this discussion is based, in part, upon representations made by the depositary to us and assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.
This discussion does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws, including if you are:
•a dealer in securities or currencies;
•a financial institution;
•a regulated investment company;
•a real estate investment trust;
•an insurance company;
•a tax-exempt organization;
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•a person holding our ADSs or ordinary shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;
•a trader in securities that has elected the mark-to-market method of accounting for securities;
•a person liable for alternative minimum tax;
•a person who owns or is deemed to own 10% or more of our stock (by vote or value);
•a partnership or other pass-through entity for United States federal income tax purposes; or
•a person whose “functional currency” is not the United States dollar.
If a partnership (or other entity treated as a partnership for United States federal income tax purposes) holds our ADSs or ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our ADSs or ordinary shares, you should consult your tax advisors.
This discussion does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular circumstances and does not address the estate or gift taxes, the Medicare contribution tax on net investment income or the effects of any state, local or non-United States tax laws. If you are considering the purchase of our ADSs or ordinary shares, you should consult your own tax advisors concerning the particular United States federal income tax consequences to you of the purchase, ownership and disposition of our ADSs or ordinary shares, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.
ADSs
If you hold ADSs, for United States federal income tax purposes, you generally will be treated as the owner of the underlying ordinary shares that are represented by such ADSs. Accordingly, deposits or withdrawals of ordinary shares for ADSs will not be subject to United States federal income tax. For the remainder of this discussion, references to “ordinary shares” should be interpreted to include ADSs, unless otherwise specified.
Taxation of Dividends
The gross amount of distributions of cash or property with respect to the ordinary shares (including any amounts withheld to reflect Korean withholding taxes) will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Because we do not expect to determine earnings and profits in accordance with United States federal income tax principles, you should expect that a distribution will generally be treated as a dividend for United States federal income tax purposes.
Any dividends that you receive (including any withheld taxes) will be includable in your gross income as ordinary income on the day actually or constructively received by you, in the case of ordinary shares, or by the depositary, in the case of ADSs. Such dividends will not be eligible for the dividends received deduction allowed to corporations under the Code.
Dividends received by an individual will be subject to taxation at a preferential rate if the dividends are “qualified dividends.” Subject to certain exceptions for short-term positions, dividends will be treated as qualified dividends if: (i) the ordinary shares or ADSs, as applicable, are readily tradable on an established securities market in the United States or we are eligible for the benefits of a comprehensive tax treaty with the United States that the United States Treasury Department determines is satisfactory for purposes of this provision and that includes an exchange of information program; and (ii) we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend is paid, a passive foreign investment company (a “PFIC”) (see “—Passive Foreign Investment Company” below). The ADSs are listed on the New York Stock Exchange and will qualify as readily tradable on an established securities market in the United States as long as they are so listed. In addition, the United States Treasury Department has determined
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that the Treaty meets the requirements for reduced rates of taxation, and we believe we are eligible for the benefits of the Treaty.
The amount of any dividend paid in Won will equal the United States dollar value of the Won received calculated by reference to the exchange rate in effect on the date the dividend is received by you, in the case of ordinary shares, or by the depositary, in the case of ADSs, regardless of whether the Won are converted into United States dollars. If the Won received as a dividend are converted into United States dollars on the date they are received, you generally will not be required to recognize foreign currency gain or loss in respect of the dividend income. If the Won received as a dividend are not converted into United States dollars on the date of receipt, you will have a basis in the Won equal to their United States dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Won will be treated as United States source ordinary income or loss.
Subject to generally applicable limitations and conditions, Korean tax on dividends paid at the appropriate rate applicable to the U.S. Holder may be eligible for a credit against such U.S. Holder’s U.S. federal income tax liability. These generally applicable limitations and conditions include requirements adopted by the U.S. Internal Revenue Service (“IRS”) in regulations promulgated in December 2021, and any Korean tax will need to satisfy these requirements in order to be eligible to be a creditable tax for a U.S. Holder. In the case of a U.S. Holder that consistently elects to apply a modified version of these rules under temporary guidance and complies with specific requirements as set forth in such guidance, the Korean tax on dividends may be treated as meeting the requirements and therefore as a creditable tax. In the case of all other U.S. Holders, the application of these requirements to the Korean tax on dividends is uncertain and we have not determined whether these requirements have been met, including requirements applicable to the Treaty. Dividends paid on the ordinary shares will be treated as income from sources outside the United States and, for U.S. Holders that elect to claim foreign tax credits, will generally constitute passive category income for U.S. foreign tax credit purposes. If the Korean dividend tax is not a creditable tax for a U.S. Holder or the U.S. Holder does not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, a U.S. Holder may elect to deduct the Korean tax in computing such U.S. Holder’s taxable income for U.S. federal income tax purposes. The rules governing the foreign tax credit and deductions for foreign taxes depend on a U.S. Holder’s particular circumstances and involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. You are urged to consult your tax advisors regarding the availability and calculation of the foreign tax credit under your particular situations.
Taxation of Capital Gains
Subject to the discussion above under “—Passive Foreign Investment Company,” for United States federal income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of the ordinary shares in an amount equal to the difference between the amount realized for the ordinary shares and your adjusted tax basis in the ordinary shares. Such gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the ordinary shares for more than one year. Long-term capital gains of non-corporate U.S. Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by you will generally be treated as United States source gain or loss.
You should note that any Korean securities transaction tax or agriculture and fishery special tax will not be treated as a creditable foreign tax for United States federal income tax purposes, although you may be entitled to deduct such taxes, subject to applicable limitations under the Code. You should consult your own tax advisors regarding the application of the foreign tax credit rules to your investment in, and disposition of, the ordinary shares.
Passive Foreign Investment Company
Based on the past and projected composition of our income and assets and the valuation of our assets, we do not believe we were a passive foreign investment company (“PFIC”) for our most recent taxable year or in the preceding taxable year and do not expect to become a PFIC in the current taxable year or the foreseeable future, although there can be no assurance in this regard.
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In general, we will be a PFIC for any taxable year in which, taking into account our proportionate share of the income and assets of our subsidiaries under applicable “look-through” rules:
•at least 75% of our gross income is passive income, or
•at least 50% of the value (determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.
For this purpose, passive income generally includes dividends, interest, royalties and rents. If we own at least 25% (by value) of the stock of another corporation, for purposes of determining whether we are a PFIC, we will be treated as owning our proportionate share of the other corporation’s assets and receiving our proportionate share of the other corporation’s income.
If we are a PFIC for any taxable year during which you hold our ordinary shares and any of our non-United States subsidiaries is also a PFIC (a “Lower-tier PFIC”), you will be treated as owning a proportionate amount (by value) of the shares of the Lower-tier PFIC for purposes of the application of the PFIC rules. You are urged to consult your tax advisors about the application of the PFIC rules to any of our subsidiaries.
The determination of whether we are a PFIC is made annually based on the facts and circumstances at the time, some of which may be beyond our control, such as the amount and composition of our income and the valuation and composition of our assets, including goodwill and other intangible assets, as implied by the market price of our ordinary shares. Recent stock market volatility could exacerbate these considerations. Accordingly, we cannot be certain that we will not be a PFIC in the current or any future taxable year. If we are a PFIC for any taxable year during which you hold our ordinary shares, you will be subject to special tax rules discussed below.
If we are a PFIC for any taxable year during which you hold our ordinary shares and you do not make a timely mark-to-market election, as described below, you will be subject to special tax rules with respect to any “excess distribution” received and any gain realized from a sale or other disposition, including a pledge, of ordinary shares. Distributions received in a taxable year will be treated as excess distributions to the extent that they are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or your holding period for the ordinary shares. Under these special tax rules:
•the excess distribution or gain will be allocated ratably over your holding period for the ordinary shares,
•the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and
•the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
Although the determination of whether we are a PFIC is made annually, if we are a PFIC for any taxable year in which you hold our ordinary shares, you will generally be subject to the special tax rules described above for that year and for each subsequent year in which you hold the ordinary shares (even if we do not qualify as a PFIC in such subsequent years). However, if we cease to be a PFIC, you can avoid the continuing impact of the PFIC rules by making a special election to recognize gain as if your ordinary shares had been sold on the last day of the last taxable year during which we were a PFIC. You are urged to consult your own tax advisor about this election.
In lieu of being subject to the special tax rules discussed above, you may make a mark-to-market election with respect to your ordinary shares provided such ordinary shares are treated as “marketable stock.” The ordinary shares generally will be treated as marketable stock if they are regularly traded on a “qualified exchange or other market” (within the meaning of the applicable Treasury regulations).
If you make an effective mark-to-market election, for each taxable year that we are a PFIC you will include as ordinary income the excess of the fair market value of your ordinary shares at the end of the year
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over your adjusted tax basis in the ordinary shares. You will be entitled to deduct as an ordinary loss in each such year the excess of your adjusted tax basis in the ordinary shares over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Your adjusted tax basis in the ordinary shares will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. In addition, upon the sale or other disposition of your ordinary shares in a year that we are a PFIC, any gain will be treated as ordinary income and any loss will be treated as ordinary loss, but only to the extent of the net amount of income previously included as a result of the mark-to-market election.
If you make a mark-to-market election, it will be effective for the taxable year for which the election is made and all subsequent taxable years unless the ordinary shares are no longer regularly traded on a qualified exchange or other market, or the IRS consents to the revocation of the election.
A mark-to-market election cannot be made with respect to any Lower-tier PFIC unless the shares of such Lower-tier PFIC are themselves “marketable.” As a result, if a U.S. Holder makes a mark-to-market election with respect to the ordinary shares or ADSs, the holder could nevertheless be subject to the PFIC rules described in the preceding paragraph with respect to the holder’s indirect interest in any Lower-tier PFIC.
You are urged to consult your tax advisor about the availability of the mark-to-market election, and whether making the election would be advisable in your particular circumstances.
Alternatively, you can sometimes avoid the special tax rules described above by electing to treat a PFIC as a “qualified electing fund” under Section 1295 of the Code. However, this option is not available to you because we do not intend to comply with the requirements necessary to permit you to make this election.
You will generally be required to file IRS Form 8621 if you hold our ordinary shares in any year in which we are classified as a PFIC. You are urged to consult your tax advisors concerning the United States federal income tax consequences of holding ordinary shares if we are considered a PFIC in any taxable year.
Foreign Financial Asset Reporting
Certain U.S. Holders that own “specified foreign financial assets” with an aggregate value in excess of U.S.$50,000 on the last day of the taxable year or U.S.$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets. “Specified foreign financial assets” include any financial accounts held at a non-United States financial institution, as well as securities issued by a non-United States issuer that are not held in accounts maintained by financial institutions. The understatement of income attributable to “specified foreign financial assets” in excess of U.S.$5,000 extends the statute of limitations with respect to the tax return to six years after the return was filed. U.S. Holders who fail to report the required information could be subject to substantial penalties. You are encouraged to consult with your own tax advisors regarding the possible application of these rules, including the application of the rules to your particular circumstances.
Information Reporting and Backup Withholding
In general, information reporting will apply to dividends in respect of our ordinary shares and the proceeds from the sale, exchange or other disposition of our ordinary shares that are paid to you within the United States (and in certain cases, outside the United States), unless you are an exempt recipient. A backup withholding tax may apply to such payments if you fail to provide a taxpayer identification number or certification of exempt status or fail to report in full dividend and interest income.
Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.
Item 10.F.  Dividends and Paying Agents
See “Item 8. Financial Information—Item 8.A. Consolidated Statements and Other Financial Information—Dividends” for information concerning our dividend policies and our payment of dividends. See “—
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Item 10.B. Memorandum and Articles of Association—Dividends” for a discussion of the process by which dividends are paid on our ordinary shares. See “Item 12. Description of Securities Other than Equity Securities—Item 12.D. American Depositary Shares” for a discussion of the process by which dividends are paid on our ADSs. The paying agent for payment of our dividends on ADSs in the United States is Citibank, N.A.
Item 10.G.  Statements by Experts
Not applicable.
Item 10.H.  Documents on Display
We are subject to the information requirements of the Exchange Act, and, in accordance therewith, are required to file reports, including annual reports on Form 20-F, and other information with the U.S. Securities and Exchange Commission. These materials, including this annual report and the exhibits thereto, may be inspected and copied at the Commission’s public reference rooms in Washington, D.C. Please call the Commission at 1-800-SEC-0330 for further information on the public reference rooms. We are required to make filings with the Commission by electronic means, which will be available to the public over the Internet at the Commission’s website at http://www.sec.gov.
Item 10.I.  Subsidiary Information
Not applicable.
Item 10.J.  Annual Report to Security Holders
Not applicable.
Item 11.  Quantitative and Qualitative Disclosures About Market Risk
We are exposed to foreign exchange rate and interest rate risks primarily associated with underlying liabilities, and to equity price risk as a result of our investment in equity securities. Our long-term financial policies are annually reported to our Board of Directors, and our finance division conducts financial risk management and assessment. Upon identification and evaluation of our risk exposures, we, having considered various circumstances, enter into derivative financial instruments to try to manage some of such risks. These contracts are entered into with major financial institutions, thereby minimizing the risk of credit loss. The activities of our finance division are subject to policies approved by our foreign exchange and interest rate risk management committee. These policies address the use of derivative financial instruments, including the approval of counterparties, setting of limits and investment of excess liquidity. Our general policy is to hold or issue derivative financial instruments largely for hedging purposes. For details regarding the assets, liabilities, gains and losses recorded relating to our derivative contracts outstanding as of December 31, 2023, 2024 and 2025, see Notes 4 and 7 of the notes to the Consolidated Financial Statements.
Exchange Rate Risk
Most of our cash flow is denominated in Won. We are exposed to foreign exchange risk related to foreign currency denominated liabilities and anticipated foreign exchange payments. Anticipated foreign exchange payments, mostly in U.S. Dollars, relate primarily to payments of foreign currency denominated debt, net settlements paid to foreign telecommunication carriers and payments for equipment purchased from foreign suppliers. We have entered into several currency swap contracts, combined interest currency swap contracts and currency forward contracts to hedge our foreign currency risks.
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The following table shows our assets and liabilities denominated in foreign currency as of December 31, 2023, 2024 and 2025:
As of December 31,
202320242025
(in thousands of foreign currencies)Financial
assets		Financial
liabilities		Financial
assets		Financial
liabilities		Financial
assets		Financial
liabilities
U.S. Dollar139,807 2,271,673 139,459 2,346,061 154,802 2,194,753 
Special Drawing Right254 722 254 721 255 721 
Japanese Yen17,496 400,002 10,032 7 5,372 30,005,442 
British Pound— — — — — — 
Euro304 7,810 156 7,814 37 30 
Rwandan Franc402 — — — — — 
Thailand Bhat244 — 8,764 — 8,755 — 
Tanzanian Shilling21,958 — 21,868 — 20 — 
Botswana Pula680 — 664 — 659 — 
Hong Kong Dollar— — — — — — 
Vietnamese Dong380,629 — 222,914 — 231,830 — 
Singapore Dollar1,375 — 8,339 7 8,339 — 
Taiwan Dollar1,685 — — — — — 
Swiss Franc— 25 — 33 — 1 
Ringgit Malaysia— — — — — — 
Bulgarian Lev.— — — — — — 
Kyrgyzstani Som— — — — 2,457 — 
Uzbekistani Som— — — — 8,346 — 
Pakistani Rupee114,025 — 13,732 — 21,050 — 
As of December 31, 2023, a 10% strengthening in the exchange rate between the Won and all foreign currencies, with all other variable held constant, would have decreased our income before income tax by W10 billion, and decreased our total equity by W18 billion, with a 10% weakening in the exchange rate having the opposite effect. As of December 31, 2024, a 10% strengthening in the exchange rate between the Won and all foreign currencies, with all other variables held constant, would have decreased our income before income tax by W6 billion, and decreased our total equity by W15 billion, with a 10% weakening in the exchange rate having the opposite effect. As of December 31, 2025, a 10% strengthening in the exchange rate between the Won and all foreign currencies, with all other variables held constant, would have decreased our income before income tax by W9 billion, and decreased our total equity by W9 billion, with a 10% weakening in the exchange rate having the opposite effect. The foregoing sensitivity analysis assumes that all variables other than foreign exchange rates are held constant, and as such, does not reflect any correlation between foreign exchange rates and other variables, nor our decision to decrease the risk. See Note 37 of the notes to the Consolidated Financial Statements.
Interest Rate Risk
We are also subject to market risk exposure arising from changing interest rates. A reduction of interest rates increases the fair value of our debt portfolio, which is primarily of a fixed interest nature. We use, to a limited extent, interest rate swap contracts and combined interest rate and currency swap contracts to reduce interest rate volatility on some of our debt and manage our interest expense by achieving a balanced mixture of floating and fixed rate debt. We entered into several interest rate swap contracts in which we exchange fixed interest rate payments with variable interest rate payments for a specified period, as well as entered into the combined interest rate and currency swap contracts to hedge our interest rate risk.
The following table summarizes the principal amounts, fair values, principal cash flows by maturity date and weighted average interest rates of our short-term and long-term liabilities as of December 31, 2025
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which are sensitive to exchange rates and/or interest rates. The information is presented in Won, which is our reporting currency:
December 31, 2025
2026202720282029ThereafterTotalFair Value
(in millions of Won, except rates)
Local currency:
Fixed rate1,839,786 2,492,121 1,118,000 580,000 1,420,000 7,449,907 7,371,595 
Average weighted rate (1)
3.10%3.59%3.31%2.87%2.89%3.24%—
Variable rate56,222 38,000 — — 65,526 159,748 159,748 
Average weighted rate (1)
5.50%4.25%0.00%0.00%4.36%4.74%—
Subtotal1,896,008 2,530,121 1,118,000 580,000 1,485,526 7,609,655 7,531,343 
Foreign currency:
Fixed rate573,960 644,278 778,931 717,450 154,919 2,869,538 2,159,836 
Average weighted rate (1)
2.50%1.32%3.91%4.37%7.07%3.33%—
Variable rate30,315 12,398 286,980 — — 329,693 45,619 
Average weighted rate (1)
4.95%5.25%4.53%0.00%0.00%4.60%—
Subtotal604,275 656,676 1,065,911 717,450 154,919 3,199,231 2,205,455 
Total2,500,283 3,186,797 2,183,911 1,297,450 1,640,445 10,808,886 9,736,798 
_______________________
(1)Weighted average rates of the portfolio at the period end.
As of December 31, 2023, 2024 and 2025, a 100 basis point increase in the market interest rates, with all other variables held constant, would have decreased our income before income tax by W2.7 billion, decreased our income before income tax by W1.7 billion and decreased our income before income tax by W7.0 billion, respectively. As of December 31, 2023, 2024 and 2025, such increase, with all other variables held constant, would have decreased our total equity by W5 billion, decreased our total equity by W12 billion and decreased our total equity by W2 billion, respectively.
As of December 31, 2023, 2024 and 2025, a 100 basis point decrease in the market interest rates, with all other variables held constant, would have increased our income before income tax by W2.7 billion, increased our income before income tax by W1.7 billion and increased our income before income tax by W7.0 billion, respectively. As of December 31, 2023, 2024 and 2025, a 100 basis point decrease in the market interest rates, with all other variables held constant, would have increased our total equity by W5 billion, increased our total equity by W12 billion and increased our total equity by W2 billion, respectively.
The foregoing sensitivity analyses assume that all variables other than market interest rates are held constant, and as such, does not reflect any correlation between market interest rates and other variables, nor our decision to decrease the risk, but reflects the effects of derivative contracts in place at the time of conducting the analysis.
Equity Price Risk
We are also subject to market risk exposure arising from changes in the equity securities market, which affect the fair value of our equity portfolio. As of December 31, 2023, 2024 and 2025, a 10% increase in the equity indices where our marketable equity securities are listed, with all other variables held constant, would have increased our income before income tax by W1 billion, W0.5 billion and W0.3 billion, respectively, with a 10% decrease in the equity index having the opposite effect. As of December 31, 2023, 2024 and 2025, a 10% increase in the equity indices where our marketable equity securities are listed, with all other variables held constant, would have increased our total equity by W121 billion, W129 billion and W195 billion, respectively, with a 10% decrease in the equity index having the opposite effect. The foregoing sensitivity analysis assumes that all variables other than changes in the equity index are held constant, and that our marketable equity instruments had moved according to the historical correlation to the index, and as such, does not reflect any correlation between the equity index and other variables.
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Item 12.  Description of Securities Other than Equity Securities
Item 12.A.  Debt Securities
Not applicable.
Item 12.B.  Warrants and Rights
Not applicable.
Item 12.C.  Other Securities
Not applicable.
Item 12.D.  American Depositary Shares
Fees and Charges
Under the terms of the deposit agreement, holders of our ADSs are required to pay the following service fees to the depositary:
ServicesFees
Issuance of ADSs upon deposit of sharesUp to $0.05 per ADS issued
Delivery of deposited shares against surrender of ADSsUp to $0.05 per ADS surrendered
Distribution delivery of ADSs pursuant to sale or exercise of rightsUp to $0.02 per ADS held
Distributions of dividendsNone
Distribution of securities other than ADSsUp to $0.02 per ADS held
Other corporate action involving distributions to shareholdersUp to $0.02 per ADS held
Holders of our ADSs are also responsible for paying certain fees and expenses incurred by the depositary and certain taxes and governmental charges such as:
•fees for the transfer and registration of shares charged by the registrar and transfer agent for the shares in Korea (i.e., upon deposit and withdrawal of shares);
•expenses incurred for converting foreign currency into U.S. dollars;
•expenses for cable, telex and fax transmissions and for delivery of securities;
•taxes and duties upon the transfer of securities (i.e., when shares are deposited or withdrawn from deposit); and
•fees and expenses incurred in connection with the delivery or servicing of shares on deposit.
Depositary fees payable upon the issuance and surrender of ADSs are typically paid to the depositary by the brokers (on behalf of their clients) receiving the newly issued ADSs from the depositary and by the brokers (on behalf of their clients) delivering the ADSs to the depositary for surrender. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary to the holders of record of ADSs as of the applicable ADS record date.
The depositary fees payable for cash distributions are generally deducted from the cash being distributed. In the case of distributions other than cash (i.e., stock dividend rights), the depositary charges the applicable fee to the ADS record-date holders concurrent with the distribution. In the case of ADSs registered in
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the name of the investor (whether certificated or uncertificated in direct registration), the depositary sends invoices to the applicable record-date ADS holders. In the case of ADSs held in brokerage and custodian accounts (via the Depository Trust Company, or DTC), the depositary generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients’ ADSs in DTC accounts in turn charge their clients’ accounts the amount of the fees paid to the depositary.
In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit agreement, refuse to provide the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to such holder of ADSs.
The fees and charges that holders of our ADSs may be required to pay may vary over time and may be changed by us and by the depositary. Holders of our ADSs will receive prior notice of such changes.
Fees and Payments from the Depositary to Us
In 2025, we received the following payments, after deduction of applicable U.S. taxes, from the depositary:
Reimbursement of NYSE listing fees$818,419 
Reimbursement of SEC filing fees$— 
Reimbursement of proxy process expenses (printing, postage and distribution)$352,782.42 
Reimbursement of legal fees$20,968 
Contributions toward our investor relations efforts (including non-deal roadshows, investor conferences and investor relations agency fees)$— 
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PART II
Item 13.  Defaults, Dividend Arrearages and Delinquencies
Not applicable.
Item 14.  Material Modifications to the Rights of Security Holders and Use of Proceeds
Not applicable.
Item 15.  Controls and Procedures
Disclosure Controls and Procedures
Our management has evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of December 31, 2025. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025. Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed by, and under the supervision of, our principal executive, principal operating and principal financial officers, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Our internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records, that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our management has performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025, utilizing the criteria discussed in the Internal Control—Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, we concluded that our internal control over financial reporting was effective as of December 31, 2025.
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Deloitte Anjin, an independent registered public accounting firm, which also audited our consolidated financial statements as of, and for the year ended December 31, 2025, as stated in their report which is included herein, has issued an attestation report on the effectiveness of our internal control over financial reporting.
Attestation Report of the Registered Public Accounting Firm
The attestation report of our independent registered public accounting firm on the effectiveness of our internal control over financial reporting is furnished in Item 18 of this Form 20-F.
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting during 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Item 16.  [Reserved]
Item 16A.  Audit Committee Financial Expert
Our Audit Committee is comprised of Jin-Sug Suh, Seung Hoon Lee, Seongcheol Kim and Myung Sook Kwon. The board of directors has determined that Jin-Sug Suh is the financial expert of the Audit Committee. Jin-Sug Suh is independent as such term is defined in Section 303A.02 of the NYSE Listed Company Manual, Rule 10A-3 under the Exchange Act and the Korea Stock Exchange listing standards.

Item 16B.  Code of Ethics
We have adopted a code of ethics, as defined in Item 16B. of Form 20-F under the Exchange Act. Our code of ethics applies to our chief executive officer, chief financial officer and persons performing similar functions, as well as to our directors, other officers and employees. Our code of ethics is available on our web site at corp.kt.com. If we amend the provisions of our code of ethics that apply to our chief executive officer, chief financial officer and persons performing similar functions, or if we grant any waiver of such provisions, we will disclose such amendment or waiver on our website.
Item 16C.  Principal Accountant Fees and Services
Audit and Non-Audit Fees
The following table sets forth the fees billed to us by Deloitte Anjin for the fiscal years ended December 31, 2024 and 2025.
For the Year Ended
December 31,
20242025
(In millions)
Audit fees (1)
₩6,806 ₩7,666 
Tax fees (2)
19 — 
All other fees585 405 
Total fees7,410 8,071 
_______________________
(1)Audit fees consist of fees for the annual audit and quarterly review services engagement and issuance of comfort letters.
(2)Tax fees consist of fee for tax services which are mainly the preparation of tax returns or non-recurring tax compliance review of original or amended tax returns.
Audit Committee Pre-Approval Policies and Procedures
Our Audit Committee has established pre-approval policies and procedures to pre-approve all audit services to be provided by Deloitte Anjin, our independent registered public accounting firm. Our Audit
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Committee’s policy regarding the pre-approval of non-audit services to be provided to us by our independent registered public accounting firm is that all such services shall be pre-approved by our Audit Committee. Non-audit services that are prohibited to be provided to us by our independent registered public accounting firm under the rules of the SEC and applicable law may not be pre-approved. In addition, prior to the granting of any pre-approval, our Audit Committee must be satisfied that the performance of the services in question will not compromise the independence of our independent registered public accounting firm and does not include delegation of the Audit Committee’s responsibilities to the management under the Exchange Act.
Our Audit Committee did not pre-approve any non-audit services under the de minimis exception of Rule 2-01 (c)(7)(i)(C) of Regulation S-X as promulgated by the SEC.
Item 16D.  Exemptions from the Listing Standards for Audit Committees
Not applicable.
Item 16E.  Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table sets forth the repurchases of ordinary shares by us or any affiliated purchasers during 2025:
Period
Total Number
of Shares
Purchased
Average Price
Paid per Share
(In Won)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
Approximate Value
of Shares that May
Yet Be Purchased
Under the Plans
(In billions of Won)
January 1 to January 31—₩— —₩— 
February 1 to February 29160,00047,508 160,000242.4 
March 1 to March 31699,93849,510 699,938207.7 
April 1 to April 301,100,00048,699 1,100,000154.2 
May 1 to May 31950,00051,644 950,000105.1 
June 1 to June 30949,20051,598 949,20056.1 
July 1 to July 31981,37257,202 981,372— 
August 1 to August 31754,743 7— 
September 1 to September 30—— —— 
October 1 to October 31—— —— 
November 1 to November 30—— —— 
December 1 to December 31—— —— 
Total4,840,517—51,6474,840,517——
Item 16F.  Change in Registrant’s Certifying Accountant
On April 8, 2025, our Audit Committee approved the appointment of Samil PricewaterhouseCoopers as our principal accountant to audit our consolidated financial statements prepared in accordance with IFRS as issued by the IASB for the fiscal years ending December 31, 2026, 2027 and 2028, subject to the completion of the consolidated financial statements for the fiscal year ending December 31, 2025. Deloitte Anjin, our former independent registered public accounting firm (including for the fiscal years ending December 31, 2023, 2024 and 2025), was dismissed effective on April 29, 2026, the date of completion of its audit of our financial statements for the fiscal year ending December 31, 2025 and the issuance of its report thereon. Samil PricewaterhouseCoopers was engaged on March 13, 2026 as our principal accountant to audit our consolidated financial statements prepared in accordance with IFRS as issued by the IASB.

The decision of our Audit Committee to appoint Samil PricewaterhouseCoopers as our principal accountant to audit our financial statements prepared in accordance with IFRS, as issued by the IASB, was attributable to the completion of the three-year mandatory auditor designation period under the Act on External Audit of Stock Companies. Under this Act, a publicly listed Korean company that has engaged an external auditor of its choice for six consecutive years is required to replace such auditor with one designated by the Financial Services Commission for a subsequent period of three consecutive years. As the auditor designated
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Table of Contents
under this mandatory designation period, Deloitte Anjin was not eligible to be reappointed as our external auditor for the fiscal year ending December 31, 2026. Upon the completion of this mandatory designation period, we became eligible to freely appoint our external auditor, and accordingly, our Audit Committee independently selected and appointed Samil PricewaterhouseCoopers.

Deloitte Anjin’s reports on our consolidated financial statements for each of the two most recent fiscal years ended December 31, 2025 and 2024 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the two most recent fiscal years ended December 31, 2025 and 2024 and the subsequent interim period through April 29, 2026, there were: (i) no disagreements between us and Deloitte Anjin on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte Anjin, would have caused Deloitte Anjin to make reference to the subject matter of the disagreements in its reports on our consolidated financial statements; and (ii) no “reportable events” as defined in Item 16F(a)(1)(v) of Form 20-F.

During the two most recent fiscal years ended December 31, 2025 and 2024 and the subsequent interim period through April 29, 2026, neither we nor anyone on our behalf consulted Samil PricewaterhouseCoopers regarding either (i) the application of IFRS as issued by the IASB to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our consolidated financial statements (and neither a written report nor oral advice was provided to us that Samil PricewaterhouseCoopers concluded was an important factor considered by us in reaching a decision as to any accounting, auditing or financial reporting issue under IFRS, as issued by the IASB) or (ii) any matter that was either the subject of a “disagreement” (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions to Item 16F) or a “reportable event” (as described in Item 16F(a)(1)(v) of Form 20-F).

We provided a copy of the disclosure in this Item 16F to Deloitte Anjin and requested that Deloitte Anjin furnish us with a letter addressed to the Securities and Exchange Commission stating whether it agrees with such disclosure, and if it does not agree, stating the respects in which it does not agree. A copy of Deloitte Anjin's letter dated April 29, 2026 is filed as Exhibit 15.1 to this annual report for the fiscal year ended December 31, 2025.
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Item 16G.  Corporate Governance
The following is a summary of the significant differences between the New York Stock Exchange’s corporate governance standards and those that we follow under Korean law:
NYSE Corporate Governance StandardsKT Corporation’s Corporate Governance Practice
Director Independence
Independent directors must comprise a majority of the board.
The Commercial Code of Korea requires that our board of directors must comprise no less than a majority of outside directors. Our outside directors must meet the criteria for outside directorship set forth under the Commercial Code of Korea.
The majority of our board of directors is independent (as defined in accordance with the New York Stock Exchange’s standards), and 7 out of 9 directors are outside directors.
Nominating/Corporate Governance Committee
Listed companies must have a nominating/corporate governance committee composed entirely of independent directors.We maintain a Director Candidate Recommendation Committee composed of all of our outside directors. We also maintain a Corporate Governance Committee comprised of four outside directors. The committee is responsible for the review of matters with respect to our Corporate Governance Guidelines and our performance under such guidelines to monitor effectiveness of our corporate governance.
Compensation Committee
Listed companies must have a compensation committee composed entirely of independent directors.We maintain an Evaluation and Compensation Committee composed of four outside directors.
Executive Session
Non-management directors must meet in regularly scheduled executive sessions without management.Our outside directors hold meetings solely attended by outside directors in accordance with the charter of our board of directors.
Audit Committee
Listed companies must have an audit committee which has a minimum of three directors and satisfy the requirements of Rule 10A-3 under the Exchange Act.We maintain an Audit Committee comprised of four outside directors who meet the applicable independence criteria set forth under Rule 10A-3 under the Exchange Act.
Shareholder Approval of Equity Compensation Plan
Listed companies must allow their shareholders to exercise their voting rights with respect to any material revision to the company’s equity compensation plan.
We currently have three equity compensation plans: one providing for restricted stock units to officers and non-executive directors and employees as compensation for management performance, aimed at enhancing corporate value, along with stock grants for outside directors as part of their compensation; another providing for performance bonuses to employees that are payable in cash or common shares based on election by the employees; and an employee stock ownership association program.
All material matters related to the granting stock options are provided in our articles of incorporation, and any amendments to the articles of incorporation are subject to shareholders’ approval. Matters related to performance bonuses or the employee stock ownership association program are not subject to shareholders’ approval under Korean law.
Shareholder Approval of Equity Offerings
Listed companies must allow its shareholders to exercise their voting rights with respect to equity offerings that do not qualify as public offerings for cash, and offerings of equity of related parties.Voting rights are not separately provided for equity offerings that do not qualify as public offerings for cash, or offerings of equity of related parties.
Corporate Governance Guidelines
Listed companies must adopt and disclose corporate governance guidelines.
We have adopted Corporate Governance Guidelines setting forth our practices with respect to corporate governance matters. Our Corporate Governance Guidelines are in compliance with Korean law but do not meet all requirements established by the New York Stock Exchange for U.S. companies listed on the exchange. A copy of our Corporate Governance Guidelines in Korean is available on our website at https://corp.kt.com/.
Code of Business Conduct and Ethics
Listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for executive officers.
We have adopted a Code of Ethics for all directors, officers and employees. A copy of our Code of Ethics in Korean is available on our website at https://corp.kt.com/.
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Item 16H.  Mine Safety Disclosure
Not applicable.
Item 16I.  Disclosure regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
Item 16J.  Insider Trading Policies
We have adopted insider trading policies governing the purchase, sale, and other dispositions of our securities by directors, senior management and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.
Item 16K.  Cybersecurity
Risk Management and Strategy
We maintain a comprehensive process for assessing, identifying and managing material risks from cybersecurity threats, including risks related to disruption of business operations and financial reporting systems and customer information protection, as part of our overall enterprise risk management system and processes. Our enterprise risk management program considers cybersecurity risks alongside other company risks, and our enterprise risk professionals consult with company subject matter experts to gather information necessary to identify cybersecurity risks, and evaluate their nature and severity, as well as identify mitigations and assess the impact of those mitigations on residual risk. Our cybersecurity risk management practices include development, implementation and improvement of policies and procedures to safeguard our network infrastructure and customer information and ensure availability of critical data and systems.
We understand the importance of protecting our network infrastructure and preserving trust and protecting personal information from cybersecurity threats including distributed denial-of-service (“DDoS”) attacks and advanced persistent threat (“APT”) attacks. To assist us, we have a cybersecurity governance framework in place, which is designed to protect network infrastructure and information systems from unauthorized access, use, disclosure, disruption, modification or destruction. Our cybersecurity program consists of controls designed to identify, protect against, detect, respond to and recover from, cybersecurity incidents. The program is built upon a foundation of advanced security technology and overseen by an experienced and trained team of experts with substantial knowledge of cybersecurity best practices.
We actively engage in various activities to protect our network infrastructure from cybersecurity threats and to ensure that our customers can use the Internet safely. We believe we are the first Korean telecommunications company to deploy security measures to all overseas interconnection network sections utilized by us in order to preemptively block abnormal traffic from both domestic and international sources. Our technical measures also include:
•operation of a comprehensive security control system to protect against and monitor suspected hacking and abnormal behaviors in real-time;
•operation of the IT/ Network Integrated Cyber Security Center, a non-stop comprehensive response system;
•digital rights management to control access to copyrighted materials; and
•encryption of personal information and control database commands.
When we adopt a new information system or change an existing system, we carry out a security approval process to review technical and administrative protection measures and make improvements if any issues are found. We conduct technical security review during the designing stage of our system development. We utilize policies, software, training programs and hardware solutions to protect and monitor our environment, including multifactor authentication on all critical systems, firewalls, intrusion detection and prevention systems, vulnerability and penetration testing and identity management systems. Our platform includes a host of
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encryption, antivirus, multi-factor authentication, firewall and patch-management technologies designed to protect and maintain the systems and computers across our business. We also conduct mock hackings of our websites and application services. To strengthen customer information protection, we engage in inspection of suppliers and other third parties that possess customer information as well as perform mock drills to prepare against infringement or leakage of personal information. We subscribe to liability insurance to ensure compensation for our customers in the unlikely event of any damage caused by information leakage.
Our cybersecurity team regularly tests our controls through penetration testing, vulnerability scanning and attack simulation. We conduct risk assessments periodically to identify threats and vulnerabilities, and then determine the likelihood and impact for each risk using a qualitative risk assessment methodology. Risks are identified from various sources, including vulnerability scans, penetration tests, vendors risk assessments, product and services audits, internal compliance assessments and threat-hunting operations. We monitor our infrastructure and applications to identify evolving cyber threats, scan for vulnerabilities and mitigate risks.
We also maintain a robust cybersecurity incident response plan, which provides a framework for handling cybersecurity incidents based on the severity of the incident and facilitates cross-functional coordination across the company. Our incident response plan coordinates the activities we take to prepare for, detect, respond to and recover from cybersecurity incidents, which include processes to triage, assess the severity of, escalate, contain, investigate and remediate, the incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. In order to efficiently respond to company-wide crises, such as large-scale network infrastructure failures and personal information leaks, we regularly update our crisis response action manual and conduct annual mock drills.
We value collaboration with external evaluators, consultants, auditors and other third parties to strengthen and continually improve our cybersecurity risk management processes. In connection with our cybersecurity risk management processes, we engage external consultants from security companies to assist in the design and implementation of our cybersecurity risk assessment and management processes. In particular, they provide the expertise necessary to (i) identify and analyze new cybersecurity threats, (ii) identify and improve vulnerabilities through mock hacking and (iii) analyze and respond to new threats in real time through integrated security control.
Our cybersecurity risk management processes extend to the oversight and identification of threats associated with our use of third-party service providers. Our cybersecurity risk management program includes due diligence on service providers’ information security programs. We review our service providers’ cybersecurity practices before we enter into business transactions with them, and we seek to contractually obligate them to operate their environments in accordance with strict cybersecurity standards.
Despite these measures, we have experienced cyber-attacks of varying degrees from time to time, including the theft of personal information of our subscribers by third parties, which has led to lawsuits and administrative actions against us alleging that the leak was related to our mismanagement of subscribers’ personal information. In particular, in December 2025, the MSIT released the final results of a joint public-private investigation concluding that deficiencies in our femtocell management enabled unauthorized access to the information of subscribers who have previously been connected to an illegal femtocell. According to the investigation, these incidents resulted in unauthorized micropayment transactions affecting 368 customers, with total damages of approximately W243 million, and the leakage of personal information of approximately 22,227 subscribers, including phone numbers, IMSI numbers and IMEI numbers. The investigation also identified malware infections affecting 94 of our servers. Authorities further determined that certain security configurations were insufficient and that our notifications to regulatory authorities regarding these incidents were delayed. In addition, we are subject to an ongoing investigation by the PIPC regarding the timing and circumstances of these incidents. As a result, we are currently unable to reasonably estimate any obligations that may arise in connection with this matter. See Note 20(19) of the notes to the Consolidated Financial Statements.

The MSIT concluded that we did not meet our contractual and statutory obligations to provide secure telecommunications services and announced that it may impose administrative fines under the Information and Communications Network Act, the Personal Information Protection Act and other applicable laws. The MSIT advised us to waive early termination fees for subscribers who elect to terminate their service contracts and ordered us to submit and implement corrective measures within specified timelines, with implementation to be verified by June 2026. Following this incident, our Board of Directors resolved to waive early termination fees for the period from December 31, 2025 to January 13, 2026, during which over 233,000 subscribers terminated their service contracts, resulting in a decline in our total subscriber base and market share. We expect that such
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terminations will have an adverse effect on our results of operations in 2026. We plan to mitigate the potential financial impact through customer retention and acquisition efforts, such as personalized marketing initiatives supported by AI-based data analytics. In addition, we are implementing measures to prevent recurrence of such incidents, including enhancements to our organizational oversight and governance, system upgrades and strengthened management of femtocell operations. As of the date hereof, we have fully compensated subscribers affected by unauthorized payments arising from illegal femtocell activity, and no class actions or similar collective proceedings have been initiated against us in connection with this incident. However, no assurance can be made that certain of our customers will not pursue additional legal actions to seek alleged damages against us in connection with this incident.

Although our business, financial condition and results of operations have not been materially affected by such incidents, we cannot provide any assurance that we will not be materially affected in the future by risks from cybersecurity threats. See “Item 3.D. Risk Factors — Cybersecurity breaches may expose us to significant legal and financial exposure, damage to our reputation and a loss of confidence of our customers” for more information on risks from cybersecurity threats that are reasonably likely to materially affect our business, financial condition and results of operations.

Governance
Management
The cybersecurity risk management processes described above are managed by the Chief Information Security Officer, who reports directly to, and operates under the supervision of, our Chief Executive Officer. Our current Chief Information Security Officer has served in this role since April 1, 2026. He has over 30 years of experience in the information technology and information security fields, including significant experience in the financial sector, where he has held various senior roles in information security and information technology. Our Chief Information Security Officer is supported by the company at the highest levels and regularly collaborates with information security managers from each division.

Our Chief Information Security Officer oversees company-wide information security activities and serves as the chairperson of the Information Security Committee, which discusses the latest trends in cybersecurity, risks identified, security measures implemented, coordination of security protocols among various business divisions, and effectiveness of such security protocols. The Information Security Committee annually reviews and approves our cybersecurity risk management processes. In addition, starting in 2022, we have been strengthening our risk detection and response capabilities by consolidating the enterprise risk management of the KT Group through collaborative measures such as implementing a bi-weekly working council with regional headquarters, business divisions and member companies of the KT Group.

Board of Directors
Our Board of Directors is committed to mitigating data privacy and cybersecurity risks and recognizes the importance of these issues as part of our risk management framework. While the Board of Directors maintains ultimate responsibility for the oversight of our data privacy and cybersecurity program and risks, it has delegated certain responsibilities to the Audit Committee of the Board of Directors. This committee-level focus on data privacy and cybersecurity allows the board to further enhance its understanding of these issues. The Audit Committee assists the Board of Directors in its oversight of our data privacy and cybersecurity needs by staying apprised of our data privacy and information security programs, strategy, policies, standards, architecture, processes and material risks, and overseeing responses to security and data incidents.
Our Board of Directors and the Audit Committee’s principal role is one of oversight, recognizing that management is responsible for the design, implementation and maintenance of an effective program for protecting against and mitigating data privacy and cybersecurity risks. The Chief Information Security Officer, as the chairperson of the Information Security Committee, provides updates to the Compliance Subcommittee operated by the Audit Committee on a periodic basis and, as necessary, to the Board of Directors. These regular reports include detailed updates on our performance preparing for, preventing, detecting, responding to and recovering from cyber incidents. The Chief Information Security Officer also promptly informs and updates the Compliance Subcommittee operated by the Audit Committee about any information security incidents that may pose significant risk to the KT Group. Members of the Board of Directors stay apprised of the rapidly
109
evolving cyber threat landscape and provide guidance to management as appropriate in order to address the effectiveness of our overall data privacy and cybersecurity program.
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PART III
Item  17.  Financial Statements
Not applicable.
Item  18.  Financial Statements
AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF KT CORPORATION
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 1098)
F-2
Consolidated Statements of Financial Position as of December 31, 2024 and December 31, 2025
F-4
Consolidated Statements of Profit or Loss for the Years Ended December 31, 2023, 2024 and 2025
F-6
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2023, 2024 and 2025
F-7
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2024 and 2025
F-8
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025
F-13
Notes to the Consolidated Financial Statements
F-14
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Item 19.  Exhibits
1
2.1*
2.2*
2.3*
2.4
2.5*
8.1
11.1*
12.1
12.2
13.1
15.1
97.1*
101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104The cover page for the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, has been formatted in Inline XBRL
________________________
*Filed previously.
112
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.
KT CORPORATION
(Registrant)
/s/ Yoon Young Park
Name:Yoon Young Park
Title:Representative Director and Chief Executive Officer
Date: April 29, 2026

113
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
F-2
F-4
F-6
F-7
F-8
F-13
F-14
F-1
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of KT Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated statements of financial position of KT Corporation and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of profit or loss, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.
Basis for Opinions
The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting included in Item 15. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audits of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
F-2
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Mobile services revenue and handset revenue for mobile services (“Mobile revenue”) – Refer to Notes 2 and 26 to the consolidated financial statements
Critical Audit Matter Description
As described in Note 2.24 to the financial statements, the Company recognizes handset revenue for mobile services at the point in time when control of the handset is transferred to the customer. The Company recognizes telecommunication services revenue over the estimated periods of each service by transferring promised services to customers. Due to the large volume of low-dollar transactions with customers, the Company needs complex and elaborate information technology systems to accurately record mobile revenue.
We identified the occurrence and accuracy of mobile revenue as a critical audit matter given the magnitude and complexity of mobile revenue recorded in the billing system of the Company, which required the involvement of professionals with expertise in information technology (IT) necessary for us to identify and test the Company’s billing system used in processing the mobile revenue transactions.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the Company’s mobile revenue transactions included the following, among others:
•During the audit planning phase, we obtained an understanding of the Company’s accounting policies and processes related to Mobile revenue recognition.
•We performed procedures to obtain an understanding of the IT systems used throughout Mobile revenue recording process—including the aggregation of the usage of voice, messaging, and data, as well as, rating and billing—and performed tests of the general information technology controls over those systems.
•We performed tests of relevant manual and automated controls across the end-to-end Mobile revenue recording process.
•To verify the occurrence and accuracy of Mobile revenue, we selected samples to examine the contractual terms agreed between the Company and its customers and reconciled billed amounts to amounts collected.
•To verify the occurrence and accuracy of mobile services revenue, we performed substantive analytical procedures using mobile services revenue by pricing plan and subscriber count information.
/s/ Deloitte Anjin LLC
Seoul, Korea
April 29, 2026
We have served as the Company’s auditor since 2023.
F-3
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Financial Position
As of December 31, 2024 and 2025
(In millions of Korean won)NotesDecember 31,
2024		December 31,
2025
Assets
Current assets
Cash and cash equivalents4,5,38₩3,716,680 ₩3,506,971 
Trade and other receivables, net4,6,386,147,456 5,845,149 
Other financial assets4,7,381,344,248 1,626,982 
Current income tax assets1,213 9,875 
Inventories, net81,054,671 504,830 
Current assets held-for-sale10— 4,316 
Other current assets92,102,131 2,568,108 
Total current assets14,366,399 14,066,231 
Non-current assets
Trade and other receivables, net4,6,381,540,727 2,069,139 
Other financial assets4,7,382,759,170 3,362,916 
Property and equipment, net1114,825,814 14,258,472 
Right-of-use assets211,212,770 1,538,117 
Investment properties, net12,382,299,616 2,872,049 
Intangible assets, net131,862,740 1,556,621 
Investments in associates and joint ventures141,562,232 1,563,946 
Deferred income tax assets30679,948 672,957 
Net defined benefit assets1849,351 71,840 
Other non-current assets9843,991 1,017,830 
Total non-current assets27,636,359 28,983,887 
Total assets₩42,002,758 ₩43,050,118 
F-4
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Financial Position (Continued)
As of December 31, 2024 and 2025
(In millions of Korean won)NotesDecember 31,
2024		December 31,
2025
Liabilities
Current liabilities
Trade and other payables4,15,38₩7,394,791 ₩6,868,707 
Borrowings4,16,383,904,752 2,499,539 
Other financial liabilities4,7,38351,632 526,093 
Current income tax liabilities123,145 237,613 
Provisions17112,530 312,811 
Deferred revenue2662,247 62,175 
Other current liabilities92,077,426 1,328,583 
Total current liabilities14,026,523 11,835,521 
Non-current liabilities
Trade and other payables4,15,38578,409 328,269 
Borrowings4,16,386,615,938 8,286,033 
Other financial liabilities4,7,38722,517 592,599 
Defined benefit liabilities, net18128,457 85,631 
Provisions17111,877 105,074 
Deferred revenue26148,960 140,615 
Deferred income tax liabilities30919,996 1,151,424 
Other non-current liabilities9782,520 1,108,141 
Total non-current liabilities10,008,674 11,797,786 
Total liabilities 24,035,197 23,633,307 
Equity
Share capital221,564,499 1,564,499 
Share premium1,440,258 1,440,258 
Retained earnings2313,750,788 14,923,120 
Accumulated other comprehensive income2463,729 563,279 
Other components of equity24(637,560)(876,715)
Equity attributable to owners of the Controlling Company 16,181,714 17,614,441 
Non-controlling interest 1,785,847 1,802,370 
Total equity 17,967,561 19,416,811 
Total liabilities and equity ₩42,002,758 ₩43,050,118 
The above consolidated statements of financial position should be read in conjunction with the accompanying notes.
F-5
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Profit or Loss
Years ended December 31, 2023, 2024 and 2025
(In millions of Korean won)Notes202320242025
Operating revenue and other income26₩26,595,245 ₩26,724,473 ₩28,547,908 
Revenue26,287,201 26,379,644 28,253,193 
Other income27308,044 344,829 294,715 
Operating expenses2825,166,796 26,084,415 26,019,250 
Operating profit1,428,449 640,058 2,528,658 
Finance income29486,277 917,650 626,582 
Finance costs29(568,682)(994,781)(771,797)
Share of net profits of associates and joint ventures14(43,424)8,587 17,919 
Profit before income tax1,302,620 571,514 2,401,362 
Income tax expense30330,438 164,845 576,816 
Profit for the year₩972,182 ₩406,669 ₩1,824,546 
Profit for the year attributable to:
Owners of the Controlling Company₩993,325 ₩459,861 ₩1,718,814 
Non-controlling interest₩(21,143)₩(53,192)₩105,732 
Earnings per share attributable to the equity holders of the Controlling Company during the year (in Korean won):
Basic earnings per share31₩3,982 ₩1,870 ₩7,074 
Diluted earnings per share31₩3,977 ₩1,868 ₩7,068 
The above consolidated statements of profit or loss should be read in conjunction with the accompanying notes.
F-6
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
Years ended December 31, 2023, 2024 and 2025
(In millions of Korean won)
Notes202320242025
Profit for the year₩972,182 ₩406,669 ₩1,824,546 
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurements of the net defined benefit liability18(137,465)(117,057)16,346 
Shares of remeasurement gain (loss) of associates and joint ventures(105)(490)45 
Gain (loss) on valuation of equity instruments at fair value through other comprehensive income4121,271 (8,600)456,175 
Items that may be subsequently reclassified to profit or loss:
Gain(loss) on valuation of debt instruments at fair value through other comprehensive income4534 998 918 
Valuation gain (loss) on cash flow hedge4,715,329 272,802 31,010 
Other comprehensive income (loss) from cash flow hedges reclassified to profit (loss)4(37,942)(285,954)25,632 
Share of other comprehensive income (loss) from associates and joint ventures21,595 4,011 (8,848)
Exchange differences on translation of foreign operations24,230 44,095 (31,000)
Total other comprehensive income7,447 (90,195)490,278 
Total comprehensive income for the year₩979,629 ₩316,474 ₩2,314,824 
Total comprehensive income for the year attributable to:
Owners of the Controlling Company996,999 343,854 2,231,073 
Non-controlling interest(17,370)(27,380)83,751 
The above consolidated statements of comprehensive income should be read in conjunction with the accompanying notes.
F-7
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Changes in Equity
Years ended December 31, 2023, 2024 and 2025
Attributable to owners of the Controlling Company
(In millions of Korean won)NotesShare
capital		Share
premium		Retained
 earnings		Accumulated
other
comprehensive
income		Other
components
of equity		TotalNon-controlling
interest		Total equity
Balance as at January 1, 2023₩1,564,499 ₩1,440,258 ₩14,255,316 ₩(77,776)₩(572,152)₩16,610,145 ₩1,802,551 ₩18,412,696 
Comprehensive income
Profit for the year— — 993,325 — — 993,325 (21,143)972,182 
Remeasurements of net defined benefit liabilities18,30— — (126,613)— — (126,613)(10,852)(137,465)
Share of gain(loss) on remeasurements of associates and joint ventures— — (118)— — (118)13 (105)
Share of other comprehensive income of associates and joint ventures— — — 15,775 — 15,775 5,820 21,595 
Valuation loss on cash flow hedge4,30— — — (22,252)— (22,252)(361)(22,613)
Gain(loss) on valuation of financial instruments at fair value through other comprehensive income4,30— — 222 126,028 — 126,250 (4,445)121,805 
Exchange differences on translation of foreign operations— — — 10,632 — 10,632 13,598 24,230 
Total comprehensive income for the year— — 866,816 130,183 — 996,999 (17,370)979,629 
Transactions with owners
Dividends paid by the Controlling Company32— — (501,844)— — (501,844)— (501,844)
Dividends paid to non-controlling interest of subsidiaries— — — — — — (24,964)(24,964)
Acquisition and disposition of businesses— — — — — — (79,134)(79,134)
Changes in ownership interest in subsidiaries— — — — 216,841 216,841 128,526 345,367 
Appropriations of loss on disposal of treasury stock— — (44,421)— 44,421 — — — 
Acquisition of treasury stock— — — — (300,243)(300,243)— (300,243)
Disposal of treasury stock— — — — 4,463 4,463 — 4,463 
Retirement of treasury stock— — (100,000)— 100,000 — — — 
Recognition of the obligation to purchase its own equity— — — — (298,196)(298,196)— (298,196)
Others₩— ₩— ₩— ₩— ₩2,448 ₩2,448 ₩2,352 ₩4,800 
The above consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
F-8
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Changes in Equity (Continued)
Years ended December 31, 2023, 2024 and 2025
Subtotal— — (646,265)— (230,266)(876,531)26,780 (849,751)
Balance as at December 31, 2023₩1,564,499 ₩1,440,258 ₩14,475,867 ₩52,407 ₩(802,418)₩16,730,614 ₩1,811,961 ₩18,542,575 
The above consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
F-9
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Changes in Equity (Continued)
Years ended December 31, 2023, 2024 and 2025
Attributable to owners of the Controlling Company
(In millions of Korean won)NotesShare
capital		Share
premium		Retained
 earnings		Accumulated
other
comprehensive
income		Other
components
of equity		TotalNon-controlling
interest		Total equity
Balance as at January 1, 2024₩1,564,499 ₩1,440,258 ₩14,475,867 ₩52,407 ₩(802,418)₩16,730,614 ₩1,811,961 ₩18,542,575 
Comprehensive income
Profit for the year— — 459,861 — — 459,861 (53,192)406,669 
Remeasurements of net defined benefit liabilities18,30— — (113,423)— — (113,423)(3,634)(117,057)
Share of gain(loss) on remeasurements of associates and joint ventures— — (482)— — (482)(8)(490)
Share of other comprehensive income of associates and joint ventures— — — 3,723 — 3,723 288 4,011 
Valuation loss on cash flow hedge4,30— — — (12,817)— (12,817)(335)(13,152)
Gain(loss) on valuation of financial instruments at fair value through other comprehensive income4,30— — (13,424)6,917 — (6,507)(1,095)(7,602)
Exchange differences on translation of foreign operations— — — 13,499 — 13,499 30,596 44,095 
Total comprehensive income for the year— — 332,532 11,322 — 343,854 (27,380)316,474 
Transactions with owners
Dividends paid by the Controlling Company32— — (482,970)— — (482,970)— (482,970)
Interim Dividends paid by the Parent Company32— — (368,685)— — (368,685)— (368,685)
Dividends paid to non-controlling interest of subsidiaries— — — — — — (20,578)(20,578)
Change in Consolidation Scope— — — — — — 20 20 
Changes in ownership interest in subsidiaries— — — — (20,367)(20,367)22,181 1,814 
Acquisition of treasury stock— — — — (27,100)(27,100)— (27,100)
Disposal of treasury stock— — — — 4,009 4,009 — 4,009 
Retirement of treasury stock— — (205,956)— 205,956 — — — 
Others— — — — 2,360 2,360 (357)2,003 
Subtotal— — (1,057,611)— 164,858 (892,753)1,266 (891,487)
Balance as at December 31, 20241,564,499 1,440,258 13,750,788 63,729 (637,560)16,181,714 1,785,847 17,967,561 
The above consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
F-10
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Changes in Equity (Continued)
Years ended December 31, 2023, 2024 and 2025
Attributable to owners of the Controlling Company
(In millions of Korean won)NotesShare
capital		Share
premium		Retained
 earnings		Accumulated
other
comprehensive
income		Other
components
of equity		TotalNon-controlling
interest		Total equity
Balance as at January 1, 2025₩1,564,499 ₩1,440,258 ₩13,750,788 ₩63,729 ₩(637,560)₩16,181,714 ₩1,785,847 ₩17,967,561 
Comprehensive income
Profit for the year— — 1,718,814 — — 1,718,814 105,732 1,824,546 
Remeasurements of net defined benefit liabilities18,30— — 12,961 — — 12,961 3,385 16,346 
Share of gain(loss) on remeasurements of associates and joint ventures— — 22 — — 22 23 45 
Share of other comprehensive income of associates and joint ventures— — — (5,178)— (5,178)(3,670)(8,848)
Valuation loss on cash flow hedge4,30— — — 56,284 — 56,284 358 56,642 
Gain(loss) on valuation of financial instruments at fair value through other comprehensive income4,30— — (274)459,032 — 458,758 (1,665)457,093 
Exchange differences on translation of foreign operations— — — (10,588)— (10,588)(20,412)(31,000)
Total comprehensive income for the year— — 1,731,523 499,550 — 2,231,073 83,751 2,314,824 
Transactions with owners
Dividends paid by the Controlling Company32— — (122,836)— — (122,836)— (122,836)
Interim Dividends paid by the Parent Company32— — (436,298)— — (436,298)— (436,298)
Dividends paid to non-controlling interest of subsidiaries— — — — — — (18,672)(18,672)
Change in Consolidation Scope— — — — — — (42,689)(42,689)
Changes in ownership interest in subsidiaries— — — — 3,869 3,869 (11,639)(7,770)
  Appropriations of loss on disposal of treasury stock— — (57)— 57 — — — 
Acquisition of treasury stock— — — — (250,000)(250,000)— (250,000)
Disposal of treasury stock— — — — 4,075 4,075 — 4,075 
Others— — — — 2,844 2,844 5,772 8,616 
The above consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
F-11
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Changes in Equity (Continued)
Years ended December 31, 2023, 2024 and 2025
Subtotal— — (559,191)— (239,155)(798,346)(67,228)(865,574)
Balance as at December 31, 2025₩1,564,499 ₩1,440,258 ₩14,923,120 ₩563,279 ₩(876,715)₩17,614,441 ₩1,802,370 ₩19,416,811 
The above consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
F-12
Table of Contents
KT Corporation and Subsidiaries
Consolidated Statements of Cash Flows
Years ended December 31, 2023, 2024 and 2025
(In millions of Korean won)
Notes202320242025
Cash flows from operating activities
Cash generated from operations 33₩5,747,195 ₩5,349,248 ₩5,299,428 
Interest paid(361,741)(394,162)(402,713)
Interest received360,614 385,672 360,730 
Dividends received60,987 75,613 81,053 
Income tax paid(303,766)(350,575)(396,765)
Net cash inflow from operating activities5,503,289 5,065,796 4,941,733 
Cash flows from investing activities
Collection of loans53,885 34,510 33,406 
Loans granted(37,771)(30,099)(52,837)
Disposal of financial assets at fair value through profit or loss90,487 122,497 96,309 
Disposal of financial assets at amortized cost1,543,663 1,633,074 894,655 
Disposal of financial assets at fair value through other comprehensive income306 37,134 3,343 
Disposal of investments in associates and joint ventures6,890 21,981 13,480 
Acquisition of investments in associates and joint ventures(106,389)(49,399)(21,209)
Disposal of property and equipment, and investment properties100,348 103,295 57,893 
Acquisition of property and equipment, and investment properties(3,692,972)(2,909,481)(3,596,545)
Acquisition of financial assets at fair value through profit or loss(220,989)(172,476)(66,948)
Acquisition of financial assets at amortized cost(1,875,525)(1,187,651)(1,523,495)
Acquisition of financial assets at fair value through other comprehensive income(10,267)(400)(100,145)
Disposal of intangible assets7,078 6,955 5,924 
Disposal of right-of-use assets529 186 736 
Settlement of derivative assets and liabilities4,888 — 4,256 
Acquisition of intangible assets(478,685)(438,653)(444,214)
Acquisition of right-of-use assets(1,065)(16,447)(203)
Acquisition of businesses(51,561)(10,310)(3)
Disposal of businesses46,642 9,847 177,286 
Net cash outflow from investing activities (4,620,508)(2,845,437)(4,518,311)
Cash flows from financing activities 34
Proceeds from borrowings and debentures5,381,231 4,597,704 5,749,966 
Repayments of borrowings and debentures(5,275,113)(4,732,931)(5,323,810)
Settlement of derivative assets and liabilities, net48,183 81,443 136,490 
Cash inflow from issuance of shares to NCI632,776 812 19,220 
Cash outflow from issuance of shares to NCI(7,988)(32,124)(3,766)
Cash inflow from other financing activities2,082 10,442 36,994 
Dividends paid to shareholders(526,826)(872,350)(577,806)
Acquisition of treasury stock(300,086)(27,100)(250,000)
Cash outflow from other financing activities— (922)(749)
Cash outflow under derivatives contracts— (855)(6,036)
Repayment of leases liabilities(407,051)(414,172)(411,959)
Net cash outflow from financing activities (452,792)(1,390,053)(631,456)
Effect of exchange rate change on cash and cash equivalents503 6,820 (1,675)
Net increase (decrease) in cash and cash equivalents 430,492 837,126 (209,709)
Cash and cash equivalents
Beginning of the year52,449,062 2,879,554 3,716,680 
End of the year5₩2,879,554 ₩3,716,680 ₩3,506,971 
The above consolidated statements of cash flows should be read in conjunction with the accompanying notes.
F-13
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025

1.    General Information
The consolidated financial statements have been prepared by KT Corporation, the “Controlling Company,” by consolidating 78 subsidiaries (collectively referred to as the “Group”), including BC Card Co., Ltd. Further details are provided in Note 1.2. The terms “Controlling Company” and “Subsidiaries” used in the note are adopted from International Financial Reporting Standards (“IFRS”) 10 - Consolidated Financial Statements.
1.1    The Controlling Company
KT Corporation (the “Controlling Company”) commenced operations on January 1, 1982, when it spun off from the Korea Communications Commission (formerly the Korean Ministry of Information and Communications) to provide telecommunication services and to engage in the development of advanced communications services under the Act of Telecommunications of Korea. The address of the Controlling Company’s registered office is 90, Buljeong-ro, Bundang-gu, Seongnam City, Gyeonggi Province, Korea.
On October 1, 1997, upon the announcement of the Government-Investment Enterprises Management Basic Act and the Privatization Law, the Controlling Company became a government-funded institution under the Commercial Code of Korea.
On December 23, 1998, the Controlling Company’s shares were listed on the Korea Exchange.
On May 29, 1999, the Controlling Company issued 24,282,195 additional shares and issued American Depository Shares (ADS), which represents new shares and 20,813,311 government-owned shares, on the New York Stock Exchange. On July 2, 2001, additional ADS representing 55,502,161 government-owned shares were issued on the New York Stock Exchange.
In 2002, the Controlling Company acquired all government-owned shares in accordance with the Korean government’s privatization plan. As of December 31, 2025, the Korean government no longer owns any shares in the Controlling Company.
1.2    Consolidated Subsidiaries
(1) The consolidated subsidiaries as of December 31, 2024 and 2025, are as follows:
Controlling Interest1 (%)
SubsidiaryType of businessLocationDecember 31,
2024		December 31,
2025		Closing
month
KT Telecop Co., Ltd.Security serviceKorea92.7%92.7%December
KT Alpha Co., Ltd. 4
Data communicationKorea73.0%73.0%December
KT Service Bukbu Co., Ltd.Opening services of fixed lineKorea67.3%78.9%December
KT Service Nambu Co., Ltd.Opening services of fixed lineKorea77.3%97.8%December
KT Commerce Inc.B2C, B2B serviceKorea100.0%100.0%December
KT Strategic Investment Fund No.3Investment fundKorea100.0%100.0%December
KT Strategic Investment Fund No.4Investment fundKorea100.0%100.0%December
KT Strategic Investment Fund No.5Investment fundKorea100.0%100.0%December
BC-VP Strategic Investment Fund No.1Investment fundKorea100.0%100.0%December
BC Card Co., Ltd.Credit card businessKorea69.5%69.5%December
VP Inc. 4
Payment security service for credit card, othersKorea72.2%72.2%December
F-14
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Controlling Interest1 (%)
SubsidiaryType of businessLocationDecember 31,
2024		December 31,
2025		Closing
month
BC Card China Co., Ltd.Software development and data processingChina100.0%100.0%December
Smartro Co., Ltd.VAN (Value Added Network) businessKorea64.5%64.5%December
KTDS Co., Ltd. 4
System integration and maintenanceKorea91.6%91.6%December
KT M&S Co., Ltd.PCS distributionKorea100.0%100.0%December
KT GENIE Music Corporation
(formerly GENIE Music Corporation) 2
Online music production and distributionKorea36.0%36.0%December
KT MOS Bukbu Co., Ltd. 4
Telecommunication facility maintenanceKorea100.0%100.0%December
KT MOS Nambu Co., Ltd. 4
Telecommunication facility maintenanceKorea98.4%98.4%December
KT Skylife Co., Ltd. 4
Satellite TVKorea50.5%50.5%December
KT ENA Co., Ltd.
(formerly Skylife TV Co., Ltd.)		TV contents providerKorea100.0%100.0%December
KT Estate Inc.Residential building development and supplyKorea100.0%100.0%December
KT Investment Management Inc.Asset management, real estate, and consulting servicesKorea100.0%100.0%December
KT GDH Co., Ltd.Data center development and related serviceKorea100.0%100.0%December
KT Sat Co., Ltd.Satellite communication businessKorea100.0%100.0%December
KT Nasmedia Co., Ltd.
(formerly Nasmedia Co., Ltd.) 2,4
Solution provider and IPTV advertisement sales businessKorea44.1%44.1%December
KT Sports Co., Ltd.Management of sports teamsKorea100.0%100.0%December
KTCS Corporation 2,4
Database and online information providerKorea34.1%34.1%December
KTIS Corporation 2,4
Database and online information providerKorea33.3%33.4%December
KT M Mobile Co., Ltd.Special category telecommunications operator and sales of communication deviceKorea100.0%100.0%December
KT Investment Co., Ltd.Financing business for new technologyKorea100.0%100.0%December
Next Connect PFV Co., Ltd.Residential building development and supplyKorea100.0%100.0%December
KT Rwanda Networks Ltd.Network install managementRwanda51.0%51.0%December
AOS Ltd.System integration and maintenanceRwanda51.0%51.0%December
KT Japan Co., Ltd.Foreign investment business and local counter workJapan100.0%100.0%December
East Telecom LLCWireless/fixed line internet businessUzbekistan91.6%91.6%December
KT America, Inc.Foreign investment business and local counter workUSA100.0%100.0%December
F-15
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Controlling Interest1 (%)
SubsidiaryType of businessLocationDecember 31,
2024		December 31,
2025		Closing
month
PT. BC Card Asia PacificSoftware development and supplyIndonesia99.9%99.9%December
KT Hong Kong Telecommunications Co., Ltd.Fixed line telecommunication businessHong Kong100.0%100.0%December
Korea Telecom Singapore Pte. Ltd.Foreign investment business and local counter workSingapore100.0%100.0%December
Texnoprosistem LLCFixed line internet businessUzbekistan100.0%100.0%December
KT Huimangjieum Co., Ltd.ManufacturingKorea100.0%100.0%December
K-REALTY RENTAL HOUSING REIT 3Residential buildingKorea88.6%88.6%December
Storywiz Co., Ltd.Contents and software development and supplyKorea100.0%100.0%December
KT Engineering Co., Ltd.Telecommunication facility construction and maintenanceKorea100.0%100.0%December
KT Studio Genie Co., Ltd.Data communication service and data communication construction businessKorea90.9%90.9%December
KTHS Corporation
(formerly KHS Corporation)
Operation and maintenance of facilitiesKorea100.0%100.0%December
KT HCN Co., Ltd.
(formerly HCN Co., Ltd.)
Cable television serviceKorea100.0%100.0%December
KT Millie Seojae
(formerly Millie Seojae) 2

Book contents serviceKorea38.7%38.4%December
KT ES Pte. Ltd.Foreign investment businessSingapore68.8%68.8%December
Epsilon Global Communications PTE. Ltd.Network service industrySingapore100.0%100.0%December
Epsilon Telecommunications (SP) PTE. Ltd.Fixed line telecommunication businessSingapore100.0%100.0%December
Epsilon Telecommunications (US) PTE. Ltd.Fixed line telecommunication businessSingapore100.0%100.0%December
Epsilon Telecommunications LimitedFixed line telecommunication businessUK100.0%100.0%December
Epsilon Telecommunications (HK) LimitedFixed line telecommunication businessHong Kong100.0%100.0%December
Epsilon US Inc.Fixed line telecommunication businessUSA100.0%100.0%December
Epsilon Telecommunications (BG) EOODEmployee support serviceBulgaria100.0%100.0%December
Nasmedia-KT Alpha Future Growth Strategic Investment FundInvestment fundKorea100.0%100.0%December
KT Strategic Investment Fund 6Investment fundKorea100.0%100.0%December
KT Altimedia Corporation
(formerly Altimedia Corporation)
Software development and deliveryKorea100.0%100.0%December
KT Altimidia B.V.
(formerly Altimidia B.V.)
Software development and deliveryNetherlands100.0%100.0%December
KT Altimidia Vietnam
(formerly Altimidia Vietnam)
Software development and deliveryVietnam100.0%100.0%December
BCCARD VIETNAM LTD.Software sales businessVietnam100.0%100.0%December
KTP SERVICES INC.Fixed line telecommunication businessPhilippines100.0%100.0%December
Hangang Real Estate Investment Trust No. 24Investment fundKorea75.0%75.0%December
F-16
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Controlling Interest1 (%)
SubsidiaryType of businessLocationDecember 31,
2024		December 31,
2025		Closing
month
KT DX VIETNAM COMPANY LIMITEDSoftware developmentVietnam100.0%100.0%December
kt Cloud Co., Ltd.Information and communications developmentKorea92.7%92.6%December
PT CRANIUM ROYAL ADITAMASoftware developmentIndonesia67.0%67.0%December
Open cloud lab Co., Ltd.IT consulting service and Telecommunication equipment salesKorea100.0%100.0%December
KT Living, Inc.Residential building managementKorea100.0%100.0%December
K-Realty Qualified Private Real Estate Investment Trust No. 1 3
Real estate managementKorea6.5%6.5%December
AQUA RETAIL VIETNAM COMPANY LIMITEDE-voucher issuance and trading businessVietnam100.0%100.0%December
K-Realty Qualified Private Real Estate Investment Trust No. 4Real estate managementKorea93.9%98.3%December
BC Strategic Investment Fund 2Investment fundKorea100.0%100.0%December
K-Logis Hwaseong Inc.Residential building development and supplyKorea80.0%80.0%December
kt netcore. Co. Ltd.Telecommunication facility maintenance and service businessKorea100.0%100.0%December
kt p&m Co., Ltd.Information and communications development and Electrical design corporationKorea100.0%100.0%December
Seongsu269 Development PFV Co, LtdInvestment fundKorea—85.2%December
Gangnam Station 1307 PFV Co., Ltd.Investment fundKorea—60.3%December
1Sum of the interests owned by the Controlling Company and subsidiaries.
2Although the Controlling Company owns less than 50% of the interest in KT Nasmedia, Co., Ltd. (formerly. Nasmedia, Co., Ltd.), KTCS Corporation, KTIS Corporation, KT Millie Seojae (formerly. Millie Seojae), and KT GENIE Music Corporation (formerly. GENIE Music Corporation), these entities are consolidated as the Controlling Company can exercise the majority of voting rights in its decision-making process at all times, based on voting patterns at previous shareholders’ meetings.
3Although the Controlling Company owns less than 50% interest in K-Realty Qualified Private Real Estate Investment Trust No. 1, this entity is consolidated by comprehensively considering the criteria for determining control, such as ‘power’, ‘variable profit’, and ‘relationship between power and variable profit’, rather than simply judging by the interests owned by the Controlling Company.
4The number of treasury stock held by subsidiaries are deducted from the total number of shares when calculating the controlling percentage interest.

F-17
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(2)Changes in Scope of Consolidation
Subsidiaries newly included and excluded in the consolidation during the year ended December 31, 2025:
ChangesLocationName of subsidiaryReason
IncludedKoreaSeongsu269 Development PFV Co, LtdNewly established
IncludedKoreaTownboard Co., Ltd.Spin-off
IncludedKoreaGangnam Station 1307 PFV Co., Ltd.Newly established
ExcludedKoreaKT Linkus Co., Ltd.Merged
ExcludedKoreaKT Music Contents Fund No.2Liquidated
ExcludedKoreaInitech Co., Ltd.Shares disposed
ExcludedKoreaPlayD Co., Ltd.Shares disposed
ExcludedThailandNasmedia Thailand Co.Ltd.Shares disposed
ExcludedKoreaTownboard Co., Ltd.Shares disposed
ExcludedKoreaH&C NetworkMerged
ExcludedRussiaKT RUS LLCLiquidated
F-18
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(3)    Summarized information for consolidated subsidiaries as at and for the years ended December 31, 2023, 2024 and 2025, is as follows:
(In millions of Korean won)December 31, 2023
20233
Total assetsTotal liabilitiesOperating
revenues		Profit(loss)
for the period
KT Linkus Co., Ltd.64,178 63,452 81,645 821 
KT Telecop Co., Ltd.375,596 235,947 527,015 5,728 
KT Alpha Co., Ltd.443,639 191,254 437,308 19,352 
KT Service Bukbu Co., Ltd.63,760 55,360 242,119 1,212 
KT Service Nambu Co., Ltd.71,576 58,745 291,170 1,354 
BC Card Co., Ltd. 1
6,352,878 4,722,432 4,027,450 76,545 
H&C Network81,107 4,863 27,205 1,814 
KT Nasmedia Co., Ltd. 1
513,311 262,336 147,934 17,703 
KTDS Co., Ltd. 1
393,667 202,067 727,477 33,971 
KT M&S Co., Ltd.258,477 209,075 695,856 3,783 
KT MOS Bukbu Co., Ltd.50,750 28,431 101,428 8,457 
KT MOS Nambu Co., Ltd.46,839 26,012 101,422 5,749 
KT Skylife Co., Ltd. 1
1,220,842 479,369 1,034,342 (109,407)
KT Estate Inc. 1
2,746,546 1,121,970 511,018 871 
KT GDH Co., Ltd.7,760 1,501 4,346 648 
KT Sat Co., Ltd.699,607 88,524 182,274 30,502 
KT Sports Co., Ltd.26,615 11,299 66,309 (12,386)
KT Music Contents Fund No.25,558 1,772 534 (992)
KT M Mobile Co., Ltd.176,838 69,317 301,049 5,605 
KT Investment Co., Ltd. 1
83,638 57,420 24,976 2,180 
KTCS Corporation 1
434,900 234,850 1,035,911 15,804 
KTIS Corporation447,609 243,519 593,162 13,922 
Next Connect PFV946,687 629,809 — (29,889)
KT Japan Co., Ltd. 1
2,015 3,341 2,793 (110)
KT America, Inc.6,013 　701 8,928 133 
KT Rwanda Networks Ltd. 2
134,847 313,787 26,788 (57,628)
AOS Ltd. 2
10,763 1,983 8,287 128 
KT Hong Kong Telecommunications Co., Ltd.11,142 5,121 19,373 143 
KT Huimangjieum 1
8,073 2,715 17,687 1,012 
KT Engineering Co., Ltd.160,243 104,005 262,063 5,327 
KT Studio Genie Co., Ltd. 1
989,187 259,413 542,955 13,507 
Lolab Co., Ltd.42,744 37,838 173,035 (12,938)
East Telecom LLC 1
48,483 22,632 30,350 7,723 
KT ES Pte. Ltd. 1
117,009 90,392 87,865 (124,850)
KTP SERVICES INC.2,967 919 671 235 
KT Altimedia Corporation 1
48,381 12,374 45,035 7,352 
KT RUS LLC501 10 1 (378)
KT DX VIETNAM COMPANY LIMITED1,694 102 82 (207)
kt cloud Co., Ltd. 1
1,983,972 503,241 679,825 63,956 
KT HEALTHCARE VINA COMPANY LIMITED12,730 439 — (721)
K-Realty Qualified Private Real Estate Investment Trust No. 1
80,266 50,693 4,682 (1,037)
AQUA RETAIL VIETNAM COMPANY LIMITED1,202 62 16 (248)
1These companies are the intermediate controlling companies of other subsidiaries and the above financial information is from their consolidated financial statements
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Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2Convertible preferred stock issued by subsidiaries as of the end of the reporting period is included in liabilities.
3Profit or loss is included from the date of acquisition of control to the end of the reporting period.
(In millions of Korean won)December 31, 2024
20243
Total assetsTotal liabilitiesOperating
revenues		Profit(loss)
for the period
KT Linkus Co., Ltd.₩54,247 ₩55,750 ₩79,171 ₩(1,726)
KT Telecop Co., Ltd.400,437 253,509 532,687 8,793 
KT Alpha Co., Ltd.464,180 201,902 421,191 20,682 
KT Service Bukbu Co., Ltd.56,706 56,846 228,816 (6,665)
KT Service Nambu Co., Ltd.57,827 51,826 285,634 (5,881)
BC Card Co., Ltd. 1
5,961,047 4,196,724 3,806,858 141,149 
H&C Network59,808 5,039 26,188 1,868 
KT Nasmedia Co., Ltd. 1
492,782 252,707 143,639 (3,884)
KTDS Co., Ltd. 1
388,812 179,630 721,962 34,883 
KT M&S Co., Ltd.261,539 193,526 807,735 19,681 
KT MOS Bukbu Co., Ltd.50,262 32,012 103,410 1,287 
KT MOS Nambu Co., Ltd.51,458 28,427 103,765 3,719 
KT Skylife Co., Ltd. 1
1,040,188 463,594 1,026,644 (156,033)
KT Estate Inc. 1
2,740,463 1,099,622 555,984 24,290 
KT GDH Co., Ltd.7,998 1,462 3,977 303 
KT Sat Co., Ltd.733,574 92,877 188,412 30,741 
KT Sports Co., Ltd.23,299 7,435 83,888 859 
KT Music Contents Fund No. 2
5,508 1,589 199 134 
KT M Mobile Co., Ltd.195,196 74,570 347,933 13,142 
KT Investment Co., Ltd. 1
84,369 56,721 19,355 1,621 
KTCS Corporation 1
435,066 232,129 1,122,264 6,814 
KTIS Corporation469,932 261,826 604,479 11,862 
Next Connect PFV1,429,260 1,133,891 137 (21,508)
KT Japan Co., Ltd. 1
1,750 3,289 2,897 (180)
KT America, Inc.6,843 614 7,445 192 
KT Rwanda Networks Ltd. 2
131,362 341,313 21,624 (21,025)
AOS Ltd. 2
14,305 19,422 10,768 643 
KT Hong Kong Telecommunications Co., Ltd.9,105 1,680 16,917 423 
KT Huimangjieum 1
8,854 2,275 19,285 1,338 
KT Engineering Co., Ltd.183,753 123,132 333,874 2,634 
KT Studio Genie Co., Ltd. 1
880,509 212,683 452,685 (29,364)
East Telecom LLC 1
75,828 40,371 38,100 6,938 
KT ES Pte. Ltd. 1
78,800 59,114 93,358 (79,014)
KTP SERVICES INC.3,257 750 718 272 
KT Altimedia Corporation 1
45,287 11,919 36,774 290 
KT RUS LLC420 — 1 (31)
KT DX VIETNAM COMPANY LIMITED1,568 120 469 (262)
kt Cloud Co., Ltd. 1
2,061,020 542,569 784,284 35,676 
K-Realty Qualified Private Real Estate Investment Trust No. 1
79,220 50,681 4,358 (1,034)
AQUA RETAIL VIETNAM COMPANY LIMITED1,903 497 531 (827)
kt netcore. Co. Ltd.61,213 79 — 134 
kt p&m10,029 96 — (67)
1These companies are the intermediate controlling companies of other subsidiaries and the above financial information is from their consolidated financial statements.
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Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2Convertible preferred stock issued by subsidiaries as of the end of the reporting period is included in liabilities.
3Profit or loss is included from the date of acquisition of control to the end of the reporting period.
(In millions of Korean won)December 31, 2025
20254
Total assetsTotal liabilitiesOperating
revenues		Profit (loss)
for the period
KT Telecop Co., Ltd.₩393,333 ₩234,285 ₩584,110 ₩15,859 
KT Alpha Co., Ltd.
495,896 192,822 396,085 43,644 
KT Service Bukbu Co., Ltd.59,502 53,859 236,575 1,007 
KT Service Nambu Co., Ltd.107,727 99,990 382,831 (3,102)
BC Card Co., Ltd. 1
6,558,304 4,626,053 3,638,935 151,717 
KT Nasmedia Co., Ltd. 3
440,266 238,576 126,564 6,799 
KTDS Co., Ltd. 3
311,710 146,073 705,734 35,386 
KT M&S Co., Ltd.238,108 157,783 754,019 11,765 
KT MOS Bukbu Co., Ltd.54,039 34,830 107,283 332 
KT MOS Nambu Co., Ltd.54,657 29,236 106,986 2,480 
KT Skylife Co., Ltd. 1
975,400 413,080 989,538 585 
KT Estate Inc. 1
3,368,346 1,677,549 737,878 39,545 
KT GDH Co., Ltd.7,852 1,181 3,094 121 
KT Sat Co., Ltd.696,796 32,436 202,914 27,370 
KT Sports Co., Ltd.32,098 7,205 98,334 (532)
KT M Mobile Co., Ltd.222,683 90,445 391,772 11,954 
KT Investment Co., Ltd. 1
73,066 43,133 10,610 2,215 
KTCS Corporation 1
470,973 245,806 1,044,653 25,107 
KTIS Corporation449,527 211,060 637,488 36,423 
Next Connect PFV967,898 279,246 1,169,552 393,282 
KT Japan Co., Ltd. 1
1,900 3,271 3,335 138 
KT America, Inc.7,080 589 8,718 464 
KT Rwanda Networks Ltd. 2
112,981 149,440 21,661 (19,212)
AOS Ltd. 2
17,996 20,221 11,955 2,554 
KT Hong Kong Telecommunications Co., Ltd.9,942 2,202 12,599 453 
KT Huimangjieum 1
11,134 3,408 20,855 1,174 
KT Engineering Co., Ltd.
153,146 95,252 283,766 (1,345)
KT Studio Genie Co., Ltd. 1
791,790 181,688 470,814 (42,878)
East Telecom LLC 1
88,259 39,227 42,912 10,314 
KT ES Pte. Ltd. 1
76,013 69,059 98,707 (7,196)
KTP SERVICES INC.2,179 10 87 (198)
KT Altimedia Corporation 1
42,655 9,300 37,927 1,402 
KT DX Vietnam Company Limited1,457 291 874 (205)
kt cloud Co., Ltd.1
2,659,479 1,099,355 1,001,120 38,087 
K-Realty Qualified Private Real Estate Investment Trust No. 177,384 50,062 4,687 (1,017)
AQUA RETAIL VIETNAM COMPANY LIMITED296 — 558 (1,037)
kt netcore. Co. Ltd.174,021 109,253 778,341 3,632 
kt p&m Co. Ltd.32,513 19,889 72,017 2,910 
1These companies are the intermediate controlling companies of other subsidiaries and the above financial information is from their consolidated financial statements.
2Convertible preferred stock issued by subsidiaries as of the end of the reporting period is included in liabilities.
3Profit or loss of subsidiary that was disposed of during the current period, from the beginning of the reporting period to the date of loss of control, is reflected
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Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
4Profit or loss of companies newly included in consolidated financial statements from the acquisition date of control to the end of the reporting period is included.


2.    Material Accounting Policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1    Basis of Preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
The financial statements have been prepared on a historical cost basis, except for the following:
•Certain financial assets and liabilities (including derivative instruments)
•Defined benefit pension plans – plan assets measured at fair value
The preparation of the consolidated financial statements requires the use of critical accounting estimates. Management also needs to exercise judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.
2.2    Changes in Accounting Policy and Disclosures
(1) New and amended standards and interpretations adopted by the Group
The Group has the following standards and interpretations for the first time for their annual reporting period commencing January 1, 2025.

- IAS 21 The Effects of Changes in Foreign Exchange Rates and IFRS1 First-time adoption of International Financial Reporting Standards (Amendment) – Lack of Exchangeability
The amendments specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not.

(2) New and revised standards and interpretations in issue but not yet effective or adopted by the Group
At the date of authorization of these financial statements, the Group has not applied the following new and amended IFRS standards that have been issued but are not yet effective:

- IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – Amendments to Classification and measurement requirements of financial instruments
The amendments in Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) are:

Derecognition of a financial liability settled through electronic transfer
The amendments permit an entity to deem a financial liability (or part of a financial liability) that is settled using an electronic payment system to be discharged (and derecognized) before the settlement date if specified criteria are met. If an entity elects to apply this accounting policy, it must do so for all settlements made through the same electronic payment system.

Classification of financial assets
F-22
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
▪Contractual terms that are consistent with a basic lending arrangement.
The amendments provide guidance on how an entity should assess whether contractual cash flows of a financial asset are consistent with a basic lending arrangement. This is intended to assist an entity to apply the requirements for assessing contractual cash flow characteristics to financial assets with features linked to environmental, social and governance (ESG) concerns.

•Assets with non-recourse features.
The amendments enhance the description of the term ‘non-recourse’, in particular to specify that a financial asset has non-recourse features if an entity’s ultimate right to receive cash flows is contractually limited to the cash flows generated by specified assets.

▪Contractually linked instruments.
The amendments clarify the characteristics of contractually linked instruments that distinguish them from other transactions. Specifically, the amendments highlight that in such instruments a prioritization of payments to the holders of financial assets using multiple contractually linked instruments (tranches) is established through a waterfall payment structure, resulting in concentrations of credit risk and a disproportionate allocation of losses between the holders of different tranches. The amendments also note that not all transactions with multiple debt instruments meet the criteria of transactions with multiple contractually linked instruments. In addition, the amendments clarify that the reference to instruments in the underlying pool can include financial instruments that are not within the scope of the classification requirements.

Disclosures
▪Investments in equity instruments designated at FVTOCI.
The requirements in IFRS 7 are amended to require an entity to disclose the fair value gain or loss presented in other comprehensive income during the period, showing separately the fair value gain or loss that relates to investments derecognized in the period and the fair value gain or loss that relates to investments held at the end of the period.

▪Contractual terms that could change the timing or amount of contractual cash flows.
The amendments require an entity to disclose the contractual terms that could change the timing or amount of contractual cash flows on the occurrence (or non-occurrence) of a contingent event that does not relate directly to changes in a basic lending risks and costs. The requirements apply to each class of financial asset measured at amortized cost or FVTOCI and each class of financial liability measured at amortized cost.

The amendments are applied retrospectively for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. If an entity elects to apply these amendments for an earlier period, it is required to either:
•Apply all the amendments at the same time and disclose that fact or
•Apply only the amendments to the classification of financial assets for that earlier period and disclose that fact.

The amendments are required to be applied retrospectively, in accordance with IAS 8, with specific exceptions.

- IFRS 1 First-time adoption of International Financial Reporting Standards – Hedging accounting by a first-time adopter

For consistency with the requirements in IFRS 9, IFRS 1:B6 were amended to refer to the ‘qualifying criteria’ for hedge accounting(instead of the ‘conditions’) and to add cross-references to IFRS 9:6.4.1 to improve the understandability of IFRS 1.
F-23
Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted.

- IFRS 7 Financial Instruments: Disclosures – Gain or loss on derecognition

The amendments remove an obsolete cross-reference in IFRS 7:B38 to a paragraph that had been deleted when IFRS 13 was issued and aligned the wording of this paragraph with the terms used in IFRS 13.

Guidance on implementing IFRS 7—Disclosure of deferred difference between fair value and transaction price

The amendments update IFRS 7:IG14 to make the wording of that paragraph consistent with IFRS 7:28 and improve the internal consistency of the wording in the example in IAS 7:IG14.

Guidance on implementing IFRS 7—Introduction and credit risk disclosures

The amendments add a statement to IFRS 7:IG1 clarifying that the guidance does not necessarily illustrate all the requirements in the referenced paragraphs of IFRS 7. The amendments also simplify the explanation of the aspects of the requirements that are not illustrated in IFRS 7:IG20B.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted.

- IFRS 9 Financial Instruments – Derecognition of lease liabilities and Transaction price
The amendments add a cross-reference to IFRS 9:3.3.3 in IFRS 9:2.1(b)(ii) to clarify that when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply IFRS 9:3.3.3 and therefore recognize any resulting gain or loss in profit or loss.

Additionally, the amendments replace ‘their transaction price (as defined in IFRS 15)’ in IFRS 9:5.1.3 with ‘the amount determined by applying IFRS 15’ which may require a receivable to be measured at an amount that differs from the amount of the transaction price recognized as revenue. The reference to ‘transaction price’(as defined in IFRS 15) is deleted from Appendix A of IFRS 9.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted. An entity is required to apply the amendments to IFRS 9:2.1(b)(ii) to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment.

- IFRS 10 Consolidated Financial Statements – Determination of ‘de facto agent’
The amendments address concerns that the requirements in IFRS 10:B73-B74 might, in some situations, be contradictory. IFRS 10:B73 refers to ‘de facto agents’ as parties acting on the investor’s behalf and states that the determination of whether other parties are acting as de facto agents requires judgement. However, the second sentence of IFRS 10:B74 includes more conclusive language and states that a party is a de facto agent when those that direct the activities of the investor have the ability to direct that party to act on the investor’s behalf. The amendments update IFRS 10:B74 to use less conclusive language and to clarify that the relationship described in IFRS 10:B74 is just one example of a circumstance in which judgement is required to determine whether a party is acting as a de facto agent.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted.

- IAS 7 Statement of Cash Flows: Cost method
The amendment replaces the term ‘cost method’ with ‘at cost’ in IAS 7:37 in line with the removal of the definition of ‘cost method’ from the IFRS Accounting Standards.
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Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted.

- IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (Amendment) - Contracts Referencing Nature-dependent Electricity
Amendments to IFRS 9 Financial Instruments
The following requirements of IFRS 9 are affected by the amendments:
•the “own-use” requirements in IFRS 9 are amended to include factors an entity is required to consider when applying IFRS 9: 2.4 to contracts to buy and take delivery of renewable electricity for which the source of production of the electricity is nature-dependent; and
•the hedge accounting requirements in IFRS 9 are amended to permit an entity using a contract for nature-dependent renewable electricity with specified characteristics as a hedging instrument:
▪to designate a variable volume of forecast electricity transactions as the hedged item if specified criteria are met; and
▪to measure the hedged item using the same volume assumptions as those used for the hedging instrument.

Amendments to IFRS 7 Financial Instruments: Disclosures

IFRS 7 was amended to introduce disclosure requirements about contracts for nature-dependent electricity with specified characteristics.
The amendments are effective for annual periods beginning on or after 1 January 2026, with earlier application permitted. The amendments to the “own use exemption” are required to be applied retrospectively in accordance with IAS 8 using the facts and circumstances at the date of initial application. The amendments to the hedge accounting requirements are to be applied prospectively to new hedging relationships designated on or after the date of initial application.

- IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some paragraphs from IAS 1 have been moved to IAS 8 and IAS 7. Furthermore, minor amendments have been made to IAS 7 and IAS 33 Earnings per Share.

IFRS 18 introduces new requirements to:
•present specified categories and defined subtotals in the statement of profit or loss
•provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements
•improve aggregation and disaggregation.

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.

The Group is reviewing the impact of the above-listed amendments on the consolidated financial statements.

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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2.3    Consolidation
The Group has prepared the consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements.
(a) Subsidiaries
Subsidiaries are all entities (including special purpose entities (“SPEs”)) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred is measured at the fair values of the assets transferred, and identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. All other non-controlling interests are measured at fair values, unless otherwise required by other standards. Acquisition-related costs are expensed as incurred.
The excess of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recognized as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in the profit or loss as a bargain purchase.
Intercompany transactions, balances and unrealized gains on transactions among group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
(b) Changes in ownership interests in subsidiaries without loss of control
Any differences between the amount of the adjustment to non-controlling interest that do not result in loss of control and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Controlling Company.
(c) Disposal of subsidiaries
When the Group ceases to have control over a subsidiary, any retained interest in the subsidiary is remeasured to its fair value with the change in carrying amount recognized in profit or loss.
(d) Associates
Associates are entities over which the Group has significant influence but does not possess control or joint control. Investments in associates are accounted for using the equity method of accounting, after initially being recognized at cost. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. If the Group’s share of losses of an associate equals or exceeds its interest in the associate (including long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. After the Group’s interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. If there is an objective evidence of impairment for the investment in the associate, the Group recognizes the difference between the recoverable amount of the
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
associate and its book amount as impairment loss. If an associate uses accounting policies other than those of the Group for transactions and events in similar circumstances, if necessary, adjustments shall be made to make the associate’s accounting policies conform to those of the Group when the associate’s financial statements are used by the Group in applying the equity method.
(e) Joint arrangements
A joint arrangement, wherein two or more parties have joint control, is classified as either a joint operation or a joint venture. A joint operator recognizes its direct right to the assets, liabilities, revenues, and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues, and expenses. A joint venture has rights to the net assets relating to the joint venture and accounts for that investment using the equity method.
2.4    Segment Reporting
Information of each operating segment is reported in a manner consistent with the business segment reporting provided to the chief operating decision-maker (Note 35). The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments.
2.5    Foreign Currency Translation
(a) Functional and presentation currency
Items included in the financial statements of each entities in the Group are measured using the currency of the primary economic environment in which each entity operates (its functional currency). The consolidated financial statements are presented in Korean won, which is the presentation currency for the consolidated financial statements.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in other comprehensive income if they relate to qualifying cash flow hedges and qualifying effective portion of net investment hedges or are attributable to monetary part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to financial instruments are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss within ‘other income’ or ‘other expense’.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities, such as equities held at fair value through profit or loss, are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets, such as equities classified as available-for-sale financial assets, are recognized in other comprehensive income.
2.6    Financial Assets
(a) Classification
The Group classifies its financial assets in the following measurement categories:
•those to be measured at fair value through profit or loss
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
•those to be measured at fair value through other comprehensive income
•those to be measured at amortized cost
The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows.
For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. The Group reclassifies debt investments when, and only when, its business model for managing those assets changes.
For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Changes in fair value of the investments in equity instruments that are not accounted for as other comprehensive income are recognized in profit or loss.
(b) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
A. Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments into one of the following three measurement categories:
•Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in ‘finance income’ using the effective interest rate method.
•Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment loss (and reversal of impairment loss), interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is included in ‘finance income’ using the effective interest rate method. Foreign exchange gains and losses are presented in ‘finance income’ or ‘finance costs’ and impairment loss in ‘finance costs’ or ‘operating expenses’.
•Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in the statement of profit or loss within ‘finance income’ or ‘finance costs’ in the period in which it arises.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
B. Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividend income from such investments continue to be recognized in profit or loss as ‘finance income’ when the Group’s right to receive payments is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognized in ‘finance income’ or ‘finance costs’ in the statement of profit or loss as applicable. Impairment loss (reversal of impairment loss) on equity investments, measured at fair value through other comprehensive income, are not reported separately from other changes in fair value.
(c) Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and fair value through other comprehensive income.
The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables and lease receivables, the Group applies the simplified approach, which requires expected lifetime credit losses to be recognized from initial recognition of the receivables.
(d) Recognition and derecognition
Regular way purchases and sales of financial assets are recognized or derecognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
If a transfer does not result in derecognition because the Group has retained substantially all the risks and rewards of ownership of the transferred asset, the Group continues to recognize the transferred asset in its entirety and recognizes a financial liability for the consideration received.
(e) Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount reported in the statements of financial position where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty.
2.7    Derivative Instruments
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting treatment for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group has hedge relationships and designates certain derivatives as:
•hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges)
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items.
The fair values of derivative financial instruments designated in hedge relationships are disclosed in Note 37.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. A non-derivative financial asset and a non-derivative financial liability is classified as a current or non-current based on its expected maturity and its settlement, respectively.
The effective portion of changes in fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity to the limit of the cumulative change in fair value (present value) of the hedge item (the present value of the cumulative change in the future expected cash flows of the hedged item) from the inception of the hedge. The ineffective portion is recognized in ‘finance income (costs)’.
Amounts of changes in fair value of effective hedging instruments accumulated in equity are recognized as ‘finance income (costs)’ for the periods when the corresponding transactions affect profit or loss.
When a hedging instrument expires, or is sold, terminated, exercised, or when a hedge no longer meets the criteria for hedge accounting, any accumulated cash flow hedge reserve at that time remains in equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset such as inventory. When the forecast transaction is no longer expected to occur, the cash flow hedge reserve and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss.
2.8    Trade Receivables
Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. Trade receivables are subsequently measured at amortized cost using the effective interest method, less loss allowance. See Note 6 for further information about the Group’s accounting treatment for trade receivables and Note 2.6 (c) for a description of the Group’s accounting policy on impairment.
2.9    Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the moving average method, except for inventories in-transit(specific identification method).
2.10    Property and Equipment
Property and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditures that is directly attributable to the acquisition of the items.
Depreciation of all property and equipment, except for land, is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives as follows:
Useful Life
Buildings
5 – 40 years
Structures
5 – 40 years
Machinery and equipment
(Telecommunications equipment and others)
2 – 40 years
Vehicles
4 – 10 years
Tools
3 – 6 years
Office equipment
2 – 8 years
The depreciation method, residual values, and useful lives of property and equipment are reviewed at the end of each reporting period and, if appropriate, accounted for as changes in accounting estimates.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2.11    Investment Property
Real estate held for rental income or investment gains is classified as investment property and right-of-use asset. An investment property is measured initially at its cost. After recognition as an asset, investment property is carried at cost less accumulated depreciation and impairment losses. Investment property, except for land, is depreciated using the straight-line method over their useful lives from 5 to 40 years.
2.12    Intangible Assets
(a) Goodwill
Goodwill is measured as explained in Note 2.3 (a) and goodwill arising from acquisition of subsidiaries and businesses is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of subsidiaries and business include the carrying amount of goodwill relating to the subsidiaries and businesses sold.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or group of CGUs, that is expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level.
(b) Intangible assets excluding goodwill
Intangible assets, except for goodwill, are initially recognized at its historical cost, and carried at cost less accumulated amortization and accumulated impairment losses. Membership rights (condominium membership and golf membership), subscription rights, broadcast license, facility-use rights, and transportation rights that have indefinite useful life are not subject to amortization because there is no foreseeable limit to the period over which the assets are expected to be utilized. The Group amortizes intangible assets with a limited useful life using the straight-line method over the following periods:
Useful Life
Development costs
3 – 10 years
Software
3 – 10 years
Frequency usage rights
5 – 10 years
Others1
1 – 50 years
1Membership rights (condominium membership and golf membership), subscription rights, broadcast license, facility usage rights and transportation license included in others are classified as intangible assets with indefinite useful life.
2.13    Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Investment income earned on the temporary investment of specific borrowings on qualifying assets is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred.
2.14    Government Grants
Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants related to assets are presented in the statement of financial position by setting up the grant as deferred income that is recognized in profit or loss on a systematic basis over the useful life of the asset. Grants related to income are deferred and are presented as a credit in the statement of profit or loss within ‘other income’.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2.15    Impairment of Non-Financial Assets
Goodwill and intangible assets with indefinite useful life are tested annually for impairment at the end of each reporting period. If certain assets are deemed to be impaired, their recoverable amount is estimated in order to determine the impairment loss. The Group estimates the recoverable amount for each asset, and, in cases when the recoverable amount cannot be estimated for an asset, the recoverable amount of the cash generating unit to which the asset belongs is estimated. Corporate assets are allocated to individual cash generating units on a reasonable and consistent basis and if they cannot be allocated to individual cash generating units, they are allocated to the smallest group of cash generating units on a reasonable and consistent basis. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount (higher of its fair value less costs of disposal and value in use). Impairment loss on non-financial assets other than goodwill are evaluated for reversal at the end of each reporting period.
2.16    Trade and Other Payables
Trade and other payables amounts represent liabilities for goods and services provided to the Group prior to the end of reporting period which are unpaid. Trade and other payables are presented as current liabilities, unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.
2.17    Financial Liabilities
(a) Classification and measurement
The Group’s financial liabilities at fair value through profit or loss are financial instruments held for trading. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing in the near term. Derivatives that are not designated as hedging instruments or derivatives separated from financial instruments containing embedded derivatives are also categorized as held for trading.
The Group classifies non-derivative financial liabilities, except for financial liabilities at fair value through profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of financial assets does not qualify for derecognition, as financial liabilities carried at amortized cost and presented as ‘trade and other payables’, ‘borrowings’ and ‘other financial liabilities’ in the statement of financial position.
Borrowings are initially recognized as the amount obtained by subtracting the transaction cost incurred from the fair value and is then measured as amortized cost. The difference between the consideration received (net of transaction cost) and the redemption amount is recognized as profit or loss over the period using the effective interest rate method. Fees paid to receive the borrowing limit are recognized as transaction costs for loans to the extent that they are likely to be borrowed as part or all of the borrowing limit. In this case, the fee will be deferred until the draw-down occurs. There is a high possibility that borrowings will be executed as part or all of the borrowing limit agreement (relevant fees to the extent that there is no evidence) are recognized as assets as advance payments for liquidity services and amortized over the relevant borrowing limit period.
Preferred shares that require mandatory redemption at a particular date are classified as liabilities. Interest expenses on these preferred shares using the effective interest method are recognized in the statement of profit or loss as ‘finance costs’, together with interest expenses recognized from other financial liabilities.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(b) Derecognition
Financial liabilities are removed from the statement of financial position when it is extinguished; for example, when the obligation specified in the contract is discharged or cancelled or expired or when the terms of an existing financial liability are substantially modified. The difference between the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
The Group’s financial liabilities at fair value through profit or loss are financial instruments held for trading and financial liabilities designated as at fair value through profit or loss. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing in the near term. A derivative that is not a designated as hedging instruments and an embedded derivative that is separated are also classified as held for trading. Financial liabilities designated as at fair value through profit or loss are structured financial liabilities containing embedded derivatives issued by the Group.
2.18    Financial Guarantee Contracts
Financial guarantee contracts are recognized as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value, subsequently at the higher of the following amount, and the related liability is recognized as ‘other financial liabilities’ in the consolidated statement of financial position:
•the amount determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments
•the amount initially recognized less, where appropriate, the cumulative amount of income recognized in accordance with IFRS 15 Revenue from Contracts with Customers
2.19    Employee Benefits
(a) Post-employment benefits
The Group operates both defined contribution and defined benefit pension plans.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The contributions are recognized as employee benefit expenses when an employee has rendered service.
A defined benefit plan is a pension plan that is not a defined contribution plan. Generally, post-employment benefits are payable after the completion of employment, and the benefit amount depended on the employee’s age, periods of service or salary levels. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.
(b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
The Group recognizes termination benefits at the earlier of the following dates: when the entity can no longer withdraw the offer of those benefits or when the entity recognizes costs for a restructuring.
(c) Long-term employee benefits
Certain entities within the Group provide long-term employee benefits that are entitled to employees with service period for ten years and above. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans. The Group recognizes service cost, net interest on other long-term employee benefits and remeasurements as profit or loss for the year. These liabilities are valued annually by an independent qualified actuary.
2.20    Share-Based Payments
Equity-settled share-based payment is recognized at fair value of equity instruments granted, and employee benefit expense is recognized over the vesting period. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
The acquiree may have outstanding share-based payment transactions that the acquirer does not exchange for its share-based payment transactions. If vested, those acquiree share-based payment transactions are part of the non-controlling interest in the acquiree and are measured at their market-based measure. If unvested, the market-based measure of unvested share-based payment transactions is allocated to the non-controlling interest on the basis of the ratio of the portion of the vesting period completed to the greater of the total vesting period and the original vesting period of the share-based payment transaction. The balance is allocated to post-combination service.
2.21    Provisions
Provisions for service warranties, recoveries, litigations and claims, and others are recognized when the Group presently hold legal or constructive obligation as a result of past events, and when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period, and the increase in the provision due to the passage of time is recognized as interest expense.
2.22    Leases
(a) Lessee
The Group leases various repeater server racks, offices, communication line facilities, machinery, cars, and others.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
•Fixed payments (including in-substance fixed payments), less any lease incentives receivable
•Variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date
•Amounts expected to be payable by the Group (the lessee) under residual value guarantees
•The exercise price of a purchase option if the Group (the lessee) is reasonably certain to exercise that option, and
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
•Payments of penalties for terminating the lease, if the lease term reflects the Group (the lessee) exercising that option
Measurement of lease liability also includes payments to be made in optional periods if the lessee is reasonably certain to exercise an option to extend the lease.
The Group determines the lease term as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. When the lessee and the lessor each has the right to terminate the lease without permission from the other party, the Group should consider a termination penalty in determining the period for which the contract is enforceable.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, which is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
•the amount of the initial measurement of lease liability
•any lease payments made at or before the commencement date less any lease incentives received
•any initial direct costs (leasehold deposits)
•restoration costs
The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.
Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less, such as vehicles, machinery, and others. Low-value assets are comprised of tools, office equipment, and others.
(b) Lessor
Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the statement of financial position based on their nature.
(c) Extension and termination option
Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximize operational flexibility in terms of managing
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Information on critical accounting estimates and assumptions related to the determination of the lease term is presented in Note 3.
2.23    Share Capital
The Controlling Company classifies ordinary shares as equity.
Where the Controlling Company purchases its own shares, the consideration paid, including any directly attributable incremental costs, is deducted from equity until the share are cancelled or reissued. When these treasury shares are reissued, any consideration received is included in equity attributable to the equity holders of the Controlling Company.
2.24    Revenue Recognition
(a) Identifying performance obligations
The Group mainly provides telecommunication services and sells handsets. The Group identifies performance obligations with a customer such as providing telecommunication services, selling handsets, and others. Revenue from handsets is recognized when a performance obligation is satisfied by transferring promised goods to customers, and the revenue from telecommunication services is recognized over the estimated contract periods of each service by transferring promised services to customers.
(b) Allocation the transaction price and revenue recognition
The Group allocates the transaction price to each performance obligation identified in the contract based on a relative stand-alone selling prices of the goods or services being provided to the customer. To allocate the transaction price to each performance obligation on a relative stand-alone price basis, the Group determines the stand-alone selling price at contract inception of the distinct good or service underlying each performance obligation in the contract and allocates the transaction price on a relative stand-alone selling price basis. The stand-alone selling price is the price at which the Group would sell a promised good or service separately to the customer. The best evidence of a stand-alone selling price is the observable price of a good or service when the Group sells that good or service separately in similar circumstances and to similar customers. The Group recognizes the allocated amount as contract assets or contract liabilities, and amortizes it through the remaining period which is adjusted in operating income.
(c) Incremental contract acquisition costs
The Group pays commission fees when new customers subscribe to telecommunication services. The incremental contract acquisition costs are those commission fees that the Group incurs to acquire a contract with a customer that would not have been incurred if the contract had not been acquired. The Group recognizes the incremental contract acquisition costs as an asset and amortizes it over the expected period of benefit. However, as a practical expedient, the Group may recognize the incremental contract acquisition costs as an expense when it is incurred if the amortization period of the asset is one year or less.
(d) Commission fees
Commission fees are recognized when it is probable that future economic benefits will flow to the entity and these benefits can be reliably measured. Revenues are measured at the fair value of the consideration received.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2.25    Current and Deferred Income Tax
The tax expense for the period consists of current and deferred tax. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
The current income tax expense is measured at the amount expected to be paid to taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation, and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit or loss.
Deferred tax assets are recognized only if it is probable that future taxable amount will be available to utilize those temporary differences and losses.
The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, the Group recognizes a deferred tax asset for all deductible temporary differences arising from such investments to the extent that it is probable the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset when the Group has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously.
The Group is subject to Pillar Two income taxes. The impact of Pillar Two income taxes is described in Note 30.
2.26    Dividend
Dividend distribution to the Group’s shareholders is recognized as a liability in the financial statements in the period in which the dividends are approved by the Group’s shareholders.
2.27    Approval on Issuance of the Consolidated Financial Statements
The consolidated financial statements of 2025 were approved for issuance by the Board of Directors on April 14, 2026.
3.    Critical Accounting Estimates and Assumptions
The preparation of financial statements requires the Group to make estimates and assumptions about the future. Management also needs to exercise judgment in applying the Group’s accounting policies. Estimates and assumptions are evaluated continuously and are based on historical experience and other factors, including reasonable expectations of future events under the given circumstances. As it is rare for
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
the results of accounting estimates to be identical to actual results, significant risks exist that may lead to material adjustments.
Estimates and assumptions that have significant risks of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Additional information of significant judgement and assumptions of certain items are included in relevant notes.
3.1    Impairment of Non-Financial Assets (including Goodwill)
The Group determines the recoverable amount of a cash generating unit (CGU) based on fair value or value-in-use calculations to assess non-financial assets (including goodwill) for impairment (Note 12, 13).
3.2    Income Taxes
The Group’s taxable income generated from these operations are subject to income taxes based on tax laws and interpretations of tax authorities in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax determination is uncertain (Note 29).
If a certain portion of the taxable income is not used for investments or increase in wages or dividends in accordance with the Tax System for Recirculation of Corporate Income, the Group is liable to pay additional income tax calculated based on the tax laws. Accordingly, the measurement of current and deferred income tax is affected by the tax effects from the new tax system. As the Group’s income tax is dependent on the investments as well as wage increase, there is uncertainty in measuring the final tax effects (Note 29).
3.3    Fair Value of Financial Instruments
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period (Note 37).
3.4    Net Defined Benefit Liability
The present value of net defined benefit liability depends on a number of factors that are determined on an actuarial basis using a number of assumptions including the discount rate (Note 17).
3.5    Amortization of Contract Assets, Contract Liabilities and Contract Cost Assets
Contract assets, contract liabilities and contract cost assets recognized under the application of IFRS 15 are amortized over the expected periods of customer relationships. The estimate of the expected terms of customer relationship is based on the historical data. If management’s estimate changes, it may cause significant differences in the timing of revenue recognition and amounts recognized.
3.6    Critical Judgments in Determining the Lease Term
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of property, machinery, and communication line facilities, the following factors are normally the most relevant:
•If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate).
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December 31, 2023, 2024 and 2025
•If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate).
•Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
Most extension options in offices, retail stores and vehicles leases have not been included in the lease liability, because the Group can replace the assets without significant cost or business disruption.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee.
4.    Financial Instruments by Category
(1) Financial instruments by category as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31, 2024
Financial assetsFinancial
assets at
amortized
cost		Financial
assets at
FVTPL		Financial
assets at
FVOCI		Derivatives
used for
hedging		Total
Cash and cash equivalents₩3,716,680 ₩— ₩— ₩— ₩3,716,680 
Trade and other receivables7,573,409 — 114,774 — 7,688,183 
Other financial assets962,653 1,029,926 1,665,368 445,471 4,103,418 
(In millions of Korean won)December 31, 2024
Financial liabilitiesFinancial
 liabilities at
 amortized
cost		Financial
 liabilities at
 FVTPL		Derivatives
 used for
 hedging		OthersTotal
Trade and other payables1
₩7,214,174 ₩— ₩— ₩— ₩7,214,174 
Borrowings10,520,690 — — — 10,520,690 
Other financial liabilities942,135 132,011 3 — 1,074,149 
Lease liabilities— — — 1,059,453 1,059,453 
1Amounts related to employee benefit plans are excluded in Trade and other payables.
(In millions of Korean won)December 31, 2025
Financial assetsFinancial
 assets at
 amortized
cost		Financial
 assets at
 FVTPL		Financial
assets
 at FVOCI		Derivatives
used for
 hedging		Total
Cash and cash equivalents₩3,506,971 ₩— ₩— ₩— ₩3,506,971 
Trade and other receivables7,806,644 — 107,644 — 7,914,288 
Other financial assets1,476,527 774,557 2,423,277 315,537 4,989,898 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(In millions of Korean won)December 31, 2025
Financial liabilitiesFinancial
 liabilities at
 amortized
cost		Financial
 liabilities at
 FVTPL		Derivatives
 used for
 hedging		OthersTotal
Trade and other payables1
₩6,693,177 ₩— ₩— ₩— ₩6,693,177 
Borrowings10,785,572 — — — 10,785,572 
Other financial liabilities999,020 105,810 13,862 — 1,118,692 
Lease liabilities— — — 1,423,206 1,423,206 
1Amounts related to employee benefit plans are excluded in Trade and other payables.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(2) Gains or losses arising from financial instruments by category for the years ended December 31, 2023, 2024, 2025, are as follows:
(in millions of Korean won)202320242025
Financial assets at amortized cost
Interest income1
₩360,134 ₩379,371 ₩359,445 
Gain on foreign currency transactions4
22,782 27,748 16,073 
Gain on foreign currency translation5,741 9,534 21,867 
Loss on disposal(3,409)(2)(3,196)
Loss on valuation(172,966)(184,942)(140,636)
Financial assets at fair value through profit or loss
Interest income1
13,480 10,281 4,126 
Dividend income5
6,918 8,411 9,569 
Loss on valuation6
(31,965)(66,133)(94,089)
Gain (loss) on disposal14,237 13,811 (1,107)
Gain on foreign currency transactions4
— 2,469 — 
Gain (loss) on foreign currency translation3,396 29,029 (7,354)
Financial assets at fair value through other comprehensive income
Interest income1
18,966 19,888 17,295 
Dividend income5
52,813 62,220 66,328 
Loss on disposal(11,193)(8,277)(10,476)
Other comprehensive Income (loss) for the year2
121,805 (7,602)457,093 
Derivatives used for hedging
Gain (loss) on transactions10,192 38,620 (63,006)
Gain (loss) on valuation7
34,092 361,844 (10,676)
Other comprehensive income for the year2
7,772 273,673 41,009 
Reclassified to profit or loss from other comprehensive loss for the year2,3
(29,178)(276,568)15,948 
Financial liabilities at amortized cost
Interest expense1
(358,486)(387,535)(394,901)
Gain (loss) on valuation8
3,411 (5,866)(18,221)
Gain (loss) on foreign currency transactions4
(24,054)(41,959)60,073 
Loss on foreign currency translation(93,004)(421,608)(2,237)
Financial liabilities at fair value through profit or loss
Gain (loss) on valuation(7,394)(3,221)26,633 
Gain on disposal4,788 — (1,810)
Interest expense1
(44)— — 
Gain (loss) on foreign currency transactions4
(5)— — 
Derivatives used for hedging
Loss on transactions— — (3,724)
Gain (loss) on valuation11,503 9,337 (13,603)
Other comprehensive income (loss) for the year2
7,557 (871)(10,000)
Reclassified to profit or loss from other comprehensive income for the year2,3
(8,764)(9,386)9,684 
Lease liabilities
Interest expense1
(52,035)(47,556)(45,839)
Total₩(92,910)₩(215,290)₩284,268 
1BC Card Co., Ltd., etc., subsidiaries of the Group, recognized interest income and expenses as operating revenue and expenses, respectively. Related interest income recognized as operating revenue is ₩121,639 million (2023: ₩112,973 million, 2024: ₩106,005 million) and related interest expense
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
recognized as operating expense is ₩73,318 million (2023: ₩55,677 million, 2024: ₩57,872 million) for the year ended December 31, 2025.
2The amounts directly reflected in equity after adjustments of deferred income tax.
3During the years ended December 31, 2024 and 2025, certain derivatives of the Group were settled and the related gain or loss on valuation of cash flow hedge in other comprehensive income was reclassified to profit or loss for the year.
4BC Card Co., Ltd., a subsidiary of the Group, recognized foreign currency transaction gain and loss and as operating revenue and expense. In relation to this, foreign currency transaction gain and loss recognized as operating revenue and expense amount to foreign exchange gain ₩4,732 million (2023 foreign exchange gain and loss: ₩5,597 million, 2024 foreign exchange gain: ₩10,298 million), respectively, for the year ended December 31, 2025.
5BC Card Co., Ltd., a subsidiary of the Group, recognized dividend income as operating revenue. Related dividend income recognized as operating revenue is ₩3,927 million (2023: ₩1,759 million, 2024: ₩1,701 million) for the year ended December 31, 2025.
6KT Investment Co., Ltd., etc., subsidiaries of the Group, recognized gain and loss on valuation of financial instruments measured at fair value through profit or loss as operating income and expenses. In relation to this, valuation gain and loss recognized as operating revenue and expense amount to valuation loss ₩450 million (2023 valuation loss: ₩11,112 million, 2024 valuation loss: ₩576 million), for the year ended December 31, 2025.
7BC Card Co., Ltd., a subsidiary of the Group, recognized gain and loss on valuation of derivatives as operating income and expenses. Related valuation gain recognized as operating revenue and expense is ₩57 million(2023 valuation gain: ₩48 million) for the year ended December 31, 2024.
8KT Cloud Co., Ltd., a subsidiary of the Group, recognized gain on valuation as convertible preferred stock of ₩335,399 million (2024 valuation gain: ₩317,178 million, 2023 valuation gain: ₩311,312 million) for the year ended December 31, 2025.
5.    Cash and Cash Equivalents
Restricted cash and cash equivalents as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31,
2024		December 31,
2025		Description
Bank deposits₩153,185 ₩98,364 Deposit restricted for government project and others
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
6.    Trade and Other Receivables
(1) Trade and other receivables as of December 31, 2024 and 2025, are as follows
December 31, 2024
(In millions of Korean won)Total
amounts		Provision
 for
 impairment		Present
 value
 discount		Carrying
amount
Current assets
Trade receivables₩3,309,177 (378,327)(9,011)2,921,839 
Other receivables3,335,066 (107,653)(1,796)3,225,617 
Total6,644,243 (485,980)(10,807)6,147,456 
Non-current assets
Trade receivables260,154 (1,299)(14,977)243,878 
Other receivables1,405,923 (96,941)(12,133)1,296,849 
Total₩1,666,077 (98,240)(27,110)1,540,727 
December 31, 2025
(In millions of Korean won)Total
 amounts		Provision
 for
 impairment		Present
 value
 discount		Carrying
amount
Current assets
Trade receivables₩3,331,715 (385,739)(7,959)2,938,017 
Other receivables3,014,911 (104,747)(3,032)2,907,132 
Total6,346,626 (490,486)(10,991)5,845,149 
Non-current assets
Trade receivables330,619 (1,290)(15,703)313,626 
Other receivables1,850,564 (86,270)(8,781)1,755,513 
Total₩2,181,183 (87,560)(24,484)2,069,139 
(2)    The fair values of trade and other receivables with original maturities less than one year are equal to their carrying amounts because the discounting effect is immaterial. The fair value of trade and other receivables with original maturities longer than one year, which are mainly from sales of goods, is determined by discounting the expected future cash flow at the weighted average interest rate.
(3)    Details of changes in provisions for impairment the years ended December 31, 2024 and 2025, are as follows:
20242025
(in millions of Korean won)Trade
 receivables		Other
 receivables		Trade
 receivables		Other
 receivables
Beginning balance₩331,290 183,636 379,626 204,594 
Provision95,060 82,123 71,654 63,886 
Reversal— (380)— (144)
Write-off/reimbursement(51,811)(65,921)(63,714)(76,069)
Changes in consolidation scope— — (467)(1,553)
Others5,087 5,136 (70)303 
Ending balance₩379,626 204,594 387,029 191,017 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Provisions for impairment on trade and other receivables are recognized as operating expenses, other expenses and finance costs.
(4)    Details of other receivables as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31,
2024		December 31,
2025
Loans₩42,413 61,915 
Receivables1
2,913,728 2,458,065 
Accrued income40,950 47,802 
Refundable deposits264,054 241,287 
Loans receivable1,209,887 1,753,505 
Finance lease receivables202,372 245,055 
Others53,656 46,033 
Less: Provision for impairment(204,594)(191,017)
Total₩4,522,466 4,662,645 
1As of December 31, 2025, credit sales asset of ₩1,550,049 million (December 31, 2024: ₩1,970,895 million) held by BC Card Co., Ltd. are included.
(5) The maximum exposure of trade and other receivables to credit risk is the carrying amount of each class of receivables mentioned above as of December 31, 2025.
(6) The Group classifies a certain portion of trade receivables as financial assets at fair value through other comprehensive income, based on business model for managing the asset and the cash flow characteristics of the contract.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
7.    Other Financial Assets and Liabilities
(1)    Details of other financial assets and liabilities as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31, 2024December 31, 2025
Other financial assets
Financial assets at amortized cost1
₩962,653 1,476,527 
Financial assets at fair value through profits of loss1,2
1,029,926 774,557 
Financial assets at fair value through other comprehensive income1,665,368 2,423,277 
Derivatives used for hedging445,471 315,537 
Less: Non-current(2,759,170)(3,362,916)
Current₩1,344,248 1,626,982 
Other financial liabilities
Financial liabilities at amortized cost3,4
₩942,135 999,020 
Financial liabilities at fair value through profits or loss132,011 105,810 
Derivatives used for hedging3 13,862 
Less: Non-current(722,517)(592,599)
Current₩351,632 526,093 
1As of December 31, 2025, the Group’s financial instruments amount to ₩118,946 million (December 31, 2024: ₩97,913 million) and consist of checking account deposits, time deposits, and others which are subject to withdrawal restrictions.
2As of December 31, 2025, the Group provided investments in Korea Software Financial Cooperative and others amounting to ₩10,695 million (December 31, 2024: ₩10,511 million) as a collateral in exchange for the payment guarantee provided by the Korea Software Financial Cooperative and others.
3The amount includes liabilities related to the obligation to acquire additional shares in Epsilon Global Communications Pte. Ltd. and kt Cloud Co., Ltd. (Note 20).
4The amount includes liabilities convertible preferred Stock issued by kt Cloud Co., Ltd. (Note 20).
(2) Financial Assets at fair value through profit or loss
1)    Details of financial assets at fair value through profit or loss as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31, 2024December 31, 2025
Equity instruments (Listed)₩5,620 3,562 
Equity instruments (Unlisted)47,227 46,955 
Debt instruments971,805 723,978 
Derivatives held for trading5,274 62 
Total1,029,926 774,557 
Less: Non-current(826,708)(709,412)
Current₩203,218 65,145 
2) The maximum exposure to credit risks for debt instruments of financial assets at fair value through profit or loss is the carrying amount of each class of debt instruments above as of December 31, 2025.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(3) Financial Assets at fair value through other comprehensive income
1) Details of financial assets at fair value through other comprehensive income as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31, 2024December 31, 2025
Equity instruments (Listed)₩1,317,458 2,044,789 
Equity instruments (Unlisted)341,753 372,341 
Debt instruments6,157 6,147 
Total1,665,368 2,423,277 
Less: Non-current(1,665,368)(2,423,277)
Current₩— — 
2) Upon disposal of these equity investments, any balance within the accumulated other comprehensive income is reclassified not to profit or loss, but to retained earnings. Upon disposal of these debt investments, the remaining balance of the accumulated other comprehensive income is reclassified to profit or loss.
(4) Derivatives used for hedging
1) Details of valuation of derivatives used for hedging as of December 31, 2024 and 2025, are as follows:
December 31, 2024December 31, 2025
(In millions of Korean won)AssetsLiabilitiesAssetsLiabilities
Interest rate swap₩352 3 1,810 — 
Currency swap1
445,119 — 313,727 13,862 
Total445,471 3 315,537 13,862 
Less: Non-current(261,719)— (202,144)(13,862)
Current₩183,752 3 113,393 — 
1The currency swap contract is to hedge the risk of variability in cash flow from the borrowings due to changes in interest rate and foreign exchange rate and the expected maximum period for the Group to be exposed to risks of cash flow fluctuation by hedged items is until September 7, 2034.
The entire fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item exceeds 12 months and, as a current asset or liability, if the maturity of the hedged item is within 12 months.
2) Details of valuation gains and losses on the derivative instruments for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)
202320242025
Type of TransactionValuation
gain		Valuation
loss		Other comprehensive income1Valuation
gain		Valuation
loss		Other comprehensive income1Valuation
gain		Valuation
Loss		Other comprehensive income1
Interest rate swap₩48 ₩— ₩(2,945)₩76 ₩— ₩(1,044)₩15 ₩92 ₩1,403 
Currency swap45,709 162 (27,273)374,898 3,793 (16,773)37,985 62,187 74,805 
Total₩45,757 ₩162 ₩(30,218)₩374,974 ₩3,793 ₩(17,817)₩38,000 ₩62,279 ₩76,208 
1The amounts are before adjustments for deferred income tax and allocations to non-controlling interests and have been directly reflected in equity.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
3) The effective portion recognized in profit or loss related to cash flow hedges amounts to valuation gains of ₩42,371 million as other comprehensive income for the year ended December 31, 2025 (2023: ₩20,430 million, 2024: ₩364,863 million). The ineffective portion recognized in profit or loss related to cash flow hedges amounts to valuation gains of ₩926 million as current profit or loss for the year ended December 31, 2025 (2023: valuation loss of ₩41 million, 2024: valuation gain of ₩963 million). In addition, the valuation losses reclassified from other comprehensive income to profit or loss amounts to ₩33,837 million for the year ended December 31, 2025 (2023: valuation gain of ₩50,648 million, 2024: valuation gain of ₩382,680 million).
4) The unsettled amount of derivative instruments for the years ended December 31, 2024 and 2025, are as follows:
(i) Hedging instruments
2024
(in millions of Korean won and thousands of foreign currencies)
Book value of
hedging instruments		Changes in fair
value to calculate
the ineffective
portion of
hedges
CurrencyForeign
currency		Contract
amount		AssetsLiabilities
USD2,150,937 ₩2,658,775 444,786 — 362,588 
EUR6,900 10,166 333 — 548 
KRW— 120,000 352 3 842 
Total2,788,941 445,471 3 363,978 
2025
(in millions of Korean won and thousands of foreign currencies)
Book value of
hedging instruments		Changes in fair
value to calculate
the ineffective
portion of
hedges
CurrencyForeign
 currency		Contract
 amount		AssetsLiabilities
USD₩1,949,767 ₩2,500,525 ₩313,727 — ₩53,656 
JPY30,000,000 288,546 — 13,862 (13,689)
KRW— 60,000 1,810 — (1,791)
Total₩2,849,071 315,537 13,862 38,176 
(ii) Hedged item
(in millions of Korean won)20242025
CurrencyBook value of
 hedged items		Changes in fair
 value to
 calculate the
 ineffective
 portion of
 hedges
Cash flow
 hedge
 reserves1
Book value
 of hedged
 items		Changes in fair
 value to
 calculate the
 ineffective
 portion of
 hedges
Cash flow
 hedge
 reserves1
USD₩3,160,554 (358,087)(42,425)2,797,720 (52,819)13,156 
JPY— — — 275,289 13,755 (315)
EUR10,548 (437)(228)— — — 
KRW189,967 (674)513 59,975 1,827 1,661 
Total₩3,361,069 (359,198)(42,140)3,132,984 (37,237)14,502 
1The amount is after the deferred tax directly added or subtracted to the capital is reflected.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(5) Financial Liabilities at fair value through profit or loss
1) Details of financial liabilities at fair value through profit or loss as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31, 2024December 31, 2025
Derivatives held for trading 1
₩132,011 105,810 
1In relation to the additional acquisition of shares of the equity method investee K Bank Inc in 2021, the Group has entered into a shareholder agreement with the shareholders of K Bank Inc. According to the shareholder agreement, if K Bank Inc fails to be listed on the terms agreed in the shareholder agreement, the shareholders of K Bank Inc may exercise their Drag-Along right to the Group and require the Group to sell all the shares owned by such shareholders in K Bank to third parties based on the guaranteed return agreed in the shareholder agreement. The shareholder agreement also includes a call option where, if the shareholders exercise their Drag-Along rights, the Group has an option to purchase the shares held by those shareholders. As of December 31, 2025, the derivative financial liability in accordance with IFRS 9 associated with the rights prescribed in the shareholders agreement was ₩105,378 million (₩131,630 million as of December 31 2024) (Note 20).

2) The valuation gain and loss on financial liabilities at fair value through profit or loss for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Valuation
gain		Valuation
loss		Valuation
gain		Valuation
loss		Valuation
gain		Valuation
loss
Derivatives liabilities held for trading3,316 10,710 2,550 5,772 26,633 432 
8.    Inventories
Inventories as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31, 2024December 31, 2025
Acquisition
 cost		Valuation
 allowance		Carrying
amount		Acquisition
 cost		Valuation
 allowance		Carrying
amount
Merchandise₩1,005,606 (99,517)906,089 423,084 (31,188)391,896 
Others149,106 ₩(524)148,582 112,989 (55)112,934 
Total₩1,154,712 (100,041)1,054,671 536,073 (31,243)504,830 
Cost of inventories recognized as expenses for the year ended December 31, 2025 amounts to ₩4,287,105 million (2023: ₩3,386,069 million, 2024: ₩3,500,950 million) and reversal valuation loss on inventory amounts to ₩68,798 million for the year ended December 31, 2025 (2023: ₩6,205 million reversal valuation loss, 2024: ₩2,174 million valuation loss).
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
9.    Other Assets and Liabilities
Other assets and liabilities as of December 31, 2024 and December 31, 2025, are as follows:
(In millions of Korean won)December 31, 2024December 31, 2025
Other assets
Advance payments₩217,679 177,929 
Prepaid expenses170,544 262,230 
Contract cost1,738,164 2,099,088 
Contract assets800,806 1,026,260 
Others18,929 20,431 
Less: Non-current(843,991)(1,017,830)
Current₩2,102,131 2,568,108 
Other liabilities
Advances received₩1,303,288 532,973 
Withholdings154,355 140,817 
Unearned revenue38,327 42,197 
Lease liabilities1,059,453 1,423,206 
Contract liabilities273,320 239,738 
Others31,203 57,793 
Less: Non-current(782,520)(1,108,141)
Current₩2,077,426 1,328,583 
10.    Assets Held-for-Sale
For the year ended December 31, 2025 the Group classified ₩4,316 million of certain tangible and intangible assets and other assets as non‑current assets held for sale, as it had decided to dispose of them. The asset was measured at net fair value in accordance with IFRS 5. The details of the assets held for sale are as follows.

The assets has not been disposed as of the end of the reporting period.

(In millions of Korean won)Amount
Machinery and equipment₩1,890 
Other Intangible assets926 
Others1,500 
       Total₩4,316 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
11.    Property and Equipment
(1) Changes in property and equipment for the years ended December 31, 2024 and 2025 are as follows:
(in millions of Korean won)2024
LandBuildings
 and
 structures		Machinery
 and
 equipment		OthersConstruction-
in-progress		Total
Acquisition cost₩1,324,508 4,903,073 43,611,280 1,182,144 1,035,198 52,056,203 
Less: Accumulated depreciation
(including accumulated impairment loss and others)		(132)(2,384,943)(33,804,601)(993,798)(650)(37,184,124)
Beginning, net1,324,376 2,518,130 9,806,679 188,346 1,034,548 14,872,079 
Acquisition and capital expenditure213 1,031 52,336 67,480 2,787,450 2,908,510 
Disposal and termination(1,928)(3,095)(68,834)(2,758)(5,470)(82,085)
Depreciation— (153,399)(2,589,318)(72,676)— (2,815,393)
Impairment (recovery of impairment)— — (6,374)(809)— (7,183)
Transfer in (out)4,430 42,289 2,306,814 13,324 (2,473,118)(106,261)
Transfer from (to) investment properties24,429 21,442 — — 1,159 47,030 
Acquisitions and dispositions of subsidiaries— (617)(328)(415)— (1,360)
Others139 8,399 7,053 313 (5,427)10,477 
Ending, net₩1,351,659 2,434,180 9,508,028 192,805 1,339,142 14,825,814 
Acquisition cost₩1,351,791 4,981,282 44,584,135 1,222,671 1,339,225 53,479,104 
Less: Accumulated depreciation
(including accumulated impairment loss and others)		(132)(2,547,102)(35,076,107)(1,029,866)(83)(38,653,290)
(in millions of Korean won)2025
LandBuildings
 and
 structures		Machinery
 and
 equipment		OthersConstruction-
in-progress		Total
Acquisition cost₩1,351,791 4,981,282 44,584,135 1,222,671 1,339,225 53,479,104 
Less: Accumulated depreciation
(including accumulated impairment loss and others)		(132)(2,547,102)(35,076,107)(1,029,866)(83)(38,653,290)
Beginning, net1,351,659 2,434,180 9,508,028 192,805 1,339,142 14,825,814 
Acquisition and capital expenditure71 1,930 57,702 44,223 2,498,051 2,601,977 
Disposal and termination(760)(2,943)(81,383)(2,051)(4,372)(91,509)
Depreciation— (146,725)(2,615,755)(67,707)— (2,830,187)
Impairment (recovery of impairment)— — (15,153)(164)— (15,317)
Transfer in (out)21,524 252,089 2,295,302 26,627 (2,843,169)(247,627)
Transfer from (to) investment properties12,348 61,341 — — — 73,689 
Acquisitions and dispositions of subsidiaries(1,231)(1,106)— (1,304)— (3,641)
Others1,140 36,190 (33,685)(43,153)(15,219)(54,727)
Ending, net₩1,384,751 2,634,956 9,115,056 149,276 974,433 14,258,472 
Acquisition cost₩1,384,883 5,273,629 45,577,885 1,103,784 975,036 54,315,217 
Less: Accumulated depreciation
(including accumulated impairment loss and others)		(132)(2,638,673)(36,462,829)(954,508)(603)(40,056,745)
(2) The borrowing costs capitalized for qualifying assets amount to ₩7,216 million (2023: ₩17,671 million, 2024: ₩18,976 million), for the year ended December 31, 2025. The range of interest rate applied to calculate the capitalized borrowing costs, for the year ended December 31, 2025, is 1.86%~6.89% (2023: 1.86%~7.28%, 2024: 1.86%~6.89%).
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
12.    Investment Properties
(1) Changes in investment properties for the years ended December 31, 2024 and 2025, are as follows:
(in millions of Korean won)2024
LandBuildingsConstruction-
in-progress		Total
Acquisition cost₩910,919 1,750,677 261,109 2,922,705 
Less: Accumulated depreciation(1,568)(723,002)— (724,570)
Beginning, net909,351 1,027,675 261,109 2,198,135 
Acquisition19,184 7,035 218,703 244,922 
Disposal(1,586)(32,390)— (33,976)
Depreciation— (51,581)— (51,581)
Transfer from property and equipment(24,429)(21,442)(1,159)(47,030)
Transfer and others(5,939)856 (5,771)(10,854)
Ending, net₩896,581 930,153 472,882 2,299,616 
Acquisition cost₩898,149 1,665,797 472,882 3,036,828 
Less: Accumulated depreciation(1,568)(735,644)— (737,212)
(in millions of Korean won)2025
LandBuildingsConstruction-
in-progress		Total
Acquisition cost₩898,149 1,665,797 472,882 3,036,828 
Less: Accumulated depreciation(1,568)(735,644)— (737,212)
Beginning, net896,581 930,153 472,882 2,299,616 
Acquisition410,740 305,575 36,987 753,302 
Disposal(23)— — (23)
Depreciation— (68,337)— (68,337)
Transfer from property and equipment(12,348)(61,341)— (73,689)
 Acquisitions and dispositions of subsidiaries(2,065)(1,336)— (3,401)
 Transfer and Others13,250 447,737 (496,406)(35,419)
Ending, net₩1,306,135 1,552,451 13,463 2,872,049 
Acquisition cost₩1,307,703 2,402,451 13,463 3,723,617 
Less: Accumulated depreciation(1,568)(850,000)— (851,568)
(2) The fair value of the Group’s investment properties is ₩7,773,591 million as of December 31, 2025 (December 31, 2024: ₩6,899,105 million). The fair value of investment properties is estimated based on the expected cash flow.
(3) Rental income from investment properties is ₩286,700 million in 2025 (2023: ₩224,016 million, 2024: ₩232,799 million). The direct operating expenses (including repairs and maintenance) arising from investment properties that generated rental income during the period are recognized as operating expenses.
(4) As of December 31, 2025, the Group (Lessor) has entered into a non-cancellable operating lease contract relating to real estate lease. The future minimum lease fee under this contract is ₩159,993 million for one year or less, ₩329,624 million for more than one year and less than five years, ₩107,212 million for over five years, and ₩596,829 million in total.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
13.    Intangible Assets
(1) Changes in intangible assets for the years ended December 31, 2024 and 2025, are as follows:
(in millions of Korean won)2024
GoodwillDevelopment
 costs		SoftwareFrequency
usage
 rights		OthersTotal
Acquisition cost₩1,036,354 1,790,446 1,196,329 2,415,243 1,725,087 8,163,459 
Less: Accumulated amortization (including accumulated impairment loss and others)(547,927)(1,651,846)(1,043,667)(1,277,051)(1,109,107)(5,629,598)
Beginning, net488,427 138,600 152,662 1,138,192 615,980 2,533,861 
Acquisition and capital expenditure1
— 12,417 23,404 — 185,424 221,245 
Disposal and termination— (8,394)(2,206)— (10,256)(20,856)
Amortization
— (39,959)(50,811)(348,297)(212,582)(651,649)
Impairment(211,806)— (118)— (27,388)(239,312)
Acquisition and disposition of businesses(4,214)— (116)— (9,516)(13,846)
Others1,372 1,447 31,776 2,646 (3,944)33,297 
Ending, net₩273,779 104,111 154,591 792,541 537,718 1,862,740 
Acquisition cost₩1,055,180 1,763,627 1,251,365 2,415,507 1,811,079 8,296,758 
Less: Accumulated amortization (including accumulated impairment loss and others)(781,401)(1,659,516)(1,096,774)(1,622,966)(1,273,361)(6,434,018)
1The amounts include the transferred amount from Property and Equipment account.
(in millions of Korean won)2025
GoodwillDevelopment
 costs		SoftwareFrequency
usage
 rights		OthersTotal
Acquisition cost₩1,055,180 1,763,627 1,251,365 2,415,507 1,811,079 8,296,758 
Less: Accumulated amortization (including accumulated impairment loss and others)(781,401)(1,659,516)(1,096,774)(1,622,966)(1,273,361)(6,434,018)
Beginning, net273,779 104,111 154,591 792,541 537,718 1,862,740 
Acquisition and capital expenditure 1
— 106,696 59,195 3 217,208 383,102 
Disposal and termination— (7,216)(926)— (5,116)(13,258)
Amortization— (41,027)(53,660)(346,185)(166,994)(607,866)
Impairment(38,258)— (1,274)— (3,599)(43,131)
Acquisition and disposition of businesses(26,262)— (113)— (7,670)(34,045)
Others(165)5,632 20,279 533 (17,200)9,079 
Ending, net₩209,094 168,196 178,092 446,892 554,347 1,556,621 
Acquisition cost₩1,001,070 1,605,287 1,300,153 2,415,000 1,725,567 8,047,077 
Less: Accumulated amortization (including accumulated impairment loss and others)(791,976)(1,437,091)(1,122,061)(1,968,108)(1,171,220)(6,490,456)
1The amounts include the transferred amount from Property and Equipment account.

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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(2) Others include membership rights, etc., with an indefinite useful life not subject to amortization which amounts to ₩201,308 million as of December 31, 2025 (December 31, 2024: ₩203,227 million).

(3) Goodwill is allocated to the Group’s cash-generating unit which is identified by operating segments. As of December 31, 2025, goodwill allocated to each cash-generating unit is as follows:
(in millions of Korean won)
Cash generating UnitAmount
Mobile services1,7
₩65,057 
BC Card Co., Ltd.2
41,234 
KT HCN Co., Ltd.3
2,674 
KT GENIE Music Corporation 4
— 
KT Millie Seojae 5
54,725 
KT Telecop Co., Ltd. 6
15,418 
KT MOS Bukbu Co., Ltd and others29,986 
Total₩209,094 
1The recoverable amounts of mobile services business are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 0.0% was applied for the cash flows expected to be incurred after five years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the discount rates 6.89% used reflected specific risks relating to the relevant CGU. As a result of the impairment test, the Group concluded that the carrying amount of the CGU does not exceed the recoverable amount. Accordingly, the Group did not recognize an impairment loss on goodwill on mobile business for the years ended December 31, 2023, 2024 and 2025.
2The recoverable amounts of BC Card Co., Ltd. are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 0.0% was applied for the cash flows expected to be incurred after five years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the discount rates 5.19% used reflected specific risks relating to the relevant CGU. As a result of the impairment test, the Group concluded that the carrying amount of the CGU does not exceed the recoverable amount. Accordingly, the Group did not recognize an impairment loss on goodwill on BC Card Co., Ltd. for the years ended December 31, 2023, 2024 and 2025.
3The recoverable amounts of KT HCN Co., Ltd. are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 0.0% was applied for the cash flows expected to be incurred after five years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the discount rates 8.36% used reflected specific risks relating to the relevant CGU. As a result of the impairment test, the Group concluded that the carrying amount of the CGU does not exceed the recoverable amount.
4The recoverable amounts of KT GENIE Music Corporation are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 0.0% was applied for the cash flows expected to be incurred after five years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. The Group estimated its revenue growth rate 4.56% based on past performance and its expectation of future market changes. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
discount rates 19.94% used reflected specific risks relating to the relevant CGU. As a result of the impairment test, KT GENIE’s recoverable amount was KRW 0, which was less than the carrying amount, and KRW38,258 million of the impairment loss was recorded as goodwill in full and reflected in operating expenses.
5The recoverable amounts of KT Millie Seojae are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 1.0% was applied for the cash flows expected to be incurred after four years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the discount rates 17.35% used reflected specific risks relating to the relevant CGU. As a result of the impairment test, the Group concluded that the carrying amount of the CGU does not exceed the recoverable amount. Accordingly, the Group did not recognize an impairment loss on goodwill on KT Millie Seojae for the years ended December 31, 2023, 2024 and 2025.
6The recoverable amounts of KT Telecop Co., Ltd. are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 1.0% was applied for the cash flows expected to be incurred after five years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the discount rates 9.95% used reflected specific risks relating to the relevant CGUs. As a result of the impairment test, the Group concluded that the carrying amount of the CGU does not exceed the recoverable amount. Accordingly, the Group did not recognize an impairment loss on goodwill on KT Telecop Co., Ltd. for the years ended December 31, 2023, 2024 and 2025.
7The Group performed its impairment assessment for long-lived assets attributed to the Information and Communication Technology (“ICT”) reporting segment, which includes the Cash-Generating Units of Mobile, Fixed line, and Corporate Services (the “CGUs”). The Group compared the carrying value of each CGU to the estimated recoverable amount. The recoverable amounts of ICT reporting segment are calculated based on value-in use calculations. These calculations use discounted cash flow projections for the next five years based on financial budgets. A terminal growth rate of 0.0% was applied for the cash flows expected to be incurred after five years. This growth rate does not exceed the average growth rate of the industry which the cash-generating unit belongs in. In addition, management estimated the cash flow based on past performance and its expectation of market growth, and the discount rate 6.89%. Accordingly, the Group did not recognize an impairment loss on ICT reporting segment for the years ended December 31, 2023, 2024 and 2025.

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Table of Contents
KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
14.    Investments in Associates and Joint Ventures
(1) Details of associates as of December 31, 2024 and 2025, are as follows:
 Percentage of ownership (%) LocationClosing
month
December 31,
2024		December 31,
2025
KIF Investment Fund33.3%33.3%KoreaDecember
K Bank Inc.33.7%33.7%KoreaDecember
HD Hyundai Robotics Co., Ltd. 1
10.0%10.0%KoreaDecember
Megazone Cloud Corporation 1
6.8%6.8%KoreaDecember
IGIS No. 468-1 General Private Real Estate Investment Company44.6%44.6%KoreaDecember
KT-DSC Creative Economy Youth Start-up Investment Fund28.6%28.6%KoreaDecember
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC35.3%35.3%KoreaDecember
1As of December 31, 2025, although the Group has less than 20% ownership in ordinary share, this entity is included in investments in associates as the Group has significant influence in determining the operational and financial policies.
(2) Changes in investments in associates and joint ventures for the years ended December 31, 2024 and 2025, are as follows:
2024
(In millions of Korean won)BeginningAcquisition
(Disposal)
Share of net profit
(loss) from
associates and joint
ventures 1
OthersEnding
KIF Investment Fund₩177,054 — 12,396 1,675 191,125 
K Bank Inc.872,881 — 43,614 1,146 917,641 
HD Hyundai Robotics Co., Ltd.47,734 — (1,138)(766)45,830 
Megazone Cloud Corporation131,694 — (3,047)2,126 130,773 
IGIS No. 468-1 General Private Real Estate Investment Company23,484 — (110)— 23,374 
KT-DSC Creative Economy Youth Start-up Investment Fund25,117 (275)(8,046)(845)15,951 
IGIS Professional Investors Private Investment Real Estate Investment LLC No 39511,942 — (2,215)— 9,727 
LS Marine Solution Co., Ltd.23,492 (19,656)237 (4,073)— 
Others243,491 41,542 (35,662)(21,560)227,811 
Total₩1,556,889 21,611 6,029 (22,297)1,562,232 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2025
(In millions of Korean won)BeginningAcquisition
(Disposal)
Share of net profit
(loss) from
associates and joint
ventures 1
OthersEnding
KIF Investment Fund₩191,125 — 7,114 (3,248)194,991 
K Bank Inc.917,641 — 32,408 (11,832)938,217 
HD Hyundai Robotics Co., Ltd.45,830 — (2,032)1,153 44,951 
Megazone Cloud Corporation130,773 — (2,598)460 128,635 
IGIS No. 468-1 General Private Real Estate Investment Company23,374 — (214)— 23,160 
KT-DSC Creative Economy Youth Start-up Investment Fund15,951 (650)976 (697)15,580 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC9,727 — (2,466)— 7,261 
Others227,811 15,269 (22,779)(9,150)211,151 
Total₩1,562,232 14,619 10,409 (23,314)1,563,946 
1KT Investment Co., Ltd., a subsidiary of the Group, recognized its share in net profit from associates and joint ventures as operating revenue or operating expense depending on whether it is net gain or net loss. Net loss recognized as operating income for the year ended December 31, 2025 amount to ₩1,087 million (2023: net loss ₩899 million, 2024: net loss ₩293 million)
(3) Summarized financial information of associates and joint ventures as at and for the years ended December 31, 2024 and 2025, is as follows:
(in millions of Korean won)December 31, 2024
Current
 assets		Non-current
assets		Current
 liabilities		Non-current
liabilities
KIF Investment Fund₩164,128 409,248 — — 
K Bank Inc.31,085,824 105,858 29,176,699 10,453 
HD Hyundai Robotics Co., Ltd.235,763 120,778 101,300 4,422 
Megazone Cloud Corporation985,584 470,477 606,267 254,221 
IGIS No. 468-1 General Private Real Estate Investment Company161 52,209 11 — 
KT-DSC Creative Economy Youth Start-up Investment Fund435 55,796 404 — 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC4,558 170,770 133,665 — 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(in millions of Korean won)December 31, 2025
Current
 assets		Non-current
assets		Current
 liabilities		Non-current
liabilities
KIF Investment Fund₩183,750 401,222 — — 
K Bank Inc.31,757,247 105,297 29,689,404 2,979 
HD Hyundai Robotics Co., Ltd.357,803 142,500 69,244 147,560 
Megazone Cloud Corporation990,719 418,653 601,161 189,560 
IGIS No. 468-1 General Private Real Estate Investment Company136 51,754 11 — 
KT-DSC Creative Economy Youth Start-up Investment Fund1,673 53,260 414 — 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC 5,475 205,507 157,511 45,000 
(In millions of Korean won)2024
Operating
 revenue		Profit (loss)
 for the year		Other
 comprehensive
 income (loss)		Total
 comprehensive
 income (loss)		Dividends
 received from
 associates
KIF Investment Fund₩57,113 37,187 — 37,187 2,660 
K Bank Inc.1,226,412 136,113 806 136,919 — 
Hyundai Robotics Co., Ltd.226,288 (13,269)1,311 (11,958)— 
Megazone Cloud Corporation1,733,976 (18,575)25,775 7,200 — 
IGIS No. 468-1 General Private Real Estate Investment Company5 (246)— (246)— 
KT-DSC Creative Economy Youth Start-up Investment Fund23,674 (25,851)— (25,851)1,505 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC No. 395— (442)— (442)— 
(In millions of Korean won)2025
Operating
 revenue		Profit (loss)
 for the year		Other
 comprehensive
 income (loss)		Total
 comprehensive
 income (loss)		Dividends
 received from
 associates
KIF Investment Fund₩40,134 21,343 — 21,343 4,659 
K Bank Inc.1,334,425 111,173 (34,956)76,217 2,300 
Hyundai Robotics Co., Ltd.265,095 (20,398)10,097 (10,301)— 
Megazone Cloud Corporation1,752,555 (7,460)33,029 25,569 — 
IGIS No. 468-1 General Private Real Estate Investment Company3 (481)— (481)— 
KT-DSC Creative Economy Youth Start-up Investment Fund7,021 1,751 — 1,751 700 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC4 (2,878)— (2,878)— 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(4) Details of a reconciliation of the summarized financial information to the carrying amount of interests in the associates and joint ventures as at and for the years ended December 31, 2024 and 2025, are as follows:
(in millions of Korean won)2024
Net assets
(a)		Percentage of
 ownership
(b)		Share in net
 assets
(c)=(a)x(b)		Intercompany
 transaction
 and others (d)		Book amount
(c)+(d)
KIF Investment Fund₩573,376 33.33%191,125 — 191,125 
K Bank Inc.2,004,530 33.72%675,958 241,683 917,641 
Hyundai Robotics Co., Ltd.250,819 10.00%25,082 20,748 45,830 
Megazone Cloud Corporation548,558 6.83%37,457 93,316 130,773 
IGIS No. 468-1 General Private Real Estate Investment Company52,359 44.64%23,374 — 23,374 
KT-DSC Creative Economy Youth Start-up Investment Fund55,827 28.57%15,951 — 15,951 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC41,663 35.29%14,705 (4,978)9,727 
(in millions of Korean won)2025
Net assets
(a)		Percentage of
 ownership
(b)		Share in net
 assets
(c)=(a)x(b)		Intercompany
 transaction
 and others (d)		Book amount
(c)+(d)
KIF Investment Fund₩584,972 33.33 %194,991 — 194,991 
K Bank Inc.2,170,161 33.72 %731,812 206,405 938,217 
Hyundai Robotics Co., Ltd.283,499 10.00 %28,350 16,601 44,951 
Megazone Cloud Corporation582,381 6.83 %39,767 88,868 128,635 
IGIS No. 468-1 General Private Real Estate Investment Company51,878 44.64 %23,160 — 23,160 
KT-DSC Creative Economy Youth Start-up Investment Fund54,519 28.57 %15,577 3 15,580 
IGIS No. 395 Professional Investors Private Investment Real Estate Investment LLC8,471 35.29 %2,990 4,271 7,261 
(5) Due to discontinuance of equity method of accounting, the Group has not recognized loss from associates and joint ventures of ₩10,130 million for the year ended December 31, 2025 (2023: ₩833 million, 2024: ₩1,760 million). The unrecognized accumulated comprehensive loss of associates and joint ventures as of December 31, 2025 is ₩17,396 million (December 31, 2024: ₩7,942 million).
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
15.    Trade and Other Payables
(1) Details of trade and other payables as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)December 31,
2024		December 31,
2025
Current liabilities
Trade payables₩1,036,707 1,144,279 
Other payables6,358,084 5,724,428 
Total₩7,394,791 6,868,707 
Non-current liabilities
Trade payables₩1,035 537 
Other payables577,374 327,732 
Total₩578,409 328,269 
(2)    Details of other payables as of December 31, 2024 and 2025, are as follows:
(In millions of Korean won)20242025
Non-trade payables1
₩4,578,424 3,435,426 
Accrued expenses1,293,627 1,354,270 
Operating deposits833,482 995,215 
Others229,925 267,249 
Less: non-current(577,374)(327,732)
Current₩6,358,084 5,724,428 
1As of December 31, 2025, credit sale liabilities amounting to ₩1,151,722 million (December 31, 2024: ₩1,612,495 million) held by BC Card Co., Ltd. (a subsidiary of the Group) are included.
16.    Borrowings
(1)    Details of borrowings as of December 31, 2024 and 2025, are as follows:
1)    Debentures
(In millions of Korean won and foreign currencies in thousands)December 31, 2024December 31, 2025
TypeMaturityAnnual interest
rates		Foreign
currency		Korean
won		Foreign
currency		Korean
won
MTNP notes1
Sep. 07, 20346.500%USD100,000 ₩147,000 USD100,000 ₩143,490 
MTNP notesJul. 18, 20262.500%USD400,000 588,000 USD400,000 573,960 
MTNP notesSep. 01, 2025—USD400,000 588,000 — — 
MTNP notesJan. 21, 20271.375%USD300,000 441,000 USD300,000 430,470 
MTNP notesAug. 08, 2025—USD500,000 735,000 — — 
MTNP notesFeb. 02, 20284.125%USD500,000 735,000 USD500,000 717,450 
MTNP notesMar. 05, 20271.217%— — JPY 23,300,000213,808 
MTNP notesMar. 07, 20281.367%— — JPY 6,700,00061,481 
MTNP notesJan. 03, 20294.375%— — USD 500,000717,450 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(In millions of Korean won and foreign currencies in thousands)December 31, 2024December 31, 2025
TypeMaturityAnnual interest
rates		Foreign
currency		Korean
won		Foreign
currency		Korean
won
FR notes 2
Sep. 29, 2028
Compounded SOFR(3M)+0.660%
— — USD 200,000286,980 
The 183-3rd Public bondDec. 22, 20314.270%— 160,000 — 160,000 
The 184-3rd Public bondApr. 10, 20333.170%— 100,000 — 100,000 
The 186-4th Public bondJun. 26, 20343.695%— 100,000 — 100,000 
The 187-4th Public bondSep. 02, 20343.546%— 100,000 — 100,000 
The 188-2nd Public bondJan. 29, 2025—— 240,000 — — 
The 188-3rd Public bondJan. 29, 20352.706%— 50,000 — 50,000 
The 189-3rd Public bondJan. 28, 20262.203%— 100,000 — 100,000 
The 189-4th Public bondJan. 28, 20362.351%— 70,000 — 70,000 
The 190-3rd Public bondJan. 30, 20282.947%— 170,000 — 170,000 
The 190-4th Public bondJan. 30, 20382.931%— 70,000 — 70,000 
The 191-3rd Public bondJan. 15, 20292.160%— 110,000 — 110,000 
The 191-4th Public bondJan. 14, 20392.213%— 90,000 — 90,000 
The 192-3rd Public bondOct. 11, 20291.622%— 50,000 — 50,000 
The 192-4th Public bondOct. 11, 20391.674%— 110,000 — 110,000 
The 193-2nd Public bondJun. 17, 2025—— 70,000 — — 
The 193-3rd Public bondJun. 17, 20301.608%— 20,000 — 20,000 
The 193-4th Public bondJun. 15, 20401.713%— 60,000 — 60,000 
The 194-2nd Public bondJan. 27, 20261.452%— 140,000 — 140,000 
The 194-3rd Public bondJan. 27, 20311.849%— 50,000 — 50,000 
The 194-4th Public bondJan. 25, 20411.976%— 80,000 — 80,000 
The 195-2nd Public bondJun. 10, 20261.806%— 80,000 — 80,000 
The 195-3rd Public bondJun. 10, 20312.168%— 40,000 — 40,000 
The 196-1st Public bondJan. 27, 2025—— 270,000 — — 
The 196-2nd Public bondJan. 27, 20272.637%— 100,000 — 100,000 
The 196-3rd Public bondJan. 27, 20322.741%— 30,000 — 30,000 
The 197-1st Public bondJun. 27, 2025—— 280,000 — — 
The 197-2nd Public bondJun. 29, 20274.188%— 120,000 — 120,000 
The 198-1st Public bondJan. 10, 2025—— 70,000 — — 
The 198-2nd Public bondJan. 12, 20263.869%— 150,000 — 150,000 
The 198-3rd Public bondJan. 12, 20283.971%— 80,000 — 80,000 
The 199-1st Public bondJul. 11, 2025—— 85,000 — — 
The 199-2nd Public bondJul. 10, 20264.146%— 160,000 — 160,000 
The 199-3rd Public bondJul. 12, 20284.221%— 155,000 — 155,000 
The 200-1st Public bondFeb. 27, 20263.552%— 120,000 — 120,000 
The 200-2nd Public bondFeb. 26, 20273.608%— 200,000 — 200,000 
The 200-3rd Public bondFeb. 27, 20293.548%— 80,000 — 80,000 
The 201-1st Public bondDec. 02, 20272.899%— 130,000 — 130,000 
The 201-2nd Public bondDec. 02, 20292.918%— 70,000 — 70,000 
The 201-3rd Public bondDec. 02, 20343.057%— 100,000 — 100,000 
The 202-1st Public bondDec. 02, 20273.052%— — — 80,000 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(In millions of Korean won and foreign currencies in thousands)December 31, 2024December 31, 2025
TypeMaturityAnnual interest
rates		Foreign
currency		Korean
won		Foreign
currency		Korean
won
The 202-2nd Public bondDec. 02, 20293.221%— — — 40,000 
The 202-3rd Public bondDec. 02, 20343.460%— — — 40,000 
The 202-4th Public bondDec. 02, 20343.682%— — — 40,000 
The 18-2nd unsecured bondJul. 02, 20262.224%— 50,000 — 50,000 
The 19-1nd unsecured bondJun. 12, 20273.691%— 50,000 — 50,000 
The 19-2nd unsecured bondJun. 12, 20293.783%— 50,000 — 50,000 
The 149-2nd Won-denominated unsecured bondMar. 10, 20261.756%— 30,000 — 30,000 
The 152-2nd Won-denominated unsecured bondAug. 28, 20261.982%— 20,000 — 20,000 
The 154th Won-denominated unsecured bondJan. 23, 2025—— 40,000 — — 
The 155-3rd Won-denominated unsecured bondFeb. 28, 2025—— 20,000 — — 
The 156-1st Won-denominated unsecured bond 2
Mar. 25, 2025—— 60,000 — — 
The 156-2nd Won-denominated unsecured bond 2
Mar. 25, 2032
10Y CMS+0.965%
— 40,000 — 40,000 
The 158th Won-denominated unsecured bondJan. 27, 2025—— 50,000 — — 
The 159-2nd Won-denominated unsecured bondAug. 11, 20274.505%— 30,000 — 30,000 
The 160-3rd Won-denominated unsecured bondDec. 12, 2025—— 30,000 — — 
The 161-3rd Won-denominated unsecured bondJun. 20, 2025—— 30,000 — — 
The 161-4th Won-denominated unsecured bondDec. 22, 2025—— 10,000 — — 
The 163-1st Won-denominated unsecured bondFeb. 20, 20264.059%— 20,000 — 20,000 
The 163-2nd Won-denominated unsecured bondFeb. 22, 20284.311%— 80,000 — 80,000 
The 164-3rd Won-denominated unsecured bondApr. 14, 20284.220%— 30,000 — 30,000 
The 165-1st Won-denominated unsecured bondMay. 09, 2025—— 30,000 — — 
The 165-2nd Won-denominated unsecured bondNov. 09, 20263.932%— 10,000 — 10,000 
The 165-3rd Won-denominated unsecured bondMay. 07, 20273.972%— 30,000 — 30,000 
The 166-2nd Won-denominated unsecured bondApr. 22, 2025—— 40,000 — — 
The 166-3rd Won-denominated unsecured bondMay. 21, 2025—— 10,000 — — 
The 166-4th Won-denominated unsecured bondMay. 22, 2025—— 40,000 — — 
The 167-2nd Won-denominated unsecured bondJan. 22, 2025—— 50,000 — — 
The 167-3rd Won-denominated unsecured bondFeb. 21, 2025—— 10,000 — — 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(In millions of Korean won and foreign currencies in thousands)December 31, 2024December 31, 2025
TypeMaturityAnnual interest
rates		Foreign
currency		Korean
won		Foreign
currency		Korean
won
The 167-4th Won-denominated unsecured bondDec. 22, 2025—— 10,000 — — 
The 168-1st Won-denominated unsecured bondJun. 05, 2025—— 40,000 — — 
The 168-2nd Won-denominated unsecured bondAug. 06, 2025—— 70,000 — — 
The 168-3rd Won-denominated unsecured bondOct. 02, 2025—— 40,000 — — 
The 169th Won-denominated unsecured bondApr. 04, 2025—— 50,000 — — 
The 170th Won-denominated unsecured bondJun. 12, 20263.688%— 50,000 — 50,000 
The 171-1st Won-denominated unsecured bondJun. 11, 20273.330%— 20,000 — 20,000 
The 171-2nd Won-denominated unsecured bondAug. 12, 20273.329%— 60,000 — 60,000 
The 172-1st Won-denominated unsecured bondMar. 06, 20263.514%— 10,000 — 10,000 
The 172-2nd Won-denominated unsecured bondMar. 09, 20263.514%— 40,000 — 40,000 
The 172-3rd Won-denominated unsecured bondSep. 09, 20263.474%— 30,000 — 30,000 
The 173-1st Won-denominated unsecured bondSep. 23, 20273.291%— 60,000 — 60,000 
The 173-2nd Won-denominated unsecured bondSep. 24, 20273.291%— 50,000 — 50,000 
The 173-3rd Won-denominated unsecured bondOct. 22, 20273.292%— 40,000 — 40,000 
The 174th Won-denominated unsecured bondNov. 10, 2025—— 60,000 — — 
The 175-1st Won-denominated unsecured bondDec. 10, 2025—— 50,000 — — 
The 175-2nd Won-denominated unsecured bondDec. 10, 20273.101%— 50,000 — 50,000 
The 176th Won-denominated unsecured bondDec. 18, 20263.134%— 70,000 — 70,000 
The 177-1st Won-denominated unsecured bondJul. 09, 20273.097%— — — 70,000 
The 177-2nd Won-denominated unsecured bondJul. 12, 20273.097%— — — 70,000 
The 177-3rd Won-denominated unsecured bondJan. 09, 20293.115%— — — 30,000 
The 177-4th Won-denominated unsecured bondJan. 09, 20303.140%— — — 40,000 
The 178-1st Won-denominated unsecured bondFeb. 28, 20293.026%— — — 50,000 
The 178-2nd Won-denominated unsecured bondFeb. 28, 20303.087%— — — 30,000 
The 179-1st Won-denominated unsecured bondSep. 23, 20273.013%— — — 10,000 
The 179-2nd Won-denominated unsecured bondSep. 24, 20273.013%— — — 40,000 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(In millions of Korean won and foreign currencies in thousands)December 31, 2024December 31, 2025
TypeMaturityAnnual interest
rates		Foreign
currency		Korean
won		Foreign
currency		Korean
won
The 179-3rd Won-denominated unsecured bondMar. 24, 20283.038%— — — 50,000 
The 179-4th Won-denominated unsecured bondMar. 25, 20303.126%— — — 20,000 
The 179-5th Won-denominated unsecured bondSep. 25, 20303.178%— — — 20,000 
The 180-1st Won-denominated unsecured bondApr. 03, 20282.989%— — — 90,000 
The 180-2nd Won-denominated unsecured bondApr. 04, 20282.989%— — — 70,000 
The 180-3rd Won-denominated unsecured bondApr. 04, 20293.026%— — — 40,000 
The 181-1st Won-denominated unsecured bondNov. 22, 20272.730%— — — 80,000 
The 181-2nd Won-denominated unsecured bondMay. 22, 20282.781%— — — 100,000 
The 181-3rd Won-denominated unsecured bondMay. 22, 20292.851%— — — 40,000 
The 182-1st Won-denominated unsecured bondFeb. 11, 20282.776%— — — 30,000 
The 182-2nd Won-denominated unsecured bondJun. 13, 20282.822%— — — 70,000 
The 183th Won-denominated unsecured bondAug. 22, 20282.798%— — — 80,000 
The 184-1st Won-denominated unsecured bondOct. 20, 20282.800%— — — 80,000 
The 184-2nd Won-denominated unsecured bondOct. 19, 20292.894%— — — 20,000 
The 185th Won-denominated unsecured bondDec. 10, 20273.291%— — — 80,000 
Subtotal9,154,000 8,720,089 
Less: Current portion(3,073,474)(1,653,217)
Discount on bonds(24,177)(23,314)
Total₩6,056,349 ₩7,043,558 
1As of December 31, 2025, the Controlling Company has outstanding notes in the amount of USD 100 million with fixed interest rates under Medium Term Note Program (“MTNP”) registered on the Singapore Stock Exchange, which allowed issuance of notes of up to USD 2,000 million. However, the MTNP was terminated in 2007.
2The CMS (5Y) and CMS (10Y) is approximately 3.870% and 3.263%, respectively as of December 31, 2025.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2)    Convertible bonds
(In millions of Korean won)
TypeIssuance DateMaturityAnnual interest RateDecember 31,
2024		December 31,
2025
The 1st CB (Private)1
Jun. 05, 2020Jun. 05, 2025— ₩8,000 — 
Redemption premium2,267 — 
Conversion rights adjustment(580)— 
Subtotal9,687 — 
Less: Current portion(9,687)— 
Total₩— — 
1Convertible bond was fully redeemed during the year ended December 31, 2025.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
3)    Borrowings
a.    Short-term borrowings
(In millions of Korean won)December 31, 2024December 31, 2025
TypeFinancial institutionAnnual interest
 rates		Foreign currencyKorean wonForeign currencyKorean won
Operational
Shinhan Bank1
4.900%~4.930%
— ₩13,090 — ₩9,290 
Term SOFR(3M)+1.940%
— — USD 35,00050,222 
—— 87,900 — — 
2.740%— — — 70,000 
Woori Bank1
—— 141,950 — — 
Korea Development Bank
3.790%~4.680%
— — — 24,600 
—— 35,000 — — 
Industrial Bank of Korea4.270%— 6,000 — 6,000 
Hana Bank
FB(6M)+1.988%
— — — 5,000 
KB SECURITIES—— 120,000 — — 
2.730%~3.390%
— — — 90,000 
NongHyup Bank1
MOR(6M)+1.770%
— — — 1,000 
—— 14,200 — — 
Standard Chartered Bank1
—— 32,000 — — 
Korea Investment &
 Securities
3.130%— — — 70,000 
Kiwoom Securities Co., Ltd.3.130%— — — 10,000 
Shinhan Securities Co., Ltd.
2.880%~2.940%
— — — 198,855 
Daol Securities Co., Ltd2.600%— — — 98,637 
BIVD6.400%— — VND 3,768,081206 
Woori Investment Securities Co., Ltd.2.730%— — — 30,000 
PF loansKorea Investment Capital8.000%— — — 16,536 
Korea Investment
 Savings Bank
8.000%— — — 5,518 
DHG The 1st Co., Ltd.10.000%— — — 10,000 
HANWHA INVESTMENT
& SECURITIES CO., LTD.
8.000%— — — 13,945 
Total₩450,140 ₩709,809 
1Term SOFR(3M), Financial Bond(6M), and MOR(6M) are approximately 3.652%, 2.837%, 2.840% as of December 31, 2025

b. Long-term borrowings
(In millions of Korean won and thousands of foreign currencies)December 31, 2024December 31, 2025
Financial institutionTypeAnnual interest
rates		Foreign
currency		Korean
won		Foreign
currency		Korean
won
Export-Import Bank of Korea
Inter-Korean Cooperation Fund1
1.000%— ₩987 — ₩493 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
CA-CIBGeneral loans
3.020%~3.820%
— 100,000 — 200,000 
JPMGeneral loans—— 100,000 — — 
DBSGeneral loans
2.980%~3.820%
— 100,000 — 200,000 
Shinhan BankGeneral loans3.390%— 100,000 — 100,000 
General loans2
Term SOFR(3M)+1.300%
USD21,127 31,056 USD21,127 30,315 
General loans2
Term SOFR(3M)+1.600%
USD8,910 13,098 USD8,640 12,398 
General loans—— 62,398 — — 
General loans4.300%— — — 16,900 
General loans—USD 35,00051,450 — — 
Woori BankGeneral loans—EUR 6,90010,548 — — 
PF loans2
CD(91D)+1.750%
— 26,526 — 25,526 
General loans
CD(91D)+1.400%
— — — 18,000 
Hi Investment & SecuritiesCP2.302%— 95,321 — 97,706 
Korea Investment & SecuritiesCP—— 78,933 — — 
Korea Development BankGeneral loans3.770%— 33,000 — 33,000 
General loans4.310%— — — 10,000 
KDB Bank Uzbekistanloans323.000%UZS45,448,426 4,999 UZS 29,762,5333,572 
loans310.300%USD5,400 7,725 USD5,400 7,857 
NH JayangPF loans—— 8,366 — — 
Kyobo Life InsurancePF loans—— 44,385 — — 
Standard Chartered Bank KoreaPF loans3.900%— — — 65,000 
PF loans—— 29,590 — — 
Samsung Life InsurancePF loans—— 24,658 — — 
Kookmin BankGeneral loans4.750%— 8,000 — 8,000 
General loans2
CD(91D)+1.400%
— — — 20,000 
NongHyup BankPF loans3.900%— — — 70,000 
Industrial Bank of KoreaPF loans3.900%— — — 65,000 
Kyongnam Bank and othersGeneral loans4.300%— — — 31,383 
Hana Bank and othersPF loans4.700%— — — 363,838 
Subtotal931,040 1,378,988 
Less: Current portion(371,451)(136,513)
Total559,589 1,242,475 
1The above Inter-Korean Cooperation Fund is repayable in installments over 13 years after a 7-year grace period.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2Term SOFR (3M) and CD (91D) are approximately 3.652%, 2.810% respectively, as of December 31, 2025.
3The general loans are repayable in installments over 3 years after a two-year grace period.
(2)    Repayment schedule of the Group’s debentures and borrowings including the portion of current liabilities as of December 31, 2025, is as follows:
(In millions of Korean won)
BondsBorrowingsTotal
In local
 currency		In foreign
 currency		Sub-
total		In local
 currency		In foreign
 currency		Sub-
total
Jan.1, 2026 ~ Dec.31 2026₩1,080,000 573,960 1,653,960 765,582 80,741 846,323 2,500,283 
Jan.1, 2027 ~ Dec.31 20271,370,000 644,278 2,014,278 1,160,122 12,397 1,172,519 3,186,797 
Jan.1, 2028 ~ Dec.31 20281,085,000 1,065,911 2,150,911 33,000 3,810 36,810 2,187,721 
Jan.1, 2029 ~ Dec.31 2029580,000 717,450 1,297,450 — 3,810 3,810 1,301,260 
After Jan.1, 20301,460,000 143,490 1,603,490 25,526 3,810 29,336 1,632,826 
Total₩5,575,000 3,145,089 8,720,089 1,984,230 104,568 2,088,798 10,808,887 
17.    Provisions
Changes in provisions for the years ended December 31, 2024 and 2025, are as follows:
2024
(In millions of Korean won)LitigationRestoration costOthersTotal
Beginning balance₩29,707 133,159 59,357 222,223 
Increase (transfer)26 11,628 15,629 27,283 
Usage(4,721)(1,941)(6,066)(12,728)
Reversal(3,322)(1,658)(6,931)(11,911)
Others— 573 (1,033)(460)
Ending balance21,690 141,761 60,956 224,407 
Less: Current₩(21,690)(29,922)(60,918)(112,530)
Non-current₩— 111,839 38 111,877 
2025
(In millions of Korean won)LitigationRestoration costOthersTotal
Beginning balance₩21,690 141,761 60,956 224,407 
Increase (transfer)1,255 311 215,950 217,516 
Usage(306)(5,633)(10,147)(16,086)
Reversal(100)(904)(5,890)(6,894)
Others— (3,714)2,656 (1058)
Ending balance₩22,539 131,821 263,525 417,885 
Less: Current₩(21,311)(28,642)(262,858)(312,811)
Non-current1,228 103,179 667 105,074 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
18.    Net Defined Benefit Liabilities (Assets)
(1)    The amounts recognized in the statements of financial position as of December 31, 2024 and 2025, are determined as follows:
(In millions of Korean won)December 31, 2024December 31, 2025
Present value of defined benefit obligations₩2,232,898 2,306,248 
Fair value of plan assets(2,153,792)(2,292,457)
Liabilities₩128,457 85,631 
Assets₩49,351 71,840 
(2)    Changes in the defined benefit obligations for the years ended December 31, 2024 and 2025, are as follows:
(In millions of Korean won)20242025
Beginning₩2,365,793 ₩2,232,898 
Current service cost224,071 231,838 
Interest expense88,882 69,015 
Benefit paid(626,899)(221,458)
Changes due to settlements of plan & Past Service Cost3,054 4,500 
Remeasurements on defined benefit obligations:
Actuarial gains (losses) arising from changes in demographic assumptions11,531 (857)
Actuarial gains (losses) arising from changes in financial assumptions90,373 (53,848)
Actuarial gains arising from experience adjustments57,699 57,692 
Acquisition and disposition of businesses, etc18,394 (13,532)
Ending₩2,232,898 2,306,248 
(3)    Changes in the fair value of plan assets for the years ended December 31, 2024 and 2025, are as follows:
(In millions of Korean won)20242025
Beginning₩2,462,925 ₩2,153,792 
Interest income97,708 72,685 
Remeasurements:
Return on plan assets (excluding amounts included in interest income)(154)995 
Benefits paid(583,162)(190,569)
Employer contributions172,622 269,591 
Acquisition and disposition of businesses, etc.3,853 (14,037)
Ending₩2,153,792 ₩2,292,457 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(4)    Amounts recognized in the consolidated statement of profit or loss for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Current service cost₩213,922 ₩224,071 ₩231,837 
Net Interest cost(17,462)(8,826)(3,670)
Changes due to settlements of plan & Past Service Cost1 (13,059)(13,428)
Transfer in(out)(13,435)19,191 4,481 
Total expenses₩183,026 ₩221,377 ₩219,220 
(5)    Principal actuarial assumptions used are as follows:
December 31,
2023		December 31,
2024		December 31,
2025
Discount rate
3.67%~5.51%
3.24%~5.02%
3.29%~5.32%
Salary growth rate
1.7%~8.96%
1.66%~8.96%
1.98%~6.50%
(6)    The sensitivity of the defined benefit obligations as of December 31, 2025, to changes in the principal assumptions is:
(in percentage, in millions of Korean won)Effect on defined benefit obligation
Changes in
assumption		Increase in
assumption		Decrease in
assumption
Discount rate
0.5% point
₩(72,199)₩78,104 
Salary growth rate
0.5% point
75,203 (70,258)
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings.
The above sensitivity analysis is based on changes in assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The sensitivity of the defined benefit obligation to changes in principal actuarial assumptions is calculated using the projected unit credit method, the same method applied when calculating the defined benefit obligations recognized on the statement of financial position.
(7)    Effect of defined benefit plan on future cash flows
The Group actively monitors how the duration and the expected yield of the investments match the expected cash outflows arising from the pension obligations. Expected contributions to post-employment benefit plans, for the year ending December 31, 2026, are ₩262,365 million.
The expected maturity analysis of undiscounted pension benefits as of December 31, 2025, is as follows:
(in millions of Korean won)Less than
1 year		Between
1-2 years		Between
2-5 years		Over 5 yearsTotal
Pension benefits₩310,424 ₩344,185 ₩789,356 ₩2,199,824 ₩3,643,789 
(8)    The weighted average duration of the defined benefit obligations is 6.7 years.
19.    Defined Contribution Plan
Recognized expense related to the defined contribution plan for the year ended December 31, 2025, is ₩84,334 million (2023: ₩85,174 million, 2024: ₩86,723 million)
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
20.    Commitments and Contingencies
(1)    As of December 31, 2025, major commitments with local financial institutions are as follows:
(In millions of Korean won and foreign currencies in thousands)
Financial institutionLimitUsed
amount
Bank overdraftKookmin Bank and others₩674,000 — 
Inter-Korean Cooperation FundExport-Import Bank of Korea37,700 493 
Economic Cooperation Business InsuranceExport-Import Bank of Korea3,240 1,732 
Collateralized loan on electronic accounts receivable-tradeShinhan Bank and others951,650 484,878 
Plus electronic notes payableIndustrial Bank of Korea and others70,000 5,998 
Working capital loanKorea Development Bank and others1,211,491 258,190 
Shinhan BankUSD64,767 USD64,767 
Facility loansHana Bank and others739,000 665,826 
Derivatives transaction limitKorea Development Bank and othersUSD1,920,000 USD1,920,000 
Shinhan Bank and othersJPY30,000,000 JPY30,000,000 
TotalKRW3,687,081 1,417,117 
USD1,984,767 1,984,767 
JPY30,000,000 30,000,000 
(2)    As of December 31, 2025, guarantees received from financial institutions are as follows:
(In millions of Korean won and foreign currencies in thousands)
Financial institutionLimit
Hana BankGuarantee for payment in Korean currency4,000 
Comprehensive credit line and others2,900 
Comprehensive credit line and othersUSD10,300 
Kookmin BankGuarantee for payment in foreign currencyUSD3,186 
Shinhan BankGuarantee for payment in Korean currency754 
Refund guarantee for advances receivedUSD29,915 
Guarantee for payment in foreign currency and othersUSD80,030 
Corporate card issuance guaranteeVND231,830 
Woori BankGuarantee for payment in Korean currency100 
Guarantee for payment in foreign currencyUSD7,000 
Performance guarantee and othersUSD180 
HSBCGuarantees for depositionsUSD1,515 
Seoul Guarantee Insurance CompanyPerformance guarantee and others464,868 
Performance guarantee and othersUSD1,170 
Korea Software Financial CooperativePerformance guarantee and others1,700,592 
Korea Specialty Contractor Financial CooperativePerformance guarantee and others135 
Korea Housing Finance CorporationPerformance guarantee and others25,526 
Information & Communication Financial CooperativePerformance guarantee and others838,452 
ACE American Fire and Marine Insurance CompanyPerformance guarantee and othersUSD10,000 
TotalKRW3,037,327 
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December 31, 2023, 2024 and 2025
USD143,296 
VND231,830 

(3)    The Controlling Company is jointly and severally obligated with KT Sat Co., Ltd., a subsidiary, to pay KT Sat Co., Ltd.’s liabilities incurred prior to spin-off. As of December 31, 2025, the Controlling Company and KT Sat Co., Ltd. are jointly and severally liable for reimbursement of ₩428 million.
(4)    For the year ended December 31, 2024 and 2025 the Group entered into agreements with the Securitization Specialty Companies (2024: First 5G 73th to 78nd Securitization Specialty Co., Ltd. 2025: First 5G 79rd to 84th Securitization Specialty Co., Ltd.,) and disposed of its trade receivables related to handset sales. The Group also made asset management agreements with each securitization specialty company and in accordance with the agreement, the Group will receive asset management fees upon liquidation of the securitization specialty company.
(5)    As of December 31, 2025, the Group is a defendant in 177 lawsuits with the total claimed amount of ₩158,621 million (As of December 31, 2024: ₩141,941 million). As of December 31, 2025, litigation provisions of ₩22,539 million for pending lawsuits and unasserted claims are recorded as liabilities for potential loss in the ordinary course of business. The final outcomes of the cases cannot be estimated as of December 31, 2025 (Note 17).
(6)    Under the agreement of bond issuance and borrowings, the Group is required to maintain certain financial ratios such as debt-to-equity ratio, use the funds for the designated purpose and report to the creditors periodically. The covenant also contains restriction on provision of additional collateral and disposal of certain assets.
(7)    As of December 31, 2025, the Group participates in Algerie Sidi Abdela new town development consortium (percentage of ownership: 2.5%) and has joint liability with other consortium participants.
(8)    As of December 31, 2025, the contract amount of properties and equipments acquisition agreement made but not yet recognized amounts to ₩399,817 million (As of December 31, 2024: ₩350,949 million).
(9)    As of December 31, 2025, there are derivatives generated by the Group granting Drag-Along Right to financial investors participating in paid-in capital increase of K Bank Inc. (Note 7). During the year, considering the terms of the shareholders’ agreement entered into with the financial investors, the Group entered into a supplemental agreement, adding a provision related to the drag-along rights and the previously guaranteed return included in the shareholders’ agreement, pursuant to which the Group agreed to compensate, up to ₩110,000 million, the difference between the eligible IPO offering price and the final offering price.
(10)    The Group entered into an agreement with financial investors of Epsilon Global Communications Pte regarding the acquisition of shares contract. If certain conditions are not met in the future as disclosed in the terms and conditions of the agreement, financial investors may exercise Tag-Along Right, Drag-Along Right, and the right to sell shares for the convertible preferred shares they hold (Note 7).
(11)    The Group has an obligation for additional contributions as per agreement to Storm Ventures FUND VII and others. As of December 31, 2025, remaining amounts of USD27,050 thousand and JPY160,000 thousand will be invested through the Capital Call method in the future.
(12)    As of December 31, 2025, the Group has an obligation of ₩470,160 million (100%) to provide financial support as an operating investor to K Defense Co., Ltd. established in accordance with the Private Investment Act on Social Infrastructure.
(13)    The Group has an agreement related to a stock sale contract with HYUNDAI MOBIS Co., Ltd., and HYUNDAI MOTOR COMPANY. If the Company intends to dispose of the acquired stocks to a third party after a certain period has elapsed from the date of the contract and the acquired stocks are to
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
be disposed to a third party, HYUNDAI MOBIS Co., Ltd., and HYUND AI MOTOR COMPANY may exercise a preferential purchase right to designate a buyer with priority.
(14)    During the prior period, the Group entered into an agreement with equity investors who participated in the equity acquisition contract of kt Cloud Co., Ltd. According to this agreement, if conditions per the agreement are met, the financial investor may exercise a Tag-Along or a Put-Option to the Group in the future. In relation to this contract, the Group and the financial investor may settle mutual profits if there is a difference between the confirmed public offering price and the preliminary public offering price (Note 7).
(15)    As of December 31, 2025, The Group has the obligation of paying Minimum Guarantee as utilizing product bundling of Tving Co., Ltd., and the right to be paid a certain proportion of the excess as per agreement.
(16)    As of December 31, 2025, the Group exercised a put option on all of its shares in KT Rwanda Networks Ltd. pursuant to the shareholders’ agreement with the Rwandan government. Following an objection raised by the Rwandan government on the exercise of the put option, an international arbitration proceeding is ongoing at an international arbitration institution located in Mauritius, and the outcome of the arbitration remains uncertain.
(17)    Details of investment properties provided as collateral as December 31, 2024 and 2025, are as follows:
(in millions of Korean won) December 31, 2024
CollateralCarrying
 amount		Secured
 amount		Related accountRelated
 amount		Mortgagee
Land and buildings₩79,959 76,668 Borrowings63,890 Industrial Bank of Korea/Shinhan Bank/Standard Chartered Bank
Land and buildings541,351 68,019 Deposits received58,062 leaseholder
(in millions of Korean won)December 31, 2025
CollateralCarrying
 amount		Secured
 amount		Related accountRelated
 amount		Mortgagee
Land and buildings₩1,300,290 810,057 Borrowings647,638 Industrial Bank of Korea/Shinhan Bank/Hana Bank and others
Land and buildings1,290,020 110,273 Deposits received91,806 leaseholder
(18)    The Group has established a supplier finance agreement with some suppliers, and suppliers participating in the supplier finance agreement can receive early payment on invoices sent to the Group from the Group’s external finance provider. The Group pays the finance provider in accordance with the usual payment terms to settle the debt. As of December 31, 2025, all financial liabilities subject to the supplier finance agreement are included in trade and other payables, and the carrying amount is ₩46,011 million. Of these, the carrying amount of the part that the suppliers have already received from the finance provider is ₩19,196 million. There were no significant non-cash changes in the carrying amount of the trade and other payables included in the Group’s supplier finance agreement.
(19)    As of December 31, 2025, the Group became aware of damages caused by unauthorized small-value payments and security incidents, and is currently under investigation by the Personal Information Protection Commission regarding the timing and circumstances of these incidents. As the investigation is ongoing, the Group cannot reasonably estimate any obligations that may arise in connection with this matter.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
21.    Leases
Information of leases in which the Group is a lessee is as follows. Information when the Group is a lessor is described in Note 12.
(1)    Amounts recognized in the consolidated statement of financial position
The consolidated statements of financial position shows the following amounts relating to leases:
(In millions of Korean won)December 31,
2024		December 31,
2025
Right-of-use assets
Property and building₩950,940 1,307,484 
Machinery and communication line facilities103,672 125,715 
Others158,158 104,918 
Total₩1,212,770 1,538,117 
(In millions of Korean won)December 31,
2024		December 31,
2025
Lease liabilities1
Current₩349,264 379,291 
Non-current710,189 1,043,915 
Total₩1,059,453 1,423,206 
1Included in the line items ‘Other current liabilities and other non-current liabilities’ in the consolidated statements of financial position (Notes 9).
For the years ended December 31, 2024 and 2025, right-of-use assets related to leases increased by ₩337,779 million and ₩780,606 million, respectively.
(2)    Amounts recognized in the consolidated statement of profit or loss
The consolidated statement of profit or loss relating to leases for year ended December 31, 2023, 2024, and 2025 are as follows:
(in millions of Korean won)December 31,
2023		December 31,
2024		December 31,
2025
Depreciation of Right-of-use assets
Property and building₩297,571 ₩301,621 ₩320,991 
Machinery and communication line facilities32,794 25,550 38,930 
Others72,372 83,754 71,056 
Total₩402,737 ₩410,925 ₩430,977 
Interest expense relating to lease liabilities52,035 47,556 45,839 
Expense relating to short-term leases8,804 8,048 11,385 
Expense relating to leases of low-value assets that are not short-term leases26,290 27,751 31,041 
Expense relating to variable lease payments not included in lease liabilities9,288 6,722 13,699 
The total cash outflow for leases for the year ended December 31, 2025 amounts to ₩511,627 million (2023: ₩500,392 million, 2024: ₩508,230 million).
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
22.    Share Capital
As of December 31, 2024 and 2025, the Group has 1,000,000,000 shares authorized to issue and details are as follows:
December 31, 2024December 31, 2025
Number of
issued
shares
Par value per share
(Korean won)
Ordinary
Shares
(in millions of
Korean won)
Number of
issued
shares
Par value
per share
(Korean won)
Ordinary
shares
(in millions of
Korean won)
Ordinary shares1
252,021,685 ₩5,000 1,564,499 252,021,685 ₩5,000 1,564,499 
1The Group retired 60,878,082 treasury shares against retained earnings. Based on the local regulations in Korea, upon retirement of shares, the Company has decreased the number of shares issued but has not decreased the ordinary shares capital.
23.    Retained Earnings
Details of retained earnings as at December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31,
2024		December 31,
2025
Legal reserve1
₩782,249 ₩782,249 
Voluntary reserves2
4,651,362 4,651,362 
Unappropriated retained earnings8,317,177 9,489,509 
Total₩13,750,788 ₩14,923,120 
1The Commercial Code of the Republic of Korea requires the Controlling Company to appropriate, as a legal reserve, an amount equal to a minimum of 10% of cash dividends paid until such reserve equals 50% of its issued share capital. The reserve is not available for the payment of cash dividends but may be transferred to share capital with the approval of the Controlling Company’s Board of Directors or used to reduce accumulated deficit, if any, with the ratification of the Controlling Company’s majority shareholders.
2The reserves of research and development of human resources in other surplus reserves are separately accumulated on disposal of retained earnings on tax filing adjustments when calculating income taxes in accordance with regulations of Tax Reduction and Exemption Control Act of Korea. Reversal of the reserves according to the relevant tax law can be paid out as dividends.
24.    Accumulated Other Comprehensive Income and Other Components of Equity
(1)    As of December 31, 2024 and 2025, the details of the Controlling Company’s accumulated other comprehensive income are as follows:
(in millions of Korean won)December 31,
2024		December 31,
2025
Changes in investments in associates and joint ventures₩7,746 ₩2,568 
Gain (loss) on derivatives valuation(42,178)14,106 
Gain on valuation of financial assets at fair value through other comprehensive income80,845 539,877 
Exchange differences on translation for foreign operations17,316 6,728 
Total₩63,729 ₩563,279 
(2)    Changes in accumulated other comprehensive income for the years ended December 31, 2024 and 2025, are as follows:
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December 31, 2023, 2024 and 2025
(in millions of Korean won)2024
BeginningIncrease/ decreaseReclassification to gain or lossEnding
Changes in investments in associates and joint ventures₩4,023 ₩3,723 ₩— ₩7,746 
Gain (loss) on derivatives valuation(29,361)273,137 (285,954)(42,178)
Gain on valuation of financial assets at fair value through other comprehensive income73,928 6,917 — 80,845 
Exchange differences on translation for foreign operations3,817 13,499 — 17,316 
Total₩52,407 ₩297,276 ₩(285,954)₩63,729 
2025
(in millions of Korean won)BeginningIncrease
(decrease)		Reclassification to
gain or loss		Ending
Changes in investments in associates and joint ventures₩7,746 ₩(5,178)₩— ₩2,568 
Gain (loss) on derivatives valuation(42,178)30,652 25,632 14,106 
Gain (loss) on valuation of financial assets at fair value through other comprehensive income80,845 459,032 — 539,877 
Exchange differences on translation for foreign operations17,316 (10,588)— 6,728 
Total₩63,729 ₩473,918 ₩25,632 ₩563,279 
(3) The Group’s other components of equity as at December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31,
2024		December 31,
2025
Treasury stock₩(215,210)(461,135)
Gain or loss on disposal of treasury stock 1
2,862 2,828 
Share-based payments7,106 7,119 
Equity transactions within consolidated entities 2
(432,318)(425,527)
Total₩(637,560)(876,715)
1The amount directly reflected in equity is ₩33 million for the year ended December 31, 2025 (2024: ₩120 million).
2Profit or loss incurred from transactions with non-controlling interest and investment difference incurred from changes in ownership of subsidiaries are included.
(4)    As of December 31, 2024 and 2025, the details of treasury stock are as follows:
December 31,
2024		December 31,
2025
Number of shares (in shares)
6,188,739 10,926,622 
Amounts (in millions of Korean won)
₩215,210 461,135 
Treasury stocks held as of December 31, 2025, are expected to be used for stock compensation for the Group’s directors, employees, and other purposes.
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December 31, 2023, 2024 and 2025
25.    Share-based Payments
(1)    Details of share-based payments granted by the Controlling to executives and employees, including the Chief Executive Officer (CEO), by the resolution of the Board of Directors for the years ended December 31, 2024 and 2025, are as follows:
2024
(in share)18th grant
Grant dateJune 20,
2024
GranteeCEO, internal directors, external directors, executives
Vesting conditions
Service condition: 1 year
Non-market performance condition: achievement of performance
Fair value per option (in Korean won)
₩38,484
Total compensation costs (in Korean won)
₩5,296 million
Exercise dateJune 11, 2025
Valuation methodFair value method
2025
(in share)19th grant
Grant dateJuly 15, 2025
GranteeCEO, internal directors, external directors, executives
Vesting conditions
Service condition: 1 year
Non-market performance condition: achievement of performance
Fair value per option (in Korean won)
Internal directors: ₩48,758
External directors: ₩58,400
Total compensation costs (in Korean won)
₩7,530 million
Estimated exercise date (exercise date)During 2026
Valuation methodFair value method
(2)    Changes in the number of stock options and the weighted-average exercise price as at December 31, 2024 and 2025, are as follows:
(In share)2024
BeginningGrantExpired
Exercised1
EndingNumber of
 shares
 exercisable
16th grant20,960 — (6,158)(7,171)7,631 — 
17th grant307,182 — (199,054)(108,128)— — 
18th grant— 226,327 — — 226,327 — 
Total328,142 226,327 (205,212)(115,299)233,958 — 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(In share)2025
BeginningGrantedExpired
Exercised1
EndingNumber of shares exercisable
16th grant7,631 — — — 7,631 — 
18th grant226,327 — (123,693)(102,634)— — 
19th grant— 193,716 — — 193,716 — 
Total233,958 193,716 (123,693)(102,634)201,347 — 
1The weighted average price of ordinary shares at the time of exercise of the 18th grant, during the year ended December 31, 2025, is ₩51,600 (2024: 16th ₩41,500, 17th ₩36,000).
(3)    The Group granted Restricted Stock Units to its executives and employees, and the fair value per share is measured based on the closing market price on the grant date. Restricted Stock Units vest in accordance with the service conditions specified at the grant date.

(In shares)20252024
BeginningGrantedEndingBeginningGrantedEnding
Rrestricted Stock Unit 766 9,218 9,984 — 766 766 
26.    Revenue from Contracts with Customers, Other Income and Relevant Contract Assets and Liabilities
(1)    The Group has recognized the following amounts relating to revenue and other income in the statement of profit or loss:
(in millions of Korean won)202320242025
Revenue from contracts with customers₩26,063,185 ₩26,146,846 ₩27,966,493 
Revenue from other sources224,016 232,798 286,700 
Other income (Note 27)308,044 344,829 294,715 
Total revenue and other income₩26,595,245 ₩26,724,473 ₩28,547,908 
(2)    Operating revenues and other income for the years ended December 31, 2023, 2024 and 2025 are as follows:
(in millions of Korean won)202320242025
Mobile services₩7,140,333 ₩7,318,087 ₩7,585,939 
Fixed-line services5,142,359 5,157,728 5,191,735 
Fixed-line and VoIP telephone services1,249,024 1,188,365 1,116,286 
Broadband Internet access services2,578,558 2,634,200 2,683,700 
Data communication services1,314,777 1,335,163 1,391,749 
Media and content3,206,521 3,107,444 3,085,463 
Financial services3,967,763 3,742,655 3,473,946 
Sale of goods3,292,514 3,373,686 4,864,906 
Others3,845,755 4,024,873 4,345,919 
Total₩26,595,245 ₩26,724,473 ₩28,547,908 
Mobile and fixed-line service
Telecommunication service revenues include mobile and fixed-line (e.g., fixed-line and VoIP telephone, broadband internet access services and data communication services). These services represent a series
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December 31, 2023, 2024 and 2025
of distinct services that are considered a separate performance obligation. Service revenue is recognized when services are provided, based upon either usage (e.g., minutes of traffic/bytes of data processed) or period of time (e.g., monthly service fees).
Media and content services
Revenue from media and content services primarily consists of installation fees and basic monthly charges of IPTV and satellite TV services, as well as revenue from digital content distribution, digital music streaming and downloading. Media and contents services revenue are recognized when services are provided, based upon either usage or period of time.
Financial services
Financial services primarily include commissions for merchant fees paid by merchants to credit card companies for processing transactions. Revenue from the commission is recognized when the service obligation is performed.
Sale of goods
Revenue from sale of goods, primarily handsets related to our mobile services is recognized when a performance obligation is satisfied by transferring promised goods to customers.
(3)    Contract assets and liabilities recognized in relation to the revenues from contracts with customers, are as follows:
(in millions of Korean won)December 31,
2024		December 31,
2025
Contract assets1
₩929,181 ₩1,111,973 
Contract liabilities1
1,240,934 410,379 
Deferred revenue2
₩87,209 ₩94,302 
1The Group recognized contract assets of ₩85,713 million and contract liabilities of ₩170,641 million for long-term construction contract as of December 31, 2025 (2024: contract assets of ₩128,375 million and contract liabilities of ₩967,614 million). The Group recognizes contract assets as trade receivables and other receivables, and contract liabilities as other current liabilities.
2Deferred revenue recognized relating to government grant is excluded.
(4)    The contract costs recognized as assets are as follows:
(in millions of Korean won)202320242025
Incremental cost of contract establishment₩1,656,711 ₩1,666,042 ₩2,018,168 
Cost of Contract performance70,757 72,122 80,920 
As at December 31, 2025, the Group recognized ₩1,818,814 million (2023: ₩1,759,586 million, 2024: ₩1,715,915 million) of operating expenses related to contract cost assets.
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December 31, 2023, 2024 and 2025
(5)    For the years ended December 31, 2023, 2024 and 2025, revenue recognized from carried-forward contract liabilities and deferred revenue, is as follows:
(in millions of Korean won)202320242025
Revenue recognized that was included in the contract liabilities balance at the beginning of the year
Allocation of the transaction price₩213,609 ₩199,624 ₩1,128,319 
Deferred revenue of joining/installment fee41,824 41,451 41,900 
Total₩255,433 ₩241,075 ₩1,170,219 
27.    Other Income
Other income for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Gain on disposal of property and equipment and investment properties₩22,447 ₩47,754 ₩20,105 
Gain on disposal of intangible assets1,727 311 1,641 
Gain on disposal of right-of-use assets3,580 2,967 2,988 
Property and Equipment loss recovery income152,712 165,196 175,100 
Income from government subsidies40,725 1,261 565 
Gain on disposal of investments in associates6,982 19,074 8,384 
Gain on disposal of investments in subsidiaries28,825 52,688 33,867 
Others51,046 55,578 52,065 
Total₩308,044 ₩344,829 ₩294,715 
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December 31, 2023, 2024 and 2025
28.    Operating Expenses
(1)    Operating expenses for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Employee benefit cost₩4,556,832 ₩5,628,058 ₩4,592,773 
Depreciation2,723,610 2,827,518 2,849,519 
Depreciation of right-of-use assets402,737 410,925 430,977 
Amortization of intangible assets683,784 639,268 599,700 
Commissions1,264,729 1,403,381 1,587,845 
Interconnection charges436,598 410,872 397,239 
International interconnection fee140,433 138,807 129,330 
Purchase of inventories3,595,345 3,526,723 3,668,466 
Changes of inventories(203,071)(27,947)549,841 
Sales commission2,353,318 2,258,121 2,599,589 
Service cost1,2
2,229,709 2,141,856 2,445,981 
Utilities544,675 555,856 571,127 
Taxes and dues250,651 265,305 267,932 
Rent167,576 147,607 153,584 
Insurance premium66,737 68,443 68,383 
Installation fee174,238 164,969 172,887 
Advertising expenses153,750 169,189 168,768 
Allowance for bad debts150,549 151,486 121,010 
Card service cost3,189,376 3,009,170 2,793,707 
Loss on disposal of property and equipment72,710 90,373 51,655 
Loss on disposal of intangible assets5,328 9,713 8,955 
Loss on disposal of right-of-use assets2,115 2,578 2,814 
Loss on disposal of investments in associates— 17 1,753 
Loss on disposal of investments in subsidiaries— 7,998 6,564 
Impairment loss on property and equipment7,871 7,183 15,317 
Impairment loss on intangible assets236,206 239,312 43,132 
Donations24,664 9,499 14,479 
Other allowance for bad debts34,112 26,475 19,770 
Others2
1,902,214 1,801,660 1,686,153 
Total₩25,166,796 ₩26,084,415 ₩26,019,250 
1Service cost is mainly related to purchase of service for system implementation and contents service.
2As of December 31, 2025, the amounts include salaries and wages of ₩125,060 million(2023: ₩104,828 million, 2024: ₩109,464 million) depreciation of ₩23,643 million(2023:₩28,801 million , 2024: ₩23,267 million) and amortization of intangible assets of ₩9,847 million(2023: ₩4,858 million, 2024: ₩12,443 million).

(2)    Details of employee benefit cost for the years ended December 31, 2023, 2024 and 2025, are as follows:
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(in millions of Korean won)202320242025
Salaries & Wages₩4,231,781 ₩4,275,944 ₩4,272,048 
Post-employment benefits(Defined benefit plan)183,026 221,377 219,220 
Post-employment benefits(Defined contribution plan)85,174 86,723 84,334 
Share-based payment15,450 7,129 11,894 
Others41,401 1,036,885 5,277 
Total₩4,556,832 ₩5,628,058 ₩4,592,773 
29.    Financial Income and Costs
(1)    Details of financial income for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Interest income₩279,607 ₩303,535 ₩259,227 
Gain on foreign currency transactions27,407 27,268 90,310 
Gain on foreign currency translation11,944 43,566 85,808 
Gain on derivative transactions12,304 48,566 11,976 
Gain on valuation of derivatives49,881 399,261 64,695 
Gain on disposal of trade receivables3,441 — — 
Gain on valuation of financial instruments32,477 13,166 41,757 
Others69,216 82,288 72,809 
Total₩486,277 ₩917,650 ₩626,582 
(2)    Details of financial costs for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Interest expenses₩356,345 ₩374,665 ₩366,032 
Loss on foreign currency transactions34,281 49,308 18,896 
Loss on foreign currency translation95,730 426,842 73,514 
Loss on derivative transactions417 10,651 79,887 
Loss on valuation of derivatives6,598 3,793 62,711 
Loss on disposal of trade receivables17,980 7,955 13,081 
Loss on valuation of financial instruments55,049 112,154 153,246 
Others2,282 9,413 4,430 
Total₩568,682 ₩994,781 ₩771,797 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
30.    Deferred Income Tax and income Tax Expense
(1)    The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2024 and 2025, is as follows:
(in millions of Korean won)December 31,
2024		December 31,
2025
Deferred tax assets
Deferred tax assets to be recovered within 12 months₩417,425 ₩491,258 
Deferred tax assets to be recovered after more than 12 months1,976,377 2,111,630 
Deferred tax assets before offsetting2,393,802 2,602,888 
Deferred tax liabilities
Deferred tax liabilities to be recovered within 12 months(748,888)(841,568)
Deferred tax liabilities to be recovered after more than 12 months(1,884,962)(2,239,787)
Deferred tax liabilities before offsetting(2,633,850)(3,081,355)
Deferred tax assets after offsetting₩679,948 ₩672,957 
Deferred tax liabilities after offsetting₩919,996 ₩1,151,424 
(2)    The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
(in millions of Korean won)2024
BeginningStatement of
profit or loss		Other
comprehensive
income		Ending
Deferred tax liabilities
Investments in subsidiaries, associates and joint ventures(270,230)730 (1,194)(270,694)
Depreciation and impairment loss(112,124)9,797 — (102,327)
Plan assets(533,707)71,001 590 (462,116)
Advanced depreciation provision(518,080)(5,128)— (523,208)
Contract assets(421,824)4,301 — (417,523)
Financial assets at fair value through profit or loss84 7,233 — 7,317 
Financial assets at fair value through other comprehensive income(102,627)14,656 (1,932)(89,903)
Others(649,655)(113,707)(12,034)(775,396)
Total₩(2,608,163)₩(11,117)₩(14,570)₩(2,633,850)
Deferred tax assets
Depreciation and impairment loss116,746 (10,711)— 106,035 
Contract liabilities111,978 (2,429)— 109,549 
Defined benefit liabilities515,991 (66,182)42,110 491,919 
Provisions146,171 20,394 — 166,565 
Others1,208,177 165,310 1,631 1,375,118 
Total₩2,099,063 ₩106,382 ₩43,741 ₩2,249,186 
Temporary difference, net(509,100)95,265 29,171 (384,664)
Tax credit carryforwards129,270 15,344 — 144,614 
Total net balance₩(379,830)₩110,609 ₩29,171 ₩(240,050)
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(in millions of Korean won)2025
BeginningStatement of
profit or loss		Other
comprehensive
income		Ending
Deferred tax liabilities
Investments in subsidiaries, associates and joint ventures(270,694)(16,796)3,248 (284,242)
Depreciation and impairment loss(102,327)39,469 — (62,858)
Plan assets(462,116)(64,681)1,488 (525,309)
Advanced depreciation provision(523,208)63,719 — (459,489)
Contract assets(417,523)(177,099)— (594,622)
Financial assets at fair value through profit or loss7,317 341 — 7,658 
Financial assets at fair value through other comprehensive income(89,903)14,326 (169,101)(244,678)
Others(775,396)(141,741)(678)(917,815)
Total₩(2,633,850)₩(282,462)₩(165,043)₩(3,081,355)
Deferred tax assets
Depreciation and impairment loss106,035 19,275 (44)125,266 
Contract liabilities109,549 (3,533)— 106,016 
Defined benefit liabilities491,919 35,585 16,850 544,354 
Provisions166,565 60,553 (220)226,898 
Others1,375,118 92,403 (7,148)1,460,373 
Total₩2,249,186 ₩204,283 ₩9,438 ₩2,462,907 
Temporary difference, net(384,664)(78,179)(155,605)(618,448)
Tax credit carryforwards144,614 (4,633)— 139,981 
Total net balance₩(240,050)₩(82,812)₩(155,605)₩(478,467)
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(3)    The tax impacts recognized directly to equity as of December 31, 2023, 2024, and 2025, are as follows:
December 31, 2023December 31, 2024December 31, 2025
(in millions of Korean won)Before
recognition		Tax effectAfter
recognition		Before
recognition		Tax effectAfter
recognition		Before
recognition		Tax effectAfter
recognition
Gain (loss) on valuation of financial assets at fair value through other comprehensive income₩163,750 ₩(41,945)₩121,805 ₩7,626 ₩(1,932)₩5,694 ₩627,461 ₩(169,101)₩458,360 
Gain (loss) on valuation of hedge instruments(30,168)7,555 (22,613)(17,707)4,555 (13,152)76,169 (19,527)56,642 
Remeasurements of net defined benefit liabilities(179,129)41,664 (137,465)(159,757)42,700 (117,057)(1,992)18,338 16,346 
Share of gain (loss) of associates and joint ventures, and others28,715 (7,225)21,490 4,715 (1,194)3,521 (12,051)3,248 (8,803)
Exchange differences on translation for foreign operations32,376 (8,146)24,230 59,053 (14,958)44,095 (42,437)11,437 (31,000)
Gain or loss on disposal of treasury stock402 (101)301 (76)19 (57)(125)33 (92)
Total₩15,946 ₩(8,198)₩7,748 ₩(106,146)₩29,190 ₩(76,956)₩647,025 ₩(155,572)₩491,453 
(4)    Details of income tax expense for the years ended December 31, 2023, 2024 and 2025, are calculated as follows:
(in millions of Korean won)202320242025
Current income tax expense₩347,265 ₩275,454 ₩494,004 
Impact of change in deferred taxes(16,827)(110,609)82,812 
Income tax expense₩330,438 ₩164,845 ₩576,816 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(5)    The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the entities as follows:
(in millions of Korean won)202320242025
Profit before income tax expense₩1,302,620 ₩571,513 ₩2,401,363 
Statutory income tax expense₩333,530 ₩140,517 ₩623,598 
Tax effect
Income not taxable for taxation purposes(30,106)(37,505)(12,444)
Non-deductible expenses26,723 29,192 46,678 
Tax credit(78,459)(42,422)(80,056)
Additional payment of income taxes(4,991)13,338 (3,181)
Adjustments in deferred tax from changes in tax rate564 (25,012)(22,573)
Tax effect and adjustment on consolidation
Goodwill impairment106,010 52,168 9,936 
Changes of out-side tax effect4,436 (6,160)39,064 
Intangible Asset impairment and amortization5,892 (5,850)(1,333)
Reversal expenses of contract cost assets9,281 13,338 (10,307)
Others(42,442)33,241 (12,566)
Income tax expense₩330,438 ₩164,845 ₩576,816 
(6)    Details of deferred tax assets and liabilities that are not recognized as at December 31, 2024 and 2025, are as follows:
(in millions of Korean won)20242025
Deductible temporary differences
Investment in subsidiaries, associates, and joint ventures₩3,799,037 ₩3,501,353 
Unused tax loss212,283 296,436 
Unused Tax credit5,071 3,337 
Others141,405 196,936 
Total₩4,157,796 ₩3,998,062 
Taxable temporary differences
Investment in subsidiaries, associates, and joint ventures₩859,471 ₩720,071 
Others2,631 96,252 
Total₩862,102 ₩816,323 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(7)    The expected period of expiry for unused tax losses not recognized in deferred tax assets as of December 31, 2024 and 2025, is as follows:
(in millions of Korean won)20242025
2025₩2,836 ₩— 
20261,897 4,992 
20274,416 — 
2028396 — 
2029617 — 
203038 804 
20314,857 1,031 
20322,552 7,004 
20331,455 9,581 
2034— 468 
20352,160 36 
After 2036191,059 272,520 
Total₩212,283 ₩296,436 

(8)     The Group is subject to Pillar Two income taxes and has reviewed the impact on the financial statements. As a result of this assessment, no Pillar Two current tax expense is recognized for the current year, and the exception to the recognition and disclosure of deferred taxes has been applied.
31.    Earnings per Share
(1)    Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit from operations attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares purchased by the Group and held as treasury stock.
Basic earnings per share from operations for the years ended December 31, 2023, 2024 and 2025, is calculated as follows:
202320242025
Profit attributable to ordinary shares of owners of the Controlling Company (in millions of Korean won)
₩993,325 ₩459,861 ₩1,718,814 
Weighted average number of ordinary shares outstanding (in number of shares)
249,470,072 245,910,192 242,993,522 
Basic earnings per share (in Korean won)
₩3,982 ₩1,870 ₩7,074 

(2)    Diluted Earnings per Share
Diluted earnings per share from operations is calculated by adjusting the weighted average number of ordinary shares outstanding assuming that all dilutive potential ordinary shares are converted into
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
ordinary shares. The Group has dilutive potential ordinary shares from convertible bonds, convertible preferred stock and other share-based payments:
202320242025
Profit attributable to ordinary shares of owners of the Controlling Company (in millions of Korean won)₩993,325 ₩459,861 ₩1,718,814 
Adjustment to net income attributable to ordinary shares (in millions of Korean won)
(827)(398)(597)
Diluted profit attributable to ordinary shares (in millions of Korean won)
992,498 459,463 1,718,217 
Number of dilutive potential ordinary shares outstanding (in number of shares)1
119,263 94,393 97,777 
Weighted average number of ordinary shares outstanding (in number of shares)
249,589,335 246,004,585 243,091,299 
Diluted earnings per share (in Korean won)
₩3,977 ₩1,868 ₩7,068 
1.The dilutive potential common shares consist of share-based compensation.

Diluted earnings per share is earnings per outstanding of ordinary shares and dilutive potential ordinary shares. Diluted earnings per share is calculated by dividing adjusted profit for the year by the sum of the number of ordinary shares and dilutive potential ordinary shares. Convertible bonds and convertible preferred stocks without dilutive effects are excluded from the calculation.
32.    Dividend
The dividends paid by the Group in 2023, 2024 and 2025 were ₩501,844 million (₩1,960 per share), ₩482,970 million (₩1,960 per share), ₩122,836 million (₩500 per share) respectively. The quarterly dividends paid by the Group in 2025 were ₩436,298 million (₩600 per share). A dividend in respect of the year ended December 31, 2025, of ₩600 per share, amounting to a total dividend of ₩144,657 million, was proposed at the shareholders’ meeting on March 31, 2026.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
33.    Cash Generated from Operations
(1)    Cash flows from operating activities for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
1.Profit for the year
₩972,182 ₩406,669 ₩1,824,546 
2.Adjustments to reconcile net income
Income tax expense335,367 164,845 576,816 
Interest income 1
(392,580)(409,540)(380,866)
Interest expense 1
410,566 432,537 439,350 
Dividends income 2
(59,758)(70,914)(75,907)
Depreciation2,773,152 2,866,974 2,898,524 
Amortization of intangible assets691,909 651,649 607,866 
Depreciation of right-of-use assets402,737 410,925 430,977 
Provision for severance benefits (defined benefits)196,027 234,435 232,649 
Impairment losses on trade receivables175,244 184,942 140,636 
Share of net profit or loss of associates and joint ventures44,323 (8,294)(16,832)
Loss(gain) on disposal of associates and joint ventures(6,982)(19,057)(6,631)
Loss(gain) on the disposal of subsidiaries(28,825)(44,690)(27,303)
Loss(gain) on disposal of right-of-use assets(1,465)(389)(174)
Impairment loss on property and equipment and investment in properties7,871 7,183 15,317 
Loss(gain) on disposal of property and equipment and investment in properties 3
511 13,894 31,550 
Loss on disposal of intangible assets3,601 9,402 7,314 
Loss on impairment of intangible assets236,106 237,877 43,132 
Loss on foreign currency translation83,899 383,045 (12,276)
Gain on valuation and settlement of derivatives, net(37,249)(434,765)64,857 
Gain on disposal of financial assets at fair value through profit or loss(2,225)(10,793)1,614 
Loss(Gain) on valuation of financial assets at fair value through profit or loss 4
13,920 95,118 93,719 
Loss(gain) on disposal of financial assets at amortized cost1 1 18 
Others158,820 166,366 169,073 
3.Change in operating assets and liabilities, net of effects from purchase of controlled entity and sale of engineering division
Decrease(increase) in trade receivables(124,023)(79,503)(181,305)
Increase in other receivables(1,085,527)384,941 (297,309)
Decrease(increase) in other current assets250,569 77,878 (297,056)
Increase in other non-current assets(86,030)(102,599)(279,499)
Decrease(increase) in inventories(317,531)(67,598)755,290 
Increase(decrease) in trade payables121,515 (233,799)135,092 
Increase in other payables829,220 (289,044)(401,907)
Increase(decrease) in other current liabilities414,436 620,035 (874,659)
Decrease in other non-current liabilities(14,272)(2,609)(8,545)
Decrease in provisions(5,083)(6,536)(2,426)
Increase(decrease) in deferred revenue905 (1,900)(464)
Decrease(increase) in plan assets115,725 344,869 40,672 
Payment of post-employment benefits(329,861)(562,307)(346,425)
4.Cash generated from operations (1+2+3)
₩5,747,195 ₩5,349,248 ₩5,299,428 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
1Subsidiaries such as BC Card Co., Ltd. recognize interest income and expense as operating revenue and expense, respectively. Interest income of ₩121,639 million (2023: ₩112,973 million, 2024: ₩106,005 million) recognized as operating revenue and interest expense of ₩73,318 million (2023: ₩55,677 million, 2024: ₩57,872 million) recognized as operating expense, for the year ended December 31, 2025, are included in the adjustment
2BC Card Co., Ltd. Recognized dividend income as operating revenue, including dividend income of ₩3,927 million that is recognized as operating revenue for the year ended December 31, 2025 (2023: ₩1,759 million, 2024: ₩1,701 million).
3KT Estate Inc. recognized gain and loss on disposal of investment properties as operating revenue and expense, respectively, including gain on disposal of investment properties of ₩28,725 million that is recognized as operating revenue for the year ended December 31, 2024. (2023 : ₩49,752 million)
4KT Investment CO., Ltd. and other subsidiaries of the Group recognized gain and loss on valuation of financial assets at fair value through profit or loss as operating revenue and expense, respectively, including loss on valuation of financial assets at fair value through profit or loss of ₩450 million that is recognized as operating expense for the year ended December 31, 2025 (2023 : ₩11,112 million, 2024: ₩576 million).
(2)    Significant transactions not affecting cash flows for the years ended December 31, 2023, 2024 and 2025, are as follows:
(in millions of Korean won)202320242025
Reclassification of the current portion of borrowings₩1,731,998 ₩3,046,361 ₩1,703,662 
Reclassification of construction-in-progress to property and equipment3,123,611 2,324,080 2,308,129 
Reclassification of accounts payable from property and equipment(293,448)245,099 (145,484)
Reclassification of accounts payable from intangible assets(276,491)(291,574)(277,195)
Reclassification of payable from defined benefit liabilities26,246 64,103 (122,024)
Reclassification of payable from plan assets(24,821)(64,281)116,136 
Increase in financial assets due to stock exchange— 52,841 — 
34.    Changes in Liabilities Arising from Financing Activities
Details of changes in liabilities arising from financing activities, liabilities related to cashflow to be classified as future financing activities, for the years ended December 31, 2023, 2024 and 2025, are as follows:
2023
Non-cash
(in millions of Korean won)BeginningCash flowsNewly
acquired		Changes in
FX rate		Fair Value
changes		OthersEnding
Borrowing₩10,006,685 ₩106,118 ₩— ₩45,370 ₩1,719 ₩58,273 ₩10,218,165 
Lease liabilities1,172,038 (407,051)460,617 — 24 (45,719)1,179,909 
Derivative liabilities33,555 — — 10,888 9,643 (29,539)24,547 
Derivative assets(190,830)48,183 — 32,487 1,788 (50,839)(159,211)
Total₩11,021,448 ₩(252,750)₩460,617 ₩88,745 ₩13,174 ₩(67,824)₩11,263,410 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2024
Non-cash
(in millions of Korean won)BeginningCash flowsNewly
acquired		Changes in
FX rate		Fair Value
changes		OthersEnding
Borrowing₩10,218,165 ₩(135,227)₩— ₩399,510 ₩— ₩38,243 ₩10,520,691 
Lease liabilities1,179,909 (414,172)324,330 — 264 (30,878)1,059,453 
Derivative liabilities24,547 (419)— — (1,903)(22,222)3 
Derivative assets(159,211)81,007 — — (360,892)(6,375)(445,471)
Total₩11,263,410 ₩(468,811)₩324,330 ₩399,510 ₩(362,531)₩(21,232)₩11,134,676 
2025
Non-cash
(in millions of Korean won)BeginningCash flowsNewly
acquired		Changes in
FX rate		Fair Value
changes		OthersEnding
Borrowing₩10,520,691 ₩426,156 ₩— ₩(20,620)₩— ₩(140,655)₩10,785,572 
Lease liabilities1,059,453 (411,959)804,982 — — (29,270)1,423,206 
Derivative liabilities3 2,066 — — 11,793 — 13,862 
Derivative assets(445,471)128,388 — — (52,153)53,699 (315,537)
Total₩11,134,676 ₩144,651 ₩804,982 ₩(20,620)₩(40,360)₩(116,226)₩11,907,103 
35.    Segment Information
(1) The management of the Group determines the operating and reporting segments based on the reported information when establishing the business strategy.
DetailsBusiness service
ICTMobile/fixed line telecommunication service and convergence business, B2B business and others
FinanceCredit card business
Satellite TVSatellite TV business
Real estateResidential building development and supply
OthersCable television service, IT, facility security and global business, and others
(2) Details of each segment for the years ended December 31, 2023, 2024 and 2025, are as follows:
2023
(in millions of Korean won)Operating revenuesOperating Income
Depreciation
and Amortization1
ICT₩18,698,964 ₩1,193,333 ₩3,183,408 
Finance3,723,286 91,591 37,150 
Satellite TV714,574 (70,170)52,871 
Real estate499,997 73,496 70,653 
Others8,145,272 97,568 584,738 
Total31,782,093 1,385,818 3,928,820 
Elimination2
(5,186,848)42,631 (118,689)
Consolidated amount₩26,595,245 ₩1,428,449 ₩3,810,131 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2024
(in millions of Korean won)Operating
revenues		Operating
Income
Depreciation
and Amortization1
ICT₩18,928,705 ₩432,809 ₩3,230,522 
Finance3,558,558 143,227 33,629 
Satellite TV710,019 (107,397)48,121 
Real estate546,886 85,326 69,363 
Others8,222,955 65,566 604,753 
Total31,967,123 619,531 3,986,388 
Elimination2
(5,242,650)20,527 (108,677)
Consolidated amount₩26,724,473 ₩640,058 ₩3,877,711 
2025
(in millions of Korean won)Operating
revenues		Operating
Income
Depreciation
and Amortization1
ICT₩19,591,818 ₩1,457,108 ₩3,241,310 
Finance3,387,764 166,057 28,888 
Satellite TV686,924 16,451 44,496 
Real estate686,401 92,677 71,128 
Others10,455,585 773,212 627,858 
Total34,808,492 2,505,505 4,013,680 
Elimination2
(6,260,584)23,153 (133,484)
Consolidated amount₩28,547,908 ₩2,528,658 ₩3,880,196 
1Sum of the amortization of tangible assets, intangible assets, investment properties, and right-of-use assets.
2Elimination for operating revenues is the difference between operating revenue included in the CODM report, which is based on Korean IFRS and operating revenue based on IFRS. Elimination for depreciation and amortization and operating revenues also included consolidated adjustments due to intercompany transactions with the group.
(3) Operating revenues for the years ended December 31, 2023, 2024 and 2025 and non-current assets as at December 31, 2024 and 2025 by geographical regions, are as follows:
(In millions of Korean won)
Operating revenues
Non-current assets1
Location2023202420252024.12.312025.12.31
Domestic₩26,425,735 ₩26,547,275 ₩28,364,362 ₩20,021,125 ₩20,074,061 
Overseas169,510 177,198 183,546 179,815 151,198 
Total₩26,595,245 ₩26,724,473 ₩28,547,908 ₩20,200,940 ₩20,225,259 
1Sum of property and equipment, intangible assets, investment properties and right-of-use assets.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
36.    Related Party Transactions
(1) The list of related party of the Group as of December 31, 2025, is as follows:
RelationshipName of Entity
Associates and joint venturesThere are 48 Associates and joint ventures, and entities listed on the table below has Related Party Transactions
Others1
Goody Studio Co., Ltd., Rebellion Inc., Digital Pharm Co., Ltd., Mastern No.127 Logispoint Daegu Co., Ltd., KORAMKO No. 143 General Private Real Estate Investment Company
1The investment in preferred shares in these entities are accounted for under IFRS 9. Given the Company’s significant influence in the investees, those are included in the list of related parties.
(2) Outstanding balances of receivables and payables in relations to transactions with related parties as of December 31, 2024 and 2025, are as follows:
December 31, 2024
ReceivablesPayables
(in millions of Korean won)Trade
receivables		Other
 receivables		Lease
receivables		Trade
payables		Other
payables		Lease
liabilities
Associates and joint ventures OthersK Bank, Inc.₩778 ₩147,868 ₩— ₩— ₩83 ₩— 
Little Big Pictures235 1,396 — — 2 — 
K-Realty 11th Real Estate Investment Trust Company113 1,283 — — — 4,588 
K-Realty No.3 Real Estate General Private Placement Investment Company7,911 — — — — — 
Others2,439 1,628 — 1,302 1,326 — 
OthersOthers₩138 ₩240 ₩— ₩1 ₩— ₩— 
Total₩11,614 ₩152,415 ₩— ₩1,303 ₩1,411 ₩4,588 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
December 31, 2025
ReceivablesPayables
(in millions of Korean won)Trade
receivables		Other
 receivables		Lease
receivables		Trade
payables		Other
payables		Lease
liabilities
Associates and joint ventures OthersK Bank, Inc.₩2,089 ₩53,865 ₩— ₩— ₩795 ₩— 
Little Big Pictures235 1,382 — — 249 — 
K-Realty 11th Real Estate Investment Trust Company117 1,482 — — — 1,719 
K-Realty No.3 Real Estate General Private Placement Investment Company185 — — — 299 98,474 
Others6,419 747 — 161 1,228 — 
OthersOthers228 66 ₩— — — — 
Total₩9,273 ₩57,542 ₩— ₩161 ₩2,571 ₩100,193 
(3) Significant transactions with related parties for the years ended December 31, 2023, 2024 and 2025, are as follows:
2023
(in millions of Korean won)Operating
 Revenue
Purchases1
Associates and joint venturesK Bank, Inc.₩22,701 ₩13,429 
HD Hyundai Robotics Co., Ltd.
(formerly Hyundai Robotics Co., Ltd.)		78 182 
K-Realty 11th Real Estate Investment Trust Company346 2,559 
K-Realty No.3 Real Estate General Private Placement Investment Company6,216 — 
Others 2,3
21,308 42,169 
OthersDigital Pharm Co., Ltd.1 — 
Total50,650 58,339 
2023
(in millions of Korean won)Acquisition of
right-of-use
assets		Interest
income		Interest
expense		Dividend
income
Associates and joint venturesK Bank, Inc.₩— ₩8,264 ₩— ₩— 
HD Hyundai Robotics Co., Ltd.
(formerly Hyundai Robotics Co., Ltd.)		— — — — 
K-Realty 11th Real Estate Investment Trust Company7 — 261 507 
Others 2,3
— — — 1,279 
Total7 8,264 261 1,786 
1The amounts includes the acquisition of property and equipment, and others.
2Includes transactions of KD Living Co., Ltd. before it became a subsidiary.
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December 31, 2023, 2024 and 2025
3Includes transactions of FUNDA Co., Ltd, Maruee Limited Company Specializing in the Cultural Industry, Mastern No.127 Logispoint Daegu Co., Ltd. before it was excluded as associates and joint ventures of the Group.

2024
(in millions of Korean won)Operating
Revenue
Purchases1
Associates and joint venturesK Bank, Inc.₩31,721 ₩22,548 
HD Hyundai Robotics Co., Ltd.
(formerly Hyundai Robotics Co., Ltd.)		75 — 
K-Realty 11th Real Estate Investment Trust Company236 2,547 
K-Realty No.3 Real Estate General Private Placement Investment Company32,286 — 
Others 2
25,534 33,804 
OthersOthers.171 2,716 
Total90,023 61,615 
2024
(in millions of Korean won)Acquisition of
right-of-use
assets		Interest
income		Interest
expense		Dividend
income
Associates and joint venturesK Bank, Inc.₩— ₩6,678 ₩— ₩— 
HD Hyundai Robotics Co., Ltd.
(formerly Hyundai Robotics Co., Ltd.)		— — — — 
K-Realty 11th Real Estate Investment Trust Company11 — 182 401 
Others 2
— — — 4,769 
Total₩11 ₩6,678 ₩182 ₩5,170 
1The amounts includes the acquisition of property and equipment, and others.
2Transactions with LS Marine Solution Co., Ltd., QTT Global (Group) Company Limited and OASISALPHA Corporation are included up to the date on which the related party relationships were terminated.

2025
(in millions of Korean won)Operating
Revenue
Purchases1
Associates and joint venturesK Bank, Inc.₩33,845 ₩30,078 
HD Hyundai Robotics Co., Ltd.
(formerly Hyundai Robotics Co., Ltd.)		78 — 
K-Realty 11th Real Estate Investment Trust Company236 1,811 
K-Realty No.3 Real Estate General Private Placement Investment Company25,317 1,704 
Others 2
31,290 25,731 
OthersOthers.484 118 
Total91,250 59,442 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2025
(in millions of Korean won)Acquisition of
right-of-use
assets		Interest
income		Interest
expense		Dividend
income
Associates and joint venturesK Bank, Inc.₩— ₩859 ₩— ₩2,300 
HD Hyundai Robotics Co., Ltd.
(formerly Hyundai Robotics Co., Ltd.)		— — — — 
K-Realty 11th Real Estate Investment Trust Company— — 80 399 
K-Realty No.3 Real Estate General Private Placement Investment Company100,493 1,650 — 
Others 2
— — — 5,444 
Total₩100,493 ₩859 ₩1,730 ₩8,143 
1The amounts includes the acquisition of property and equipment, and others.
2Transactions with Trustay Co., Ltd. and Korea Electronic Vehicle Charging Service before they were excluded from associates and joint ventures are included.

(4) Key management compensation for the years ended December 31, 2023, 2024 and 2025, consists of:
(in millions of Korean won)202320242025
Salaries and other short-term benefits₩1,494 ₩1,666 ₩1,947 
Post-employment benefits153 193 280 
Share-based compensation569 1,225 952 
Total₩2,216 ₩3,084 ₩3,179 
(5) Fund transactions with related parties for the years ended December 31, 2023, 2024 and 2025, are as follows:
2023
(in millions of Korean won)
Borrowing transactions1
Equity
contributions
in cash
Associates and joint venturesBorrowingsRepayments
K-Realty 11th Real Estate Investment Trust Company₩— ₩1,037 ₩— 
STIC Place General Private Placement Real Estate Investment Trust No.2— — 20,000 
Telco Credit Bureau Co.,Ltd.— — 6,500 
Pacific geumto no.75 private hybrid asset fund— — 19,000 
Kiamco Data Center Blind Fund— — 15,000 
STIC Mixed Asset Investment Trust No. 1— — 10,930 
Others 2
₩— ₩— ₩31,107 
Others
Rebellions Co.,Ltd.— — 19,998 
Total₩— ₩1,037 ₩122,535 
1Lease transactions are included in borrowing transactions.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2Includes transaction details before Daemuga Limited Company Specializing in the Cultural Industry, Maruee Limited Company Specializing in the Cultural Industry were excluded from the associates company.
2024
(in millions of Korean won)
Borrowing transactions1
Equity
contributions
in cash
Associates and joint venturesBorrowingsRepayments
IBK-KT Young Entrepreneurs MARS Investment Fund₩— ₩— ₩6,000 
K-Realty 11th Real Estate Investment Trust Company— 2,337 — 
TeamFresh Corp.2— — 52,841 
Others— — 21,234 
Others
Rebellions Co.,Ltd.— — 12,477 
Total₩— ₩2,337 ₩92,552 
1Lease transactions are included in borrowing transactions.
2The transaction involved acquiring redeemable convertible preference shares of TeamFresh Corp. and occurred in the process of exchange with the shares of Lolab Co., Ltd. that were held
2025
(in millions of Korean won)
Borrowing transactions1
Equity
contributions
 in cash
Associates and joint venturesBorrowingsRepayments
IBK-KT Young Entrepreneurs MARS Investment Fund₩— ₩— ₩6,000 
K-Realty 11th Real Estate Investment Trust Company— 1,811 — 
K Bank, Inc.— — 100,000 
Others— 1,633 7,059 
Total₩— ₩3,444 ₩113,059 
1Lease transactions are included in borrowing transactions.

(6) Provision of collateral and investment agreement and others
The Group has an obligation according to invest in agreements with related parties such as Kiamco Data Center Blind Fund. As of December 31, 2025 the Group has a plan to make an additional investment of ₩85,834 million.
(7) As of December 31, 2025, the limit of the credit card contract provided by the Group to K Bank, Inc. and others is ₩1,486 million (December 31, 2024: ₩1,447 million).
37.    Financial Risk Management
(1) Financial Risk Factors
The Group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures such as cash flow risk.
The Group’s financial policy is set up in the long-term perspective and annually reported to the Board of Directors. The financial risk management is carried out by the Group's Value Management Office, which identifies, evaluates and hedges financial risks. The treasury department in the Value Management Office considers various finance market conditions to estimate the effect from the market changes.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
1) Market risk
The Group’s market risk management focuses on controlling the extent of exposure to the risk in order to minimize revenue volatility. Market risk is a risk that decreases value or profit of the Group’s portfolio due to changes in market interest rate, foreign exchange rate and other factors.
(i) Sensitivity analysis
Sensitivity analysis is performed for each type of market risk to which the Group is exposed. Reasonably possible changes in the relevant risk variable such as prevailing market interest rates, currency rates, equity prices or commodity prices are estimated and if the rate of change in the underlying risk variable is stable, the Group does not alter the chosen reasonably possible change in the risk variable. The reasonably possible change does not include remote or ‘worst case’ scenarios or ‘stress tests’.
(ii) Foreign exchange risk
The Group is exposed to foreign exchange risk arising from operating, investing and financing activities. Foreign exchange risk is managed within the range of the possible effect on the Group’s cash flows. Foreign exchange risk (i.e. foreign currency translation of overseas operating assets and liabilities) unaffecting the Group’s cash flows is not hedged but can be hedged at a particular situation.
As of December 31, 2023, 2024 and 2025, if the foreign exchange rate had strengthened/weakened by 10% with all other variables held constant, the effects on profit before income tax and shareholders’ equity would have been as follows:
(in millions of Korean won)Fluctuation of
foreign exchange
 rate
Impact on profit before income tax1
Impact on equity
2023.12.3110%₩(10,313)₩(18,460)
-10%10,313 18,460 
2024.12.3110%₩(6,452)₩(15,351)
-10%6,452 15,351 
2025.12.3110%₩(9,165)₩(9,089)
-10%9,165 9,089 
1Computed with considering derivatives hedging effect applied by the Group to hedge foreign exchange risk of liabilities in foreign currencies.
The above analysis is a simple sensitivity analysis which assumes that all the variables other than foreign exchange rates are held constant. Therefore, the analysis does not reflect any correlation between foreign exchange rates and other variables, nor the management’s decision to decrease the risk.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Details of financial assets and liabilities in foreign currencies as at December 31, 2023, 2024 and 2025, are as follows:
(In thousands of foreign currencies)202320242025
Financial
assets		Financial
liabilities		Financial
assets		Financial
liabilities		Financial
assets		Financial
liabilities
USD139,807 2,271,673139,4592,346,061154,802 2,194,753 
SDR1
254 722254721255 721 
JPY17,496 400,00210,03275,372 30,005,442 
EUR304 7,8101567,81437 30 
RWF2
402 ———— — 
THB3
244 —8,764—8,755 — 
TZS4
21,958 —21,868—20 — 
BWP5
680 —664—659 — 
VND6
380,629 —222,914—231,830 — 
SGD7
1,375 —8,33978,339 — 
TWD8
1,685 ———— — 
CHF9
—25—33— 1 
KGS10
————2,457—
UZS11
————8,346—
PKR12
114,025—13,732—21,050—
1Special Drawing Rights.
2Rwanda Franc.
3Thailand Bhat.
4Tanzanian Shilling.
5Botswana Pula.
6Vietnam Dong.
7Singapore Dollar.
8Taiwan Dollar.
9Swiss Franc.
10Kyrgyzstani Som.
11Uzbekistani Som.
12Pakistani rupee.

(iii) Price risk
As of December 31, 2023, 2024 and 2025, the Group is exposed to equity securities price risk because the securities held by the Group are traded in active markets. If the market prices had increased/
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
decreased by 10% with all other variables held constant, the effects on profit before income tax and equity would have been as follows:
(in millions of Korean won)Fluctuation of
price		Impact on profit
 before income tax		Impact on equity
2023.12.3110%₩1,473 ₩121,423 
-10%(1,473)(121,423)
2024.12.3110%₩519 ₩129,404 
-10%(519)(129,404)
2025.12.3110%₩303 ₩195,275 
-10%(303)(195,275)
The analysis above is based on the assumption that the equity index had increased/decreased by 10% with all other variables held constant and all the Group’s marketable equity instruments had moved according to the historical correlation with the index. Gain or loss on equity securities classified as financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income can increase or decrease equity.
(iv) Cash flow and fair value interest rate risk
The Group’s interest rate risk arises from liabilities in foreign currency such as foreign currency debentures. Debentures in foreign currency issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by swap transactions. Debentures and borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group sets the policy and operates to minimize the uncertainty of the changes in interest rates and financial costs.
As of December 31, 2023, 2024 and 2025, if the market interest rate had increased/decreased by 100 bp with other variables held constant, the effects on profit before income tax and shareholders’ equity would be as follows:
(in millions of Korean won)Fluctuation of interest rateImpact on profit before income taxImpact on equity
2023.12.31
+100 bp
₩(2,693)₩(4,718)
-100 bp
2,696 5,037 
2024.12.31
+100 bp
₩(1,658)₩(11,903)
 -100 bp
1,665 12,337 
2025.12.31
+100 bp
₩(7,046)₩(2,142)
-100 bp
7,047 2,391 
The above analysis is a simple sensitivity analysis which assumes that all the variables other than market interest rates are held constant. Therefore, the analysis does not reflect any correlation between market interest rates and other variables, nor the management’s decision to decrease the risk.
2) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s trade receivables from customers, debt securities and others.
-Risk management
Credit risk is managed on the Group basis with the purpose of minimizing financial loss. Credit risk arises from the normal transactions and investing activities, where clients or other party fails to discharge an
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
obligation on contract conditions. To manage credit risk, the Group considers the counterparty’s credit based on the counterparty’s financial conditions, default history and other important factors.
Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as outstanding receivables. To minimize such risk, only the financial institutions with strong credit ratings are accepted.
The Group’s investments in debt instruments are considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.
-Security
For some trade receivables, the Group may obtain security in the form of guarantees or letters of credit, etc. which can be called upon if the counterparty is in default under the terms of the agreement.
-Impairment of financial assets
The Group has four types of financial assets that are subject to the expected credit loss model:
•trade receivables for sales of goods and provision of services,
•contract assets relating to provision of services,
•debt investments carried at fair value through other comprehensive income, and
•other financial assets carried at amortized cost.
While cash equivalents are also subject to the impairment requirement, the identified expected credit loss was immaterial.
The maximum exposure to credit risk of the Group’s financial instruments without considering value of collaterals as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31, 2024December 31, 2025
Cash and cash equivalents (except for cash on hand)₩3,711,936 ₩3,501,068 
Trade and other receivables
Financial assets at amortized costs7,573,409 7,806,644 
Financial assets at fair value through other comprehensive income114,774 107,644 
Contract assets800,806 1,026,260 
Other financial assets
Derivatives financial assets for hedging445,471 315,537 
Financial assets at fair value through profit or loss971,805 723,978 
Financial assets at fair value through other comprehensive income6,157 6,147 
Financial assets at amortized costs962,653 1,476,527 
Total₩14,587,011 ₩14,963,805 
The Group is exposed to credit risk for financial guarantee contracts. As of December 31, 2025, the Group’s maximum exposure amount is ₩428 million (December 31, 2024: ₩108,881 million).
(i) Trade receivables and contract assets
The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The Group measures the expected credit loss by considering the future unrecoverable rate of the remaining balance of trade receivables and other receivables at the end of the reporting period. Each trade receivables and other receivables are classified considering the credit risk characteristics and
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
overdue periods in order to measure expected credit loss. The expected credit loss rate calculation is based on historical payment and credit loss information in relation to revenue for 36 months period up to December 31, 2025. Meanwhile, the credit sales assets of BC Card Co., Ltd., a subsidiary, were judged to have low credit risk, so the expected 12-month credit loss was applied.
The expected credit losses reflect forward-looking information. Provision for impairment as of December 31, 2024 and 2025, are as follows:
December 31, 2024
(in millions of Korean won)Less than 6 months7-12
months		More than 1 yearsTotal
Expected credit loss rate6.08%32.37%60.55%
Total carrying amounts₩3,086,024 ₩59,092 ₩285,454 ₩3,430,570 
Provision for impairment₩(187,649)₩(19,128)₩(172,849)₩(379,626)
December 31, 2025
(in millions of Korean won)Less than 6 months7-12
 months		More than 1 yearsTotal
Expected credit loss rate6.49%31.77%59.34%
Total carrying amounts₩3,196,965 ₩67,830 ₩266,233 ₩3,531,028 
Provision for impairment₩(207,487)₩(21,551)₩(157,991)₩(387,029)
Details of changes in provisions for impairment of trade receivables the years ended December 31, 2024 and 2025, are as follows:
(in millions of Korean won)20242025
Beginning balance₩331,290 ₩379,626 
Provision95,060 71,654 
Written-off(54,528)(72,740)
Others7,804 8,489 
Ending balance₩379,626 ₩387,029 
As of December 31, 2025, the maximum exposure of the trade receivables carrying amount to credit risk is ₩3,143,999 million (December 31, 2024: ₩3,050,944 million).
Impairment of trade receivable for the years ended December 31, 2024 and 2025, are as follows:
(in millions of Korean won)20242025
Impairment loss Bad debt expenses₩95,060 ₩71,654 
(ii) Cash equivalents (except for cash on hand)
The Group is also exposed to credit risk in relation cash equivalents. The maximum exposure at the end of the reporting period is the carrying amount of these investments.
(iii) Other financial assets at amortized costs
Other financial assets at amortized cost include time deposits, other long-term financial instruments and others. All of the financial assets at amortized costs are considered to have low credit risk, and the loss allowance recognized during the period was, therefore, limited to 12 months expected losses.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Management considers ‘low credit risk’ for other instruments when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.
Details of changes in provisions for impairment of other financial assets at amortized costs for the years ended December 31, 2024 and 2025, are as follows:
(in millions of Korean won)20242025
Beginning balance₩183,636 ₩204,594 
Provision82,123 63,886 
Written-off(105,169)(101,721)
Reversal(380)(144)
Others44,384 24,402 
Ending balance₩204,594 ₩191,017 
(iv) Financial assets at fair value through other comprehensive income
All of the debt investments at fair value through other comprehensive income are considered to have low credit risk, and the loss allowance recognized during the period was, therefore, limited to 12 months expected losses. Managements consider ‘low credit risk’ for other instruments when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. The maximum exposure at the end of the reporting period is the carrying amount of these investments.
(v) Financial assets at fair value through profit or loss
The Group is also exposed to credit risk in relation to financial assets that are measured at fair value through profit or loss. The maximum exposure at the end of the reporting period is the carrying amount of these investments.
3) Liquidity risk
The Group manages its liquidity risk by liquidity strategy and plans. The Group considers the maturity of financial assets and financial liabilities and the estimated cash flows from operations.
The table below analyzes the Group’s liabilities (including interest expenses) into relevant maturity groups based on the remaining period at the date of the end of each reporting period to the contractual maturity date. These amounts are contractual undiscounted cash flows and can differ from the amount in the consolidated financial statements.
December 31, 2024
(in millions of Korean won)Less than 1 year1-5 yearsMore than
5 years		Total
Trade and other payables₩7,509,703 ₩728,268 ₩22,209 ₩8,260,180 
Borrowings (including debentures)4,206,534 5,485,468 1,669,798 11,361,800 
Lease liabilities360,361 674,594 142,857 1,177,812 
Other non-derivative financial liabilities391,039 756,024 15,280 1,162,343 
Financial guarantee contracts1
108,881 — — 108,881 
Total₩12,576,518 ₩7,644,354 ₩1,850,144 ₩22,071,016 
1Total amount guaranteed by the Group according to guarantee contracts. Cash flow from financial guarantee contracts is classified as the maturity group in the earliest period when the financial guarantee contracts can be executed.
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December 31, 2023, 2024 and 2025
December 31, 2025
(in millions of Korean won)Less than
1 year		1-5 yearsMore than
5 years		Total
Trade and other payables₩6,856,284 ₩217,312 ₩40,641 ₩7,114,237 
Borrowings
(including debentures)		2,724,673 7,247,769 1,690,565 11,663,007 
Lease liabilities375,148 669,176 586,866 1,631,190 
Other non-derivative financial liabilities480,408 687,217 18,453 1,186,078 
Financial guarantee contracts1428 — — 428 
Total₩10,436,941 ₩8,821,474 ₩2,336,525 ₩21,594,940 
1Total amount guaranteed by the Group according to guarantee contracts. Cash flow from financial guarantee contracts is classified as the maturity group in the earliest period when the financial guarantee contracts can be executed
At the end of the reporting period, the cash outflows and inflows by maturity of the Group’s derivatives held for trading and gross-settled derivatives are as follows:
December 31, 2023
(in millions of Korean won)Less than 1 year1-5 yearsMore than
 5 years		Total
Derivatives held for trading1
Outflows₩— ₩133,293 ₩— ₩133,293 
Inflows— — 1,015 1,015 
Derivatives settled gross2
Outflows₩741,140 ₩1,227,166 ₩8,126 ₩1,976,432 
Inflows614,066 2,198,958 36,344 2,849,368 
December 31, 2024
(in millions of Korean won)Less than 1 year1-5 yearsMore than
 5 years		Total
Derivatives held for trading1
Outflows₩— ₩131,630 ₩— ₩131,630 
Derivatives settled gross2
Outflows₩1,326,759 ₩1,570,621 ₩26,283 ₩2,923,663 
Inflows₩1,550,061 ₩1,900,720 ₩39,001 ₩3,489,782 
December 31, 2025
(in millions of Korean won)Less than 1 year1-5 yearsMore than
 5 years		Total
Derivatives held for trading1
Outflows₩105,378 ₩— ₩— ₩105,378 
Derivatives settled gross2
Outflows₩1,760,881 ₩3,052,446 ₩25,036 ₩4,838,363 
Inflows768,044 2,580,543 36,471 3,385,058 
1During the year ended December 31, 2025, derivative liabilities held-for-trading are classified under the ‘more than one year to less than five years’ category as they are relevant to the fair value of derivatives liabilities related to shareholder-to-share contracts (Note 20).
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
As these derivatives held-for-trading are managed based on net fair value, their contractual maturities are not necessarily taking into consideration to understand the timing of cash flows.
2Cash outflow and inflow of gross-settled derivatives are undiscounted contractual cash flow and may differ from the amount in the consolidated statement of financial position.
(2) Management of Capital Risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other shareholders and to maintain an optimal capital structure to reduce the cost of capital.
The Group’s capital structure consists of liabilities including borrowings, cash and cash equivalents, and shareholders’ equity. The treasury department monitors the Group’s capital structure and considers cost of capital and risks related each capital component.
The debt-to-equity ratios as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31, 2024December 31, 2025
Total liabilities₩24,035,197 ₩23,633,307 
Total equity17,967,561 19,416,811 
Debt-to-equity ratio134%122%
The Group manages capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as ‘equity’ in the statement of financial position plus net debt.
The gearing ratios as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won, %)December 31, 2024December 31, 2025
Total borrowings₩10,520,690 ₩10,785,572 
Less: cash and cash equivalents(3,716,680)(3,506,971)
Net debt6,804,010 7,278,601 
Total equity17,967,561 19,416,811 
Total capital24,771,571 26,695,412 
Gearing ratio27%27%
(3) Offsetting Financial Assets and Financial Liabilities
1)    Details of the Group’s recognized financial assets subject to enforceable master netting arrangements or similar agreements are as follows:
(in millions of Korean won)December 31, 2024
Gross
assets		Gross
liabilities
offset		Net amounts
presented in
the statement
of financial
position		Amounts not offsetNet amount
Financial
instruments		Cash
collateral
Trade receivables₩71,680 ₩(20,588)₩51,092 ₩(42,998)₩— ₩8,094 
Other financial assets148 (147)1 (1)— — 
Total₩71,828 ₩(20,735)₩51,093 ₩(42,999)₩— ₩8,094 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(in millions of Korean won)December 31, 2025
Gross
assets		Gross
liabilities
offset		Net amounts
presented in
the statement
of financial
position		Amounts not offsetNet
 amount
Financial
instruments		Cash
collateral
Trade receivables₩51,159 ₩— ₩51,159 ₩(49,930)₩— ₩1,229 
Other financial assets513 (511)2 (2)— — 
Total₩51,672 ₩(511)₩51,161 ₩(49,932)₩— ₩1,229 
These include price subject to netting arrangements on facility interconnection and data sharing among telecommunication companies.
2)    Details of the Group’s financial liabilities recognized, subject to enforceable master netting arrangements or similar agreements, as of December 31, 2024 and 2025, are as follows
(in millions of Korean won)December 31, 2024
Gross
liabilities		Gross
assets
offset		Net amounts
presented in
the statement
of financial
position		Amounts not offsetNet
amount
Financial
instruments		Cash
collateral
Trade payables₩40,732 ₩(147)₩40,585 ₩(39,306)₩— ₩1,279 
Other payables24,281 (20,588)3,693 (3,693)— — 
Total₩65,013 ₩(20,735)₩44,278 ₩(42,999)₩— ₩1,279 
(in millions of Korean won)December 31, 2025
Gross
liabilities		Gross
assets
offset		Net amounts
presented in
the statement
of financial
position		Amounts not offsetNet
amount
Financial
instruments		Cash
collateral
Trade payables₩53,216 ₩(511)₩52,705 ₩(49,930)₩— ₩2,775 
Other payables2 — 2 (2)— — 
Total₩53,218 ₩(511)₩52,707 ₩(49,932)₩— ₩2,775 
These include price subject to netting arrangements on facility interconnection and data sharing among telecommunication companies.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
38.    Fair Value
(1) Fair Value of Financial Instruments by Category
Carrying amount and fair value of financial instruments by category as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won)December 31, 2024December 31, 2025
Carrying
 amount		Fair valueCarrying
 amount		Fair value
Financial assets
Cash and cash equivalents₩3,716,680 
1
₩3,506,971 
1
Trade and other receivables
Financial assets measured at amortized cost2
7,380,901 
1
7,572,857 
1
Financial assets at fair value through other comprehensive income114,774 114,774 107,644 107,644 
Other financial assets
Financial assets measured at amortized cost962,653 
1
1,476,527 
1
Financial assets at fair value through profit or loss1,029,926 1,029,926 774,557 774,557 
Financial assets at fair value through other comprehensive income1,665,368 1,665,368 2,423,277 2,423,277 
Derivative financial assets for hedging445,471 445,471 315,537 315,537 
Total₩15,315,773 ₩16,177,370 
Financial liabilities
Trade and other payables₩7,214,174 
1
₩6,693,177 
1
Borrowings10,520,690 10,423,619 10,785,572 9,722,743 
Other financial liabilities
Financial liabilities at amortized cost942,135 
1
999,020 
1
Financial liabilities at fair value through profit or loss132,011 132,011 105,810 105,810 
Derivative financial liabilities for hedging purpose3 3 13,862 13,862 
Total₩18,809,013 ₩18,597,441 
1The Group did not conduct fair value estimation since the book amount is a reasonable approximation of the fair value.
2Lease receivables are excluded from fair value disclosure in accordance with IFRS 7.
(2)    Fair Value Hierarchy
To provide an indication about the reliability of the inputs used in determining fair value, the Group classifies its financial instruments into the three levels prescribed under the accounting standards.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Financial instruments that are measured at fair value are categorized by the fair value hierarchy, and the defined levels are as follows:
•Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
•Level 2: The fair value of financial instruments that are not traded in active markets is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
•Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Fair value hierarchy classifications of the financial assets and financial liabilities that are measured at fair value disclosed in fair value as of December 31, 2024 and 2025, are as follows:
December 31, 2024
(in millions of Korean won) Level 1Level 2Level 3Total
Assets
Trade and other receivables
Financial assets at fair value through other comprehensive income₩— ₩114,774 ₩— ₩114,774 
Other financial assets
Financial assets at fair value through profit or loss5,620 181,694 842,612 1,029,926 
Financial assets at fair value through other comprehensive income1,317,120 5,418 342,830 1,665,368 
Derivative financial assets for hedging— 445,471 — 445,471 
Investment properties— — 6,899,105 6,899,105 
Total₩1,322,740 ₩747,357 ₩8,084,547 ₩10,154,644 
Liabilities
Borrowings₩— ₩10,423,619 ₩— ₩10,423,619 
Other financial liabilities
Financial liabilities at fair value through profit or loss— — 132,011 132,011 
Derivative financial liabilities for hedging purpose— 3 — 3 
Total₩— ₩10,423,622 ₩132,011 ₩10,555,633 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(in millions of Korean won) December 31, 2025
Level 1Level 2Level 3Total
Assets
Trade and other receivables
Financial assets at fair value
through other comprehensive income		₩— ₩107,644 ₩— ₩107,644 
Other financial assets
Financial assets at fair value through profit or loss3,562 64,237 706,758 774,557 
Financial assets at fair value through other comprehensive income2,044,434 5,319 373,524 2,423,277 
Derivative financial assets for hedging— 315,537 — 315,537 
Investment properties— — 7,773,591 7,773,591 
Total₩2,047,996 ₩492,737 ₩8,853,873 ₩11,394,606 
Liabilities
Borrowings₩— ₩9,722,743 ₩— ₩9,722,743 
Other financial liabilities
Financial liabilities at fair value through profit or loss— 432 105,378 105,810 
Derivative financial liabilities for hedging purpose— 13,862 — 13,862 
Total₩— ₩9,737,037 ₩105,378 ₩9,842,415 
(3)    Transfers Between Fair Value Hierarchy Levels of Recurring Fair Value Measurements
1)    Details of transfers between Level 1 and Level 2 of the fair value hierarchy for recurring fair value measurements
There are no transfers between Level 1 and Level 2 of the fair value hierarchy for the recurring fair value measurements.
2)    Details of changes in Level 3 of the fair value hierarchy for recurring fair value measurements.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
Details of changes in Level 3 of the fair value hierarchy for the recurring fair value measurements as of December 31, 2024 and 2025, are as follows:
2024
Financial assetsFinancial liabilities
(in millions of Korean won)Financial assets
at fair value
through profit or
loss		Financial assets
at fair value
through other
comprehensive
income		Financial
liabilities at fair
value through
profit or loss
Beginning balance₩768,832 ₩444,026 ₩134,561 
Acquisition109,198 1,011 — 
Reclassification51,194 (45)(5,772)
Disposal(36,663)— — 
Amount recognized in profit or loss 1,
(49,949)— 3,222 
Amount recognized in other comprehensive income
— (102,162)— 
Ending balance₩842,612 ₩342,830 ₩132,011 
1The recognition of gains and losses on financial liabilities measured at fair value through profit or loss consists of derivative valuation losses.
2025
Financial assetsFinancial liabilities
Financial assets
at fair value
through profit or
loss		Financial assets
at fair value
through other
comprehensive
income		Financial
liabilities at fair
value through
profit or loss
Beginning balance₩842,612 ₩342,830 ₩132,011 
Acquisition37,709 100,146 — 
Reclassification(31,423)(4,795)— 
Disposal(46,904)(146)(381)
Amount recognized in profit or loss 1,
(95,236)— (26,252)
Amount recognized in other comprehensive income
— (64,511)— 
Ending balance₩706,758 ₩373,524 ₩105,378 
1The recognition of gains and losses on financial liabilities measured at fair value through profit or loss consists of derivative valuation gains and losses.

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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(4)    Valuation Technique and the Inputs
Valuation techniques and inputs used in the recurring, non-recurring fair value measurements and disclosed fair values categorized within Level 2 and Level 3 of the fair value hierarchy as of December 31, 2024 and 2025, are as follows:
December 31, 2024
(in millions of Korean won)Fair valueLevelValuation techniquesInputs
Assets
Trade and other receivables
Financial assets at fair value through other comprehensive income₩114,774 2DCF ModelGuaranteed bond interest rate
Other financial assets
Financial assets at fair value through profit or loss1,024,306 2,3DCF Model, Adjusted Net Asset Model,
Market Approach Model
T-F Model		Market Interest rate, Underlying asset price
Financial assets at fair value through other comprehensive income348,248 2,3DCF Model, Market Approach ModelDiscount rate
Derivative financial assets for hedging445,471 2DCF ModelMarket observation discount rate
Investment properties6,899,105 3DCF Model
Liabilities
Borrowings₩10,423,619 2DCF ModelBond interest rate
Other financial liabilities
Financial liabilities at fair value through profit or loss132,011 3Binomial Option Pricing ModelTreasury Bond Interest rate
Derivative financial liabilities for hedging3 2DCF ModelMarket observation discount rate
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
December 31, 2025
(in millions of Korean won)Fair valueLevelValuation techniquesInputs
Assets
Trade and other receivables
Financial assets at fair value through other comprehensive income₩107,644 2DCF ModelGuaranteed bond interest rate
Other financial assets
Financial assets at fair value through profit or loss770,995 2,3DCF Model,
Adjusted Net Asset Model,
Backsolve Model,
T-F Model		Market Interest rate
Financial assets at fair value through other comprehensive income378,843 2,3DCF Model,
Hull-White model,
LSMC model,
Backsolve Model, T-F Model		Discount rate
Derivative financial assets for hedging315,537 2DCF ModelMarket Interest rate
Investment properties7,773,591 3DCF Model
Liabilities
Borrowings₩9,722,743 2DCF ModelBond interest rate
Other financial liabilities
Financial liabilities at fair value through profit or loss105,810 2,3Binomial Option Pricing Model,Treasury Bond Interest rate
Derivative financial liabilities for hedging13,862 2DCF ModelMarket Interest rate
(5)    Valuation Processes for Fair Value Measurements Categorized Within Level 3
The Group uses external experts that perform the fair value measurements required for financial reporting purposes. External experts report directly to the chief financial officer (CFO) and discuss the valuation processes and results with the CFO in line with the Group’s closing dates.
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
39.    Interests in Unconsolidated Structured Entities
(1)    Details of information about its interests in unconsolidated structured entities, which the Group does not have control over, including the nature, purpose and activities of the structured entity and how the structured entity is financed, are as follows:
Classes of entitiesNature, purpose, activities and others
Real estate finance
A structured entity incorporated for the purpose of real estate development is provided with funds by investors’ investments in equity and borrowings from financial institutions (including long-term and short-term loans and issuance of ABCP due in three months), and based on these, the structured entity implements activities such as real estate acquisition, development and mortgage loans. The structured entity repays loan principals with funds incurred from installment house sales after the completion of real estate development or with collection of the principal of mortgage loan. The remaining shares are distributed to investors. As of December 31, 2025, this entity is engaged in real estate finance structured entity, and generates revenues by receiving dividends from direct investments in or receiving interests on loans to the structured entity. Financial institutions, including the Entity, are provided with guarantees including joint guarantees or real estate collateral from investors and others. Consequently, the entity is a priority over other parties in the preservation of claim. However, when the credit rating of investors and others decreases or when the value of real estate decreases, the entity may be obliged to cover losses.
PEF and investment fundsMinority investors including managing members contribute to PEF and investment funds incorporated for the purpose of providing funds to the small, medium, or venture entities, and the managing member implements activities such as investments in equity or loans based on the contributions. As of December 31, 2025, the entity is engaged in PEF and investment funds structured entity, and after contributing to PEF and investment funds, the entity receives dividends for operating revenues from these contributions. The entity is provided with underlying assets of PEF and investment funds as collateral. However, when the value of the underlying assets decreases, the entity may be obliged to cover losses.
Asset securitizationThe Group transfers accounts receivable for handset sales to its Special Purpose Company (“SPC”) for asset securitization. SPC issues the asset-backed securities with accounts receivable for handset sales as an underlying asset and makes payment for the underlying asset acquired.
(2)    Details of scale of unconsolidated structured entities and nature of the risks associated with an entity’s interests in unconsolidated structured entities as of December 31, 2024 and 2025, are as follows:
(in millions of Korean won) December 31, 2024
Real Estate
Finance		PEF and
Investment
Funds		Total
Maximum loss exposure 1
Investment assets₩373,638 ₩547,153 ₩920,791 
Investment agreement and others 2
84,481 101,178 185,659 
Total₩458,119 ₩648,331 ₩1,106,450 
1Includes the investments recognized in the Group’s financial statements and the amounts which are probable to be determined when certain conditions are met.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2Investment agreements and others include purchase agreements, credit granting and others.
(in millions of Korean won) December 31, 2025
Real Estate
Finance		PEF and
Investment
Funds		Total
Maximum loss exposure 1
Investment assets₩416,390 ₩454,916 ₩871,306 
Investment agreement and others 2
47,001 80,871 127,872 
Total₩463,391 ₩535,787 ₩999,178 
1Includes the investments recognized in the Group’s financial statements and the amounts which are probable to be determined when certain conditions are met.
2Investment agreements and others include purchase agreements, credit granting and others.
40.    Information About Non-controlling Interests
(1)    Changes in Accumulated Non-controlling Interests
Profit or loss allocated to non-controlling interests and accumulated non-controlling interests of subsidiaries that are material to the Group for the years ended December 31, 2023, 2024 and 2025 are as follows:
December 31, 2023
(In millions of Korean won)Non-
controlling
Interests
rate (%)		Accumulated
non-controlling
interests at the
beginning of
the year		Profit or loss
allocated to
non-
controlling
interests		Dividends
paid
to non-
controlling
interests		OthersAccumulated
non-controlling
interests at the
end of the year
KT Skylife Co., Ltd.49.4%₩423,189 ₩(47,355)₩(8,287)₩(6,192)₩361,355 
BC Card Co., Ltd.30.5%524,657 25,355 (4,960)3,023 548,075 
KTIS Corporation66.7%141,402 5,947 (2,451)(1,872)143,026 
KTCS Corporation78.3%153,881 14,228 (3,001)(2,313)162,795 
KT Nasmedia Co.,Ltd.55.9%135,425 10,679 (4,028)(467)141,609 
December 31, 2024
(In millions of Korean won)Non-
controlling
Interests
rate (%)		Accumulated
non-controlling
interests at the
beginning of
the year		Profit or loss
allocated to
non-
controlling
interests		Dividends
paid
to non-
controlling
interests		OthersAccumulated
non-controlling
interests at the
end of the year
KT Skylife Co., Ltd.49.5%₩361,355 ₩(71,590)₩(8,184)₩680 ₩282,261 
BC Card Co., Ltd.30.5%548,075 45,135 (2,010)7,222 598,422 
KTIS Corporation66.7%143,026 6,305 (2,451)(861)146,019 
KTCS Corporation78.3%162,795 5,221 (2,501)(566)164,949 
KT Nasmedia Co., Ltd.55.9%141,609 (2,071)(4,428)419 135,529 
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KT Corporation and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
December 31, 2025
(In millions of Korean won)Non-
controlling
Interests
rate (%)		Accumulated
non-controlling
interests at the
beginning of
the year		Profit or loss
allocated to
non-
controlling
interests		Dividends
paid
to non-
controlling
interests		OthersAccumulated
non-controlling
interests at the
end of the year
KT Skylife Co., Ltd.49.5%₩282,261 ₩2,862 ₩(8,186)₩826 ₩277,763 
BC Card Co., Ltd.30.5%598,422 47,047 — 3,919 649,388 
KTIS Corporation66.6%146,019 28,334 (2,451)5,263 177,165 
KTCS Corporation78.2%164,949 23,099 (2,501)1,087 186,634 
KT Nasmedia Co., Ltd.55.9%135,529 3,472 (4,428)(20,392)114,181 
(2)    Summarized Financial Information on Subsidiaries
The summarized financial information for each subsidiary with non-controlling interests that are material to the Group, before inter-company eliminations, is as follows:
December 31, 2024
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Current assets₩434,876 ₩3,130,823 ₩129,015 ₩293,408 ₩427,146 
Non-current assets605,312 2,830,224 340,917 141,659 65,636 
Current liabilities242,754 3,147,202 122,879 189,900 244,498 
Non-current liabilities220,840 1,049,521 138,947 42,229 8,209 
Equity576,594 1,764,324 208,106 202,938 240,075 
December 31, 2025
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Current assets₩427,105 ₩3,214,765 ₩181,957 ₩319,276 ₩376,595 
Non-current assets548,295 3,343,539 267,570 151,697 63,671 
Current liabilities252,286 2,859,335 107,498 204,138 227,143 
Non-current liabilities160,794 1,766,718 103,562 41,668 11,433 
Equity562,320 1,932,251 238,467 225,167 201,690 
Summarized consolidated statements of comprehensive income for the years ended December 31, 2023, 2024 and 2025 are as follows:
2023
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Operating revenue₩1,034,342 ₩4,027,450 ₩593,162 ₩1,035,911 ₩147,934 
Profit for the year(109,407)76,545 13,922 15,804 17,703 
Other comprehensive income (loss)(6,625)13,832 (3,162)(2,550)(1,890)
Total comprehensive income(116,032)90,377 10,760 13,254 15,813 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2024
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Operating revenue₩1,026,644 ₩3,806,858 ₩604,479 ₩1,122,264 ₩143,639 
Profit for the year(156,033)141,149 11,862 6,814 (3,884)
Other comprehensive income (loss)(3,019)636 (4,172)(133)898 
Total comprehensive income(159,052)141,785 7,690 6,681 (2,986)
2025
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Operating revenue₩989,538 ₩3,638,935 ₩637,488 ₩1,044,653 ₩126,564 
Profit for the year585 151,717 36,423 25,107 6,799 
Other comprehensive income (loss)1,631 14,363 15 917 3,408 
Total comprehensive income2,216 166,080 36,438 26,024 10,207 
Summarized consolidated statements of cash flows for the years ended December 31, 2023, 2024 and 2025 are as follows:
2023
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Cash flows from operating activities₩207,207 ₩82,883 ₩50,892 ₩55,146 ₩8,116 
Cash flows from investing activities(125,343)(74,430)(17,636)(5,901)(30,910)
Cash flows from financing activities(50,811)(67,609)(32,872)(26,948)(11,077)
Net increase (decrease) in cash and cash equivalents31,053 (59,156)384 22,297 (33,871)
Cash and cash equivalents at beginning of year98,695 435,047 24,944 61,814 86,133 
Exchange differences— (95)— — 15 
Cash and cash equivalents at end of the year129,748 375,796 25,328 84,111 52,277 
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
2024
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Cash flows from operating activities₩162,281 ₩(97,232)₩61,770 ₩44,551 ₩35,867 
Cash flows from investing activities(160,757)(30,579)(9,923)1,661 (22,210)
Cash flows from financing activities9,510 121,800 (32,762)(25,211)(11,803)
Net increase (decrease) in cash and cash equivalents11,034 (6,011)19,085 21,001 1,854 
Cash and cash equivalents at beginning of year129,748 375,796 25,328 84,111 52,277 
Exchange differences— 358 — — 45 
Cash and cash equivalents at end of the year140,782 370,143 44,413 105,112 54,176 
2025
(in millions of Korean won)KT Skylife
 Co., Ltd.		BC Card Co.,
 Ltd.		KTIS
 Corporation		KTCS
 Corporation		KT Nasmedia
 Co., Ltd.
Cash flows from operating activities₩99,935₩(239,619)₩35,502₩53,443₩35,290
Cash flows from investing activities(161,353)(52,803)(16,753)(28,241)(43,218)
Cash flows from financing activities(24,112)664,424 (26,634)(26,830)(18,933)
Net increase (decrease) in cash and cash equivalents(85,530)372,002 (7,885)(1,628)(26,861)
Cash and cash equivalents at beginning of year140,782 370,143 44,413 105,112 54,176 
Exchange differences(1,500)(12,949)— — (101)
Cash and cash equivalents at end of the year53,752 729,196 36,528 103,484 27,214 
(3)    Transactions with Non-controlling Interests
The effect of changes in the ownership interest on the equity attributable to owners of the Group for the years ended December 31, 2023, 2024 and 2025 is summarized as follows:
(in millions of Korean won)202320242025
Carrying amount of non-controlling interests acquired₩3,022 ₩(20,329)₩4,100 
Consideration paid to non-controlling interests213,819 (38)(231)
Effect of changes in equity (net amount)₩216,841 ₩(20,367)₩3,869 
41.    Events After the Reporting Period
(1)    The Group has decided to acquire treasury stocks (₩250,000 million) in accordance with a resolution of the Board of Directors dated February 10, 2026, to implement the ‘Corporate Value-Up Plan’.
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Notes to the Consolidated Financial Statements
December 31, 2023, 2024 and 2025
(2)    The Group issued the following bonds after the end of the reporting period, and the details are as follows.
(in millions of Korean won)
TypeIssued DateAnnual interest
 rates		MaturityFace value
The 203-1st Public bondMar. 4, 20263.487%Mar. 4, 2029₩160,000 
The 203-2nd Public bondMar. 4, 20263.619%Mar. 4, 203150,000 
The 203-3rd Public bondMar. 4, 20263.910%Mar. 4, 203650,000 
The 203-4th Public bondMar. 4, 20264.018%Mar. 4, 204640,000 
F-117

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