Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

WOORI FINANCIAL GROUP INC.

	Page(s)
Independent Auditors’ Review Report		1-2
Consolidated Interim Financial Statements
Consolidated Interim Statements of Financial Position		4
Consolidated Interim Statements of Comprehensive Income		5-6
Consolidated Interim Statements of Changes in Equity		7
Consolidated Interim Statements of Cash Flows		8-9
Notes to the Consolidated Interim Financial Statements		10-122

Independent Auditors’ Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of Woori Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Woori Financial Group Inc. and its subsidiaries (collectively the “Group”), which comprise the condensed consolidated interim statement of financial position as of March 31, 2025, the condensed consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2025 and 2024 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of the condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Review Responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above are not present fairly in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.

Other Matters

The consolidated statement of financial position of the Group as of December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and our report thereon, dated March 5, 2025, expressed an unqualified opinion. The accompanying consolidated statement of financial position of the Group as of December 31, 2024, presented for comparative purposes, is not different from that audited by us from which it was derived in all material respects.

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The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial statements may differ from those generally accepted and applied in other countries.

/s/ KPMG Samjong Accounting Corp.

KPMG Samjong Accounting Corp.

Seoul, Korea

May 15, 2025

This report is effective as of May 15, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

The accompanying consolidated interim financial statements including all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

Main Office Address: (Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number) 02-2125-2000

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2025 (UNAUDITED) AND DECEMBER 31, 2024

	March 31, 2025			December 31, 2024
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4 and 6)		25,607,511			27,281,123
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and 20)		23,861,998			25,202,672
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 8, and 11)		43,011,641			43,797,745
Securities at amortized cost (Notes 4, 9, and 11)		19,064,424			19,203,177
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 35)		409,496,153			398,471,816
Investments in joint ventures and associates (Note 12)		1,748,778			1,748,810
Investment properties		459,539			450,788
Premises and equipment		3,358,169			3,370,585
Intangible assets		1,097,934			1,091,402
Assets held for sale		74,123			73,989
Net defined benefit asset (Note 18)		2,236			146,109
Current tax assets		57,146			61,613
Deferred tax assets		34,648			72,937
Derivative assets (Designated for hedging) (Notes 4,11 and 20)		182,420			175,191
Other assets (Notes 13 and 35)		4,639,544			4,605,363
Total assets		532,696,264			525,753,320
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 14 and 20)		8,504,791			9,896,597
Deposits due to customers (Notes 4,11,15 and 35)		368,475,940			366,821,156
Borrowings (Notes 4, 11 and 16)		30,378,783			30,117,031
Debentures (Notes 4, 11 and 16)		46,952,728			48,207,103
Provisions (Notes 17, 34 and 35)		612,004			611,428
Net defined benefit liability (Note 18)		39,940			5,424
Current tax liabilities		260,508			127,126
Deferred tax liabilities		775,165			858,822
Derivative liabilities (Designated for hedging) (Notes 4,11 and 20)		85,618			102,815
Other financial liabilities (Notes 4, 11, 19 and 35)		40,260,070			32,314,051
Other liabilities (Notes 19 and 35)		827,715			796,498
Total liabilities		497,173,262			489,858,051
EQUITY
Owners’ equity (Note 22)
Capital stock		3,802,676			3,802,676
Hybrid securities		3,411,343			3,810,435
Capital surplus		934,100			934,100
Other equity		(1,402,861	)		(1,400,885	)
Retained earnings		26,982,519			26,950,510
		33,727,777			34,096,836
Non-controlling interests		1,795,225			1,798,433
Total equity		35,523,002			35,895,269
Total liabilities and equity		532,696,264			525,753,320

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month periods ended March 31
	2025			2024
	(Korean Won in millions)
Interest income		5,305,169			5,469,501
Financial assets at FVTPL		55,959			57,653
Financial assets at FVTOCI		351,396			304,500
Financial assets at amortized cost		4,897,814			5,107,348
Interest expense		(3,053,178	)		(3,271,298	)
Net interest income (Notes 24 and 35)		2,251,991			2,198,203
Fees and commissions income		708,971			689,674
Fees and commissions expense		(197,537	)		(186,743	)
Net fees and commissions income (Notes 25 and 35)		511,434			502,931
Dividend income (Notes 26 and 35)		69,824			66,782
Net gain on financial instruments at FVTPL (Notes 27)		202,368			515,607
Net gain on financial assets at FVTOCI (Notes 28)		33,257			20,476
Net gain arising on financial assets at amortized cost		19,805			46,119
Impairment losses due to credit loss (Notes 29 and 35)		(435,501	)		(366,512	)
General and administrative expense (Notes 30 and 35)		(1,306,172	)		(1,031,667	)
Other net operating expense (Notes 20, 30 and 35)		(477,743	)		(801,250	)
Operating income (Note 5)		869,263			1,150,689
Share of gain of joint ventures and associates (Note 12)		10,035			5,509
Other non-operating income and expense		(14,703	)		(12,241	)
Non-operating income and expense (Note 31)		(4,668	)		(6,732	)
Net income before income tax expense		864,595			1,143,957
Income tax expense (Note 32)		(210,039	)		(305,046	)
Net income		654,556			838,911
Net gain(loss) on valuation of equity securities at FVTOCI		28,987			(55,752	)
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		26			446
Changes in capital due to equity method		(1,110	)		(1,433	)
Remeasurement gain(loss) related to defined benefit plan		(114,782	)		(18,501	)
Items that will not be reclassified to profit or loss:		(86,879	)		(75,240	)
Net gain(loss) on valuation of debt securities at FVTOCI		49,642			(19,193	)
Changes in capital due to equity method		1,486			(5,830	)
Net gain(loss) on foreign currency translation of foreign operations		(425	)		127,258
Net gain(loss) on valuation of hedges of net investments in foreign operations		2,226			(36,488	)
Net gain(loss) on valuation of cash flow hedge		1,727			5,681
Items that may be reclassified to profit or loss:		54,656			71,428
Other comprehensive income (loss), net of tax		(32,223	)		(3,812	)
Total comprehensive income		622,333			835,099

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month periods ended March 31
	2025		2024
	(Korean Won in millions)
Net income attributable to:		654,556		838,911
Net income attributable to owners		616,691		824,001
Net income attributable to non-controlling interests		37,865		14,910
Total comprehensive income attributable to:		622,333		835,099
Comprehensive income attributable to owners		588,070		816,769
Comprehensive income attributable to non-controlling interests		34,263		18,330
Earnings per share (Note 33)
Basic and diluted earnings per share (Unit: In Korean Won)		781		1,056

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

	Capital Stock		Hybrid securities			Capital surplus			Other equity			Retained earnings			Owners’ equity in total			Non- controlling interests			Total equity
	(Korean Won in millions)
January 1, 2024		3,802,676		3,611,129			935,563			(1,668,957	)		24,986,470			31,666,881			1,730,609			33,397,490
Total comprehensive income
Net income		—		—			—			—			824,001			824,001			14,910			838,911
Net loss on valuation of financial instruments at FVTOCI		—		—			—			(74,906	)		—			(74,906	)		(39	)		(74,945	)
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—			—			491			(491	)		—			—			—
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—			—			446			—			446			—			446
Changes in capital due to equity method		—		—			—			(7,263	)		—			(7,263	)		—			(7,263	)
Gain(loss) on foreign currency translation of foreign operations		—		—			—			123,793			—			123,793			3,465			127,258
Loss on valuation of hedges of net investments in foreign operations		—		—			—			(36,488	)		—			(36,488	)		—			(36,488	)
Gain on valuation of cash flow hedge		—		—			—			5,681			—			5,681			—			5,681
Remeasurement loss related to defined benefit plan		—		—			—			(18,495	)		—			(18,495	)		(6	)		(18,501	)
Transactions with owners
Dividends to common stocks		—		—			—			—			(479,057	)		(479,057	)		(3,460	)		(482,517	)
Changes in treasury stocks		—		—			7			—			(136,689	)		(136,682	)		—			(136,682	)
Issuance of hybrid securities		—		399,012			—			—			—			399,012			—			399,012
Dividends to hybrid securities		—		—			—			—			(35,259	)		(35,259	)		(11,263	)		(46,522	)
Changes in subsidiaries’ capital		—		—			—			1,695			(1,695	)		—			—			—
Others		—		—			(7,910	)		40			(7	)		(7,877	)		(33,660	)		(41,537	)
March 31, 2024 (Unaudited)		3,802,676		4,010,141			927,660			(1,673,963	)		25,157,273			32,223,787			1,700,556			33,924,343
January 1, 2025		3,802,676		3,810,435			934,100			(1,400,885	)		26,950,510			34,096,836			1,798,433			35,895,269
Total comprehensive income
Net income		—		—			—			—			616,691			616,691			37,865			654,556
Net gain on valuation of financial instruments at FVTOCI		—		—			—			78,514			—			78,514			115			78,629
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—			—			996			(996	)		—			—			—
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—			—			26			—			26			—			26
Changes in capital due to equity method		—		—			—			376			—			376			—			376
Gain(loss) on foreign currency translation of foreign operations		—		—			—			3,295			—			3,295			(3,720	)		(425	)
Loss on valuation of hedges of net investments in foreign operations		—		—			—			2,226			—			2,226			—			2,226
Gain on valuation of cash flow hedge		—		—			—			1,727			—			1,727			—			1,727
Remeasurement loss related to defined benefit plan		—		—			—			(114,785	)		—			(114,785	)		3			(114,782	)
Transactions with owners
Dividends to common stocks		—		—			—			—			(488,076	)		(488,076	)		(992	)		(489,068	)
Changes in treasury stocks		—		—			—			(25,641	)		—			(25,641	)		—			(25,641	)
Dividends to hybrid securities		—		—			—			—			(39,506	)		(39,506	)		(36,457	)		(75,963	)
Redemption of hybrid securities		—		(399,092	)		—			(908	)		—			(400,000	)		—			(400,000	)
Transfer of redemption loss of hybrid securities to retained earnings		—		—			—			2,456			(2,456	)		—			—			—
Changes in subsidiaries’ capital		—		—			—			49,742			(49,742	)		—			—			—
Others		—		—			—			—			(3,906	)		(3,906	)		(22	)		(3,928	)
March 31, 2025 (Unaudited)		3,802,676		3,411,343			934,100			(1,402,861	)		26,982,519			33,727,777			1,795,225			35,523,002

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month periods ended March 31
	2025			2024
	(Korean Won in millions)
Cash flows from operating activities :
Net income		654,556			838,911
Adjustments to net income:
Income tax expense		210,039			305,046
Interest income		(5,305,169	)		(5,469,501	)
Interest expense		3,053,178			3,271,298
Dividend income		(69,824	)		(66,782	)
		(2,111,776	)		(1,959,939	)
Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI		18			—
Impairment loss due to credit loss		435,501			366,512
Loss on other provisions		2,400			12,207
Retirement benefit		36,183			32,118
Depreciation and amortization		309,434			275,993
Net loss on foreign currency translation		20,345			449,838
Loss on derivatives (designated for hedge)		3,734			43,316
Loss on fair value hedge		45,158			8,948
Loss on valuation of investments in joint ventures and associates		6,190			9,340
Loss on disposal of investments in joint ventures and associates		191			9
Loss on disposal of Premises and equipment, intangible assets and other assets		387			843
Impairment loss on Premises and equipment, intangible assets and other assets		282			1,271
Other losses		9,038			—
		868,861			1,200,395
Deductions of income not involving cash inflows:
Gain on financial instruments at FVTPL		373,656			132,871
Gain on financial assets at FVTOCI		33,275			20,476
Gain on other provisions		297			2,565
Gain on derivatives (designated for hedge)		59,068			46,788
Gain on fair value hedge		2,067			39,890
Gain on valuation of investments in joint ventures and associates		16,226			14,849
Gain on disposal of investments in joint ventures and associates		16			312
Gain on disposal of Premises and equipment, intangible assets and other assets		375			299
Reversal of impairment loss on Premises and equipment, intangible assets and other assets		20			20
		485,000			258,070
Changes in operating assets and liabilities:
Financial instruments at FVTPL		669,055			429,527
Loans and other financial assets at amortized cost		(11,084,919	)		(5,154,266	)
Other assets		(197,519	)		(395,578	)
Deposits due to customers		1,592,216			(4,291,223	)
Provisions		26,495			(172,871	)
Net defined benefit liability		(12,886	)		(7,009	)
Other financial liabilities		7,407,502			7,224,396
Other liabilities		32,374			10,113
		(1,567,682	)		(2,356,911	)
Interest income received		5,249,474			5,448,781
Interest expense paid		(2,966,081	)		(3,028,527	)
Dividends received		55,405			25,489
Income tax paid		(107,726	)		(130,868	)
		2,231,072			2,314,875
Net cash outflow from operating activities		(409,969	)		(220,739	)

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month periods ended March 31
	2025			2024
	(Korean Won in millions)
Cash flows from investing activities
Net cash out-flows from losing control		—			(844	)
Disposal of financial instruments at FVTPL		3,211,629			5,307,441
Acquisition of financial instruments at FVTPL		(3,599,755	)		(5,750,853	)
Disposal of financial assets at FVTOCI		8,735,912			6,899,627
Acquisition of financial assets at FVTOCI		(7,893,050	)		(4,582,493	)
Redemption of securities at amortized cost		1,167,352			1,202,353
Acquisition of securities at amortized cost		(1,005,252	)		(259,142	)
Cash outflows from changes in subsidiaries		(154,953	)		(146,255	)
Disposal of investments in joint ventures and associates		17,773			43,034
Acquisition of investments in joint ventures and associates		(31,525	)		(122,280	)
Disposal of Premises and equipment		424			3,922
Acquisition of Premises and equipment		(21,559	)		(36,818	)
Disposal of intangible assets		34			5,384
Acquisition of intangible assets		(55,797	)		(40,732	)
Disposal of assets held for sale		1			2,520
Net increase(decrease) of other assets		20,298			(50,550	)
Net cash inflow from investing activities		391,532			2,474,314
Cash flows from financing activities:
Net cash in(out)-flows from hedging activities		32,863			5,709
Net increase(decrease) in borrowings		189,432			(1,518,153	)
Issuance of debentures		5,577,523			8,158,563
Redemption of debentures		(6,920,431	)		(8,002,791	)
Redemption of lease liabilities		(74,383	)		(40,570	)
Net increase of other liabilities		(116	)		29
Acquisition of treasury stocks		(20,673	)		(136,711	)
Disposal of treasury stocks		—			70
Issuance of hybrid securities		—			399,012
Redemption of hybrid securities		(400,000	)		—
Dividends paid to hybrid securities		(75,963	)		(46,522	)
Dividends paid to non-controlling interest		(992	)		(3,460	)
Changes in non-controlling interests		—			(41,374	)
Net increase(decrease) in non-controlling equity liabilities		375			(2,807	)
Net cash outflow from financing activities		(1,692,365	)		(1,229,005	)
Effects of exchange rate changes on cash and cash equivalents		37,190			353,096
Net increase(decrease) in cash and cash equivalents		(1,673,612	)		1,377,666
Cash and cash equivalents, beginning of the period		27,281,123			30,556,618
Cash and cash equivalents, end of the Period (Note 6)		25,607,511			31,934,284

The accompanying notes are part of these condensed consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

1. GENERAL

(1) Summary of the Parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Parent company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter referred to as the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital stock is 3,802,676 million Won. The Parent company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer between the Parent company and subsidiaries as of Incorporation are as follows (Unit: Number of shares)

Stock transfer company	Total number of issued shares		Exchange ratio per share		Number of Parent company’s stocks
Woori Bank		676,000,000		1.0000000		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

As of August 1, 2019, the Parent company acquired a 73% interest in Tongyang Asset Management Co., Ltd. and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Parent company gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.

The Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On the same date, the Parent company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Parent company acquired a 67.2% interest (excluding treasury stocks, 51% interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and added it as a consolidated subsidiary at the end of 2019. As of March 31, 2023, it acquired an additional 28.1% interests (excluding treasury stock, 21.3% in the case of including treasury stock).

The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks) interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In addition, as of April 15, 2021, the Parent company acquired 13.3% interests (excluding treasury stock, 12.9% when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Parent company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.

The Parent company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.

As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Parent company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

As of January 7, 2022, the Parent company established Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies (100% interest, 200 billion Won in stock payments) and included it as a subsidiary.

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0% interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.), and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.

As of August 8, 2023, the Parent company paid 22,541,465 new shares of the Parent company to the shareholders of Woori Investment Bank Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a wholly owned subsidiary. In addition, on the same day, the Parent company paid 9,933,246 new shares of the Parent company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners Co., Ltd., to make it a wholly owned subsidiary.

The Parent company’s percentage of ownership in Woori Asset Management Corp. after the merger between Woori Asset Management Corp. (the surviving company) and Woori Global Asset Management Co., Ltd. (the merged company) is 77.5%. On March 29, 2024, the Parent company acquired the remaining shares (22.5%) of Woori Asset Management Corp., pursuant to which Woori Asset Management Corp. became a wholly-owned subsidiary of the parent company.

On March 25, 2024, the Parent company participated in the capital increase amount and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd. Additionally, on March 29, 2024, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Parent company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd. As of November 19, 2024, the Parent company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd.

On August 1, 2024, The Company owned 97.1% interest in merged securities firm as a result of merger between Korea Foss Securities (the surviving company) and Woori Investment Bank Co., Ltd. (dissolution company), and acquired an additional 2.3% out of the remaining interest. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

(2) Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of March 31, 2025 and December 31, 2024 are as follows:

			Percentage of ownership (%)				Location		Financial statements date
Subsidiaries	Main business		March 31, 2025		December 31, 2024
Held by Woori Financial Group Inc.
Woori Bank		Bank		100.0		100.0		Korea	March 31
Woori Card Co., Ltd.		Finance		100.0		100.0		Korea	March 31
Woori Financial Capital Co., Ltd.		Finance		100.0		100.0		Korea	March 31
Woori Investment Securities Co., Ltd. (*1)		Securities brokerage		99.5		99.5		Korea	March 31
Woori Asset Trust Co., Ltd.		Real estate trust		99.6		99.6		Korea	March 31
Woori Savings Bank		Mutual saving bank		100.0		100.0		Korea	March 31
Woori Financial F&I Co., Ltd.		Finance		100.0		100.0		Korea	March 31
Woori Asset Management Corp. (*1)		Finance		100.0		100.0		Korea	March 31
Woori Venture Partners		Other financial services		100.0		100.0		Korea	March 31
Woori Private Equity Asset Management Co., Ltd.		Finance		100.0		100.0		Korea	March 31
Woori Credit Information Co., Ltd.		Credit information		100.0		100.0		Korea	March 31
Woori Fund Service Co., Ltd.		Financial support service business		100.0		100.0		Korea	March 31
Woori FIS Co., Ltd.		System software development & maintenance		100.0		100.0		Korea	March 31
Woori Finance Research Institute Co., Ltd.		Other service business		100.0		100.0		Korea	March 31
Held by Woori Bank
Woori America Bank		Finance		100.0		100.0		America	March 31
Woori Global Markets Asia Limited		Finance		100.0		100.0		Hong Kong	March 31

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Woori Bank China Limited	Finance		100.0		100.0	China	March 31
AO Woori Bank (*7)	Finance		100.0		100.0	Russia	March 31
PT Bank Woori Saudara Indonesia 1906 Tbk	Finance		90.8		90.8	Indonesia	March 31
Banco Woori Bank do Brasil S.A.	Finance		100.0		100.0	Brazil	March 31
Korea BTL Infrastructure Fund	Finance		99.9		99.9	Korea	March 31
Woori Finance Myanmar Co., Ltd.	Finance		100.0		100.0	Myanmar	March 31
Wealth Development Bank	Finance		51.0		51.0	Philippines	March 31
Woori Bank Vietnam Limited	Finance		100.0		100.0	Vietnam	March 31
Woori Bank (Cambodia) PLC	Finance		100.0		100.0	Cambodia	March 31
Woori Bank Europe	Finance		100.0		100.0	Germany	March 31
KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*2)	Asset securitization		15.0		15.0	Korea	March 31
Jeonju Iwon Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Wonju I one Inc. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Heitz Third Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori hansoop 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori QS 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Dream 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori K 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Display 3rd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Quantum Jump the 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HW 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Dream 3rd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori SJS 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
SPG the 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori-HWC 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HC 3rd Co., Ltd. (*2).	Asset securitization		0.0		0.0	Korea	March 31
Woori Park I 1st co., Ltd (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HC 4th Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori SKR 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori H chemical 1st Co., Ltd (*2)	Asset securitization		0.0		0.0	Korea	March 31
HE the 1st Co.,Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Hub The 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori K The 3rd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori KF 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori L Yongsan 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HC 5th Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Lotte Dongtan 1st Co., Ltd. (*2)(*5)	Asset securitization		—		0.0	Korea	—
Woori HC 6th Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HO 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori ESG 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Osiria 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Gangnam Landmark 2nd Co., Ltd(*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HP the 1st co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori KF 2nd Co., Ltd.(*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HD 1st co., Ltd.(*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori ST 1st co., Ltd.(*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori HW 2nd co., Ltd.(*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Mirae 1st co., Ltd.(*2) (*5)	Asset securitization		—		0.0	Korea	—
Woori HR 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori QS 2nd Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori Plasma 1st Co., Ltd. (*2)	Asset securitization		0.0		0.0	Korea	March 31
Woori EUGENE 1st Co., Ltd (*2)	Asset securitization		0.0		0.0	Korea	March 31
WOORIWON 1ST, CO,. LIMITED. (*2)	Asset securitization		0.0		0.0	Korea	March 31
WOORI ENERBILITY 1ST, CO,. LIMITED. (*2)	Asset securitization		0.0		0.0	Korea	March 31
WOORI HL 1ST, CO,. LIMITED. (*2)	Asset securitization		0.0		0.0	Korea	March 31
WOORI SEOUL STATION AREA 1ST, CO,. LTD. (*2)	Asset securitization		0.0		0.0	Korea	March 31

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Heungkuk Global Private Placement Investment Trust No. 1 (*3)	Securities investment and others		98.8		98.8	Korea	March 31
AI Partners UK Water Supply Private Placement Investment Trust No.2 (*3)	Securities investment and others		97.3		97.3	England	March 31
Multi Asset Global Real Estate Investment Trust No. 5-2 (*3)	Securities investment and others		99.0		99.0	Korea	March 31
IGIS Australia Investment Trust No. 209-1 (*3)	Securities investment and others		99.4		99.4	Korea	March 31
Woori Global Secondary Private Placement Investment Trust No. 1 (*3)	Securities investment and others		98.8		98.8	Korea	March 31
JB Airline Private Placement Investment Trust No.8 (*3)	Securities investment and others		97.0		97.0	Korea	March 31
Kiwoom Harmony Private Placement Investment Trust No. 2 (*3)	Securities investment and others		97.5		97.3	Korea	March 31
Kiwoom Harmony Private Placement Investment Trust No. 1 (*3)	Securities investment and others		97.4		97.4	Korea	March 31
Kiwoom Harmony Private Placement Investment Trust No. 4 (*3)	Securities investment and others		96.2		96.2	Korea	March 31
Principal Guaranteed Trust (*4)	Trust		0.0		0.0	Korea	March 31
Principal and Interest Guaranteed Trust (*4)	Trust		0.0		0.0	Korea	March 31
Held by Multi Asset Global Real Estate Investment Trust No. 5-2 MAGI No.5 LuxCo S.a.r.l.	Asset securitization		54.6		54.6	Luxembourg	March 31
Held by MAGI No.5 LuxCo S.a.r.l. ADP 16 Brussels	Asset securitization		100.0		100.0	Belgium	March 31
Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1:
Woori Global Infrastructure Development Co., Ltd.	Other financial services		100.0		100.0	Korea	March 31
Namyangju Resource Circulation Facility Development Co., Ltd.	Other professional services		100.0		100.0	Korea	March 31
Held by Woori Card Co., Ltd.
TUTU Finance –WCI Myanmar Co., Ltd.	Finance		100.0		100.0	Myanmar	March 31
PT Woori Finance Indonesia Tbk.	Finance		84.5		84.5	Indonesia	March 31
Woori Card 2021-1 Asset Securitization Specialty Co., Ltd. (*2) (*5)	Asset securitization		—		0.5	Korea	—
Woori Card 2022-1 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		0.5		0.5	Korea	March 31
Woori Card 2022-2 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		0.5		0.5	Korea	March 31
Woori Card 2023-1 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		0.5		0.5	Korea	March 31
Woori Card 2023-2 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		0.5		0.5	Korea	March 31
Woori Card 2024-1 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		0.5		0.5	Korea	March 31

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Held by Woori Financial Capital Co., Ltd.
Specified Money Market Trust	Trust		100.0		100.0	Korea	March 31
Held by Woori Investment Securities Co., Ltd.
Seari Second Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
Namjong 1st Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
Bukgeum First Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
Bukgeum Second Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WS1909 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WS2003 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WS2006 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WH2103 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WN2103 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WH2106 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
Held by Woori Asset Management Corp.
Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid) (*3) (*5)	Securities investment and others		—		89.5	Korea	—
Woori China Convertible Bond Master Fund (*3) (*5)	Securities investment and others		—		63.3	Korea	—
Woori Together TDF 2040 (*3)	Securities investment and others		32.8		34.3	Korea	March 31
Woori Together TDF 2045 (*3)	Securities investment and others		53.9		56	Korea	March 31
Woori Together TDF 2050 (*3)(*5)	Securities investment and others		—		31.5	Korea	—
Woori Rooftop Solar Private Special Asset Investment Trust No.1 (*3)	Securities investment and others		40.1		40.1	Korea	March 31
Woori Didim US Technology and Bio-Healthcare Feeder Investment Trust (*3) (*5)	Securities investment and others		—		44.6	Korea	—
Woori US Billionaire Equity Master Investment Trust (*3) (*10)	Securities investment and others		100.0		—	Korea	March 31
Woori US Billionaire Equity EMP Feeder Investment Trust (H) ClassC-F (*3) (*10)	Securities investment and others		81.2		—	Korea	March 31
Woori US Billionaire Equity EMP Feeder Investment Trust (UH) ClassC-F (*3) (*10)	Securities investment and others		98.0		—	Korea	March 31
Woori Total Bond Market Master Investment Trust (*3) (*10)	Securities investment and others		100.0		—	Korea	March 31
Woori Short Term Bond Master Investment Trust (*3) (*10)	Securities investment and others		100.0		—	Korea	March 31
Held by Woori Financial F&I Co., Ltd.
WI2203 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WM2203 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WNI2206 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
WI2209 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WN2212 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WK2212 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WH2306 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WN2306 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WNKN2309 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WB2309 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WI2311 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WSB2312 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WK2312 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WBS2312 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WK2403 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WH2403 Securitization Specialty Co., Ltd.(*2)	Asset securitization		5.0		5.0	Korea	March 31
WSB2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WK2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WI2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WKN2406 Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WS2409 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WSB2409 Asset Securitization Specialty Co., Ltd. (*2)	Asset securitization		5.0		5.0	Korea	March 31
WDSB2503 Asset Securitization Specialty Co., Ltd. (*2) (*10)	Asset securitization		5.0		—	Korea	March 31
VOGO DL General Private Equity Investment Trust 1 (*3)	Securities investment and others		99.8		99.8	Korea	March 31
WFBS 1st Corporate Recovery Private Equity Fund	Finance		96.2		96.2	Korea	March 31
Held by Woori Venture Partners Co., Ltd.
Woori Venture Partners US	Other financial services		100.0		100.0	America	March 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Private Equity Asset Management Co., Ltd. (*6)
Green ESG Growth No.1 Private Equity Fund (*3)	Securities investment and others		34.7		34.8	Korea	March 31
Woori New Growth Credit Fund 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori PE Secondary Fund 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Held by Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)
Japanese Hotel Real Estate Private Equity Fund 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Woori Savings Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (*3)	Securities investment and others		90.0		90.0	Korea	March 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (*3)	Securities investment and others		85.0		85.0	Korea	March 31
Woori Innovative Growth New Deal Private Investment Trust No.3 (*3)	Securities investment and others		94.3		94.3	Korea	March 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Securities Co., Ltd. (*6)
Woori GP Commitment Loan General Type Private Investment Trust No.1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori Equity Bridge Loan General Type Private Investment Trust No.1 (*3)	Securities investment and others		80.0		80.0	Korea	March 31
Woori GP Commitment Loan General Type Private Investment Trust No.2 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori GP Commitment Loan General Type Private Investment Trust No.3 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori Junior Equity General Type Private Investment Trust (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Management Corp. (*6)
Woori New Deal(Infrastructure) Policy Fund No.1 (*3)	Securities investment and others		70.0		70.0	Korea	March 31
Held by Woori bank and Woori Investment Securities Co., Ltd. (*6)
Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust No.1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori NorthAmerica Infra Private Placement Investment Trust No. 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori General Type Private Real Estate Investment Trust No.2 (*3)	Securities investment and others		30.1		30.1	Korea	March 31

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Woori ESG Infrastructure Development General Type Private Investment Trust No.1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Held by Woori bank (*6)
Woori WooriBank Partners General Type Private Investment Trust No.1 (*3)	Securities investment and others		92.6		92.6	Korea	March 31
Woori General Type Private Real Estate Investment Trust No.1 (*3)	Securities investment and others		86.8		84.9	Korea	March 31
Woori Global Mid-market Secondary General Type Private Investment Trust No.1 (*3)	Securities investment and others		80.0		80.0	Korea	March 31
Woori Woori Bank Partners Professional Type Private Investment Trust No. 2 (*3)	Securities investment and others		90.9		90.9	Korea	March 31
Woori General Type Private Real Estate Investment Trust No.5 (*3)	Securities investment and others		87.0		87.0	Korea	March 31
Woori Senior Loan General Type Private Investment Trust No.2 (*3)	Securities investment and others		50.0		50.0	Korea	March 31
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (*3) (*5)	Securities investment and others		—		98.8	Korea	—
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*3)	Securities investment and others		99.9		99.9	Korea	March 31
Woori Clean Energy General Type Private Investment Trust No.2 (*3)	Securities investment and others		30.8		30.8	Korea	March 31
Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (*3)	Securities investment and others		50.0		50.0	Korea	March 31
Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust (*3)	Securities investment and others		40.0		40.0	Korea	March 31
Woori Partners General Private Investment Trust No. 3 (*3)	Securities investment and others		90.9		90.9	Korea	March 31
Woori Natixis Partnership Global Private Debt Fund No. 1-1(USD) (*3)	Securities investment and others		80.0		80.0	Korea	March 31
Woori Natixis Partnership Global Private Debt Fund No. 1-2(EUR) (*3)	Securities investment and others		80.0		80.0	Korea	March 31
Woori General Type Private Real Estate Investment Trust No.7 (*3)	Securities investment and others		87.0		87.0	Korea	March 31
Woori Senior Loan General Type Private Investment Trust No.3 (*3)	Securities investment and others		45.8		45.8	Korea	March 31
Held by Woori Bank and Woori Financial Capital Co., Ltd. (*6)
Woori Renewable New Deal Fund No.1 (*3)	Securities investment and others		60.0		60.0	Korea	March 31
Woori Equity Investment General Type Private Investment Trust No.1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*3)	Securities investment and others		100.0		100.0	Korea	March 31

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Woori Fund Financing General Type Private Investment Trust (*3)	Securities investment and others		99.7		99.7	Korea	March 31
Held by Woori Financial Capital Co., Ltd. (*6)
Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 (*3) (*5)	Securities investment and others		—		63.2	Korea	—
Held by Woori Bank and Woori Asset Management Corp. (*6)
Woori General Type Private Real Estate Investment Trust No.6 (*3)	Securities investment and others		85.8		85.8	Korea	March 31
Woori Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (*3)	Securities investment and others		46.4		46.4	Korea	March 31
Held by Woori bank, Woori Investment Securities Co., Ltd., and Woori Asset Management Corp. (*6)
Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori Real Estate Financial Stabilization General Private Investment Trust No. 2 (*3) (*10)	Securities investment and others		100.0		—	Korea	March 31
Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*6)
Woori FG Digital Investment Fund 1st (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Woori Financial Dino Lab Investment Association No. 1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Held by Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 and Woori Japan Investment Trust No. 1-2(*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.1 (*3) (*5) (*8)	Securities investment and others		—		100.0	Korea	—
Held by Woori Financial Capital Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.2-1 (*3)	Securities investment and others		100.0		100.0	Korea	March 31
Held by Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori Corporate Turnaround No.1 Private Equity Fund (*3)	Securities investment and others		36.4		36.4	Korea	March 31

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)				Location	Financial statements date
Subsidiaries	Main business	March 31, 2025		December 31, 2024
Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 and Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1(*6)
Woori Japan Private Placement Real Estate Master Investment Trust No.2 (*3) (*5) (*8)	Securities investment and others		—		100.0	Korea	—
Held by Woori Japan Private Placement Real Estate Master Investment Trust No.1
GK OK Chatan (*3) (*5)	Other financial services		—		99.9	Japan	—
Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*6)
Woori Private Placement Investment Trust No. 3 (*3) (*8)	Securities investment and others		76.5		76.5	Korea	March 31
Held by Woori Private Placement Investment Trust No. 3
GK Woorido (*3)	Other financial services		100.0		100.0	Japan	December 31 (*9)

(*1) The Company acquired additional shares of Woori Asset Trust Co., Ltd and Woori Asset Management Corp. for the year ended December 31, 2024. Additionally, The Group owned interest in Korea Foss Securities Co., Ltd. as a result of the merger between Korea Foss Securities Co., Ltd. (surviving company) and Woori Investment Bank Co., Ltd. (dissolution company) for the year ended December 31, 2024. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

(*2) The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*3) The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*4) The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*5) Companies are excluded from the consolidation as of March 31, 2025.

(*6) Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.

(*7) The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of March 31, 2025, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts.

(*8) As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.

(*9) As the financial statements for the end of the reporting period were not available, the most recent financial statements available from the date of settlement were used.

(*10) Companies are included in the consolidation during the three-month period ended March 31, 2025.

(3) The Group has not consolidated the following entities as of March 31, 2025 and December 31, 2024 despite having more than 50% ownership interest:

	As of March 31, 2025
Subsidiaries	Location		Main Business		Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)		Korea		Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)		Korea		Securities Investment		88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)		Korea		Securities Investment		97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)		Korea		Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)		Korea		Securities Investment		75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)		Korea		Securities Investment		66.7
Hangkang Sewage Treatment Plant Fund (*1)		Korea		Securities Investment		55.6

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	As of March 31, 2025
Subsidiaries	Location		Main Business		Percentage of ownership (%)
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)		Korea		Securities Investment		55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)		Korea		Securities Investment		58.3
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3)		Korea		Securities Investment		100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)		Korea		Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)		Korea		Securities Investment		99.5
KOTAM Global Infra Private Fund 1-4 (*2)		Korea		Securities Investment		99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)		Korea		Securities Investment		51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)		Korea		Securities Investment		50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)		Korea		Securities Investment		77.3
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)		Korea		Securities Investment		60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)		Korea		Securities Investment		65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)		Korea		Securities Investment		100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)		Korea		Securities Investment		60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)		Korea		Securities Investment		99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)		Korea		Securities Investment		97.7
Woori Asset Global Partnership Fund No.5 (*4)		Korea		Securities Investment		57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)		Korea		Securities Investment		76.9
Project Chile PMGD Solar (*2)		Korea		Securities Investment		75.2
NH-Amundi BXD Private Fund 2[FoF] (*2)		Korea		Securities Investment		77.8
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)		Korea		Securities Investment		55.0
Hangang Green Environment Private Placement Special Asset Investment Trust (*1)		Korea		Securities Investment		50.0

(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without any cause. Consequently, the Group has no controls as it exercises decision-making rights as agent.

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	As of December 31, 2024
Subsidiaries	Location		Main Business		Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)		Korea		Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)		Korea		Securities Investment		88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)		Korea		Securities Investment		97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)		Korea		Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)		Korea		Securities Investment		75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)		Korea		Securities Investment		66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)		Korea		Securities Investment		55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)		Korea		Securities Investment		55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)		Korea		Securities Investment		58.3
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] (*3)		Korea		Securities Investment		100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)		Korea		Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)		Korea		Securities Investment		99.5
KOTAM Global Infra Private Fund 1-4 (*2)		Korea		Securities Investment		99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)		Korea		Securities Investment		51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)		Korea		Securities Investment		50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)		Korea		Securities Investment		77.4
Consus Solar Energy Private Placement Investment Truns No.1 (*1)		Korea		Securities Investment		50.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)		Korea		Securities Investment		60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)		Korea		Securities Investment		65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)		Korea		Securities Investment		100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)		Korea		Securities Investment		60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)		Korea		Securities Investment		99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)		Korea		Securities Investment		97.7
Woori Asset Global Partnership Fund No.5 (*4)		Korea		Securities Investment		57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)		Korea		Securities Investment		76.9
Project Chile PMGD Solar (*2)		Korea		Securities Investment		75.2
NH-Amundi BXD Private Fund 2[FoF] (*2)		Korea		Securities Investment		77.8
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)		Korea		Securities Investment		55.0
Hangang Green Environment Private Placement Special Asset Investment Trust (*1)		Korea		Securities Investment		50.0

(*1) The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*2) The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest. The Group does not have the power over the fund’s activities even though the Group holds ownership interest.

(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.

- 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) The summarized financial information of the major subsidiaries is as follows. The financial information of each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):

	As of March 31, 2025				For the three-month period ended March 31, 2025
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		494,062,206		465,902,343		8,462,289		634,112			606,775
Woori Card Co., Ltd.		16,000,783		13,224,992		551,393		32,823			24,997
Woori Financial Capital Co., Ltd.		12,446,351		10,721,208		463,087		30,629			30,590
Woori Investment Securities Co., Ltd.		7,670,803		6,521,593		112,651		1,288			3,888
Woori Asset Trust Co., Ltd.		481,042		35,069		21,773		(13,809	)		(13,835	)
Woori Savings Bank		1,770,976		1,572,835		33,838		3,664			3,895
Woori Financial F&I Co., Ltd.		1,236,547		895,832		22,907		3,248			3,248
Woori Asset Management Corp.		192,894		28,387		15,915		3,848			3,892
Woori Venture Partners Co., Ltd.		342,294		14,624		4,728		(25	)		(35	)
Woori Private Equity Asset Management Co., Ltd.		102,393		6,401		2,809		358			417
Woori Credit Information Co., Ltd.		42,336		5,981		9,145		(591	)		(591	)
Woori Fund Service Co., Ltd.		31,035		3,120		4,391		953			953
Woori FIS Co., Ltd.		55,942		9,781		47,654		(607	)		(612	)
Woori Finance Research Institute Co., Ltd.		7,346		3,865		2,185		(284	)		(290	)

	As of December 31, 2024				For the three-month period ended March 31, 2024
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		485,888,941		456,944,053		11,719,621		789,472			771,705
Woori Card Co., Ltd.		16,613,482		13,828,816		555,586		29,005			35,212
Woori Financial Capital Co., Ltd.		12,770,681		11,045,686		422,821		32,964			33,093
Woori Investment Bank Co., Ltd.		7,186,431		6,041,109		114,755		12,631			15,689
Woori Asset Trust Co., Ltd.		499,279		39,470		25,502		7,959			7,936
Woori Savings Bank		1,874,624		1,680,378		36,634		1,305			1,305
Woori Financial F&I Co., Ltd.		1,251,854		914,388		16,402		1,383			1,383
Woori Asset Management Corp.		203,232		39,077		14,890		2,471			2,473
Woori Venture Partners Co., Ltd.		350,066		15,060		7,498		2,040			2,322
Woori Private Equity Asset Management Co., Ltd.		101,164		5,589		3,018		320			323
Woori Credit Information Co., Ltd.		43,985		6,555		10,410		536			536
Woori Fund Service Co., Ltd.		31,154		2,799		4,416		1,434			1,434
Woori FIS Co., Ltd.		58,868		12,094		50,334		(760	)		(651	)
Woori Finance Research Institute Co., Ltd.		7,663		3,892		2,122		(159	)		(166	)

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(5) The financial support that the Group provides to consolidated structured entities is as follows:

- Structured entity for asset securitization

The structured entity which is established for the purpose of securitization of project financing loans, corporate bonds, and other financial assets. The Group is involved with the structured entity through provision of credit facility over asset-backed commercial papers issued by the entity, originating loans directly to the structured entity, or purchasing 100% of the subordinated debts issued by the structured entity.

- Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires beneficiary certificates through its contribution of funding to the structured entity by the Group, and it is exposed to the risk that it may not be able to recover its fund depending on the result of investment performance of asset managers of the structured entity.

- Money trust under the Financial Investment Services and Capital Markets Act

The Group provides with financial guarantee of principal and interest or solely principal to some of its trust products. Due to the financial guarantees, the Group may be obliged when the principal and interest or principal of the trust product sold is short of the guaranteed amount depending on the result of investment performance of the trust product.

As of March 31, 2025 and December 31, 2024, the Group provides 2,175,093 million Won and 2,166,871 million Won of credit facilities, respectively, for the structured entities mentioned above. As of March 31, 2025 and December 31, 2024, the purchase commitment amounts to 2,707,483 million Won and 2,817,626 million Won, respectively.

- 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(6) As of March 31, 2025 and December 31, 2024, the share of non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in millions):

1) Accumulated non-controlling interests at the end of the reporting period

	March 31, 2025		December 31, 2024
Woori Bank (*)		1,645,947		1,645,947
Woori Investment Securities Co., Ltd.		5,567		5,571
Woori Asset Trust Co., Ltd.		1,844		1,901
PT Bank Woori Saudara Indonesia 1906 Tbk		101,208		104,023
Wealth Development Bank		23,971		23,975
PT Woori Finance Indonesia Tbk.		15,852		16,179

(*) Hybrid securities issued by Woori Bank

2) Net income attributable to non-controlling interests

	For the three-month periods ended March 31
	2025			2024
Woori Bank (*)		36,457			11,263
Woori Investment Securities Co., Ltd.		6			—
Woori Asset Trust Co., Ltd.		(57	)		310
Woori Asset Management Corp		—			531
PT Bank Woori Saudara Indonesia 1906 Tbk		1,248			2,238
Wealth Development Bank		(151	)		270
PT Woori Finance Indonesia Tbk.		353			290

(*) Distribution of the hybrid securities issued by Woori Bank

3) Dividends to non-controlling interests

	For the three-month periods ended March 31
	2025		2024
Woori Bank (*)		36,457		11,263
PT Bank Woori Saudara Indonesia 1906 Tbk		983		3,450
Others		9		10

(*) Distribution of the hybrid securities issued by Woori Bank

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The accompanying consolidated interim financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Group’s condensed consolidated interim financial statements are condensed interim financial statements prepared in applying International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) 1034 Interim Finance Reporting for some of periods in which the annual consolidated financial statements belong. It is necessary to use the Group’s annual consolidated financial statements for the year ended December 31, 2024 for understanding of the accompanying condensed consolidated interim financial statements. The accompanying condensed consolidated interim financial statements contain less information compared to the information required in the annual financial statements. Selective footnotes include explanations of transactions or events that are significant for understanding the changes in the financial position and performance of the Group since the end of the previous annual reporting period.

(1) From the accounting period beginning on January 1, 2025, the Group has newly applied the following standards and interpretations.

1) Amendments to Korean IFRS 1021 The Effects of Changes in Foreign Exchange Rates and 1101 First-time Adoption of International Financial Reporting Standards – Lack of Exchangeability

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments should be applied for annual periods beginning on or after January 1, 2025, and earlier application is permitted. The amendments do not have a significant impact on the financial statements.

(2) The details of K-IFRSs that have been issued and published since January 1, 2025 but have not yet reached the effective date are as follows:

1) Amendments to Korean IFRS 1109 Financial Instruments, Korean IFRS 1107 Financial Instruments: Disclosures

Korean IFRS 1109 Financial Instruments and Korean IFRS 1107 Financial Instruments: Disclosures have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group is in review for the impact of these amendments on the financial statements.

• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

• add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and

• update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2) Annual Improvements to Korean IFRS -Volume 11

Annual Improvements to Korean IFRS -Volume 11 should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group does not expect the amendments to have a significant impact on the financial statements.

• Korean IFRS 1101 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter

• Korean IFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition and implementation guidance

• Korean IFRS 1109 Financial Instruments: Derecognition of lease liabilities and definition of transaction price

• Korean IFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’

• Korean IFRS 1007 Statement of Cash Flows: Cost method

(3) Material accounting policies and method of computation used in the preparation of the condensed interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2024, except for the one described below.

- Income tax expense

Income tax expense for the interim period is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate is applied to the pre-tax income.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Material accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results.

In preparing interim financial statements, management must apply accounting policies and make judgments, estimates and assumptions that affect assets/liabilities and income/expenses. Therefore, actual results may differ from these estimates.

The significant judgments made by management in applying the accounting policies and key sources of estimation uncertainty for the preparation of interim financial statements are consistent with those made for the annual consolidated financial statements for the year ended December 31, 2024.

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

4. RISK MANAGEMENT

The Group is exposed to various risks that may arise from its operating activities and the main types of risks are credit risk, market risk, liquidity risk and etc. The Risk Management Organization analyzes and assesses the level of complex risks in order to manage the risks and the risk management standards such as policies, regulations, management systems and decision-making have been established and operated for sound management of the Group.

The risk management organization is operated by Risk Management Committee, Chief Risk Officer(CRO), and Risk Management Department. The Board of Directors operates a Risk Management Committee comprised of outside directors for professional risk management. The Risk Management Committee plays a role as the top decision-making body in risk management by establishing basic policies for risk management that are in line with the Group’s management strategy and determining the risk level that the Group is willing to take.

The Chief Risk Officer (CRO) assists the Risk Management Committee and operates a Group Risk Management Council comprised of risk management managers of subsidiaries to periodically check and improve the risk burden of external environments and the Group. The risk management department is independent and is in charge of risk management of the Group. It also supports reporting and decision-making of key risk-related issues.

(1) Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

To measure credit risk, the Group considers the possibility of failure in performing the obligation by the counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss. The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when assessing the obligor’s credit rating, other than quantitative methods utilizing financial statements and others, and assessor’s judgement, the Group utilizes credit rating derived using statistical methods.

In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor, company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when approving the loan.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2) Measurement of expected credit loss

K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or lifetime expected credit losses after classifying financial assets into one of the three stages, depending on the degree of increase in credit risk since their initial recognition.

Classification	Stage 1	Stage 2	Stage 3
Definition	No significant increase in credit risk after initial recognition (*)	Significant increase in credit risk after initial recognition	Credit- impaired
Loss allowance	12-month expected credit losses	Lifetime expected credit losses
	Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date	Expected credit losses that result from all possible default events over the life of the financial instrument

(*) If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that the credit risk has not increased significantly since initial recognition.

At the end of each reporting period the Group assesses whether credit risk has significantly been increased since the date of initial recognition. The Group assesses whether the credit risk has increased significantly since initial recognition by using credit rating, asset quality level, early warning system, days past due and others. For financial assets whose contractual cash flows have been modified, the Group assesses whether there is a significant increase in credit risk on the same basis.

The Group performs the below assessment to both corporate and retail exposures, and indicators of significant increase in credit risk are as follows:

Corporate Exposures	Retail Exposures
Asset quality level ‘Precautionary’ or lower	Asset quality level ‘Precautionary’ or lower
More than 30 days past due	More than 30 days past due
‘Warning’ level in early warning system	Significant decrease in credit rating(*)
Debtor experiencing financial difficulties (Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors)	Deferment of repayment of principal and interest
Significant decrease in credit rating (*)	Deferment of interest
Deferment of repayment of principal and interest
Deferment of interest

(*) The Group has applied the below indicators of significant decrease in credit rating since initial recognition as follows, and the estimation method is regularly being monitored

	Credit rating	Significant increased indicator of the credit rating
Corporate	AAA ~ A+	More than or equal to 4 steps
	A- ~ BBB	More than or equal to 3 steps
	BBB- ~ BB+	More than or equal to 2 steps
	BB ~ BB-	More than or equal to 1 step
Retail	1 ~ 3	More than or equal to 3 steps
	4 ~ 5	More than or equal to 2 steps
	6 ~ 9	More than or equal to 1 step

The Group determined that there is no significant increase in credit risk after initial recognition for debt securities, etc. with a credit rating of A + or higher, which are deemed to have low credit risk at the end of the reporting period.

- 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

The Group concludes that credit is impaired when financial assets are under conditions stated below:

- When principal and interest of loan is overdue for 90 days or longer due to significant deterioration in credit

- For loans overdue for less than 90 days, when it is determined that not even a portion of the loan will be recovered unless claim actions such as disposal of collaterals are taken

- When other objective indicators of impairment have been noted for the financial asset.

The Group also incorporates forward looking into the estimates of default rates and loss given default. Considering the potential for latent insolvency due to increased internal and external economic uncertainties, the Group adjusts the forward looking to additionally recognize expected credit loss allowance.

The Group has estimated the allowance for credit losses using an estimation model that additionally reflects the forward looking information based on the past experience loss rate data.

Loss allowance is calculated by applying PD (Probability of Default) and LGD (Loss Given Default) estimated for each financial asset in consideration of factors such as obligor type, credit rating and portfolio. The estimates are regularly being reviewed in order to reduce discrepancies with actual losses.

In measuring the expected credit losses, the Group is also using reasonable and supportable macroeconomic variables such as gross domestic product (real, original series) growth rate, consumer price index, apartment sales price index (KB, Seoul) and unemployment rate (original series) in order to forecast future economic conditions.

The Group applies a future economic situation estimation model as follows, and the results are reviewed regularly.

- Development of estimation models through regression analysis of obligator (corporate, retail)/by-period and collateral (credit, collateral)/by-period recover rate in the event of default (1- Loss Given Default) and macroeconomic indicator data by year

Major macroeconomic indicators	Correlation between credit risk and macroeconomic indicators
Gross domestic product (real, original series) growth rate	Negative(-) Correlation
Average capacity utilization rate for manufacturing	Negative(-) Correlation
Unemployment rate (original series)	Positive(+) Correlation
Apartment sales price index (KB, Seoul)	Negative(-) Correlation
KOSPI	Negative(-) Correlation
Gross domestic income (GDI)	Negative(-) Correlation
Retail sales index	Negative(-) Correlation
Actual apartment sales price index (Seoul Metropolitan Area)	Negative(-) Correlation
KOSDAQ	Negative(-) Correlation

- Calculation of estimated default rate and estimated default recovery rate by incorporating future economic outlook using utilizing economic variable forecasts derived from various methods: 1) Economic variable forecasts provided by institutions verified to be reliable such as the Bank of Korea (BOK), Korea Development Institute (KDI), and Korea Institute of Finance (KIF); 2) Forecasts derived from external institutions and regression analysis results; 3) Economic variable forecasts derived through time series trends, etc., to the estimation model developed as a result of modeling.

- 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

- Forecast of macroeconomic variables

a) Probability weight

As of March 31, 2025, the probability weights applied to the scenarios of the forecasts of macroeconomic variables are as follows (Unit: %):

	Normal Scenario		Good Scenario		Bad Scenario		Worst Scenario
Probability weight		47.44		4.60		27.96		20.00

b) Economic forecast of each major macroeconomic variables by scenario (prospect period: 2024) As of March 31, 2025, the forecasts of major macroeconomic variables by scenario are as follows (Unit: Won, %):

Major economic indicators (*1) (*2)	Normal Scenario		Good Scenario		Bad Scenario			Worst Scenario
Gross domestic product (real, original series) growth rate		1.97		5.74		(0.18	)		(5.11	)
Average capacity utilization rate for manufacturing		71.50		78.12		67.74			57.38
Unemployment rate (original series)		2.83		1.90		3.36			6.30
Apartment sales price index (KB, Seoul)		93.48		106.74		85.95			78.42
KOSPI		2,575.69		3,110.75		2,036.57			1,817.42
Gross domestic income (GDI)		2,307,889.89		2,393,479.82		2,259,290.15			2,084,178.80
Retail sales index		110.99		117.19		107.47			96.02
Actual apartment sales price index (Seoul Metropolitan Area)		148.78		172.67		135.22			121.66
KOSDAQ		824.83		995.37		616.12			543.09

(*1) Considering the default forecast period, the Group reflected the future economic outlook.

(*2) The forecast of macroeconomic variables is based on information from credible research institutions and historical data available at the time of estimation. It is estimated by the Group for the purpose of calculating expected credit losses, and it may differ from predictions made by other organizations.

- The increase rate of the predicted default rate and loss given default is used as a forward-looking adjustment coefficient and is reflected in the applicable estimate for the current year.

Considering internal and external uncertainties, The Group additionally applied the Worst scenario to the three macroeconomic variable scenarios: Normal, Good, and Bad. Assuming all other conditions remain the same, the sensitivity analysis the Group’s expected credit loss allowance, assuming a probability weighting of 100% for each scenario, are as follows (Unit: Korean Won in millions):

Scenario	Applied probability weight			Assuming 100%		Difference from book value
Good		4.60	%		1,410,086		(742,311	)
Normal		47.44	%		1,561,119		(591,278	)
Bad		27.96	%		1,939,224		(213,173	)
Worst		20.00	%		4,205,266		2,052,869

- 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

3) Maximum exposure

The Group’s maximum exposure to credit risk shows the uncertainties related to the maximum possible variation of financial assets’ net value as a result of changes in the specific risk factors, prior to the consideration of collaterals that are recorded at net carrying amount after allowances and other credit enhancements. However, the maximum exposure is the fair value amount (recorded on the books) for derivatives, maximum contractual obligation for payment guarantees and unused amount of commitments for loan commitment.

The maximum exposure to credit risk as of March 31, 2025 and December, 31,2024 is as follows (Unit: Korean Won in millions):

		March 31, 2025		December 31, 2024
Loans and other financial assets at amortized cost	Korean treasury and government agencies		349,912		229,126
	Banks		38,067,198		23,593,313
	Corporates		177,769,195		179,986,851
	Consumers		193,309,848		194,662,526
	Sub-total		409,496,153		398,471,816
Financial assets at FVTPL (*1)	Deposits		109,643		73,951
	Debt securities		6,745,233		6,801,288
	Loans		192,902		104,177
	Derivative assets		8,189,086		10,094,532
	Others		2,671		2,671
	Sub-total		15,239,535		17,076,619
Financial assets at FVTOCI	Debt securities and others		42,096,518		42,922,671
Securities at amortized cost	Debt securities		19,064,424		19,203,177
Derivative assets	Derivative assets (Designated for hedging)		182,420		175,191
Off-balance accounts	Payment guarantees (*2)		16,569,506		16,611,262
	Loan commitments		136,176,990		133,863,588
	Sub-total		152,746,496		150,474,850
	Total		638,825,546		628,324,324

(*1) Puttable financial instruments are not included.

(*2) As of March 31, 2025 and December 31, 2024, the financial guarantee amount of 4,510,094 million Won and 4,156,790 million Won are included, respectively.

- 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

	March 31, 2025
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		378,474,577		6,158,345		6,861,080		582,852		875,672		16,543,627		409,496,153
Securities at amortized cost		17,893,351		221,970		710,157		—		—		238,946		19,064,424
Financial assets at FVTPL		12,147,123		118		1,349,123		431,286		222,439		1,089,446		15,239,535
Financial assets at FVTOCI		36,733,354		696,341		3,205,773		252,004		22,042		1,187,004		42,096,518
Derivative assets (Designated for hedging)		175,020		—		3,060		—		4,340		—		182,420
Off-balance accounts		146,504,363		1,090,072		1,741,625		87,014		16,094		3,307,328		152,746,496
Total		591,927,788		8,166,846		13,870,818		1,353,156		1,140,587		22,366,351		638,825,546

(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.

	December 31, 2024
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		367,026,768		5,784,272		7,108,462		584,060		850,872		17,117,382		398,471,816
Securities at amortized cost		18,052,871		197,188		712,761		—		—		240,357		19,203,177
Financial assets at FVTPL		12,643,738		88		1,824,414		553,842		430,341		1,624,196		17,076,619
Financial assets at FVTOCI		37,746,319		589,277		3,157,655		190,801		22,112		1,216,507		42,922,671
Derivative assets (Designated for hedging)		165,089		—		3,216		—		6,886		—		175,191
Off-balance accounts		144,006,247		1,213,479		1,805,060		87,755		20,758		3,341,551		150,474,850
Total		579,641,032		7,784,304		14,611,568		1,416,458		1,330,969		23,539,993		628,324,324

(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.

- 33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of March 31, 2025 and December 31, 2024 (Unit: Korean Won in millions):

	March 31, 2025
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		90,927,488		49,231,488		48,440,947		5,843,814		189,666,910		25,385,506		409,496,153
Securities at amortized cost		149,415		—		9,559,925		59,902		—		9,295,182		19,064,424
Financial assets at FVTPL		224,183		591,139		8,914,178		11,738		482		5,497,815		15,239,535
Financial assets at FVTOCI		311,600		484,625		27,617,282		205,520		—		13,477,491		42,096,518
Derivative assets (Designated for hedging)		—		—		182,420		—		—		—		182,420
Off-balance accounts		22,456,522		30,476,706		14,371,635		3,471,575		73,860,772		8,109,286		152,746,496
Total		114,069,208		80,783,958		109,086,387		9,592,549		263,528,164		61,765,280		638,825,546
	December 31, 2024
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		92,018,694		47,835,603		33,986,585		6,219,603		190,902,940		27,508,391		398,471,816
Securities at amortized cost		169,352		—		10,248,257		59,866		—		8,725,702		19,203,177
Financial assets at FVTPL		287,401		539,092		10,833,850		31,527		123,339		5,261,410		17,076,619
Financial assets at FVTOCI		331,590		474,837		29,935,898		194,940		—		11,985,406		42,922,671
Derivative assets (Designated for hedging)		—		—		175,191		—		—		—		175,191
Off-balance accounts		22,460,440		28,514,078		14,147,757		3,192,714		73,212,057		8,947,804		150,474,850
Total		115,267,477		77,363,610		99,327,538		9,698,650		264,238,336		62,428,713		628,324,324

- 34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

4) Credit risk exposure

a) Financial assets

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of March 31, 2025 and December 31, 2024 is as follows (Unit: Korean Won in millions):

	March 31, 2025
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		355,168,023		27,460,997		13,196,767		12,801,694		3,480,903		1,113,788		413,222,172		(3,726,019	)		409,496,153
Korean treasury and government agencies		350,499		23		—		—		—		—		350,522		(610	)		349,912
Banks		37,928,968		119,546		15,737		—		29,721		—		38,093,972		(26,774	)		38,067,198
Corporates		149,120,854		20,283,057		3,067,714		4,669,550		1,871,031		1,113,788		180,125,994		(2,356,799	)		177,769,195
General business		101,745,210		11,593,122		2,442,545		2,931,051		1,159,585		—		119,871,513		(1,517,273	)		118,354,240
Small- and medium-sized enterprise		36,131,887		7,929,328		533,934		1,503,688		422,054		—		46,520,891		(586,961	)		45,933,930
Project financing and others		11,243,757		760,607		91,235		234,811		289,392		1,113,788		13,733,590		(252,565	)		13,481,025
Consumers		167,767,702		7,058,371		10,113,316		8,132,144		1,580,151		—		194,651,684		(1,341,836	)		193,309,848
Securities at amortized cost		19,075,093		—		—		—		—		—		19,075,093		(10,669	)		19,064,424
Financial assets at FVTOCI (*3)		41,921,145		175,373		—		—		—		—		42,096,518		(28,521	)		42,096,518
Total		416,164,261		27,636,370		13,196,767		12,801,694		3,480,903		1,113,788		474,393,783		(3,765,209	)		470,657,095

	March 31, 2025
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		239,264,863		21,301,758		1,287,636		1,101,025		262,955,282
Korean treasury and government agencies		56,634		—		—		—		56,634
Banks		2,334,164		—		—		—		2,334,164
Corporates		100,705,173		6,038,713		818,212		1,101,025		108,663,123
General business		59,733,362		4,527,345		504,448		—		64,765,155
Small- and medium-sized enterprise		32,904,562		1,328,182		220,014		—		34,452,758
Project financing and others		8,067,249		183,186		93,750		1,101,025		9,445,210
Consumers		136,168,892		15,263,045		469,424		—		151,901,361
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—
Total		239,264,863		21,301,758		1,287,636		1,101,025		262,955,282

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3) Financial assets at FVTOCI have been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

- 35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	December 31, 2024
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		343,186,708		27,086,126		13,280,849		14,344,066		3,003,886		1,147,147		402,048,782		(3,576,966	)		398,471,816
Korean treasury and government agencies		229,733		22		—		—		—		—		229,755		(629	)		229,126
Banks		23,375,096		115,721		88,306		—		36,143		—		23,615,266		(21,953	)		23,593,313
Corporates		150,732,338		19,561,385		3,130,814		6,264,461		1,416,152		1,147,147		182,252,297		(2,265,446	)		179,986,851
General business		103,495,951		11,071,283		2,507,705		4,093,868		807,545		—		121,976,352		(1,409,387	)		120,566,965
Small- and medium-sized enterprise		35,450,353		7,731,142		500,934		1,870,087		357,881		—		45,910,397		(586,059	)		45,324,338
Project financing and others		11,786,034		758,960		122,175		300,506		250,726		1,147,147		14,365,548		(270,000	)		14,095,548
Consumers		168,849,541		7,408,998		10,061,729		8,079,605		1,551,591		—		195,951,464		(1,288,938	)		194,662,526
Securities at amortized cost		19,213,940		—		—		—		—		—		19,213,940		(10,763	)		19,203,177
Financial assets at FVTOCI (*3)		42,766,477		156,194		—		—		—		—		42,922,671		(29,084	)		42,922,671
Total		405,167,125		27,242,320		13,280,849		14,344,066		3,003,886		1,147,147		464,185,393		(3,616,813	)		460,597,664

	December 31, 2024
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		241,378,580		22,815,602		1,070,209		1,137,097		266,401,488
Korean treasury and government agencies		55,775		—		—		—		55,775
Banks		2,474,302		—		—		—		2,474,302
Corporates		101,666,963		7,536,068		645,842		1,137,097		110,985,970
General business		59,099,372		5,578,709		328,802		—		65,006,883
Small- and medium-sized enterprise		34,401,736		1,729,820		243,513		—		36,375,069
Project financing and others		8,165,855		227,539		73,527		1,137,097		9,604,018
Consumers		137,181,540		15,279,534		424,367		—		152,885,441
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—
Total		241,378,580		22,815,602		1,070,209		1,137,097		266,401,488

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3) Financial assets at FVTOCI have been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

b) Payment Guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025
Financial assets	Stage 1				Stage 2				Stage 3		Total
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)
Off-balance accounts:
Payment Guarantees		15,623,294		845,716		38,357		45,478		16,661		16,569,506
Loan Commitments		129,288,949		3,992,694		2,437,109		442,693		15,545		136,176,990
Total		144,912,243		4,838,410		2,475,466		488,171		32,206		152,746,496

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.

	December 31, 2024
Financial assets	Stage 1				Stage 2				Stage 3		Total
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)
Off-balance accounts:
Payment guarantees		15,679,374		808,182		41,866		59,688		22,152		16,611,262
Loan commitments		127,622,889		3,402,602		2,298,056		502,070		37,971		133,863,588
Total		143,302,263		4,210,784		2,339,922		561,758		60,123		150,474,850

(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.

5) Collateral and other credit enhancements

For the three-month period ended March 31, 2025, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates.

1) Market risk management

Market risk management refers to the process of making and implementing decisions for the avoidance, acceptance or mitigation of risks by identifying the underlying source of the risks, measuring its level, and evaluating the appropriateness of the level of accepted market risks for both trading and non-trading activities.

a) Trading activities

The Group uses the standard approach and internal model approach (Woori Bank) in measuring market risk for trading positions, and allocates market risk capital through the Board Risk Management Committee. Risk management departments of the Group and its subsidiaries manage limits in detail including those on risk and loss with their management result regularly reported to the Board Risk Management Committee.

Subsidiaries such as Woori Bank manage market internal capital limits using the Basel III standard approach, and other subsidiaries manage market risks by applying the simple method.

The Basel III standard approach consists of a sensitivity method that measures linear and nonlinear losses that may occur due to unfavorable fluctuations in market risk factors, bankruptcy risks that may occur due to sudden bankruptcy, and residual risk-bearing equity capital for other losses.

b) Non-trading activities

From the end of 2019 for the Bank and the beginning of 2021 for non-banking subsidiaries, the Bank and its subsidiaries manage and measure interest risk for non-trading activities through ΔNII (Change in Net Interest Income) and ΔEVE (Change in Economic Value of Equity) in accordance with IRRBB (Interest Rate Risk in the Banking Book).

ΔNII represents a change in net interest income that may occur over a certain period (e.g. one year) due to changes in interest rates, and ΔEVE indicates the economic value changes in equity capital that could be caused by changes in interest rates affecting the present value of asset, liabilities, and off-balance accounts.

ΔEVE and ΔNII calculated on interest risk in banking book (IRRBB) basis for assets and liabilities by subsidiary as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) Liquidity risk

Liquidity risk refers to the risk that the Group may encounter difficulties in meeting obligations from its financial liabilities.

1) Liquidity risk management

Liquidity risk management is to prevent potential cash shortages as a result of mismatching maturity of assets and liabilities or unexpected cash outflows. The consolidated financial liabilities that are relevant to liquidity risk are incorporated within the scope of risk management.

Assets and liabilities are grouped by account under Asset Liability Management (“ALM”) in accordance with the characteristics of the account. The Group manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.), while maintaining the gap ratio at or below the target limit.

The information on early repayment related to asset securitization is described in Note 34. Contingent Liabilities and Commitments (4) 3).

2) Maturity analysis of non-derivative financial liabilities

Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		114,087		44,098		27,062		242,276		463,432		27,820		918,775
Deposits due to customers		236,805,566		45,696,887		44,255,851		30,926,659		15,854,581		1,393,429		374,932,973
Borrowings		13,852,354		5,885,775		4,014,462		3,726,646		3,236,288		570,213		31,285,738
Debentures		5,661,994		4,438,538		3,596,772		5,679,125		28,585,052		2,304,443		50,265,924
Lease liabilities		57,816		52,899		47,700		70,081		308,199		42,001		578,696
Other financial liabilities (*)		27,885,051		114,463		33,192		43,491		1,263,594		4,086,864		33,426,655
Total		284,376,868		56,232,660		51,975,039		40,688,278		49,711,146		8,424,770		491,408,761
	December 31, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		74,205		—		69,534		112,944		—		—		256,683
Deposits due to customers		237,078,927		41,568,072		33,229,547		43,680,907		16,991,574		1,441,654		373,990,681
Borrowings		11,589,854		6,676,926		4,781,377		3,676,310		3,561,696		563,870		30,850,033
Debentures		4,635,557		5,525,191		4,442,376		3,572,533		30,967,974		2,673,592		51,817,223
Lease liabilities		60,099		49,069		45,534		40,375		317,971		50,341		563,389
Other financial liabilities (*)		19,417,326		108,361		30,995		27,093		1,118,751		4,287,489		24,990,015
Total		272,855,968		53,927,619		42,599,363		51,110,162		52,957,966		9,016,946		482,468,024

(*) Lease liabilities are not included.

- 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

3) Maturity analysis of derivative financial liabilities

Derivatives held for trading purpose are not managed in accordance with their contractual maturity, since the Group holds such financial instruments with the purpose of disposing or redemption before their maturity. As such, those derivatives are incorporated as “within 3 months” in the table below. Derivatives designated for hedging purpose are estimated by offsetting cash inflows and cash outflows.

The cash flow by the maturity of derivative financial liabilities as of March 31, 2025 and December 31, 2024 is as follows (Unit: Korean Won in millions):

		Remaining maturity
		Within 3 months			4 to 6 months			7 to 9 months			10 to 12 months			1 to 5 years			Over 5 years			Total
March 31, 2025	Cash flow risk hedge		225			35			49			54			(141	)		—			222
	Fair value risk hedge		38,738			(4,565	)		36,724			(8,388	)		26,450			(6,036	)		82,923
	Trading purpose		7,626,865			—			—			—			—			—			7,626,865
December 31, 2024	Cash flow risk hedge		(219	)		193			31			62			207			—			274
	Fair value risk hedge		(6,816	)		46,231			(11,740	)		44,950			35,764			(5,834	)		102,555
	Trading purpose		9,092,098			—			—			—			—			—			9,092,098

- 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

4) Maturity analysis of off-balance accounts (Payment guarantees, commitments, and etc.)

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits, however, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Payment guarantees		16,569,506		16,611,262
Loan commitments		136,176,990		133,863,588
Other commitments		4,677,235		4,572,323

(4) Operational risk

The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate internal process, labor work and systematic problem or external factors.

1) Operational risk management

The Group has established and operated a group operational risk management system to cope with new Basel III global regulations, which is implemented since 2023, and the management of operational risks follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk control and mitigation.

2) Operational risk measurement

The Group measures operational risk capital using the Basel III standardized approach. This approach calculates the required operational risk capital by multiplying the Business Indicator Component (BIC), which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the magnitude of actual historical internal losses relative to the scale of operations.

Operational risk limits are set with the approval of the Board Risk Management Committee. The Group regularly calculates the operational risk capital and reports any limit breaches to the management and the Board Risk Management Committee.

Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is important to prevent loss events in advance. Accordingly, the Group conducts operational risk management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as disasters, the Bank has established a Business Continuity Plan (BCP) and conducts annual simulation drills.

- 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

5. OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (“CODM”) utilizes the method of disclosing the financial information of the segments based on the organization of the Group. This financial information of the segments in this note is regularly reviewed by the CODM.

(1) Segment by type of organization

The Group’s reporting segments consist of banking, credit card, capital, comprehensive finance and other sectors, and the composition of such reporting segments was divided based on internal report data periodically reviewed by the management to evaluate the performance of the segment and make decisions on the resources to be distributed.

	Operational scope
Banking	Loans/deposits and relevant services for customers of Woori Bank
Credit card	Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital	Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd.
Investment securities	Securities operation, sale of financial instruments, project financing and other related activities for investment securities of Woori Investment Securities Co., Ltd.
Others	Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd., Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute, Woori Venture Partners Co., Ltd.

- 42 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) The composition of each organization’s sectors for the three-month periods ended March 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

				For the three-month period ended March 31, 2025
	Banking(*1)			Credit card			Capital			Investment securities			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,662,549			186,359			51,567			25,038			24,861			1,950,374			40,667			260,383			567			2,251,991
Non-interest income (expense)		518,018			51,133			44,554			14,540			1,504,725			2,132,970			(5,181	)		(237,518	)		(1,531,326	)		358,945
Impairment losses due to credit loss		(238,724	)		(103,778	)		(31,117	)		(10,255	)		(29,706	)		(413,580	)		642			(22,901	)		338			(435,501	)
General and administrative expense		(1,126,784	)		(74,536	)		(24,666	)		(28,169	)		(102,795	)		(1,356,950	)		(161	)		—			50,939			(1,306,172	)
Net operating income (expense)		815,059			59,178			40,338			1,154			1,397,085			2,312,814			35,967			(36	)		(1,479,482	)		869,263
Share of gain of associates		1,869			—			(325	)		44			2,985			4,573			1,742			—			3,720			10,035
Other non-operating expense		1,253			(14,010	)		(7	)		22			145			(12,597	)		454			36			(2,596	)		(14,703	)
Non-operating income (expense)		3,122			(14,010	)		(332	)		66			3,130			(8,024	)		2,196			36			1,124			(4,668	)
Net income (expense) before tax		818,181			45,168			40,006			1,220			1,400,215			2,304,790			38,163			—			(1,478,358	)		864,595
Tax expense		(182,963	)		(11,990	)		(9,376	)		67			(7,396	)		(211,658	)		—			—			1,619			(210,039	)
Net income (loss)		635,218			33,178			30,630			1,287			1,392,819			2,093,132			38,163			—			(1,476,739	)		654,556
Total assets		494,062,206			16,000,783			12,446,351			7,670,803			32,087,028			562,267,171			3,702,197			—			(33,273,104	)		532,696,264
Investment in associate		1,057,250			—			31,880			3,339			24,490,180			25,582,649			4,832			—			(23,838,703	)		1,748,778
Other assets		493,004,956			16,000,783			12,414,471			7,667,464			7,596,848			536,684,522			3,697,365			—			(9,434,401	)		530,947,486
Total liabilities		465,902,343			13,224,992			10,721,208			6,521,593			5,804,817			502,174,953			76,142			—			(5,077,833	)		497,173,262

(*1) The banking sector includes banks and their consolidated subsidiaries(such as overseas subsidiaries).

(*2) Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

(*3) Other segments include the funds subject to Group’s consolidation not included in the reporting segment.

(*4) Internal reconciliation includes the adjustment of deposit insurance premiums of 130,370 million Won and fund contribution fees of 130,108 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5) Consolidation adjustments include the elimination of 37,793 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,429,225 million Won of dividends received by the holding company from its subsidiaries.

- 43 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

				For the three-month period ended March 31, 2024
	Banking(*1)			Credit card			Capital			Investment securities			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,625,102			166,110			65,818			32,192			26,342			1,915,564			29,579			255,605			(2,545	)		2,198,203
Non-interest income (expense)		506,112			32,996			22,832			14,140			1,280,280			1,856,360			7,491			(209,464	)		(1,303,722	)		350,665
Impairment losses due to credit loss		(178,478	)		(91,643	)		(23,286	)		(17,012	)		(10,618	)		(321,037	)		—			(46,170	)		695			(366,512	)
General and administrative expense		(875,892	)		(68,188	)		(21,977	)		(13,651	)		(102,923	)		(1,082,631	)		(248	)		—			51,212			(1,031,667	)
Net operating income (expense)		1,076,844			39,275			43,387			15,669			1,193,081			2,368,256			36,822			(29	)		(1,254,360	)		1,150,689
Share of gain (loss) of joint ventures and associates		654			—			(708	)		59			(1,041	)		(1,036	)		(9	)		—			6,554			5,509
Other non-operating expense		(9,891	)		(391	)		(35	)		(91	)		(472	)		(10,880	)		881			29			(2,271	)		(12,241	)
Non-operating income (expense)		(9,237	)		(391	)		(743	)		(32	)		(1,513	)		(11,916	)		872			29			4,283			(6,732	)
Net income (expense) before tax		1,067,607			38,884			42,644			15,637			1,191,568			2,356,340			37,694			—			(1,250,077	)		1,143,957
Tax expense		(275,618	)		(9,589	)		(9,680	)		(3,006	)		(7,251	)		(305,144	)		—			—			98			(305,046	)
Net income (loss)		791,989			29,295			32,964			12,631			1,184,317			2,051,196			37,694			—			(1,249,979	)		838,911
Total assets		464,600,505			17,193,935			12,553,972			6,550,609			31,323,597			532,222,618			3,191,181			—			(30,646,401	)		504,767,398
Investment to joint ventures and associates		1,010,874			—			34,243			4,543			24,122,568			25,172,228			25,428			—			(23,209,596	)		1,988,060
Other assets		463,589,631			17,193,935			12,519,729			6,546,066			7,201,029			507,050,390			3,165,753			—			(7,436,805	)		502,779,338
Total liabilities		438,267,065			14,523,616			10,927,998			5,433,184			4,896,269			474,048,132			197,977			—			(3,403,054	)		470,843,055

(*1) The banking sector includes banks and their consolidated subsidiaries(such as overseas subsidiaries).

(*2) Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

(*3) Other segments include the funds subject to Group’s consolidation not included in the reporting segment.

(*4) Internal reconciliation includes the adjustment of deposit insurance premiums of 120,868 million Won and fund contribution fees of 134,508 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5) Consolidation adjustments include the elimination of 51,852 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,189,333 million Won of dividends received by the holding company from its subsidiaries.

- 44 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) Operating profit or loss from external customers for the three-month periods ended March 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
Details	2025		2024
Domestic		741,900		1,049,603
Foreign		127,363		101,086
Total		869,263		1,150,689

(4) Major non-current assets as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

Details (*)	March 31, 2025		December 31, 2024
Domestic		6,077,332		6,068,817
Foreign		587,088		592,768
Total		6,664,420		6,661,585

(*) Major non-current assets included joint ventures and related business investments, investment properties, Premises and equipment, and intangible assets.

(5) Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the three-month periods ended March 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

6. STATEMENTS OF CASH FLOWS

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Cash		2,623,255		1,661,517
Foreign currencies		757,073		812,026
Demand deposits		22,148,135		24,634,075
Fixed deposits		79,048		173,505
Total		25,607,511		27,281,123

(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)

	Counterparty	March 31, 2025		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		8,442,745	Reserve deposits under the BOK Act
Due from banks in foreign currencies:
Due from banks on demand	BOK and others		2,732,015	Reserve deposits etc.
Total			11,174,760

	Counterparty	December 31, 2024		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		9,712,194	Reserve deposits under the BOK Act
Due from banks in foreign currencies:
Due from banks on demand	BOK and others		2,954,868	Reserve deposits etc.
Total			12,667,062

- 46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

7. FINANCIAL ASSETS AT FVTPL

(1) Details of financial assets at FVTPL as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Financial assets at fair value through profit or loss		23,861,998		25,202,672

(2) Financial assets at fair value through profit or loss as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Deposits:
Gold banking asset		109,643		73,951
Securities:
Debt securities
Korean treasury and government agencies		5,162,411		5,053,592
Financial institutions		926,511		1,193,809
Corporates		386,319		348,929
Securities loaned		60,622		12,361
Others		209,370		192,597
Equity securities		441,808		421,313
Capital contributions		2,903,348		2,857,698
Beneficiary certificates		4,993,063		4,563,102
Others		237,012		236,595
Sub-total		15,320,464		14,879,996
Loans		192,902		104,177
Derivatives assets		8,189,086		10,094,532
Other financial assets		49,903		50,016
Total		23,861,998		25,202,672

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of March 31, 2025 and December 31, 2024.

- 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

8. FINANCIAL ASSETS AT FVTOCI

(1) Details of financial assets at FVTOCI as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Debt securities:
Korean treasury and government agencies		9,076,447		7,787,052
Financial institutions		23,100,029		25,339,937
Corporates		3,059,963		3,032,609
Bond denominated in foreign currencies		6,860,079		6,763,073
Sub-total		42,096,518		42,922,671
Equity securities		915,123		875,074
Total		43,011,641		43,797,745

(2) Details of equity securities designated as financial assets at FVTOCI as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

Purpose of acquisition	March 31, 2025		December 31, 2024		Remarks
Investment for strategic business partnership purpose		809,433		766,900
Debt-equity swap		105,684		108,168
Others		6		6	Insurance for mutual aid association, etc.
Total		915,123		875,074

(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

1) Loss allowance

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(29,084	)		—		—		(29,084	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(728	)		—		—		(728	)
Disposal		1,531			—		—		1,531
Others (*)		(240	)		—		—		(240	)
Ending balance		(28,521	)		—		—		(28,521	)

(*) Others consist of foreign currencies translation, etc.

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(27,379	)		—		—		(27,379	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		259			—		—		259
Disposal		998			—		—		998
Others (*)		27			—		—		27
Ending balance		(26,095	)		—		—		(26,095	)

(*) Others consist of foreign currencies translation, etc.

- 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2) Gross carrying amount

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		42,922,671			—		—		42,922,671
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		7,893,050			—		—		7,893,050
Disposal / Recovery		(8,702,613	)		—		—		(8,702,613	)
Gain (loss) on valuation		66,549			—		—		66,549
Amortization based on effective interest method		49,574			—		—		49,574
Others (*)		(132,713	)		—		—		(132,713	)
Ending balance		42,096,518			—		—		42,096,518

(*) Others consist of foreign currencies translation, etc.

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		36,694,111			—		—		36,694,111
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		4,874,159			—		—		4,874,159
Disposal / Recovery		(6,946,499	)		—		—		(6,946,499	)
Gain (loss) on valuation		(25,817	)		—		—		(25,817	)
Amortization based on effective interest method		34,175			—		—		34,175
Others (*)		234,496			—		—		234,496
Ending balance		34,864,625			—		—		34,864,625

(*) Others consist of foreign currencies translation, etc.

(4) During three-month periods ended March 31, 2025, the Group sold its equity securities., designated as financial assets at FVTOCI in accordance with disposal of Shares Acquired through Debt-to-Equity Swap, etc., and the fair values at disposal dates were 42 million Won, and cumulative losses at disposal dates were 1,353 million Won. During three-month periods ended March 31, 2024, the Group sold its equity securities., designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 1,382 million Won, and cumulative losses at disposal dates were 667 million Won.

- 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

9. SECURITIES AT AMORTIZED COST

(1) Details of securities at amortized cost as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Korean treasury and government agencies		8,253,814			7,646,463
Financial institutions		4,014,432			4,004,011
Corporates		5,392,605			5,997,996
Bond denominated in foreign currencies		1,404,242			1,555,470
Others		10,000			10,000
Allowance for credit losses		(10,669	)		(10,763	)
Total		19,064,424			19,203,177

(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows (Unit: Korean Won in millions):

1) Loss allowance

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(10,763	)		—		—		(10,763	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		90			—		—		90
Others (*)		4			—		—		4
Ending balance		(10,669	)		—		—		(10,669	)

(*) Others consist of foreign currencies translation, etc.

	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(13,941	)		—		—		(13,941	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		528			—		—		528
Others (*)		(36	)		—		—		(36	)
Ending balance		(13,449	)		—		—		(13,449	)

(*) Others consist of foreign currencies translation, etc.

- 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2) Gross carrying amount

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		19,213,940			—		—		19,213,940
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		1,005,252			—		—		1,005,252
Disposal / Recovery		(1,167,209	)		—		—		(1,167,209	)
Amortization based on effective interest method		26,839			—		—		26,839
Others (*)		(3,729	)		—		—		(3,729	)
Ending balance		19,075,093			—		—		19,075,093

(*) Others consist of foreign currencies translation, etc.

	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		24,010,113			—		—		24,010,113
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		259,142			—		—		259,142
Disposal / Recovery		(1,202,353	)		—		—		(1,202,353	)
Amortization based on effective interest method		23,051			—		—		23,051
Others (*)		53,158			—		—		53,158
Ending balance		23,143,111			—		—		23,143,111

(*) Others consist of foreign currencies translation, etc.

- 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

10. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1) Details of loans and other financial assets at amortized cost as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Due from banks		2,571,370		2,630,604
Loans		387,731,914		386,069,294
Other financial assets		19,192,869		9,771,918
Total		409,496,153		398,471,816

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Due from banks in local currency:
Due from depository banks		152,118			200,366
Due from non-depository institutions		195			152
Due for securities trading		191,302			239,222
Others		198,765			72,314
Loss allowance		(255	)		(4	)
Sub-total		542,125			512,050
Due from banks in foreign currencies:
Due from banks on demand		205,582			177,886
Due from banks on time		106,991			193,654
Others		1,722,414			1,753,337
Loss allowance		(5,742	)		(6,323	)
Sub-total		2,029,245			2,118,554
Total		2,571,370			2,630,604

(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):

	Counterparty	March 31, 2025		Reason of restriction
Due from banks in local currency:
Others	Korea Federation of Savings Bank and others		74,950	Check services, collateral, domestic exchange transactions and others
Securities trading	Korea exchange and Korea Securities Finance Corporation		185,302	Futures trading margin and customer deposit refund reserve
	Sub-total		260,252
Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		200,267	Reserve deposits and others
Due from banks on time	TORONTO DOMINION BANK, NEW YORK and others		44,426	Federal Reserve Discount Window and others
Others	BNP-PARIBAS, PAR and others		1,014,748	CSA collateral and others
	Sub-total		1,259,441
	Total		1,519,693

- 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	Counterparty	December 31, 2024		Reason of restriction
Due from banks in local currency:
Others	Korea Federation of Savings Bank and others		77,835	Reserve deposits
Securities trading	Korea Securities Finance Corporation		238,445	Customer deposit refund reserve and futures trading margin and others
	Sub-total		316,280
Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		169,064	Reserve deposits and others
Due from banks on time	National Bank of Cambodia		284	Usage deposits for fund settlement system and others
Others	BNP-PARIBAS, PAR and others		1,093,853	CSA collateral and others
	Sub-total		1,263,201
	Total		1,579,481

(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(6,327	)		—		—		(6,327	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal for allowance for credit loss		350			—		—		350
Others (*)		(20	)		—		—		(20	)
Ending balance		(5,997	)		—		—		(5,997	)

(*) Changes due to foreign currencies translation, etc.

	For the three-month period ended March 31, 2024
	Stage 1			Stage  2		Stage  3		Total
Beginning balance		(15,846	)		—		—		(15,846	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(191	)		—		—		(191	)
Others (*)		386			—		—		386
Ending balance		(15,651	)		—		—		(15,651	)

(*) Changes due to foreign currencies translation, etc.

- 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2) Gross carrying amount

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		2,636,931			—		—		2,636,931
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net decrease		(61,858	)		—		—		(61,858	)
Others (*)		2,294			—		—		2,294
Ending balance		2,577,367			—		—		2,577,367

(*) Changes due to foreign currencies translation, etc.

	For the three-month period ended March 31, 2024
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,966,419		—		—		1,966,419
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase (decrease)		174,051		—		—		174,051
Others (*)		25,801		—		—		25,801
Ending balance		2,166,271		—		—		2,166,271

(*) Changes due to foreign currencies translation, etc.

(5) Details of loans are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Loans in local currency		312,626,375			315,597,374
Loans in foreign currencies		33,744,458			33,166,984
Domestic banker’s usance		3,090,489			2,803,761
Credit card accounts		12,073,681			12,488,523
Bills bought in foreign currencies		3,649,506			4,328,404
Bills bought in local currency		77,478			224,835
Factoring receivables		5,627			5,994
Advances for customers on guarantees		22,870			9,814
Private placement bonds		412,003			444,900
Securitized loans		3,276,422			3,300,876
Call loans		2,013,484			1,847,376
Bonds purchased under resale agreements		15,759,115			10,551,018
Financial lease receivables		1,055,337			1,106,912
Installment financial bond		2,520,070			2,620,534
Others		435			—
Loan origination costs and fees		905,984			938,886
Discounted present value		(7,168	)		(9,272	)
Allowance for credit losses		(3,494,252	)		(3,357,625	)
Total		387,731,914			386,069,294

- 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(228,330	)		(148,315	)		(280,125	)		(971,499	)		(699,646	)		(625,921	)		(7,295	)
Transfer to 12-month expected credit losses		(22,762	)		22,063			699			(58,285	)		56,846			1,439			—
Transfer to lifetime expected credit losses		16,700			(19,951	)		3,251			18,867			(23,579	)		4,712			—
Transfer to credit-impaired financial assets		4,076			24,975			(29,051	)		6,005			126,331			(132,336	)		—
Net reversal (provision) of allowance for credit losses		37,355			(47,357	)		(53,373	)		17,998			(83,644	)		(179,363	)		(2,680	)
Recovery		—			—			(10,929	)		—			—			(6,165	)		—
Charge-off		—			—			43,533			—			—			99,592			—
Disposal		2			127			16,555			—			391			38,899			1,570
Interest income from impaired loans		—			—			3,877			—			—			6,922			—
Others		(1,256	)		(149	)		2,391			5,813			936			4,827			(1,547	)
Ending balance		(194,215	)		(168,607	)		(303,172	)		(981,101	)		(622,365	)		(787,394	)		(9,952	)
	For the three-month period ended March 31, 2025
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(123,297	)		(115,030	)		(158,167	)		(1,323,126	)		(962,991	)		(1,064,213	)		(7,295	)
Transfer to 12-month expected credit losses		(17,615	)		17,523			92			(98,662	)		96,432			2,230			—
Transfer to lifetime expected credit losses		10,109			(11,221	)		1,112			45,676			(54,751	)		9,075			—
Transfer to credit-impaired financial assets		3,101			26,478			(29,579	)		13,182			177,784			(190,966	)		—
Net reversal (provision) of allowance for credit losses		4,854			(43,263	)		(77,391	)		60,207			(174,264	)		(310,127	)		(2,680	)
Recovery		—			—			(5,930	)		—			—			(23,024	)		—
Charge-off		—			—			76,260			—			—			219,385			—
Disposal		—			—			14,518			2			518			69,972			1,570
Interest income from impaired loans		—			—			—			—			—			10,799			—
Others		—			—			—			4,557			787			7,218			(1,547	)
Ending balance		(122,848	)		(125,513	)		(179,085	)		(1,298,164	)		(916,485	)		(1,269,651	)		(9,952	)

- 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(196,845	)		(134,002	)		(220,845	)		(947,688	)		(762,644	)		(363,703	)		(89	)
Transfer to 12-month expected credit losses		(20,899	)		20,190			709			(31,184	)		31,163			21			—
Transfer to lifetime expected credit losses		13,414			(15,887	)		2,473			17,149			(21,905	)		4,756			—
Transfer to credit-impaired financial assets		4,688			26,756			(31,444	)		12,436			43,654			(56,090	)		—
Net reversal (provision) of allowance for credit losses		649			(32,795	)		(85,999	)		(18,137	)		(15,103	)		(111,271	)		(198	)
Recovery		—			—			(18,930	)		—			—			(11,421	)		—
Charge-off		—			—			67,489			—			—			36,051			—
Disposal		—			200			10,143			17			1,654			37,508			88
Interest income from impaired loans		—			—			3,706			—			—			5,428			—
Others		(744	)		103			9,291			1,874			82			(1,026	)		—
Ending balance		(199,737	)		(135,435	)		(263,407	)		(965,533	)		(723,099	)		(459,747	)		(199	)
	For the three-month period ended March 31, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(97,734	)		(118,112	)		(133,398	)		(1,242,267	)		(1,014,758	)		(717,946	)		(89	)
Transfer to 12-month expected credit losses		(20,818	)		20,744			74			(72,901	)		72,097			804			—
Transfer to lifetime expected credit losses		7,951			(8,677	)		726			38,514			(46,469	)		7,955			—
Transfer to credit-impaired financial assets		1,398			24,665			(26,063	)		18,522			95,075			(113,597	)		—
Net reversal (provision) of allowance for credit losses		11,303			(34,259	)		(74,350	)		(6,185	)		(82,157	)		(271,620	)		(198	)
Recovery		—			—			(7,040	)		—			—			(37,391	)		—
Charge-off		—			—			82,732			—			—			186,272			—
Disposal		—			—			6,367			17			1,854			54,018			88
Interest income from impaired loans		—			—			—			—			—			9,134			—
Others		—			—			—			1,130			185			8,265			—
Ending balance		(97,900	)		(115,639	)		(150,952	)		(1,263,170	)		(974,173	)		(874,106	)		(199	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		141,003,546			15,063,902			781,868			206,025,023			11,425,641			1,491,816			1,147,147
Transfer to 12-month expected credit losses		3,066,312			(3,060,360	)		(5,952	)		2,181,075			(2,178,468	)		(2,607	)		—
Transfer to lifetime expected credit losses		(4,191,199	)		4,219,327			(28,128	)		(1,509,090	)		1,523,647			(14,557	)		—
Transfer to credit-impaired financial assets		(69,968	)		(176,613	)		246,581			(225,072	)		(504,761	)		729,833			—
Charge-off		—			—			(43,533	)		—			—			(99,592	)		—
Disposal		(16	)		(422	)		(47,365	)		—			(1,718	)		(171,421	)		(1,571	)
Net increase (decrease)		350,803			(951,729	)		(126,566	)		3,903,829			(564,548	)		(2,557	)		(31,788	)
Ending balance		140,159,478			15,094,105			776,905			210,375,765			9,699,793			1,930,915			1,113,788
	For the three-month period ended March 31, 2025
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		11,171,885			1,036,118			279,973			358,200,454			27,525,661			2,553,657			1,147,147
Transfer to 12-month expected credit losses		261,767			(261,618	)		(149	)		5,509,154			(5,500,446	)		(8,708	)		—
Transfer to lifetime expected credit losses		(388,310	)		389,927			(1,617	)		(6,088,599	)		6,132,901			(44,302	)		—
Transfer to credit-impaired financial assets		(38,976	)		(76,603	)		115,579			(334,016	)		(757,977	)		1,091,993			—
Charge-off		—			—			(76,260	)		—			—			(219,385	)		—
Disposal		—			—			(22,615	)		(16	)		(2,140	)		(241,401	)		(1,571	)
Net increase (decrease)		(349,048	)		19,145			16,219			3,905,584			(1,497,132	)		(112,904	)		(31,788	)
Ending balance		10,657,318			1,106,969			311,130			361,192,561			25,900,867			3,018,950			1,113,788

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		132,812,981			14,714,396			642,086			188,612,028			10,621,387			856,844			768,487
Transfer to 12-month expected credit losses		3,207,910			(3,202,688	)		(5,222	)		1,219,158			(1,219,084	)		(74	)		—
Transfer to lifetime expected credit losses		(4,374,213	)		4,401,063			(26,850	)		(1,373,553	)		1,392,914			(19,361	)		—
Transfer to credit-impaired financial assets		(77,277	)		(166,971	)		244,248			(207,727	)		(319,573	)		527,300			—
Charge-off		—			—			(67,489	)		—			—			(36,051	)		—
Disposal		—			(8,912	)		(72,520	)		(82	)		(7,560	)		(162,828	)		(40,077	)
Net increase (decrease)		557,570			(806,580	)		(21,614	)		5,952,431			(619,985	)		(115,410	)		180,297
Ending balance		132,126,971			14,930,308			692,639			194,202,255			9,848,099			1,050,420			908,707
	For the three-month period ended March 31, 2024
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		11,287,068			983,611			253,351			332,712,077			26,319,394			1,752,281			768,487
Transfer to 12-month expected credit losses		227,107			(227,000	)		(107	)		4,654,175			(4,648,772	)		(5,403	)		—
Transfer to lifetime expected credit losses		(437,044	)		438,077			(1,033	)		(6,184,810	)		6,232,054			(47,244	)		—
Transfer to credit-impaired financial assets		(27,983	)		(68,968	)		96,951			(312,987	)		(555,512	)		868,499			—
Charge-off		—			—			(82,732	)		—			—			(186,272	)		—
Disposal		—			—			(10,707	)		(82	)		(16,472	)		(246,055	)		(40,077	)
Net increase (decrease)		(560,617	)		(118,186	)		22,693			5,949,384			(1,544,751	)		(114,331	)		180,297
Ending balance		10,488,531			1,007,534			278,416			336,817,757			25,785,941			2,021,475			908,707

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(8) Details of other financial assets are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Cash Management Account asset (CMA asset)		125,000			120,000
Receivables		15,665,371			6,411,884
Accrued income		1,828,410			1,779,310
Telex and telephone subscription rights and refundable deposits		761,560			778,986
Domestic exchange settlement debit		588,688			441,992
Other assets		449,610			452,760
Allowance for credit losses		(225,770	)		(213,014	)
Total		19,192,869			9,771,918

(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(20,934	)		(22,020	)		(170,060	)		(213,014	)
Transfer to 12-month expected credit losses		(294	)		274			20			—
Transfer to lifetime expected credit losses		224			(283	)		59			—
Transfer to credit-impaired financial assets		561			7,089			(7,650	)		—
Reversal (provision) of loss allowance		(12,814	)		(3,800	)		1,242			(15,372	)
Charge-off		—			—			2,302			2,302
Disposal		—			—			225			225
Others		174			(5	)		(80	)		89
Ending balance		(33,083	)		(18,745	)		(173,942	)		(225,770	)
	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(9,019	)		(17,062	)		(130,199	)		(156,280	)
Transfer to 12-month expected credit losses		(355	)		343			12			—
Transfer to lifetime expected credit losses		208			(255	)		47			—
Transfer to credit-impaired financial assets		108			1,808			(1,916	)		—
Reversal (provision) of loss allowance		453			(3,217	)		(314	)		(3,078	)
Charge-off		—			—			605			605
Disposal		—			—			592			592
Others		1,587			(2	)		(4,388	)		(2,803	)
Ending balance		(7,018	)		(18,385	)		(135,561	)		(160,964	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		9,435,449			99,254			450,229			9,984,932
Transfer to 12-month expected credit losses		11,285			(11,262	)		(23	)		—
Transfer to lifetime expected credit losses		(14,135	)		14,198			(63	)		—
Transfer to credit-impaired financial assets		(4,314	)		(19,571	)		23,885			—
Charge-off		—			—			(2,302	)		(2,302	)
Disposal		—			—			(260	)		(260	)
Net increase (decrease)		9,430,807			14,975			(9,513	)		9,436,269
Ending balance		18,859,092			97,594			461,953			19,418,639
	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		12,510,625			111,898			154,153			12,776,676
Transfer to 12-month expected credit losses		12,937			(12,925	)		(12	)		—
Transfer to lifetime expected credit losses		(19,124	)		19,196			(72	)		—
Transfer to credit-impaired financial assets		(3,244	)		(9,197	)		12,441			—
Charge-off		—			—			(605	)		(605	)
Disposal		—			(3	)		(630	)		(633	)
Net increase (decrease)		2,249,270			9,699			2,493			2,261,462
Ending balance		14,750,464			118,668			167,768			15,036,900

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

11. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1) The fair value hierarchy

The fair value hierarchy for financial instruments is determined by the amount of observable market data. The specific financial instruments characteristics and market condition such as the existence of the transactions among market participants and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Group maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring the fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Group’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

• Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

• Level 2—fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and derivatives traded in OTC but not required significant judgment.

• Level 3—fair value measurements are those derived from valuation technique that include inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Group’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):

	March 31, 2025
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		109,643		—		—		109,643
Debt securities		4,579,580		2,152,062		13,591		6,745,233
Equity securities		25,647		—		416,161		441,808
Capital contributions		—		2,811		2,900,537		2,903,348
Beneficiary certificates		196,260		2,662,771		2,134,032		4,993,063
Loans		—		158,379		34,523		192,902
Derivative assets		—		8,187,918		1,168		8,189,086
Other financial assets in foreign currency		—		—		48,230		48,230
Others		—		—		238,685		238,685
Sub-total		4,911,130		13,163,941		5,786,927		23,861,998
Financial assets at FVTOCI
Debt securities		15,445,564		26,650,954		—		42,096,518
Equity securities		342,433		—		572,690		915,123
Sub-total		15,787,997		26,650,954		572,690		43,011,641
Derivative assets (designated for hedging)		—		182,420		—		182,420
Total		20,699,127		39,997,315		6,359,617		67,056,059
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		109,773		—		—		109,773
Derivative liabilities		—		7,626,865		—		7,626,865
Securities sold		200,333		—		—		200,333
Sub-total		310,106		7,626,865		—		7,936,971
Financial liabilities designated to be measured at FVTPL
Deposits due to customers		—		567,820		—		567,820
Derivative liabilities (designated for hedging)		—		85,618		—		85,618
Total		310,106		8,280,303		—		8,590,409

(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

- 62 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	December 31, 2024
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		73,951		—		—		73,951
Debt securities		4,304,048		2,489,883		7,357		6,801,288
Equity securities		22,414		—		398,899		421,313
Capital contributions		—		4,185		2,853,513		2,857,698
Beneficiary certificates		156,898		2,301,044		2,105,160		4,563,102
Loans		—		69,401		34,776		104,177
Derivative assets		—		10,093,344		1,188		10,094,532
Other financial assets in foreign currency		—		—		48,345		48,345
Others		—		—		238,266		238,266
Sub-total		4,557,311		14,957,857		5,687,504		25,202,672
Financial assets at FVTOCI
Debt securities		14,117,592		28,805,079		—		42,922,671
Equity securities		315,640		—		559,434		875,074
Sub-total		14,433,232		28,805,079		559,434		43,797,745
Derivative assets (designated for hedging)		—		175,191		—		175,191
Total		18,990,543		43,938,127		6,246,938		69,175,608
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		74,205		—		—		74,205
Derivative liabilities		—		9,090,696		1,402		9,092,098
Securities sold		182,478		—		—		182,478
Sub-total		256,683		9,090,696		1,402		9,348,781
Financial instruments designated to be measured at FVTPL
Deposits due to customers		—		547,816		—		547,816
Derivative liabilities (designated for hedging)		—		102,815		—		102,815
Total		256,683		9,741,327		1,402		9,999,412

(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

- 63 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial recognition, financial assets at FVTOCI, and derivative assets and liabilities are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Group determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

1) Valuation methods and input variables for each type of financial instrument classified into level 2 as of March 31, 2025 and December 31, 2024 are as follows:

	Valuation methods	Input variables
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread or applying the market interest rate applied to entities with similar creditworthiness to the issuer of debt securities.	Risk-free market rate, credit spread
Equity securities and beneficiary certificates	Fair value is measured by using the net asset value method, FCFE(Free Cash Flow to Equity Mode), Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, LSMC(Least-Squares Monte Carlo), and Hull-White model.	Values of underlying assets such as bond, risk-free market rate, market risk premium, corporate Beta, discount rate originated from credit grade, volatility of stocks , volatility of interest rate
Derivatives	Fair value is measured by models such as option model.	Discount rate, volatility, exchange rate, etc.
Loans	The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread
Deposits due to customers	Fair value is measured by Hull-White model.	Swaption Volume, etc.

2) Valuation methods and input variables for each type of financial instrument classified into level 3 as of March 31, 2025 and December 31, 2024 are as follows :

	Valuation methods	Input variables
Loans	Fair value is measured by using the DCF model (Discounted Cash Flow Model) and risk-adjusted discount rate method (Tsiveriotis-Fernandes).	Discount rate, volatility of stock, risk-free market rate, credit spread
Stocks, capital contributions and beneficiary certificates	Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, Binomial Tree Model, Hull-White and Precedent Transactions model, one or more methods are used given the characteristic of the subject of fair value measurement.	Risk-free market rate, market risk premium, corporate Beta, stock prices, volatility of underlying asset, discount rate originated from credit grade, volatility of interest rate, volatility of real estate value, PBR, PSR, etc.
Derivatives	Fair value is measured by models such as option model.	Correlation coefficient, stock price, volatility, etc.
Others	The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market.	Stock price, volatility of underlying assets, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

			March 31, 2025
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Debt securities	LSMC(Hull-White)		Volatility	25.04%~71.57%	Variation of fair value increases as volatility increases.
Loans	DCF model		Discount rate	3.81%~5.62%	Fair value increases as discount rate decreases.
Derivative assets	Option valuation model and others	Equity related	Stock prices, Volatility of underlying asset	25.15%, 29.99%	Variation of fair value increases as volatility and stock price increases.
			Discount rate	18.49%	Fair value increases as discount rate decreases.
			Liquidation value	0.00%	Fair value increases as liquidation value increases.
Equity securities, capital contributions, and Beneficiary certificates	Binomial Tree		Stock prices, Volatility of underlying asset	21.15%~39.22%	Variation of fair value increases as volatility and stock price increases.
	DCF model and others		Discount rate	5.55%~16.90%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LSMC(Hull-White)		Volatility of stock	21.21%	Variation of fair value increases as volatility increases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	20.83%~39.60%	Variation of fair value increases as volatility and stock price increases.

- 65 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

			December 31, 2024
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Debt securities	LSMC(Hull-White)		Volatility	28.09%~88.35%	Variation of fair value increases as volatility increases.
Loans	DCF model		Discount rate	4.17%~5.98%	Fair value increases as discount rate decreases.
Derivatives	Option valuation model and others	Equity related	Correlation coefficient	0.29~0.65	Variation of fair value increases as correlation coefficient increases.
			Stock prices, Volatility of underlying asset	25.71%	Variation of fair value increases as volatility and stock price increases.
			Discount rate	3.94%~19.62%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%	Fair value increases as terminal growth rate increases.
Stocks, capital contributions, and beneficiary certificates	Binomial Tree		Stock prices, Volatility of underlying asset	18.76%~36.37%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	4.76%~19.84%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LMSC(Hull-White)		Volatility of stock	29.30%	Variation of fair value increases as volatility increases.
			Discount rate	6.45%~15.56%	Fair value increases as discount rate decreases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	18.36%~36.90%	Variation of fair value increases as volatility of underlying asset and stock price increases.

Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Beginning balance		Net income (loss) (*1)			Other comprehensive income		Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		7,357		(796	)		—		7,030		—			—			13,591
Equity securities		398,899		(1,576	)		—		31,564		(5,076	)		(7,650	)		416,161
Capital contributions		2,853,513		3,901			—		109,908		(66,785	)		—			2,900,537
Beneficiary certificates		2,105,160		14,335			—		46,087		(31,550	)		—			2,134,032
Loans		34,776		7			—		2		(262	)		—			34,523
Derivative assets		1,188		33			—		—		(53	)		—			1,168
Other foreign currency financial assets		48,345		(115	)		—		—		—			—			48,230
Others		238,266		4,263			—		—		(3,844	)		—			238,685
Sub-total		5,687,504		20,052			—		194,591		(107,570	)		(7,650	)		5,786,927
Financial assets at FVTOCI
Equity securities		559,434		—			18,796		—		(10	)		(5,530	)		572,690
Total		6,246,938		20,052			18,796		194,591		(107,580	)		(13,180	)		6,359,617
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,402		—			—		—		(1,402	)		—			—
Total		1,402		—			—		—		(1,402	)		—			—

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 27,354 million Won for the period ended March 31, 2025, which is from financial assets and liabilities that the Group holds as at the end of the period.

(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2024
	Beginning balance		Net income (loss) (*1)			Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		4,230		3,580			—			—		—			—			7,810
Equity securities		353,279		(3,997	)		—			13,222		(73	)		1,947			364,378
Capital contributions		2,459,646		20,283			—			108,522		(58,219	)		—			2,530,232
Beneficiary certificates		1,705,965		14,392			—			92,946		47,808			(6,021	)		1,855,090
Loans		56,002		47			—			178,807		(182,575	)		—			52,281
Derivative assets		129,138		1,462			—			—		(71,985	)		—			58,615
Other foreign currency financial assets		42,408		1,888			—			—		—			—			44,296
Others		183,274		1,687			—			—		(1,000	)		—			183,961
Sub-total		4,933,942		39,342			—			393,497		(266,044	)		(4,074	)		5,096,663
Financial assets at FVTOCI
Equity securities		548,164		—			(21,588	)		74		—			—			526,650
Loans		—		—			(18	)		193,450		(91,901	)		—			101,531
Sub-total		548,164		—			(21,606	)		193,524		(91,901	)		—			628,181
Total		5,482,106		39,342			(21,606	)		587,021		(357,945	)		(4,074	)		5,724,844
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,994		3,383			—			—		(541	)		—			4,836
Total		1,994		3,383			—			—		(541	)		—			4,836

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 24,719 million Won for the period ended March 31, 2024, which is from financial assets and liabilities that the Group holds as at the end of the period.

(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the fair value of Level 3 financial instruments are as follows.

The sensitivity analysis of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments’ value. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, equity-linked securities beneficiary certificates and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 6,359,617 million Won and 6,248,340 million Won as of March 31, 2025 and December 31, 2024, respectively, equity instruments of 4,914,444 million Won and 5,655,401 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of March 31, 2025 and December 31, 2024 is as follows (Unit: Korean Won in millions):

	March 31, 2025
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)(*4)		49		(50	)		—		—
Loans (*2)		219		(214	)		—		—
Debt securities (*3)		476		(348	)		—		—
Equity securities (*4) (*5) (*6)		18,586		(13,520	)		—		—
Beneficiary certificates (*5)(*6)		863		(858	)		—		—
Others (*4)		3,461		(3,235	)		—		—
Financial assets at FVTOCI
Equity securities (*5) (*7)		—		—			51,939		(36,195	)
Total		23,654		(18,225	)		51,939		(36,195	)

(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing liquidation rate or discount rate, which are major unobservable variables, by 10% each, respectively.

(*2) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (0%p~1%p) and discount rate or liquidation value (-1%p~1%p), which are major unobservable variables.

(*3) Fair value changes of equity securities are calculated by increasing or decreasing stock price volatility, which is major unobservable variables, by 10%,

(*4) Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%p~10%p) and volatility (-10%p~10%p), which are major unobservable variables.

(*5) Fair value changes of equity securities are calculated by increasing or decreasing discount rate (-1%p~1%p) and growth rate (-1%p~1%p) and or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing liquidation value of real estate which is underlying assets and discount rate by 1%.

(*7) Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate and discount rate, which are major unobservable variables.

- 69 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	December 31, 2024
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		50		(51	)		—		—
Loans (*2)		155		(152	)		—		—
Debt securities (*3)		469		(435	)		—		—
Equity securities (*2) (*4) (*5)		19,824		(14,380	)		—		—
Beneficiary certificates (*6)		706		(705	)		—		—
Others (*4) (*6)		2,554		(2,402	)		—		—
Financial assets at FVTOCI
Equity securities (*5)(*6)(*7)		—		—			47,087		(32,879	)
Total		23,758		(18,125	)		47,087		(32,879	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		—		—			—		—
Total		—		—			—		—

(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing correlation or volatility, which are major unobservable variables, by 10% each, respectively.

(*2) Fair value changes are calculated by increasing or decreasing growth rate (0%~1%) and discount rate or liquidation value (-1%~1%), which are major unobservable variables.

(*3) Fair value changes are calculated by increasing or decreasing stock price volatility by 10%, which are major unobservable variables.

(*4) Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and volatility (-10%p~10%p), which are major unobservable variables.

(*5) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6) Even if the sensitivity analysis of the capital contributions and beneficiary certificates among equity securities is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which are underlying assets and discount rate by 1%p.

(*7) Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate and discount rate, which are unobservable variables.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions):

	March 31, 2025
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		3,718,249		15,349,940		9,991		19,078,180		19,064,424
Loans and other financial assets at amortized cost		—		16,956,863		395,123,189		412,080,052		409,496,153
Financial liabilities:
Deposits due to customers		—		368,936,163		—		368,936,163		368,475,940
Borrowings		—		29,946,920		445,832		30,392,752		30,378,783
Debentures		—		47,163,406		—		47,163,406		46,952,728
Other financial liabilities (*)		—		37,628,231		1,311,464		38,939,695		39,731,657

(*) Lease liabilities are excluded as of March 31, 2025.

	December 31, 2024
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		3,242,384		15,894,576		9,991		19,146,951		19,203,177
Loans and other financial assets at amortized cost		—		7,149,151		393,995,021		401,144,172		398,471,816
Financial liabilities:
Deposits due to customers		—		367,128,451		—		367,128,451		366,821,156
Borrowings		—		29,622,705		432,561		30,055,266		30,117,031
Debentures		—		48,273,103		—		48,273,103		48,207,103
Other financial liabilities (*)		—		30,201,229		809,007		31,010,236		31,786,960

(*) Lease liabilities are excluded as of December 31, 2024.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:

	Valuation methods	Input variables
Securities at amortized cost	The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread.	Risk-free market rate and credit spread
Loans and other financial assets at amortized cost	The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.	Risk-free market rate, credit spread and prepayment rate
Deposits due to customers, borrowings, debentures and other financial liabilities	The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Group.	Risk-free market rate, credit spread and forward rate

- 71 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

	March 31, 2025
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		109,643		—		2,571,370		—		2,681,013
Securities		15,320,464		43,011,641		19,064,424		—		77,396,529
Loans		192,902		—		387,731,914		—		387,924,816
Derivative assets		8,189,086		—		—		182,420		8,371,506
Other financial assets		49,903		—		19,192,869		—		19,242,772
Total		23,861,998		43,011,641		428,560,577		182,420		495,616,636

	March 31, 2025
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities designated to be measured at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		109,773		567,820		368,475,940		—		369,153,533
Borrowings		200,333		—		30,378,783		—		30,579,116
Debentures		—		—		46,952,728		—		46,952,728
Derivative liabilities		7,626,865		—		—		85,618		7,712,483
Other financial liabilities (*)		—		—		39,731,656		—		39,731,656
Total		7,936,971		567,820		485,539,107		85,618		494,129,516

(*) Lease liabilities are excluded as of March 31, 2025.

	December 31, 2024
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		73,951		—		2,630,604		—		2,704,555
Securities		14,879,996		43,797,745		19,203,177		—		77,880,918
Loans		104,177		—		386,069,294		—		386,173,471
Derivative assets		10,094,532		—		—		175,191		10,269,723
Other financial assets		50,016		—		9,771,918		—		9,821,934
Total		25,202,672		43,797,745		417,674,993		175,191		486,850,601

	December 31, 2024
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities designated to be measured at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		74,205		547,816		366,821,156		—		367,443,177
Borrowings		182,478		—		30,117,031		—		30,299,509
Debentures		—		—		48,207,103		—		48,207,103
Derivative liabilities		9,092,098		—		—		102,815		9,194,913
Other financial liabilities (*)		—		—		31,786,960		—		31,786,960
Total		9,348,781		547,816		476,932,250		102,815		486,931,662

(*) Lease liabilities are excluded as of December 31, 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

12. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

(1) Investments in associates accounted for using the equity method of accounting are as follows:

		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2025	December 31, 2024		Location	Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (*1) (*4)	Freight & staffing services	4.9		4.9	Korea		2025-02-28
Korea Credit Bureau Co., Ltd. (*2)	Credit information	9.9		9.9	Korea		2025-03-31
Korea Finance Security Co., Ltd. (*2) (*4)	Security service	15.0		15.0	Korea		2025-02-28
Wongwang Co., Ltd. (*3)	Wholesale and real estate	29.0		29.0	Korea		—
Sejin Construction Co., Ltd. (*3)	Construction	29.6		29.6	Korea		—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing	23.4		23.4	Korea		—
Beomgyo., Ltd. (*3)	Telecommunication equipment retail sales	23.1		23.1	Korea		—
NK Eng Co., Ltd. (*3)	Manufacturing	—		23.1	Korea		—
K BANK Co., Ltd. (*2) (*4)	Finance	12.0		12.0	Korea		2025-02-28
Partner One Value Up I Private Equity Fund	Other financial services	23.3		23.3	Korea		2025-03-31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership	Other financial services	20.0		20.0	Korea		2025-03-31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services	25.0		25.0	Korea		2025-03-31
LOTTE CARD Co., Ltd. (*4)	Credit card and installment financing	20.0		20.0	Korea		2024-12-31
Union Technology Finance Investment Association	Other financial services	29.7		29.7	Korea		2025-03-31
Orient Shipyard Co., Ltd. (*3) (*4)	Manufacture of sections for ships	22.7		22.7	Korea		2024-12-31
Win Mortgage Co., Ltd. (*1) (*4)	Other financial services	4.5		4.5	Korea		2024-12-31
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]	Other financial services	100.0		100.0	Korea		2025-03-31
BTS 2nd Private Equity Fund	Other financial services	20.0		20.0	Korea		2025-03-31
STASSETS FUND III	Other financial services	28.3		28.3	Korea		2025-03-31
SF CREDIT PARTNERS, LLC (*2)	Other financial services	10.0		10.0	United States		2025-03-31
Dongwoo C & C Co., Ltd. (*3)	Construction	23.2		23.2	Korea		—
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales	28.9		28.9	Korea		—
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2	Other financial services	19.9		19.9	Korea		2025-03-31
Woori Seoul Beltway Private Special Asset Fund No.1	Trust and collective investment	25.0		25.0	Korea		2025-03-31
Woori Smart General Private Equity Investment Trust 1 (bond)	Collective investment business	28.6		28.6	Korea		2025-03-31

- 73 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2025	December 31, 2024		Location	Financial statements as of
Woori Asset Global Partnership Fund No. 5	Collective investment business	57.7		57.7	Korea		2025-03-31
Woori General Private Securities Investment Trust No. 5 (bond)	Collective investment business	28.6		28.6	Korea		2025-03-31
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)	Collective investment business	8.7		9.1	Korea		2025-03-31
Woori General Private Securities Investment Trust No. 6 (bond)	Collective investment business	28.6		28.6	Korea		2025-03-31
Woori General Private Securities Investment Trust No. 7 (bond)	Collective investment business	28.6		28.6	Korea		2025-03-31
Woori Smart General Private Equity Investment Trust No.1 (bond) (*11)	Collective investment business	28.4		28.4	Korea		2025-03-31
Woori Future Energy Private Special Asset Investment Trust(General) No.1 (*11)	Collective investment business	16.0		16.0	Korea		2025-03-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial services	25.6		25.6	Korea		2025-03-31
Portone-Cape Fund No.1	Other financial services	20.0		20.0	Korea		2025-03-31
Darwin Green Packaging Private Equity Fund	Other financial services	20.4		20.4	Korea		2025-03-31
Koreawide partners 2nd Private Equity Fund	Other financial services	26.7		26.7	Korea		2025-03-31
Woori Investment Securities Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2	Real estate business	12.0		12.0	Korea		2025-03-31
Woori Asset Management Co. Ltd.
Woori Together TDF 2025	Collective investment business	20.9		24.7	Korea		2025-03-31
Woori Together TDF 2050 (*11)	Collective investment business	21.3		—	Korea		2025-03-31
Woori Together TDF 2030 (*7)	Collective investment business	—		22.2	Korea		—
Woori USD Treasury Target Return Bond FoF (*7)	Collective investment business	—		23.9	Korea		—
Woori Together TDF 2035 (*7)	Collective investment business	—		22.5	Korea		—
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF (*2)	Other financial services	4.0		4.0	Korea		2025-03-31
Aarden Woori Apparel 1st Private Equity Fund (*2)	Other financial services	0.5		0.5	Korea		2025-03-31
Woori Dyno 1st Private Equity Fund (*2)	Other financial services	19.6		19.6	Korea		2025-03-31
NH Woori Dino Co-Investment NO.2 Private Equity Fund (*2) (*11)	Other financial services	5.1		5.1	Korea		2025-03-31
Woori Eugene Energy Link Private Equity Fund (*2)(*11)	Other financial services	0.7		—	Korea		2025-03-31
Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust NO 1-2	Collective investment business	35.9		35.9	Korea		2025-03-31

- 74 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2025	December 31, 2024		Location	Financial statements as of
Capstone Special Restructuring Private Investment Trust No.4 (*11)	Collective investment business	46.2		—	Korea		2025-03-31
Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8)	Asset Management	37.5		37.5	Korea		2025-03-31
KTBN Venture Fund No.8 (*9)	Asset Management	21.7		21.7	Korea		2025-03-31
KTBN Digital Contents Korea Fund No.9 (*9)	Asset Management	30.0		30.0	Korea		2025-03-31
KTBN Media Contents Fund (*10)	Asset Management	15.0		15.0	Korea		2025-03-31
KTB China Synergy Fund (*10)	Asset Management	15.1		15.1	Korea		2025-03-31
NAVER-KTB Audio Contents Fund (*10)	Asset Management	1.0		1.0	Korea		2025-03-31
KTBN Venture Fund No.13 (*10)	Asset Management	19.6		19.6	Korea		2025-03-31
KTBN Future Contents Fund (*10)	Asset Management	13.3		13.3	Korea		2025-03-31
KTBN Venture Fund No.16 (*10)	Asset Management	10.3		10.3	Korea		2025-03-31
KTBN Venture Fund No.18 (*10)	Asset Management	10.1		10.1	Korea		2025-03-31
KB-KTB Technology Venture Fund (*10)	Asset Management	18.2		18.2	Korea		2025-03-31
Woori 2022 Scaleup Venture Fund	Asset Management	20.0		20.0	Korea		2025-03-31
Woori 2022 Start-up Venture Fund	Asset Management	30.1		30.1	Korea		2025-03-31
KTBN GI Private Equity Fund (*10)	Asset Management	5.0		5.0	Korea		2025-03-31
Chirochem	Medical material Manufacturing	28.6		28.6	Korea		2025-03-31
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*4)	Other financial services	47.8		47.8	Japan		2025-01-31
Woori bank and Woori card Co., Ltd. (*5)
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale	29.8		29.8	Korea		—
KG Fashion Co., Ltd. (*3)(*4)	Manufacturing	20.8		20.8	Korea		2025-02-28
Kyesan Engineering Co., Ltd. (*3)	Construction	23.3		23.3	Korea		—
Good Software Lap Co., Ltd. (*3)	Service	29.4		29.4	Korea		—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales	25.5		25.5	Korea		—
PREXCO Co., Ltd. (*3)	Manufacturing	28.1		28.1	Korea		—
JiWon Plating Co., Ltd. (*3)	Plating	20.8		20.8	Korea		—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing	24.5		24.5	Korea		—
KUM HWA Co., Ltd. (*3)	Telecommunication equipment retail sales	20.1		20.1	Korea		2025-03-31
Jinmyung Plus Co., Ltd. (*3)(*4)	Manufacturing	21.3		21.3	Korea		2024-12-31
Rea Company (*3)(*4)	Manufacturing	26.1		26.1	Korea		2024-12-31
ARAM CMC Co.,Ltd. (*3)	Manufacturing	20.1		20.1	Korea		—
MARKET&FARM CO.,LTD. (*3)	Wholesale and commodity brokerage	23.7		23.7	Korea		2025-03-31
SAMJI TEXTILE CO.,LTD. (*3)(*4)	Wholesale and commodity brokerage	29.8		29.8	Korea		2024-12-31

- 75 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2025	December 31, 2024		Location	Financial statements as of
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund	Other financial services	23.4		23.4	Korea		2025-03-31
HMS-Oriens 1st Fund (*7)	Other financial services	—		22.8	Korea		—
Woori Senior Loan Private Placement Investment Trust No.1	Collective investment business	21.7		21.7	Korea		2025-03-31
Genesis Eco No.1 Private Equity Fund	Other financial services	29.0		29.0	Korea		2025-03-31
Paratus Woori Material Component Equipment joint venture company	Other financial services	29.9		29.9	Korea		2025-03-31
Midas No. 8 Private Equity Joint Venture Company	Other financial services	28.5		28.5	Korea		2025-03-31
Orchestra Private Equity Fund IV	Other financial services	28.2		28.2	Korea		2025-03-31
Synaptic Green No.1 PEF	Other financial services	21.1		21.1	Korea		2025-03-31
IGEN2023No. 1 Private Equity Fund	Other financial services	24.8		24.8	Korea		2025-03-31
PCC-Woori LP Secondary Fund	Other financial services	38.9		38.9	Korea		2025-03-31
Synaptic Future Growth Private Equity Fund 1	Other financial investment	23.8		23.8	Korea		2025-03-31
Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*5)
Healthcare Investment Fund (*11)	Collective investment business	28.8		—	Korea		2025-03-31
Woori Investment Securities Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2	Collective investment business	2.7		2.3	Korea		2025-03-31
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund(*6)	Other financial services	34.6		34.6	Korea		2025-03-31
Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (*5)
NH Woori New deal Co-Investment No.1 Private Equity Fund	Other financial services	19.5		19.5	Korea		2025-03-31
Woori Venture Partners Co., Ltd., Woori Asset Management Corp. (*5)
Woori BIG SATISFACTION SHINJONG MMF 3rd	Collective investment business	1.9		2.3	Korea		2025-03-31
Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)

- 76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2025	December 31, 2024		Location	Financial statements as of
Woori-Shinyoung Growth-Cap Private Equity Fund I	Other financial services	35.0		35.0	Korea		2025-03-31
NH Woori Newdeal Growth Alpha Private Equity Fund 1	Other financial services	33.1		32.9	Korea		2025-03-31
Woori Bank, Woori card Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Asset Management Corp. (*5)
Woori Real Estate Investment No. 1 Limited Liability Company	Collective investment business	19.9		19.9	Korea		2025-03-31

(*1) Most of the significant business transactions of associates are with the Group as of March 31, 2025 and December 31, 2024.

(*2) The Group can participate in decision-making body and exercise significant influence over financial policies and operational policies decision making of the associates.

(*3) There is no investment balance as of March 31, 2025 and December 31, 2024.

(*4) The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.

(*5) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.

(*6) It was classified as an associate due to holding of voting rights according to the initial investment agreement ratio.

(*7) It was excluded from associates in current period.

(*8) It has been liquidating as of March 31, 2025.

(*9) In the event of liquidation, if the distribution payments made or to be made to the cooperative members are less than their contributions, an agreement has been made whereby the shortage will be covered, up to a certain amount within the investment, giving priority to specific shareholders over others.

(*10) The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(*11) It was added to associates in current period.

- 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Changes in the carrying value of investments in associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Acquisition cost		January 1, 2025		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification, etc.			Dividends			Change in capital			March 31, 2025
W Service Networks Co., Ltd.		108		204		(28	)		—		—			(5	)		—			171
Korea Credit Bureau Co., Ltd.		3,313		9,001		442			—		—			(90	)		—			9,353
Korea Finance Security Co., Ltd.		3,267		3,616		29			—		—			—			—			3,645
K BANK Co., Ltd.		224,657		262,250		(1,869	)		—		—			—			162			260,543
Partner One Value Up I Private Equity Fund		5,039		2,123		(31	)		—		—			—			—			2,092
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		—		2,263		(8	)		—		—			—			—			2,255
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,532		4,532		—			—		—			—			—			4,532
LOTTE CARD Co., Ltd.		346,810		575,580		5,012			—		—			(7,743	)		207			573,056
Union Technology Finance Investment Association		13,449		11,770		(2,385	)		—		—			—			—			9,385
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—			—			—			—
Win Mortgage Co., Ltd.		23		135		(31	)		—		—			(9	)		—			95
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		10,000		10,847		64			—		—			—			—			10,911
BTS 2nd Private Equity Fund		8,146		7,799		(42	)		—		—			—			—			7,757
STASSETS FUND III		12,000		11,178		(49	)		—		—			—			—			11,129
SF CREDIT PARTNERS, LLC		13,059		16,000		159			—		—			—			(35	)		16,124
Japanese Hotel Real Estate Private Equity Fund No.2		3,154		2,805		45			—		(12	)		(38	)		84			2,884
Woori Seoul Beltway Private Special Asset Fund No.1		16,975		16,076		140			1,049		—			(134	)		—			17,131
Woori Smart General Private Equity Investment Trust 1 (bond)		40,000		41,783		513			—		—			—			—			42,296
Woori Asset Global Partnership Fund No.5		52,500		54,977		118			—		—			—			—			55,095
Woori General Private Securities Investment Trust No. 5 (bond)		60,000		60,024		817			—		—			—			—			60,841
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		10,000		10,493		142			—		—			(603	)		—			10,032
Woori General Private Securities Investment Trust No. 6 (bond)		40,000		42,090		549			—		—			(2,552	)		—			40,087
Woori General Private Securities Investment Trust No. 7 (Bond)		40,000		41,116		610			—		—			—			—			41,726
Woori Smart General Private Equity Investment Trust No.1 (bond)		40,000		40,477		457			—		—			—			—			40,934
Woori Future Energy Private Special Asset Investment Trust(General) No.1		—		—		—			—		—			—			—			—
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		340		160		46			—		—			—			—			206
Darwin Green Packaging Private Equity Fund		4,000		3,904		—			—		—			—			—			3,904
Koreawide partners 2nd Private Equity Fund		20,000		19,235		(387	)		—		—			—			—			18,848
Woori FirstValue Private Real Estate Fund No.2		9,000		567		1			—		—			—			—			568
Woori Together TDF 2025		3,000		3,577		31			—		—			—			—			3,608
Woori Together TDF 2050		2,600		—		(141	)		—		3,005			—			—			2,864
Woori Together TDF 2030		3,000		3,724		35			—		(3,759	)		—			—			—
Woori USD Treasury Target Return Bond FoF		200		220		1			—		(221	)		—			—			—
Woori Together TDF 2035		3,000		3,448		39			—		(3,487	)		—			—			—
Australia Green Energy 1st PEF		4,913		5,264		(14	)		—		—			—			—			5,250
Aarden Woori Apparel 1st Private Equity Fund		100		95		23			—		—			—			—			118
Woori Dyno 1st Private Equity Fund		2,000		2,849		(5	)		—		—			—			—			2,844

- 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2025
	Acquisition cost		January 1, 2025		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification, etc.			Dividends			Change in capital		March 31, 2025
NH Woori Dino Co-Investment NO.2 Private Equity Fund		2,200		1,996		6			200		—			—			—		2,202
Woori Eugene Energy Link Private Equity Fund		500		—		(25	)		500		—			—			—		475
KCLAVIS NPL Investment Trust NO 1-2		15,000		15,422		419			—		—			—			—		15,841
Capstone Special Restructuring Private Investment Trust No.4		15,000		—		—			15,000		—			—			—		15,000
KTB-KORUS FUND		337		1,789		—			—		—			—			—		1,789
KTBN Venture Fund No.8		195		1,529		—			—		—			—			—		1,529
KTBN Digital Contents Korea Fund No.9		7,020		5,006		6			—		—			—			—		5,012
KTBN Media Contents Fund		—		154		—			—		—			—			—		154
KTB China Synergy Fund		12,400		18,949		(177	)		—		—			—			—		18,772
NAVER-KTB Audio Contents Fund		300		248		—			—		—			—			—		248
KTBN Venture Fund No.13		4,400		15,659		61			—		—			—			—		15,720
KTBN Future Contents Fund		3,472		4,193		140			—		-528			—			—		3,805
KTBN Venture Fund No.16		12,200		15,853		1,023			—		—			—			—		16,876
KTBN Venture Fund No.18		27,075		25,506		(27	)		—		—			—			—		25,479
KB-KTB Technology Venture Fund		10,000		9,350		(107	)		—		—			—			—		9,243
WOORI 2022 Scaleup Venture Fund		27,720		17,809		149			6,776		—			—			—		24,734
WOORI 2022 Start-up Venture Fund		13,100		12,773		(62	)		—		—			—			—		12,711
KTBN GI Private Equity Fund		—		5		—			—		—			—			—		5
Chirochem		250		104		57			—		—			—			—		161
Godo Kaisha Oceanos 1		6,473		7,347		1,743			—		(4,327	)		(37	)		106		4,832
KG Fashion Co., Ltd.(*)		—		—		—			—		—			—			—		—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—		—
Jinmyung Plus Co., Ltd.		—		9		3			—		—			—			—		12
Rea Company (*)		—		—		—			—		—			—			—		—
Market&Farm Co., Ltd (*)		—		—		—			—		—			—			—		—
JC Assurance No.2 Private Equity Fund		29,349		—		—			—		—			—			—		—
HMS-Oriens 1st Fund		—		14,880		—			—		(14,880	)		—			—		—
Woori Senior Loan Private Placement Investment Trust No.1		17,595		17,517		195			—		—			(208	)		—		17,504
Genesis Eco No.1 Private Equity Fund		12,000		10,847		129			—		—			—			—		10,976
Paratus Woori Material Component Equipment joint venture company		17,700		16,714		(64	)		—		—			—			—		16,650
Midas No. 8 Private Equity Joint Venture Company		18,419		18,207		(64	)		—		—			—			—		18,143
Orchestra Private Equity Fund IV		9,700		9,610		(37	)		—		—			—			—		9,573
Synaptic Green No.1 PEF		8,000		7,499		(37	)		—		—			—			—		7,462
IGEN2022No. 1 Private Equity Fund		7,422		7,972		918			—		—			(790	)		—		8,100
PCC-Woori LP Secondary Fund		10,435		8,648		(52	)		—		—			—			—		8,596
Synaptic Future Growth Private Equity Fund		6,325		7,685		(353	)		—		(435	)		—			—		6,897
Healthcare Investment Fund		3,000		—		(57	)		—		3,000			—			—		2,943
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		3,849		4,011		79			—		—			—			—		4,090
Woori-Q Corporate Restructuring Private Equity Fund		29,627		34,007		(77	)		—		—			—			—		33,930
NH Woori Newdeal Growth Alpha Private Equity Fund 1		44,512		55,539		227			—		(5,506	)		(180	)		—		50,080
Woori BIG SATISFACTION SHINJONG MMF 3rd		45,083		41,984		311			8,000		(2,003	)		—			—		48,292
Woori-Shinyoung Growth-Cap Private Equity Fund I		16,555		29,696		664			—		(524	)		—			—		29,836

- 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2025
	Acquisition cost		January 1, 2025		Share of profits(losses) and others		Acquisition		Disposal/ Reclassification, etc.			Dividends			Change in capital		March 31, 2025
NH Woori New deal Co-Investment No.1 Private Equity Fund		5,000		5,204		481		—		—			—			—		5,685
Woori Real Estate Investment No. 1 Limited Liability Company		34,200		33,919		230		—		—			—			—		34,149
		1,476,698		1,748,810		9,985		31,525		(29,677	)		(12,389	)		524		1,748,778

(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 13 million Won in KG FASHION CO., LTD., 8 million Won for Market&Farm Co.,Ltd., 3 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 8 million Won for Market&Farm Co.,Ltd., 47 million Won for Orient Shipyard Co.,Ltd., 172 million Won in KG FASHION CO., LTD., 118 million Won for Rea Company, 669 million Won in JC Assurance No.2 Private Equity Fund.

	For the three-month period ended March 31, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2024
W Service Networks Co., Ltd.		108		216		(44	)		—		—			(5	)		—			167
Korea Credit Bureau Co., Ltd.		3,313		6,433		679			—		—			(90	)		—			7,022
Korea Finance Security Co., Ltd.		3,267		3,285		145			—		—			—			—			3,430
K BANK Co., Ltd.		236,232		260,052		(1,577	)		—		—			—			975			259,450
Partner One Value Up I Private Equity Fund		5,039		3,230		54			—		—			—			—			3,284
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		3,816		8,247		101			—		(540	)		—			—			7,808
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,436		4,437		—			—		—			—			—			4,437
LOTTE CARD Co.,Ltd.		346,810		587,392		444			—		—			(15,591	)		(9,983	)		562,262
Union Technology Finance Investment Association		13,449		12,270		(307	)		—		—			—			—			11,963
Dicustody Co., Ltd.		1		1		—			—		—			—			—			1
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—			—			—			—
Joongang Network Solution Co.,Ltd.		—		88		83			—		—			—			(87	)		84
Win Mortgage Co., LTd.		23		105		(16	)		—		—			(2	)		—			87
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,540		77			—		—			—			—			10,617
BTS 2nd Private Equity Fund		7,026		4,838		56			1,800		—			—			—			6,694
STASSETS FUND III		9,000		8,406		(76	)		—		—			—			—			8,330
SF CREDIT PARTNERS, LLC		13,059		12,845		344			—		—			—			553			13,742
Rea Company		—		—		—			—		—			—			—			—
ARAM CMC Co., Ltd.		—		—		—			—		—			—			—			—
Japanese Hotel Real Estate Private Equity Fund No.2		3,174		2,688		4			—		—			(13	)		(68	)		2,611
Woori Seoul Beltway Private Special Asset Fund No.1		13,427		12,590		133			965		—			(129	)		—			13,559
Woori General Private Securities Investment Trust (Bond) No.1		50,000		51,686		586			—		(50,102	)		(2,170	)		—			—
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		100,000		105,564		(755	)		—		—			(4,202	)		—			100,607
Woori Safe Plus General Type Private Investment Trust S-8 (Bond)		10,000		10,330		102			—		—			(429	)		—			10,003
Woori General Private Securities Investment Trust (Bond) No.2		30,000		30,829		370			—		—			—			—			31,199
Woori Smart General Private Equity Investment Trust 1 (bond)		40,000		41,135		527			—		—			—			—			41,662
Woori General Private Securities Investment Trust (Bond) No.3		28,988		51,205		341			—		(21,510	)		—			—			30,036
Woori Asset Global Partnership Fund No.5		22,500		22,071		248			—		—			—			—			22,319
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		340		445		(256	)		—		—			—			—			189

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2024
DeepDive WOORI 2021-1 Financial Investment Fund		126		1,236		(463	)		—		(96	)		(266	)		—			411
Darwin Green Packaging Private Equity Fund		4,000		3,957		(15	)		—		—			—			—			3,942
Koreawide partners 2nd Private Equity Fund		20,000		19,235		—			—		—			—			—			19,235
Woori FirstValue Private Real Estate Fund No.2		9,000		560		2			—		—			—			—			562
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		—		55		—			—		(55	)		—			—			—
Woori Together TDF 2025		3,000		—		97			—		3,245			—			—			3,342
Woori Together TDF 2030		3,000		3,324		128			—		—			—			—			3,452
Woori Together OCIO Target Return Feeder fund (Balance Bond)		—		10,376		298			—		(10,674	)		—			—			—
Australia Green Energy 1st PEF		4,913		4,811		(9	)		—		—			—			—			4,802
Aarden Woori Apparel 1st Private Equity Fund		100		133		(38	)		—		—			—			—			95
Woori Dyno 1st Private Equity Fund		2,000		2,358		(6	)		—		—			—			—			2,352
KTB-KORUS FUND		3,626		3,359		—			—		—			—			—			3,359
KTB China Platform Fund		17,023		16,059		441			—		—			—			—			16,500
KTBN Venture Fund No.7		16,972		16,044		(1	)		—		—			(1,633	)		—			14,410
KTBN Venture Fund No.8		3,325		2,511		(193	)		—		—			(569	)		—			1,749
KTBN Digital Contents Korea Fund No.9		5,329		5,597		70			—		—			—			—			5,667
KTBN Media Contents Fund		330		283		1			—		—			—			—			284
KTB China Synergy Fund		21,629		20,405		(701	)		—		—			(3,296	)		—			16,408
NAVER-KTB Audio Contents Fund		284		288		—			—		—			—			—			288
KTBN Venture Fund No.13		13,279		14,158		(26	)		—		—			(1,801	)		—			12,331
KTBN Future Contents Fund		3,892		4,561		(14	)		—		—			—			—			4,547
KTBN Venture Fund No.16		17,546		18,561		(185	)		—		—			—			—			18,376
KTBN Venture Fund No.18		26,308		26,970		(89	)		—		—			—			—			26,881
KB-KTB Technology Venture Fund		7,755		7,600		(26	)		—		—			—			—			7,574
WOORI 2022 Scaleup Venture Fund		14,000		13,578		(113	)		—		—			—			—			13,465
WOORI 2022 Start-up Venture Fund		7,804		2,433		(44	)		5,240		—			—			—			7,629
KTB-NHN China Private Equity Fund		1,272		3		(1	)		—		—			—			—			2
KTBN GI Private Equity Fund		189		617		233			—		—			—			30			880
Chirochem		102		102		—			—		—			—			—			102
Daishin Balance No.18 Special Purpose Acquisition Company		700		—		(3	)		700		—			—			122			819
Godo Kaisha Oceanos 1		10,800		7,978		—			—		—			—			(26	)		7,952
Woori Zip 1		8,566		7,629		(3	)		—		(134	)		—			(197	)		7,295
Woori Zip 2		11,841		10,695		(6	)		—		(234	)		—			(274	)		10,181
KG Fashion Co., Ltd.(*)		—		—		—			—		—			—			—			—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—			—
Jinmyung Plus Co., Ltd.		—		14		2			—		—			—			—			16
JC Assurance No.2 Private Equity Fund		29,349		—		—			—		—			—			—			—
Dream Company Growth no.1 PEF		—		7,809		(300	)		—		(7,509	)		—			—			—
HMS-Oriens 1st Fund		12,000		14,030		210			—		—			—			—			14,240
Woori Senior Loan Private Placement Investment Trust No.1		61,741		75,590		347			—		(12,653	)		(916	)		—			62,368
Genesis Eco No.1 Private Equity Fund		12,000		10,942		174			—		—			—			—			11,116
Paratus Woori Material Component Equipment joint venture company		17,700		16,979		(65	)		—		—			—			—			16,914
Midas No. 8 Private Equity Joint Venture Company		18,537		18,465		(62	)		—		—			—			—			18,403
Orchestra Private Equity Fund IV		9,700		9,555		161			—		—			—			—			9,716
Synaptic Green No.1 PEF		8,000		7,611		—			—		—			—			—			7,611

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

	For the three-month period ended March 31, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification		Dividends			Change in capital			March 31, 2024
IGEN2022No. 1 Private Equity Fund		7,422		7,983		260			—		—		(151	)		—			8,092
PCC-Woori LP Secondary Fund		10,435		10,530		(96	)		—		—		—			—			10,434
Synaptic Future Growth Private Equity Fund		7,359		7,069		504			64		—		—			—			7,637
Woori-Q Corporate Restructuring Private Equity Fund		17,441		20,283		(68	)		—		—		—			—			20,215
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		33,481		(3,795	)		—		—		—			—			29,686
NH Woori Newdeal Growth Alpha Private Equity Fund 1		34,006		32,987		4,500			—		—		—			—			37,487
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		3,200		2,543		(281	)		1,000		229		—			—			3,491
Woori Short Term Government and Special Bank Bond Active ETF		12,008		12,286		118			—		—		—			—			12,404
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		29,001		29,821		439			—		—		—			—			30,260
Woori General Private Securities Investment Trust No. 5 (bond)		60,000		—		564			60,000		—		—			—			60,564
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		10,000		—		58			10,000		—		—			—			10,058
Woori General Private Securities Investment Trust No. 6 (bond)		40,000		—		153			40,000		—		—			—			40,153
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		202,701		—		1,996			—		203,695		—			—			205,691
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		2,000		—		52			2,000		—		—			—			2,052
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		2,004		—		17			511		1,484		(3	)		—			2,009
		1,817,441		1,795,370		5,485			122,280		105,146		(31,266	)		(8,955	)		1,988,060

(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 7 million Won for Orient Shipyard Co.,Ltd., 9 million Won in KG FASHION CO., LTD., 101 million Won in Rea Company, 12 million Won in ARAM CMC Co.,Ltd. and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 35 million Won for Orient Shipyard Co.,Ltd., 129 million Won in KG FASHION CO., LTD., 101 million Won in Rea Company, 12 million Won in ARAM CMC Co.,Ltd.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

13. OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Lease assets		3,907,253		3,965,839
Prepaid expenses		415,310		359,638
Advance payments		197,781		194,881
Non-operational assets		45,895		44,430
Others		73,305		40,575
Total		4,639,544		4,605,363

14. FINANCIAL LIABILITIES AT FVTPL

(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Financial instruments at fair value through profit or loss		7,936,971		9,348,781
Financial liabilities designated to be measured at FVTPL		567,820		547,816
Total		8,504,791		9,896,597

(2) Financial liabilities at fair value through profit or loss are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Deposits
Gold banking liabilities		109,773		74,205
Borrowings
Securities sold		200,333		182,478
Derivative liabilities		7,626,865		9,092,098
Total		7,936,971		9,348,781

(3) Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Deposits due to customers
Time deposits		567,820		547,816

In accordance with documented risk management or investment strategies, the group manages a portfolio of financial instruments on a fair value basis and evaluates their performance. Therefore, under K-IFRS 1109 Financial Instrument, financial liabilities are designated to be measured at FVTPL as this provides more relevant information.

(4) Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025			For the three-month period ended March 31, 2024
Financial liabilities designated to be measured at FVTPL at the end of each period		567,820			169,839
Changes in fair value due to change in credit risk (*)		(35	)		(606	)
Accumulated change in fair value due to change in credit risk (*)		(1,866	)		(606	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(*) The amounts recognized in other comprehensive income related to financial liabilities designated to be measured at FVTPL are 35 million Won and 606 million Won during the three-month period ended March 31, 2025 and 2024, with an accumulated profit of 1,866 million Won and 606 million Won.

The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of deposits due to customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the Group.

(5) The difference between carrying amount and maturity amount of financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Carrying amount		567,820		547,816
Nominal amount at maturity		540,000		530,000
Difference		27,820		17,816

15. DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Deposits in local currency:
Deposits on demand		9,014,918			7,880,603
Notice Deposit		116,452,302			115,527,487
Deposits at termination		177,718,261			175,380,553
Mutual installment		19,499			19,901
Deposits on notes payables		4,310,817			4,000,894
Deposits on CMA		125,836			120,666
Certificate of deposits		10,575,773			11,742,425
Other deposits		1,010,526			1,037,811
Sub-total		319,227,932			315,710,340
Deposits in foreign currencies:
Deposits in foreign currencies		49,127,208			50,988,673
Present value discount		(114,017	)		(144,359	)
Customers’ deposits for beneficiary		234,817			266,502
Total		368,475,940			366,821,156

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

16. BORROWINGS AND DEBENTURES

(1) Details of borrowings are as follows (Unit: Korean Won in millions):

	March 31, 2025
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		1.3		2,209,307
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,204,559
Others	The Korea Development Bank and others		0.0 ~ 5.0		7,923,960
Sub-total					12,337,826
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.5 ~ 12.0		14,854,535
Bills sold	Others		0.0 ~ 2.7		3,094
Call money	Bank and others		1.7 ~ 7.0		1,363,690
Bonds sold under repurchase agreements	Nonghyup Bank and others		1.0 ~ 14.2		1,821,999
Present value discount					(2,361	)
Total					30,378,783

	December 31, 2024
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from the BOK	The BOK		1.5		1,981,928
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,165,257
Others	The Korea Development Bank and others		0.0 ~ 5.6		7,955,941
Sub-total					12,103,126
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.0 ~ 12.0		15,081,035
Bills sold	Others		0.0 ~ 2.7		3,690
Call money	Bank and others		1.7 ~ 4.9		1,402,780
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 12.2		1,530,767
Present value discount					(4,367	)
Total					30,117,031

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Details of debentures are as follows (Unit: Korean Won in millions):

	March 31, 2025					December 31, 2024
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		0.8 ~ 7.5		40,644,106			0.8 ~ 7.5		41,665,997
Subordinated bonds		1.9 ~ 5.1		4,427,030			1.9 ~ 5.1		4,421,380
Other bonds		2.1 ~ 17.0		1,999,142			1.6 ~ 17.0		2,250,672
Sub-total				47,070,278					48,338,049
Discounts on bonds				(117,550	)				(130,946	)
Total				46,952,728					48,207,103

(*) Included debentures under fair value hedge amounting to 3,920,937 million won and 3,952,047 million won as of March 31, 2025 and December 31, 2024 respectively. Also, debentures under cash flow hedge amounting to 1,868,800 million won and 1,860,100 million won are included as of March 31, 2025 and December 31, 2024 respectively.

17. PROVISIONS

(1) Details of provisions are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Asset retirement obligation		104,908		97,772
Provisions for guarantees (*1)		68,761		71,470
Provisions for unused loan commitments		133,103		137,562
Other provisions (*2)		305,232		304,624
Total		612,004		611,428

(*1) Provisions for guarantees include provision for financial guarantee of 46,625 million won and 48,785 million won as of March 31, 2025 and December 31, 2024, respectively.

(*2) Other provisions consist of provision for litigation, loss compensation and others.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

1) Provisions for guarantees

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		57,309			2,534			11,627			71,470
Transfer to 12-month expected credit loss		329			(329	)		—			—
Transfer to expected credit loss for the entire period		(90	)		90			—			—
Transfer to credit-impaired financial assets		(6	)		(7	)		13			—
Net provision (reversal) of unused amount		1,391			(675	)		(3,335	)		(2,619	)
Others (*)		(86	)		(4	)		—			(90	)
Ending balance		58,847			1,609			8,305			68,761

(*) Recognized as a result of changes in financial guarantee liabilities.

	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3		Total
Beginning balance		70,678			2,800			7,225		80,703
Transfer to 12-month expected credit loss		81			(81	)		—		—
Transfer to expected credit loss for the entire period		(50	)		50			—		—
Transfer to credit-impaired financial assets		—			—			—		—
Net provision (reversal) of unused amount		3,041			(771	)		177		2,447
Others (*)		896			5			—		901
Ending balance		74,646			2,003			7,402		84,051

(*) Recognized as a result of changes in financial guarantee liabilities.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

2) Provisions for unused loan commitment

	For the three-month period ended March 31, 2025
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		108,218			24,896			4,448			137,562
Transfer to 12-month expected credit loss		6,289			(6,270	)		(19	)		—
Transfer to expected credit loss for the entire period		(2,403	)		2,408			(5	)		—
Transfer to credit-impaired financial assets		(317	)		(166	)		483			—
Net provision (reversal) of unused amount		(4,844	)		3,305			(2,865	)		(4,404	)
Others		(55	)		—			—			(55	)
Ending balance		106,888			24,173			2,042			133,103

	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		108,775			26,328			232			135,335
Transfer to 12-month expected credit loss		6,499			(6,469	)		(30	)		—
Transfer to expected credit loss for the entire period		(1,958	)		1,964			(6	)		—
Transfer to credit-impaired financial assets		(67	)		(156	)		223			—
Net provision (reversal) of unused amount		(1,718	)		3,475			(333	)		1,424
Others		534			133			207			874
Ending balance		112,065			25,275			293			137,633

(3) Changes in asset retirement obligation for the three-month periods ended March 31, 2025 and 2024, are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31
	2025			2024
Beginning balance		97,772			95,179
Provisions provided		857			3,181
Provisions used		(3,715	)		(1,627	)
Reversal of provisions unused		(69	)		(223	)
Unwinding of discount		295			287
Increase (decrease) of restoration expense, etc.		9,768			(593	)
Ending balance		104,908			96,204

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased property as of March 31,2025, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each property’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) Changes in other provisions for the three-month periods ended March 31, 2025 and 2024, are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31
	2025			2024
Beginning balance		304,624			494,814
Provisions provided		2,400			12,207
Provisions used		(1,319	)		(174,322	)
Reversal of provisions unused		(228	)		(2,342	)
Foreign currencies translation adjustments		33			3,327
Others		(278	)		575
Ending balance		305,232			334,259

(5) Others

1) The Group recognized provisions related to incomplete sales of Derivative Linked Fund (DLF) occurring in 2019 as the best estimate of expenditure, including fines, required to fulfill its current obligations.

2) The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the delay in the redemption of funds before the prior fiscal year and the dispute settlement as the best estimate of the expenditure amounting to 246,486 million won and 246,422 million Won as of March 31, 2025 and 2024. In addition, The Group recognized provision amounting to 502 million Won and 781 million Won for estimated compensation of expected customer loss related to equity-linked securities as of March 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

18. NET DEFINED BENEFIT LIABILITY(ASSET)

The Group’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset	The defined benefit obligation was estimated with an interest rate calculated based on the return on high quality corporate bond. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in the return on high quality corporate bond	A decrease in the return on high quality corporate bond will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation	Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1) Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Present value of defined benefit obligation		1,845,135			1,751,605
Fair value of plan assets		(1,807,431	)		(1,892,290	)
Net defined benefit liabilities (assets)		37,704			(140,685	)

(2) Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive income are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31
	2025			2024
Current service cost		38,373			35,593
Net interest expense		(2,190	)		(3,475	)
Cost recognized in net income		36,183			32,118
Remeasurements (*)		155,281			25,139
Cost recognized in total comprehensive income		191,464			57,257

(*) Amount before tax

Retirement benefits related to defined contribution plans recognized as expenses are 2,192 million won, and 1,354 million won for the three-month periods ended March 31, 2025 and 2024, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

19. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Other financial liabilities:
Accounts payable		17,078,986			7,250,633
Accrued expenses		4,623,354			4,694,493
Borrowings from trust accounts		6,118,708			6,769,383
Agency business revenue		482,547			733,990
Foreign exchange payables		845,835			902,564
Domestic exchange settlement credits		2,224,346			7,592,473
Lease liabilities		528,413			527,090
Other miscellaneous financial liabilities		8,370,547			3,857,393
Present value discount		(12,666	)		(13,968	)
Sub-total		40,260,070			32,314,051
Other liabilities:
Unearned income		373,274			407,525
Other miscellaneous liabilities		454,441			388,973
Sub-total		827,715			796,498
Total		41,087,785			33,110,549

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

20. DERIVATIVES

(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):

			March 31, 2025
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		390,231		—		—		—		—		—		—
Forwards		3,580,000		—		—		28,090		—		—		390,865
Swaps		137,776,610		—		7,399		300,067		37		85,581		188,231
Purchase options		50,000		—		—		60		—		—		—
Written options		360,000		—		—		—		—		—		10,611
Currency:
Futures		1,496		—		—		—		—		—		—
Forwards		104,023,184		—		—		4,160,252		—		—		1,117,439
Swaps		84,155,453		175,021		—		3,695,618		—		—		5,916,525
Purchase options		221,829		—		—		3,830		—		—		—
Written options		312,246		—		—		—		—		—		3,194
Equity:
Futures		—		—		—		—		—		—		—
Forwards		326		—		—		186		—		—		—
Swaps		—		—		—		—		—		—		—
Purchase options		1,711		—		—		983		—		—		—
Written options		—		—		—		—		—		—		—
Total		330,873,086		175,021		7,399		8,189,086		37		85,581		7,626,865
			December 31, 2024
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		449,127		—		—		—		—		—		—
Forwards		3,530,000		—		—		52,855		—		—		274,980
Swaps		138,816,980		—		10,102		308,333		180		102,635		199,761
Purchase options		50,000		—		—		81		—		—		—
Written options		360,000		—		—		—		—		—		10,595
Currency:
Futures		2,837		—		—		—		—		—		—
Forwards		111,927,474		—		—		5,638,032		—		—		1,805,299
Swaps		85,880,218		165,089		—		4,089,265		—		—		6,796,459
Purchase options		175,221		—		—		4,779		—		—		—
Written options		265,182		—		—		—		—		—		3,603
Equity:
Futures		—		—		—		—		—		—		—
Forwards		1,520		—		—		182		—		—		—
Swaps		7,698		—		—		—		—		—		1,401
Purchase options		1,767		—		—		1,005		—		—		—
Written options		—		—		—		—		—		—		—
Total		341,468,024		165,089		10,102		10,094,532		180		102,635		9,092,098

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 14), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Overview of the Group’s hedge accounting

1) Fair value hedge

As of March 31, 2025, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,792,889 million Won, and foreign currency loans amounting to 128,048 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

2) Cash Flow Hedge

As of the March 31, 2025, the Group has applied cash flow hedge on local currency denominated debentures amounting to 139,998 million won and debentures on foreign currency amounting to 1,728,802 million won The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

By exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, the variable interest rate terms of the Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factor in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

3) Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the fluctuation risk of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch.

A portion of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch are hedged in USD denominated foreign currency bonds (Carrying amount as of March 31, 2025: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the amount of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group’s policy is to hedge the net investment amount only within the principal range of the liabilities.

- 94 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) The nominal amount of the hedging instrument is as follows (Unit: USD, EUR, and Korean Won in millions):

	March 31, 2025
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		550,000,000		2,100,000,000		—		2,650,000,000
Interest rate swap (KRW)		—		—		125,000		125,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		140,000		—		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		870,000,000		—		870,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		191,568,880		672,390,437		—		863,959,317
	December 31, 2024
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		25,000,000		2,650,000,000		—		2,675,000,000
Interest rate swap (KRW)		—		—		155,000		155,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		140,000		—		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		870,000,000		—		870,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		191,568,880		672,390,437		—		863,959,317

- 95 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) The average interest rate and average currency rate of the hedging instrument are as follows:

	March 31, 2025
	Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)	Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)	Fixed 4.59% receipt and CD 3M + 0.02% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)	KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)	USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45
Foreign currencies translation risk
Currency swap (USD)	USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)	EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)	1,451.19
	December 31, 2024
	Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)	Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)	Fixed 4.52% receipt and CD 3M + 0.02% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)	KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)	USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45
Foreign currencies translation risk
Currency swap (USD)	USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)	EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)	1,363.09

- 96 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, EUR, and Korean Won in millions):

	March 31, 2025
	Nominal amount of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
			Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,650,000,000		7,399		85,581	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		47,380
Interest rate Swap(KRW)		125,000
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		140,000		—		37	Derivative assets (designated for hedging)		142
Foreign currency translation risk and interest rate risk
Currency swap(USD)		870,000,000		101,582		—	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(4,509	)
Foreign currency translation risk
Currency swap(USD)		100,000,000		30,231		—	Derivative assets (designated for hedging)		430
Currency swap(EUR)		194,780,000		43,208		—	Derivative assets (designated for hedging)		12,078
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		863,959,317		—		1,266,996	Foreign currency bond		3,024
	December 31, 2024
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
			Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,675,000,000		10,102		102,635	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		5,265
Interest rate Swap(KRW)		155,000
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		140,000		—		180	Derivative assets (designated for hedging)		211
Foreign currency translation risk and interest rate risk
Currency swap(USD)		870,000,000		104,320		—	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		110,714
Foreign currency translation risk
Currency swap(USD)		100,000,000		29,861		—	Derivative assets (designated for hedging)		18,623
Currency swap(EUR)		194,780,000		30,908		—	Derivative assets (designated for hedging)		22,512
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		863,959,317		—		1,270,020	Foreign currency bond		(156,015	)

- 97 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):

	March 31, 2025
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities
Fair value hedge
Interest rate risk
Debentures(*1)		—		3,920,937		—		82,697		Debentures		(43,725	)		—
Cash flow hedge
Interest rate risk
Debentures		—		139,998		—		—		Debentures		(142	)		(28	)
Foreign currencies translation risk and interest rate risk
Debentures		—		1,273,219		—		—		Debentures		4,509			(7,518	)
Foreign currencies translation risk
Debentures		—		455,583		—		—		Debentures		(12,508	)		(6,164	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset		—		1,266,996		—		—		Foreign operations net asset		(3,024	)		(147,351	)
(*1)  The accumulated profit on debentures on foreign currency amounted to 79,649 million won, and the accumulated loss on debentures on local currency amounted to 3,048 million won, as of March 31, 2025. (*2)  After tax amount
	December 31, 2024
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities
Fair value hedge
Interest rate risk
Debentures (*1)		—		3,952,047		—		129,306		Debentures		(17,417	)		—
Cash flow hedge
Interest rate risk
Debentures		—		139,987		—		—		Debentures		(211	)		(133	)
Foreign currencies translation risk and interest rate risk
Debentures		—		1,275,768		—		—		Debentures		(110,714	)		(7,825	)
Foreign currencies translation risk
Debentures		—		444,345		—		—		Debentures		(41,134	)		(7,479	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset		—		1,270,020		—		—		Foreign operations net asset		156,015			(149,577	)

(*1) The accumulated profit on debentures on foreign currency amounted to 124,647 million Won, and the accumulated loss on debentures on local currency amounted to 4,659 million Won, as of December 31, 2024.

(*2) After tax amount

- 98 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(7) Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit: Korean Won in millions):

		For the three-month period ended March 31, 2025
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		3,655		Other net operating income(expense)
		For the three-month period ended March 31, 2024
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(3,434	)	Other net operating income(expense)

(8) Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are as follows (Unit: Korean Won in millions):

		For the three-month period ended March 31, 2025
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI		Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		142			—		—	Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		(4,509	)		—		1,771	Other net operating income (expense)		3,045		Other net operating income (expense)
	Foreign currencies translation risk		12,508			—		162	Other net operating income (expense)		(11,165	)	Other net operating income (expense)
		For the three-month period ended March 31, 2024
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI		Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		446			—		—	Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		29,825			—		2,625	Other net operating income (expense)		(26,978	)	Other net operating income (expense)
	Foreign currencies translation risk		9,010			—		1,641	Other net operating income (expense)		(10,871	)	Other net operating income (expense)

- 99 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(9) The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows (Unit: Korean Won in millions):

March 31, 2025

Other comprehensive income

Profit or loss

Hedge gain or loss recognized in other comprehensive income

Income tax effect

Sub-total

Hedge ineffectiveness recognized in profit or loss

Line item recognizing ineffectiveness

Hedges of net investment in foreign operations

Foreign exchange risk

3,024

(798

)

2,226

—

—

March 31, 2024

Other comprehensive income

Profit or loss

Hedge gain or loss recognized in other comprehensive income

Income tax effect

Sub-total

Hedge ineffectiveness recognized in profit or loss

Line item recognizing ineffectiveness

Hedges of net investment in foreign operations

Foreign exchange risk

(49,576

)

13,088

(36,488

)

—

—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss for the three-month periods ended March 31, 2025 and 2024.

21. DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31
	2025			2024
Beginning balance		28			7,848
Amounts recognized in losses		(28	)		(5,879	)
Ending balance		—			1,969

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or losses as of March 31, 2025 and 2024.

- 100 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

22. EQUITY

(1) Details of equity as of March 31, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

	March 31, 2025			December 31, 2024
Capital
Common stock capital		3,802,676			3,802,676
Hybrid securities		3,411,343			3,810,435
Capital surplus
Paid in capital in excess of par		854,499			854,499
Others		79,601			79,601
Sub-total		934,100			934,100
Capital adjustments
Treasury stocks		(61,158	)		(35,517	)
Other adjustments (*1)		(1,647,748	)		(1,699,038	)
Sub-total		(1,708,906	)		(1,734,555	)
Accumulated other comprehensive income
Gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		1,374			1,348
Financial assets at FVTOCI		139,949			60,438
Changes in capital due to equity method		(1,510	)		(1,886	)
Gain (loss) on foreign currency translation of foreign operations		527,074			523,780
Gain (loss) on hedges of net investment in foreign operations		(147,351	)		(149,577	)
Remeasurements of defined benefit plan		(201,003	)		(86,218	)
Gain (loss) on valuation of cash flow hedge		(12,488	)		(14,215	)
Sub-total		306,045			333,670
Retained earnings (*2) (*3)		26,982,519			26,950,510
Non-controlling interest (*4)		1,795,225			1,798,433
Total		35,523,002			35,895,269

(*1) Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.

(*2) The regulatory reserve for credit losses in retained earnings amounted to 2,668,842 million Won and 2,392,542 million Won as of March 31, 2025 and December 31, 2024, respectively in accordance with the relevant article.

(*3) The earned surplus reserve in retained earnings amounted to 554,990 million Won and 442,650 million Won as of March 31, 2025 and December 31, 2024 in accordance with the Article 53 of the Financial Holding Company Act.

(*4) The hybrid securities issued by Woori Bank amounting to 1,645,947 million Won and 1,645,947 million Won as of March 31, 2025 and December 31, 2024, respectively, are recognized as non-controlling interests. 36,457 million Won and 11,263 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the three-month periods ended March 31, 2025 and 2024, respectively.

(2) The number of authorized shares and others of the Group are as follows:

	March 31, 2025		December 31, 2024
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		742,591,501 Shares		742,591,501 Shares
Capital stock		3,802,676 million Won		3,802,676 million Won

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

	Issue date		Maturity		Interest rate (%)		March 31, 2025			December 31, 2024
Securities in local currency		2020-02-06		—		3.34		—			400,000
Securities in local currency		2020-06-12		—		3.23		300,000			300,000
Securities in local currency		2020-10-23		—		3.00		200,000			200,000
Securities in local currency		2021-04-08		—		3.15		200,000			200,000
Securities in local currency		2021-10-14		—		3.60		200,000			200,000
Securities in local currency		2022-02-17		—		4.10		300,000			300,000
Securities in local currency		2022-07-28		—		4.99		300,000			300,000
Securities in local currency		2022-10-25		—		5.97		220,000			220,000
Securities in local currency		2023-02-10		—		4.65		300,000			300,000
Securities in local currency		2023-09-07		—		5.04		200,000			200,000
Securities in local currency		2024-02-07		—		4.49		400,000			400,000
Securities in local currency		2024-06-19		—		4.27		400,000			400,000
Securities in local currency		2024-10-10		—		4.00		400,000			400,000
Issuance cost								(8,657	)		(9,565	)
Total								3,411,343			3,810,435

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		60,438			141,568			(31,953	)		(30,104	)		139,949
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		1,348			35			—			(9	)		1,374
Changes in capital due to equity method		(1,886	)		477			—			(101	)		(1,510	)
Gain (loss) on foreign currency translation of foreign operations		523,780			2,202			—			1,092			527,074
Gain (loss) on hedges of net investment in foreign operations		(149,577	)		3,024			—			(798	)		(147,351	)
Remeasurement gain (loss) related to defined benefit plan		(86,218	)		(155,281	)		—			40,496			(201,003	)
Gain (loss) on valuation of cash flow hedge		(14,215	)		1,954			—			(227	)		(12,488	)
Total		333,670			(6,021	)		(31,953	)		10,349			306,045

(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 996 million Won are due to disposal of equity securities during the period.

	For the three-month period ended March 31, 2024
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		79,694			(83,308	)		(21,538	)		30,433			5,281
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—			606			—			(160	)		446
Changes in capital due to equity method		3,471			(9,948	)		—			2,683			(3,794	)
Gain (loss) on foreign currency translation of foreign operations		15,579			128,454			—			(4,660	)		139,373
Gain (loss) on hedges of net investment in foreign operations		(34,750	)		(49,576	)		—			13,088			(71,238	)
Remeasurement gain (loss) related to defined benefit plan		(24,262	)		(25,119	)		—			6,623			(42,758	)
Gain (loss) on valuation of cash flow hedge		(20,806	)		5,939			(239	)		(19	)		(15,125	)
Total		18,926			(32,952	)		(21,777	)		47,988			12,185

(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 491 million Won are due to disposal of equity securities during the period.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(5) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Beginning balance		2,668,842		2,392,542
Planned provision of regulatory reserve (reversal) for credit loss		62,572		276,300
Ending balance		2,731,414		2,668,842

2) Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

	For the three-month periods ended March 31
	2025			2024
Net income before regulatory reserve		654,556			838,911
Provision of regulatory reserve (reversal) for credit loss		62,572			55,958
Adjusted net income after the provision of regulatory reserve		591,984			782,953
Dividends to hybrid securities		(39,506	)		(35,259	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		552,478			747,694
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)		747			1,001

(6) Changes in treasury stocks for the three-month periods ended March 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2025
	Beginning balance		Acquisition		Disposal etc.		Ending balance
Number of shares		3,082,276		1,550,000		—		4,632,276
Carrying value		35,517		25,641		—		61,158

	For the three-month period ended March 31, 2024
	Beginning balance		Acquisition		Disposal etc.			Ending balance
Number of shares		3,427,497		9,359,729		(9,363,295	)		3,423,931
Carrying value		39,348		136,711		(136,750	)		39,309

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

23. DIVIDENDS

Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660 Won and 490,075 million Won, respectively, and the dividends were approved at the regular general shareholders’ meeting held on March 26, 2025. The financial statements include these unpaid dividends, which were paid in April 2025.

24. NET INTEREST INCOME

(1) Interest income recognized is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Financial assets at FVTPL		55,959		57,653
Financial assets at FVTOCI		351,396		304,500
Financial assets at amortized cost:
Securities at amortized cost		137,852		174,404
Loans and other financial assets at amortized cost:
Interest on due from banks		142,661		166,700
Interest on loans		4,589,095		4,741,811
Interest of other receivables		28,206		24,433
Subtotal		4,759,962		4,932,944
Total		5,305,169		5,469,501

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Interest on deposits due to customers		2,208,418		2,371,219
Interest on borrowings		303,709		366,565
Interest on debentures		448,547		428,781
Other interest expense		87,934		101,824
Interest on lease liabilities		4,570		2,909
Total		3,053,178		3,271,298

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

25. NET FEES AND COMMISSIONS INCOME

(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Fees and commission received for brokerage		42,380		48,859
Fees and commission received related to credit		44,474		44,489
Fees and commission received for electronic finance		31,501		31,534
Fees and commission received on foreign exchange handling		13,772		14,129
Fees and commission received on foreign exchange		27,452		27,649
Fees and commission received for guarantee		24,402		23,768
Fees and commission received on credit card		160,616		150,709
Fees and commission received on securities business		17,101		14,826
Fees and commission from trust management		64,649		60,715
Fees and commission received on credit information		2,679		2,615
Fees and commission received related to lease		239,363		205,707
Other fees		40,582		64,674
Total		708,971		689,674

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Fees and commissions paid		85,212		75,763
Credit card commission		106,211		107,140
Securities business commission		401		320
Others		5,713		3,520
Total		197,537		186,743

26. DIVIDEND INCOME

(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Dividend income related to financial assets at FVTPL		55,279		54,365
Dividend income related to financial assets at FVTOCI		14,545		12,417
Total		69,824		66,782

(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Dividend income recognized from assets held:
Equity securities		14,545		12,417

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

27. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

(1) Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025			2024
Gain on financial instruments at fair value through profit or loss		212,408			516,052
Loss on credit risk fluctuation of financial instruments designated to be measured at FVTPL		(10,040	)		(445	)

(2) Details of net gain or loss on financial instruments at fair value through profit or loss and financial instruments held for trading are as follows (Unit: Korean Won in millions):

			For the three-month periods ended March 31
			2025			2024
Financial assets at FVTPL	Securities	Gain on transactions and valuation		336,624			157,959
		Loss on transactions and valuation		(126,284	)		(268,576	)
		Sub-total		210,340			(110,617	)
	Loans	Gain on transactions and valuation		1,212			1,513
		Loss on transactions and valuation		(72	)		(755	)
		Sub-total		1,140			758
	Other financial assets	Gain on transactions and valuation		3,318			3,723
		Loss on transactions and valuation		(7,275	)		(3,336	)
		Sub-total		(3,957	)		387
		Sub-total		207,523			(109,472	)
Derivatives (Held for trading) (*)	Interest rates derivatives	Gain on transactions and valuation		356,578			796,469
		Loss on transactions and valuation		(556,278	)		(517,952	)
		Sub-total		(199,700	)		278,517
	Currency derivatives	Gain on transactions and valuation		2,338,103			4,399,697
		Loss on transactions and valuation		(2,133,574	)		(4,032,644	)
		Sub-total		204,529			367,053
	Equity derivatives	Gain on transactions and valuation		89			958,469
		Loss on transactions and valuation		(37	)		(978,520	)
		Sub-total		52			(20,051	)
	Other derivatives	Gain on transactions and valuation		4			5
		Loss on transactions and valuation		—			—
		Sub-total		4			5
		Sub-total		4,885			625,524
Net, total				212,408			516,052

(*) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The gains and losses on transactions of foreign exchange are described in Note 30. (2) and (3).

(3) Details of gains or losses on credit risk fluctuation of financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Gain (Loss) on deposits
Gain (Loss) on fixed deposits		(10,040)		(445	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

28. NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :

	For the three-month periods ended March 31
	2025		2024
Gain (Loss) on transactions of securities		33,257		20,476

29. REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025			2024
Reversal(provision) due to credit loss on financial assets measured at FVTOCI		(728	)		259
Reversal for impairment loss due to credit loss on securities at amortized cost		90			528
Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost		(441,886	)		(363,428	)
Reversal(provision) for guarantees		2,619			(2,447	)
Reversal(provision) for unused loan commitment		4,404			(1,424	)
Total		(435,501	)		(366,512	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

30. GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

			For the three-month periods ended March 31
			2025		2024
Employee benefits	Short-term employee benefits	Salaries		472,112		434,391
		Employee fringe benefits		145,246		163,399
	Share based payment			5,243		8,756
	Retirement benefit service costs			38,374		33,471
	Termination			169,392		(3,503	)
	Subtotal			830,367		636,514
Depreciation and amortization				142,947		129,884
Other general and administrative expenses	Rent			32,019		31,276
	Taxes and public dues			52,414		54,154
	Service charges			63,725		60,688
	Computer and IT related			38,946		29,000
	Telephone and communication			25,515		22,002
	Advertising			25,597		24,088
	Printing			1,156		1,282
	Traveling			3,060		3,007
	Supplies			1,706		2,253
	Insurance premium			3,726		3,697
	Maintenance			5,925		6,048
	Water, light, and heating			5,603		5,626
	Vehicle maintenance			2,713		3,440
	Others			70,753		18,708
	Sub-total			332,858		265,269
	Total			1,306,172		1,031,667

(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Gains on transactions of foreign exchange (*)		288,336		68,254
Gains related to derivatives (designated for hedging)		59,068		46,788
Gains on fair value hedged items		2,067		39,890
Others		95,639		72,721
Total		445,110		227,653

(*) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 27. (2).

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Losses on transactions of foreign exchange (*1)		317,375		469,650
KDIC deposit insurance premium		130,370		120,868
Contribution to miscellaneous funds		130,108		134,508
Losses related to derivatives (Designated for hedging)		3,734		43,316
Losses on fair value hedged items		45,158		8,948
Others (*2)		296,108		251,613
Total		922,853		1,028,903

(*1) The Group holds interest rate and currency-related derivative contracts to manage the volatility of gains and losses on transactions of foreign exchange due to exchange rate risk. The related gains and losses are described in Note 27. (2).

(*2) Other expense includes 8,137 million Won and 6,547 million Won for intangible asset amortization cost and 156,954 million Won and 135,782 million Won for lease depreciation cost for the period ended March 31, 2025 and 2024, respectively.

(4) Share-based payment

Details of performance condition share-based payment granted to executives as of March 31, 2025 and December 31, 2024 are as follows.

1) Performance condition share-based payment

Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		15,831 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		—
Number of shares remaining	As of March 31, 2025	938,305 shares
	As of December 31, 2024	1,105,292 shares
Number of shares granted (*2)	As of March 31, 2025	938,305 shares
	As of December 31, 2024	1,105,292 shares
Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		15,656 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		0.75 year
Number of shares remaining	As of March 31, 2025	960,777 shares
	As of December 31, 2024	960,777 shares
Number of shares granted (*2)	As of March 31, 2025	960,777 shares
	As of December 31, 2024	960,777 shares

- 110 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		14,554 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		1.75 year
Number of shares remaining	As of March 31, 2025	916,849 shares
	As of December 31, 2024	916,849 shares
Number of shares granted (*2)	As of March 31, 2025	916,849 shares
	As of December 31, 2024	916,849 shares
Subject to		Shares granted for the year 2024
Type of payment		Cash-settled
Vesting period		January 1, 2024 ~ December 31, 2027
Date of payment		2028-01-01
Fair value (*1)		13,530 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		2.75 years
Number of shares remaining	As of March 31, 2025	1,384,504 shares
	As of December 31, 2024	1,384,504 shares
Number of shares granted (*2)	As of March 31, 2025	1,384,504 shares
	As of December 31, 2024	1,384,504 shares
Subject to		Shares granted for the year 2025
Type of payment		Cash-settled
Vesting period		January 1, 2025 ~ December 31, 2028
Date of payment		2029-01-01
Fair value (*1)		12,577 Won
Valuation method		Black-Scholes Model
Expected dividend rate		7.30%
Expected maturity date		3.75 years
Number of shares remaining	As of March 31, 2025	262,203 shares
	As of December 31, 2024	—
Number of shares granted (*2)	As of March 31, 2025	262,203 shares
	As of December 31, 2024	—

(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.

(*2) The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.

2) The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of March 31, 2025 and December 31, 2024, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 65,342 million Won and 62,557 million Won, respectively, including the carrying amount of liabilities related to key management of 12,902 million Won and 16,660 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

31. NON-OPERATING INCOME (EXPENSES)

(1) Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025			2024
Gains on valuation of investments in joint ventures and associates		16,226			14,849
Losses on valuation of investments in joint ventures and associates		(6,191	)		(9,340	)
Total		10,035			5,509

(2) Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025			2024
Other non-operating incomes		23,179			11,746
Other non-operating expenses		(37,882	)		(23,987	)
Total		(14,703	)		(12,241	)

(3) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Rental fee income		5,311		4,381
Gains on disposal of investments in joint ventures and associates		16		312
Gains on disposal of Premises and equipment, intangible assets and other assets		375		299
Reversal of impairment losses of Premises and equipment, intangible assets and other assets		20		20
Others (*)		17,457		6,734
Total		23,179		11,746

(*) ‘Others’ for the three-month period ended March 31, 2025 include 3 million Won of other special gain related to other provisions.

(4) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Depreciation on investment properties		1,397		3,779
Operating expenses on investment properties		321		611
Losses on disposal of investments in joint ventures and associates		191		9
Losses on disposal of Premises and equipment, intangible assets and other assets		387		843
Impairment losses of Premises and equipment, intangible assets and other assets		282		1,271
Donation		15,991		2,173
Others (*)		19,313		15,301
Total		37,882		23,987

(*) Other special losses related to other provisions for the three-month periods ended March 31, 2025 and 2024 are 64 million Won and 10,003 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

32. INCOME TAX EXPENSE

Details of income tax expenses are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025			2024
Current tax expense:
Current tax expense with respect to the current period		231,853			190,104
Adjustments recognized in the current period in relation to the tax expense of prior periods		13,191			(7,092	)
Income tax expense (income) directly attributable to other equity		(798	)		13,088
Sub-total		244,246			196,100
Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		(45,368	)		73,589
Income tax expense (income) directly attributable to equity		11,147			34,900
Others		14			457
Sub-total		(34,207	)		108,946
Income tax expense		210,039			305,046

Income tax expense was recognized based on the best estimate of the weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the March 31, 2025, is 24.3% (The weighted average annual effective tax rate for the March 31, 2024, is 26.7%).

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

33. EARNINGS PER SHARE (“EPS”)

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

	For the three-month periods ended March 31
	2025			2024
Net income attributable to shareholders		616,691			824,001
Dividends to hybrid securities		(39,506	)		(35,259	)
Net income attributable to common shareholders		577,185			788,742
Weighted average number of common shares outstanding (Unit: million shares)		739			747
Basic EPS (Unit: Korean Won)		781			1,056

(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares, days):

	For the year ended March 31, 2025
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		742,591,501			66,833,235,090
Treasury stocks		(3,082,276	)		(277,404,840	)
Acquisition of treasury stock		(1,550,000	)		(28,250,000	)
Sub-total (①)					66,527,580,250
Weighted average number of common shares outstanding (②=(①/90))					739,195,336

	For the year ended March 31, 2024
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		751,949,461			68,427,400,951
Treasury stocks		(3,427,497	)		(311,902,227	)
Acquisition and retirement of treasury stock etc.		(9,359,729	)		(168,541,358	)
Disposal of treasury stock		5,335			352,512
Sub-total (①)					67,947,309,878
Weighted average number of common shares outstanding (②=(①/91))					746,673,735

Diluted EPS is equal to basic EPS because there is no dilution effect for the three-month periods ended 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

34. CONTINGENT LIABILITIES AND COMMITMENTS

(1) Details of guarantees are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Confirmed guarantees
Guarantee for loans		70,158		60,571
Acceptances		510,011		617,599
Guarantees in acceptances of imported goods		81,400		75,265
Other confirmed guarantees		10,456,215		10,337,850
Sub-total		11,117,784		11,091,285
Unconfirmed guarantees
Local letters of credit		193,849		167,580
Letters of credit		3,168,151		3,213,170
Other unconfirmed guarantees		1,534,947		1,558,187
Sub-total		4,896,947		4,938,937
Commercial paper purchase commitments and others		554,775		581,040
Total (*)		16,569,506		16,611,262

(*) Includes financial guarantees of 4,510,094 million won and 4,156,790 million won as of March 31, 2025 and December 31, 2024, respectively.

(2) Details of loan commitments and others are as follows (Unit: Korean Won in millions):

	March 31, 2025		December 31, 2024
Loan commitments		136,176,990		133,863,588
Other commitments (*)		7,246,535		6,564,353

(*) As of March 31, 2025 and December 31, 2024, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 2,569,300 million won and 1,992,030 million won, respectively.

(3) Litigation case

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 902 cases (litigation value of 865,009 million Won) and 871 cases (litigation value of 862,669 million Won) as of March 31, 2025 and December 31, 2024 respectively, and provisions for litigations are 23,098 million Won and 23,233 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) Other commitments

1) The obligations related to guaranteed completion with trust business as of March 31, 2025, are as follows (Unit: Korean Won in millions):

		cases	Initial PF Commitment Limit	Amount of PF Loans (*3)	Amount of unused PF limit (*4)	Amount of Trust Account Limit (*4)	Amount of Trust Account
Responsible completion land trust (*1)	Our Responsibility for Completion Deadline Not Yet Passed (non-fulfillment of the contractor’s completion guarantee obligation)	2	169,000	155,600	162,100	78,000	67,371
Responsible completion land trust (*1)	Our Responsibility for Completion Deadline Passed (including completed projects)	4	287,000	130,299	146,578	45,200	44,200
Redevelopment Land Trust	Our Obligation to Bear Responsibility for Completion (*2)	1	51,668	11,414	51,668	5,000	4,777
Total		7	507,668	297,313	360,346	128,200	116,348

(*1) Responsible completion land trust is a trust in which the Woori Asset Trust Co., Ltd., subsidiary, is only liable to the lending financial institution for the completion guarantee obligation in case the contractor fails to fulfill the obligation. If the company is unable to fulfill the completion guarantee obligation, it is responsible for compensating the lending financial institution for any losses incurred.

(*2) In redevelopment projects where the Korea Housing & Urban Guarantee Corporation guarantees project financing loans, the project operator is responsible for the completion guarantee obligation according to the standard project agreement terms of the Korea Housing & Urban Guarantee Corporation.

(*3) Since the possibility and amount of loss cannot be reliably estimated, these impacts have not been reflected in the financial statements at the end of the current period.

(*4) The trust account limit may be subject to change during the project progress due to reasons such as limit deductions.

2) As of March 31, 2025, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total project cost in relation to 33 debt-type land trust contracts including Boutique Terrace Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is 140,406 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

3) Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

4) Since FY2023, An investigation has been conducted by Fair Trade Commission regarding Loan-To-Value ratio. Woori Bank, a subsidiary cannot reasonably estimate its impact on consolidated financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

35. RELATED PARTY TRANSACTIONS

Related parties of the Group as of March 31, 2025 and December 31, 2024, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the three-month period ended March 31, 2025 and 2024 are as follows. Please refer to Note 12 for the details of joint ventures and associates.

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

	Related parties	Account title	March 31, 2025			December 31, 2024
Associates	W Service Networks Co., Ltd.	Loans		59			51
		Deposits due to customers		1,207			3,054
		Accrued expenses		7			86
		Other liabilities		338			339
	Korea Credit Bureau Co., Ltd.	Loans		—			1
		Deposits due to customers		871			780
		Accrued expenses		—			13
	Korea Finance Security Co., Ltd.	Loans		3,031			3,225
		Loss allowance		(40	)		(43	)
		Deposits due to customers		1,466			1,145
		Other liabilities		5			3
	LOTTE CARD Co. Ltd.	Loans		14,665			27,913
		Account receivables		24			21
		Loss allowance		(28	)		(297	)
		Derivative asset		1,706			1,075
		Other assets		51			49
		Deposits due to customers		26,194			20,207
		Other liabilities		272			273
	K BANK Co., Ltd.	Loans		30			18
		Account receivables		49			32
		Other liabilities		165,574			193,719
	Others (*1)	Loans		24,359			38,819
		Loss allowance		(165	)		(273	)
		Other assets		60,699			66,088
		Deposits due to customers		2,829			3,575
		Other liabilities		1,353			232

(*1) Others include Godo Kaisha Oceanos 1 and etc., as of March 31, 2025 and December 31, 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

			For the three-month period ended March 31
	Related parties	Account title	2025			2024
Associates	W Service Network Co., Ltd.	Other income		9			—
		Interest expenses		8			9
		Fees expenses		129			136
		Other expenses		266			280
	Korea Credit Bureau Co., Ltd.	Fees expenses		1,291			1,009
		Other expenses		20			25
	Korea Finance Security Co., Ltd.	Interest income		35			36
		Interest expenses		—			1
		Provision(Reversal) of allowance for credit loss		(1	)		(13	)
		Other expenses		6			7
	LOTTE CARD Co., Ltd.	Interest income		395			231
		Fees income		991			1,026
		Gain on derivatives		631			—
		Loss on derivatives		352			—
		Interest expenses		455			902
		Provision(Reversal) of allowance for credit loss		(269	)		(241	)
	K BANK Co., Ltd.	Fees income		88			38
	Others (*)	Interest income		124			198
		Fees income		3,101			6,560
		Dividend income		925			366
		Other income		2,289			2,269
		Interest expenses		2,597			3,679
		Other expenses		1,441			623
		Provision(Reversal) of allowance for credit loss		(108	)		208

(*) Others include Win Mortgage Co., Ltd. and etc., for the period ended March 31, 2025 and 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(3) Major loan transactions with related parties for the three-month periods ended March 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the three-month period ended March 31, 2025
	Related parties	Beginning balance		Loan		Collection		Others			Ending balance (*)
Associates	W Service Network Co., Ltd.		51		134		126		—			59
	Korea Credit Bureau Co., Ltd.		1		—		1		—			—
	Korea Finance Security Co., Ltd.		3,225		310		504		—			3,031
	LOTTE CARD Co., Ltd.		27,913		—		13,213		(35	)		14,665
	K BANK Co., Ltd.		18		73		61		—			30
	Win Mortgage Co.,Ltd.		8		52		41		—			19
	ARAM CMC CO.LTD		41		—		—		—			41
	Godo Kaisha Oceanos 1		38,770		—		16,346		1,875			24,299

(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

		For the three-month period ended March 31, 2024
	Related parties	Beginning balance		Loan		Collection		Others			Ending balance (*)
Associates	W Service Network Co., Ltd.		108		170		216		—			62
	Korea Credit Bureau Co., Ltd.		1		—		1		—			—
	Korea Finance Security Co., Ltd.		3,228		291		1,491		—			2,028
	LOTTE CARD Co., Ltd.		12,209		13,306		12,209		162			13,468
	K BANK Co., Ltd.		54		98		116		—			36
	Win Mortgage Co.,Ltd.		15		54		55		—			14
	ARAM CMC CO.LTD		41		—		—		—			41
	Godo Kaisha Oceanos 1		38,121		—		—		(1,297	)		36,824
	Woori Zip 1		11,317		—		—		(287	)		11,030
	Woori Zip 2		16,063		—		—		(408	)		15,655

(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(4) Details of changes in major deposits due to customers with related parties for the three-month periods ended March 31, 2025 and 2024 are as follows (Unit: Korean Won in millions):

		For the three-month period ended March 31, 2025
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		—		—		1,000
	Win Mortgage Co.,Ltd.		1,387		732		1,187		932

(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

		For the three-month period ended March 31, 2024
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		1,000		1,000		1,000
	Win Mortgage Co.,Ltd.		600		300		600		300

(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5) There are no major borrowing transactions with related parties for the three-month periods ended March 31, 2025 and 2024.

(6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):

Warrantee	March 31, 2025		December 31, 2024		Warranty
Korea Finance Security Co., Ltd.		829		635		Unused loan commitment
Korea Credit Bureau Co., Ltd.		35		34		Unused loan commitment
W Service Network Co., Ltd.		121		129		Unused loan commitment
K BANK Co., Ltd.		270		282		Unused loan commitment
LOTTE CARD Co. Ltd.		498,300		498,400		Unused loan commitment
LOTTE CARD Co. Ltd.		1,686		1,691		Confirmed Foreign Currency Payment Guarantee
Win Mortgage Co.,Ltd.		30		42		Unused loan commitment

As of March 31, 2025 and December 31, 2024, the recognized payment guarantee provisions are 277 million Won and 272 million Won, respectively, in relation to the guarantees provided to the related parties above.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

(7) Amount of commitments with the related parties are as follows (Unit: Korean Won in millions):

Warrantee	March 31, 2025		December 31, 2024		Warranty
NH Woori Newdeal Growth Alpha Private Equity Fund 1		15,906		15,906	Securities purchase commitment
Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs]		990,000		990,000	Securities purchase commitment
BTS 2nd Private Equity Fund		1,854		1,854	Securities purchase commitment
STASSETS FUND III		3,000		3,000	Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1		3,443		3,443	Securities purchase commitment
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664	Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		29,900		30,949	Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		60		60	Securities purchase commitment
Woori Asset Global Partnership Fund No.5		97,500		97,500	Securities purchase commitment
JC Assurance No.2 Private Equity Fund		1,351		1,351	Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		148		148	Securities purchase commitment
Woori Real Estate Investment No. 1 Limited Liability Company		7,100		7,100	Securities purchase commitment
Woori Future Energy Private Special Asset Investment Trust(General) No.1		33,600		33,600	Securities purchase commitment
LOTTE CARD Co., Ltd.		350,000		350,000	Derivative commitment

(8) Major investment and Recovery transactions

There are no major investment and recovery transactions with related parties for the three-month periods ended 2025 and 2024. Investment and recovery transactions of associates that are not treated as financial assets at fair value through profit or loss are described in Note 12.(2)

(9) Compensation for key management is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2025		2024
Short-term employee salaries		6,051		5,581
Retirement benefit service costs		314		392
Share-based compensation		1,849		2,879
Total		8,214		8,852

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 2,859 million won and 3,523 million won, as of March 31, 2025 and December 31, 2024 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 61,991 million won and 69,372 million won, respectively, as of March 31, 2025 and December 31, 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND 2024 (UNAUDITED)

36. EVENTS AFTER THE REPORTING PERIOD

(1) On April 25, 2025, the Group’s Board of Directors has declared to pay a quarterly dividend of 200 Won per share (total dividend of 147,428 million Won) with the record date set as of May 10, 2025, and the dividends will be paid on May 30, 2025.

(2) On August 28, 2024, the Group entered into a share purchase agreement with Tongyang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd. On May 2, 2025, the Group received approval from the Financial Services Commission for subsidiary integration. And the procedure for subsidiary integration is underway.

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