Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2025

Financial Risk Management [Line Items]

Interest Rate Risk

The interest rate profile of the Group’s interest-bearing financial instruments as of December 31, 2024 and 2025 is as follows:

(In millions of won)		December 31, 2024			December 31, 2025
Fixed rate instruments
Financial assets	W		2,023,710			1,572,658
Financial liabilities			(4,722,962	)		(2,548,213	)
Total	W		(2,699,252	)		(975,555	)
Variable rate instruments
Financial liabilities	W		(9,827,152	)		(10,115,925	)

Maximum Exposure to Credit Risk of Financial Assets

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as of December 31, 2024 and 2025 are as follows:

(In millions of won)		December 31, 2024		December 31, 2025
Financial assets carried at amortized cost
Cash equivalents	W		2,021,640		1,572,058
Deposits in banks			611		611
Trade accounts and notes receivable, net			2,500,608		2,136,774
Non-trade receivables, net			227,477		145,426
Accrued income, net			22,552		34,987
Deposits			16,747		14,549
Loans			37,143		13,318
Subtotal			4,826,778		3,917,723
Other financial assets
Lease receivables	W		10,063		7,406
Financial assets at fair value through profit or loss
Convertible securities	W		1,470		—
Derivatives			256,251		131,987
Subtotal	W		257,721		131,987
Financial assets at fair value through other comprehensive profit or loss
Trade accounts and notes receivable, net	W		1,123,869		222,410
Financial assets effective for fair value hedging
Derivatives	W		119,098		—
Total	W		6,337,529		4,279,526

Contractual Maturities of Financial Liabilities, Including Estimated Interest Payments

The following are the contractual maturities of financial liabilities, including estimated interest payments, as of December 31, 2024 and 2025.

(i)As of December 31, 2024

				Contractual cash flows
(In millions of won)		Carrying amount		Total			6 months or less			6-12 months			1-2 years			2-5 years			More than 5 years
Non-derivative financial liabilities
Borrowings	W		13,412,275		14,453,995			3,730,807			2,609,727			3,941,215			4,146,933			25,313
Bonds			1,137,839		1,185,892			631,539			11,638			416,573			126,142			—
Trade accounts and notes payable (*)			4,156,149		4,156,149			3,884,788			271,361			—			—			—
Other accounts payable (*)			1,720,670		1,723,867			1,404,896			318,971			—			—			—
Long-term other accounts payable			279,774		323,400			—			—			69,090			192,570			61,740
Security deposits received			160,713		189,214			—			808			6,841			181,565			—
Lease liabilities			57,975		60,653			23,948			12,681			13,889			9,423			712
Derivative financial liabilities
Derivatives	W		10,768		11,184			930			3,447			4,495			2,312			—
Cash outflow			—		75,016			21,402			20,467			22,342			10,805			—
Cash inflow			—		(63,832	)		(20,472	)		(17,020	)		(17,847	)		(8,493	)		—
Total	W		20,936,163		22,104,354			9,676,908			3,228,633			4,452,103			4,658,945			87,765

(*) As of December 31, 2024, it includes W1,187,450 million of payable to credit card companies for utility expenses and others paid using business credit card for purchases.

(ii)As of December 31, 2025

				Contractual cash flows
(In millions of won)		Carrying amount		Total			6 months or less			6-12 months			1-2 years			2-5 years			More than 5 years
Non-derivative financial liabilities
Borrowings	W		12,141,044		12,946,309			2,537,318			1,236,157			4,624,773			4,548,061			—
Bonds			523,094		538,548			198,654			213,751			126,143			—			—
Trade accounts and notes payable (*)			3,307,687		3,307,687			3,307,687			—			—			—			—
Other accounts payable (*)			1,461,014		1,462,662			1,432,529			30,133			—			—			—
Long-term other accounts payable			218,683		248,238			—			—			67,441			180,797			—
Security deposits received			138,384		147,478			480			4,109			142,864			25			—
Lease liabilities			59,678		62,604			23,122			14,889			10,342			14,095			156
Derivative financial liabilities
Derivatives	W		9,553		7,157			3,027			2,416			1,792			(78	)		—
Cash outflow			—		325,920			18,751			13,131			292,017			2,021			—
Cash inflow			—		(318,763	)		(15,724	)		(10,715	)		(290,225	)		(2,099	)		—
Total	W		17,859,137		18,720,683			7,502,817			1,501,455			4,973,355			4,742,900			156

(*) As of December 31, 2025, it includes W704,529 million of payable to credit card companies for utility expenses and others paid using business credit card for purchases.

ii) Supplier Finance Arrangement

Summary of Carrying Amounts of Financial Liabilities from Supplier Financing Agreement

The carrying amounts of financial liabilities from supplier financing agreement as of December 31, 2024 and 2025 are as follows:

		December 31, 2024				December 31, 2025
(In millions of won)		Trade accounts and notes payable		Other Accounts Payable		Trade accounts and notes payable		Other Accounts Payable
Liabilities under supplier finance arrangement
Purchase Card (*1)	W		778,535		366,853		474,781		219,697
Electronic Trade Receivable-Secured Loan (*2)			90,328		164,741		53,667		142,872
Liabilities under supplier finance arrangement of    which the supplier has received payment from    the finance provider
Purchase Card (*1)	W		778,535		366,853		474,781		219,697
Electronic Trade Receivable-Secured Loan (*2)			2,443		2,952		2,138		12,465

(*1) The Group pays the settlement amount to the card company on the end date of credit term according to the card agreement. The Group uses purchase cards in agreement with the supplier, the amount paid to the card company is for the purchase of goods or services incurred in the normal course of business, with no change in the underlying purpose of the transaction, and the payment deadline to the card company falls within the normal business cycle of one year or less, and no collateral is provided in connection with this agreement. Therefore, it is classified as trade accounts and notes payable and other account payable and presented as operating and investing activities in the cash flow statement.

(*2) The Group enters into supplier financial agreement with financial institutions to streamline the payment process and offer early payment terms to suppliers. Under the supplier financial agreement, if a vendor that supplied goods or services to the Group transfers its account receivables to the financial institution within the payment due date, the Group pays the amount to the financial institution. There is no change in the original debt recognized as trade accounts and notes payable or other account payable because the supplier financial agreement does not result in a substantive reduction of the Group’s payment obligation or a change in payment terms.

Schedule of Range of Payments

The range of payment due dates as of December 31 2024 and 2025 are as follows:

	December 31, 2024	December 31, 2025
Liabilities under supplier finance arrangement
Purchase Card	270~288 days	91~205 days
Electronic Trade Receivable-Secured Loan	45~123 days	45~123 days
Trade accounts and notes payable not covered by the supplier    finance agreement	3~123 days	5~123 days

Summary of Capital Management

(In millions of won)		December 31, 2024			December 31, 2025
Total liabilities	W		24,786,759			19,077,462
Total equity			8,072,807			7,839,238
Cash and deposits in banks (*1)			2,022,240			1,572,658
Borrowings (including bonds)			14,550,114			12,664,138
Total liabilities to equity ratio			307	%		243	%
Net borrowings to equity ratio (*2)			155	%		141	%

(*1) Cash and deposits in banks consist of cash and cash equivalents and current deposits in banks.

(*2) Net borrowings to equity ratio is calculated by dividing total borrowings (including bonds and excluding lease liabilities and others) less cash and current deposits in banks by total equity.

Fair Values of Financial Assets and Liabilities, Together with Carrying Amounts Shown in Consolidated Statement of Financial Position

The fair values of financial assets and liabilities, together with the carrying amounts as of December 31, 2024 and 2025 are as follows:

		December 31, 2024				December 31, 2025
(In millions of won)		Carrying amounts		Fair values		Carrying amounts		Fair values
Financial assets carried at amortized cost
Cash and cash equivalents	W		2,021,640	(*1)			1,572,058	(*1)
Deposits in banks			611	(*1)			611	(*1)
Trade accounts and notes receivable, net			2,500,608	(*1)			2,136,774	(*1)
Non-trade receivables, net			227,477	(*1)			145,426	(*1)
Accrued income, net			22,552	(*1)			34,987	(*1)
Deposits			16,747	(*1)			14,549	(*1)
Loans			37,143	(*1)			13,318	(*1)
Financial assets at fair value through profit or loss
Equity instruments	W		120,501		120,501		124,316		124,316
Convertible securities			1,470		1,470		—		—
Derivatives			256,251		256,251		131,987		131,987
Financial assets at fair value through other    comprehensive profit or loss
Trade accounts and notes receivable, net	W		1,123,869	(*1)			222,410	(*1)
Financial assets effective for fair value hedging
Derivatives	W		119,098		119,098		—		—
Other financial assets
Lease receivables			10,063	(*1)			7,406	(*1)
Financial liabilities carried at amortized cost
Borrowings	W		13,412,275		13,482,726		12,141,044		12,170,751
Bonds			1,137,839		1,142,725		523,094		523,500
Trade accounts and notes payable			4,156,149	(*1)			3,307,687	(*1)
Other accounts payable			2,000,444	(*1)			1,679,697	(*1)
Security deposits received			160,713	(*1)			138,384	(*1)
Financial liabilities at fair value through profit or loss
Derivatives	W		10,768		10,768		9,553		9,553
Other financial liabilities
Lease liabilities	W		57,975	(*2)			59,678	(*2)

(*1) Excluded from disclosures as the carrying amount approximates fair value.

(*2) Excluded from the fair value disclosures in accordance with IFRS 7 ‘Financial Instruments: Disclosures’.

Fair Value Hierarchy Classifications of the Financial Instruments that are Measured at Fair Value

Fair value hierarchy classifications of the financial instruments that are measured at fair value as of December 31, 2024 and 2025 are as follows:

(In millions of won)		December 31, 2024
Classification		Level 1		Level 2		Level 3		Total
Financial assets at fair value through profit or loss
Equity instruments	W		18,958		—		101,543		120,501
Convertible securities			—		—		1,470		1,470
Derivatives			—		256,251		—		256,251
Financial assets effective for fair value hedging
Derivatives	W		—		119,098		—		119,098
Financial liabilities at fair value through profit or loss
Derivatives	W		—		10,768		—		10,768

(In millions of won)		December 31, 2025
Classification		Level 1		Level 2		Level 3		Total
Financial assets at fair value through profit or loss
Equity instruments	W		21,008		—		103,308		124,316
Derivatives			—		131,987		—		131,987
Financial liabilities at fair value through profit or loss
Derivatives	W		—		9,553		—		9,553

Fair Value Hierarchy Classifications,Valuation Techniques and Inputs of Financial Instruments Measured at Fair Value

The valuation techniques and inputs for assets and liabilities measured at fair value that are classified as Level 2 and Level 3 within the fair value hierarchy as of December 31, 2024 and 2025 are as follows:

(In millions of won)		December 31, 2024				December 31, 2025
Classification		Level 2		Level 3		Level 2		Level 3		Valuation technique	Input
Financial assets at fair value    through profit or loss
Equity instruments	W		—		101,543		—		103,308	Net asset value method and Comparable company analysis	Price to book value ratio
Convertible securities			—		1,470		—		—	Risk-adjusted discount model and binominal option pricing model	Discount rate, stock price and volatility
Derivatives			256,251		—		131,987		—	Discounted cash flow	Discount rate and Exchange rate
Financial assets effective for fair    value hedging
Derivatives	W		119,098		—		—		—	Discounted cash flow	Discount rate and Exchange rate
Financial liabilities at fair value    through profit or loss
Derivatives	W		10,768		—		9,553		—	Discounted cash flow	Discount rate and Exchange rate

Fair Value Hierarchy Classifications, Valuation Technique and Inputs for Fair Value Measurements of Financial Instruments not Measured at Fair Value

Fair value hierarchy classifications, valuation techniques and inputs for fair value measurements of the financial instruments not measured at fair value but for which the fair value is disclosed as of December 31, 2024 and 2025 are as follows:

(In millions of won)		December 31, 2024
Classification		Level 1		Level 2		Level 3		Valuation technique	Input
Liabilities
Borrowings	W		—		—		13,482,726	Discounted cash flow	Discount rate
Bonds			—		—		1,142,725	Discounted cash flow	Discount rate

(In millions of won)		December 31, 2025
Classification		Level 1		Level 2		Level 3		Valuation technique	Input
Liabilities
Borrowings	W		—		—		12,170,751	Discounted cash flow	Discount rate
Bonds			—		—		523,500	Discounted cash flow	Discount rate

iv)The interest rates applied for determination of the above fair value as of December 31, 2024 and 2025 are as follows:

	December 31, 2024	December 31, 2025
Borrowings, bonds and others	3.70%~3.96%	3.32%~3.90%

Changes in Financial Assets Classified as Level 3 of Fair Value Measurements

v)There is no transfer between Level 1, Level 2 and Level 3 for the years ended December 31, 2024 and 2025, and the changes in financial assets classified as Level 3 of fair value measurements for the years ended December 31, 2024 and 2025 are as follows:

(In millions of won)
Classification		January 1, 2024		Acquisition		Disposal			Valuation			Changes in Foreign Exchange Rates		December 31, 2024
Equity instruments	W		87,027		5,470		(128	)		(2,809	)		11,983		101,543
Convertible securities			3,127		—		(1,838	)		—			181		1,470

(In millions of won)
Classification		January 1, 2025		Acquisition		Disposal			Valuation		Changes in Foreign Exchange Rates			December 31, 2025
Equity instruments	W		101,543		1,422		—			2,914		(2,571	)		103,308
Convertible securities			1,470		—		(1,399	)		—		(71	)		—

Net Gains and Losses by Category of Financial Instruments

The net gains and losses by category of financial instruments for the years ended December 31, 2023, 2024 and 2025 are as follows:

		2023
(In millions of won)		Financial assets at amortized cost			Financial liabilities at amortized cost			Financial assets at FVTPL			Financial assets at FVOCI			Derivatives			Others			Total
Interest income	W		134,388			—			—			—			—			276			134,664
Interest expense			—			(720,086	)		—			—			—			(3,343	)		(723,429	)
Foreign currency differences			108,546			(176,376	)		—			—			(36,052	)		—			(103,882	)
Reversal of bad debt expense			181			—			—			—			—			—			181
Gain or loss on disposal			(48,600	)		—			132			(329	)		—			—			(48,797	)
Gain or loss on valuation			—			—			(13,274	)		—			—			—			(13,274	)
Gain or loss on repayment			—			(167	)		—			—			—			—			(167	)
Gain or loss on derivatives			—			—			—			—			102,116			—			102,116
Total	W		194,515			(896,629	)		(13,142	)		(329	)		66,064			(3,067	)		(652,588	)

		2024
(In millions of won)		Financial assets at amortized cost			Financial liabilities at amortized cost			Financial assets at FVTPL			Financial assets at FVOCI			Derivatives		Others			Total
Interest income	W		87,510			—			—			—			—		182			87,692
Interest expense			—			(906,766	)		—			—			—		(2,874	)		(909,640	)
Foreign currency differences			1,189,874			(2,238,150	)		—			—			190,906		—			(857,370	)
Reversal of bad debt expense			(689	)		—			—			—			—		—			(689	)
Gain or loss on disposal			(7,708	)		—			(109	)		(18,470	)		—		—			(26,287	)
Gain or loss on valuation			—			—			(8,590	)		—			—		—			(8,590	)
Gain or loss on repayment			—			(678	)		—			—			—		—			(678	)
Gain or loss on derivatives			—			—			—			—			413,480		—			413,480
Total	W		1,268,987			(3,145,594	)		(8,699	)		(18,470	)		604,386		(2,692	)		(1,302,082	)

25.Financial Risk Management, Continued

(f)Net gains and losses by category of financial instruments, Continued

		2025
(In millions of won)		Financial assets at amortized cost			Financial liabilities at amortized cost			Financial assets at FVTPL		Financial assets at FVOCI			Derivatives			Others			Total
Interest income	W		51,420			—			—		—			—			266			51,686
Interest expense			—			(700,214	)		—		—			—			(2,394	)		(702,608	)
Foreign currency    differences			(367,983	)		454,997			—		—			(22,646	)		—			64,368
Bad debt expense			107			—			—		—			—			—			107
Gain or loss on disposal			(7,062	)		—			497		(13,854	)		—			—			(20,419	)
Gain or loss on valuation			—			—			7,343		—			—			—			7,343
Gain or loss on derivatives			—			—			—		—			34,935			—			34,935
Dividend income			—			—			266		—			—			—			266
Total	W		(323,518	)		(245,217	)		8,106		(13,854	)		12,289			(2,128	)		(564,322	)

Currency risk [member]

Financial Risk Management [Line Items]

Sensitivity Analysis for Each Type of Market Risk

A weaker won, as indicated below, against the following currencies which comprise the Group’s financial assets or liabilities denominated in a foreign currency as of December 31, 2024 and 2025, would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considers to be reasonably possible at the end of the reporting period. The sensitivity analysis assumes that all other variables, in particular interest rates, would remain constant. The changes in profit or loss before income tax would have been as follows:

(In millions of won)		December 31, 2024			December 31, 2025
USD (5 percent weakening)	W		(35,868	)		21,011
JPY (5 percent weakening)			(6,645	)		(5,434	)

Interest rate risk [Member]

Financial Risk Management [Line Items]

Sensitivity Analysis for Each Type of variable rate instruments

		Profit or loss before income tax
(In millions of won)		1%p increase			1%p decrease
December 31, 2024
Variable rate instruments	W		(98,272	)		98,272
December 31, 2025
Variable rate instruments	W		(101,159	)		101,159