Financial instruments by category (Tables)

12 Months Ended

Dec. 31, 2025

Financial Instruments By Category

Schedule of financial instruments by category

		December 31, 2025		December 31, 2024
		(In thousands of Korean won)
Financial assets at amortized cost
Cash and cash equivalents	₩		8,364,432		4,150,572
Short-term financial instruments (*1)			-		410,000
Accounts receivable — trade, net			4,380,886		9,210,441
Accounts receivable — other, net			536,134		130,482
Short-term loans, net			3,427,400		787,400
Other current financial assets (*2)			735,110		40,000
Long-term loans, net			191,023		-
Other non-current financial assets			2,180,055		1,803,220
Financial assets at fair value through profit or loss
Short-term financial instruments			21,560		13,524
Long-term financial instruments			310,908		322,538
Long-term investment securities			3,983,858		730,391
Total	₩		24,131,366		17,598,568

(*1)	Short-term financial instruments consist of time deposits and saving-based insurance. As of December 31, 2024, Korean Won 231,000 thousand of time deposits in banks are provided as collateral for employee loans and restricted for use.
(*2)	Interest-bearing notes included in other current financial assets amount to Korean Won 410,000 thousand, of which Korean Won 330,000 thousand have been pledged as collateral for loans to employees.

		December 31, 2025		December 31, 2024
		(In thousands of Korean won)
Financial liability at amortized cost
Trade and other payables (*)	₩		57,403,609		13,280,410
Short-term borrowings			11,171,899		3,764,000
Current portion of long-term borrowings, net			2,200,000		2,108,956
Other current financial liabilities			250,000		130,000
Long-term borrowings, excluding current portion, net			2,611,563		-
Other non-current financial liabilities			220,000		150,000
Convertible notes			4,631,460		-
Financial liability at fair value through profit or loss
Convertible notes			24,002,560		-
Warrant			528,772		-
Derivative liabilities			330,417		-
Total	₩		103,350,280		19,433,366

(*) Trade and other payables that are not financial liabilities are excluded.

Schedule of classification of investment assets

		December 31, 2025		December 31, 2024
		(In thousands of Korean won)
Current investments
Fixed deposit – at amortized cost (*)	₩		-		410,000
Saving based insurance – at FVTPL			21,560		13,524
Total	₩		21,560		423,524
Non-Current investments
Saving based insurance – at FVTPL	₩		310,908		322,538
Equity securities – at FVTPL			858,167		726,991
Debt securities – at FVTPL			102,600		3,400
Project investment			3,023,091		-
Total	₩		4,294,766		1,052,929

(*) As of December 31, 2024, Korean Won 231,000 thousand of time deposits is provided as collateral for employee loans and restricted for use.

Schedule of equity securities designated

		Fair value at December 31, 2025		Fair value at December 31, 2024
		(In thousands of Korean won)
Equity Securities (listed stocks)	₩		268,768		140,592
Equity Securities (unlisted stocks)			589,399		586,398
Total	₩		858,167		726,990

Schedule of net gains and losses by category of financial instruments

		2025
		Financial assets at amortized cost			Financial assets at fair value through profit or loss			Financial liabilities at amortized cost			Financial liabilities at fair value through profit or loss			Total
		(In thousands of Korean won)
Interest income	₩		407,595			-			-			-			407,595
Interest expense			-			-			(3,348,504	)		-			(3,348,504	)
Foreign currency differences			(314,664	)		-			(992	)		-			(315,656	)
Gain or loss on disposal of investment securities			-			(2,138,105	)		-			-			(2,138,105	)
Gain or loss on valuation of investment securities			-			(2,110,327	)		-			-			(2,110,327	)
Gain or loss on valuation of financial instruments			-			14,839			-			-			14,839
Gain or loss on warrants			-			-			-			16,622,386			16,622,386
Gain or loss on derivative instruments			-			-			-			(849,911	)		(849,911	)
Gain on debt forgiveness			-			-			309,850			-			309,850
Investment Revenue			-			904			-			-			904
Losses on disposal of short-term borrowings			-			-			(317,624	)		-			(317,624	)
Loss on initial recognition of FVPL liabilities			-			-			-			(26,228,277	)		(26,228,277	)
Gain on valuation of FVPL liabilities			-			-			-			5,559,062			5,559,062
Dividend income			-			2,613			-			-			2,613
Total	₩		92,931			(4,230,076	)		(3,357,270	)		(4,896,740	)		(12,391,155	)

		2024
		Financial assets at amortized cost		Financial assets at fair value through profit or loss		Financial liabilities at amortized cost			Total
		(In thousands of Korean won)
Interest income	₩		287,067		-		-			287,067
interest expense			-		-		(389,080	)		(389,080	)
Foreign currency differences			74,646		-		(6,906	)		67,740
Gain or loss on valuation of investment securities			-		89,651		-			89,651
Gain or loss on valuation of financial instruments			-		6,286		-			6,286
Dividend income			-		1,463		-			1,463
Total	₩		361,713		97,400		(395,986	)		63,127

		2023
		Financial assets at amortized cost		Financial assets at fair value through profit or loss			Financial liabilities at amortized cost			Total
		(In thousands of Korean won)
Interest income	₩		406,933		-			-			406,933
interest expense			-		-			(320,209	)		(320,209	)
Foreign currency differences			294,087		-			(45	)		294,042
Gain or loss on disposal of financial instruments			635,358		-			-			635,358
Gain or loss on valuation of investment securities			-		104,505			-			104,505
Gain or loss on valuation of financial instruments			-		(1,427	)		-			(1,427	)
Dividend income			-		1,463			-			1,463
Total	₩		1,336,378		104,541			(320,254	)		1,120,665