Table of Contents As filed with the Securities and Exchange Commission on April 29, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission file number 1-14418 SK Telecom Co., Ltd. ...

Group 1 - The article discusses the performance of KT, a Korean Telecom company, highlighting its declining margins and consistent earnings misses [1] - The author expresses a lack of confidence in KT's financial outlook, suggesting a flight to safety among investors [1] Group 2 - The author has extensive experience in investment analysis, focusing on deep-discount value plays and underappreciated companies [1] - The article reflects a contrarian investment philosophy, aiming to identify companies that can return value to investors [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF APRIL 2025 COMMISSION FILE NUMBER: 333-04906 SK Telecom Co., Ltd. (Translation of registrant's name into English) 65, Eulji-ro, Jung-gu Seoul 04539, Korea (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover ...

Core Insights - SK Telecom has formed a strategic partnership with Schneider Electric to collaborate on mechanical, electrical, and plumbing (MEP) systems for artificial intelligence data centers (AIDCs) [1][2] - The partnership aims to enhance the stability and efficiency of AIDCs from construction to operational capability [2][3] - The collaboration will initially focus on the development of hyperscale AIDCs in key regions in Korea, with plans for global market expansion [3][4] Company Overview - SK Telecom has been a leader in the mobile industry since 1984 and is transitioning into an AI-focused company, emphasizing AI Infrastructure, AI Transformation, and AI Service [6] - Schneider Electric is recognized for its comprehensive integrated infrastructure solutions for AI data centers, covering all stages from design to operation [2][4] Strategic Goals - The partnership is expected to generate significant synergies by combining SK Telecom's AIDC expertise with Schneider Electric's MEP capabilities, ultimately enhancing efficiency and performance in AIDC infrastructure [4][5] - The collaboration will serve as a foundation for expanding AIDC projects into global markets, strengthening SK Telecom's competitiveness [4][5]

Corporate Governance - The board of directors has resolved to call the annual general meeting of shareholders on March 26, 2025, to approve the financial statements for the fiscal year 2024[4]. - The total amount of remuneration paid to directors for fiscal year 2024 was Won 5,781,914,670, with a maximum authorized amount for fiscal year 2025 set at Won 10,000,000,000[16]. - The company plans to amend its Articles of Incorporation to enhance dividend predictability by allowing the record date for quarterly dividends to be set after the Board's resolution[7]. - The company appointed Kang, Dong-soo as a non-executive director, who has extensive experience in business strategy and finance, expected to contribute to growth in telecommunications and AI sectors[11]. - Kim, Changbo has been nominated as an independent non-executive director and audit committee member, bringing expertise in risk management and compliance[12][14]. - The number of directors will decrease from nine to eight if the appointment agenda is approved at the annual general meeting[16]. - The company aims to strengthen the independence and expertise of the audit committee through the appointment of qualified candidates[17]. - The company emphasizes the importance of management transparency and shareholder rights protection through the appointment of independent directors[17]. Financial Performance - Operating revenue for 2024 reached W 17,940,609 million, an increase of 1.88% from W 17,608,511 million in 2023[22]. - Operating profit for 2024 was W 1,823,409 million, up 4.00% compared to W 1,753,204 million in 2023[22]. - Profit for the year increased to W 1,438,795 million in 2024, representing a growth of 25.59% from W 1,145,937 million in 2023[24]. - Basic earnings per share rose to W 6,023 in 2024, a 21.58% increase from W 4,954 in 2023[22]. - The company reported a total comprehensive income of W 1,599,571 million for 2024, up from W 1,121,970 million in 2023, indicating a growth of 42.66%[24]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]. - Profit for the year increased to W 1,438,795 million in 2024, up from W 1,145,937 million in 2023, representing a growth of 25.5%[29]. Assets and Liabilities - Current assets increased to 5.3 million won as of December 31, 2024, compared to 4.3 million won in 2023, reflecting a growth of approximately 23.3%[19]. - Total assets as of December 31, 2024, were W 30,515,255 million, compared to W 30,119,227 million in 2023, reflecting a growth of 1.31%[20]. - Total liabilities increased to W 18,635,921 million in 2024, up from W 17,890,828 million in 2023, marking a rise of 4.15%[20]. - Shareholders' equity attributable to owners of the Parent Company was W 11,750,327 million in 2024, compared to W 11,389,046 million in 2023, an increase of 3.17%[20]. - Non-controlling interests decreased significantly from W 839,353 million in 2023 to W 129,007 million in 2024[20]. Cash Flow - Net cash provided by operating activities rose to W 5,087,285 million in 2024, compared to W 4,947,205 million in 2023, an increase of 2.8%[30]. - Net cash used in investing activities decreased to W (2,711,827) million in 2024 from W (3,352,905) million in 2023, reflecting a reduction of 19.1%[30]. - Cash inflows from financing activities totaled W 1,552,192 million in 2024, down from W 2,416,817 million in 2023, a decline of 35.8%[30]. - The company reported a net increase in cash and cash equivalents of W 565,605 million in 2024, compared to a decrease of W (426,690) million in 2023[30]. Investments and Subsidiaries - SK Telecom established a new subsidiary, Astra AI Infra LLC, in 2024, while several subsidiaries were excluded from consolidation due to liquidation or loss of control[39]. - The non-controlling interest in SK Broadband Co., Ltd. decreased in 2024, resulting in no material non-controlling interests for the Group as of December 31, 2024[40]. - Total assets of SK Broadband Co., Ltd. reached W 6,806,280 million in 2024, with total liabilities of W 3,760,426 million and total equity of W 3,045,854 million[37]. - Revenue for SK Broadband Co., Ltd. was W 4,415,270 million in 2024, an increase from W 4,281,932 million in 2023, showing a growth of 3.1%[37]. Tax and Compliance - The Group expects the exposure to Pillar Two income tax, effective January 1, 2024, to be immaterial based on recent assessments[57]. - The Group assesses uncertainty over income tax treatments and reflects the effect of uncertainty using the most likely amount or expected value methods[183]. - Deferred tax assets and liabilities are measured at expected tax rates applicable when the asset is realized or the liability is settled[181]. Accounting Policies - The Group applies hedge accounting for derivatives to manage interest rate and foreign exchange risks, with changes in fair value recognized in other comprehensive income for effective hedges[104]. - Property and equipment are initially measured at cost and depreciated over their estimated useful lives, which range from 3 to 40 years depending on the asset type[110]. - Intangible assets are measured at cost and amortized on a straight-line basis, except for those with indefinite useful lives such as club memberships and brands[113]. - The Group derecognizes financial assets when contractual rights to cash flows expire or when risks and rewards of ownership are transferred[88]. Research and Development - Expenditures on research activities are recognized in profit or loss as incurred, while development expenditures are capitalized only if they meet certain criteria[116].

Financial Data and Key Metrics Changes - Consolidated revenue reported KRW 17,940.6 billion, up 1.9% year-over-year, with sustained growth in all business areas including fixed and mobile, enterprise, and AI [10][27] - Consolidated operating profit grew 4% year-over-year, with an operating profit margin exceeding 10% [4][9] - Net income posted KRW 1,438.8 billion, up 25.6% year-over-year, attributed to business portfolio restructuring and asset efficiency enhancements [12][29] Business Line Data and Key Metrics Changes - The MNO business experienced a slight slowdown in top line growth, but customer-friendly roaming services contributed to revenue growth [10][27] - Significant growth in data center and B2B businesses such as cloud and AICC contributed to consolidated revenue growth [10][27] - AI-related revenue grew 19% year-over-year, with AIX and AIDC being key contributors [16][29] Market Data and Key Metrics Changes - The AI business is divided into two categories: telecom business and AI business, which includes AIX, AIDC, and other AI-related services [15][32] - A. achieved a 160% growth year-over-year in total users, indicating strong market demand for personal AI services [34][46] Company Strategy and Development Direction - The company focused on operational improvements and the AI Pyramid Strategy to refine business models and establish execution systems for becoming an AI company [4][7] - Plans to strengthen global AI partnerships through equity investments and collaborations with tech companies [13][30] - The company aims to build an AI Infrastructure Superhighway and monetize AI-related revenue [16][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates significant economic, industrial, and political changes both in Korea and globally, emphasizing the need to strengthen fundamental competitiveness [20][36] - The company aims for a consolidated revenue target of KRW 17.8 trillion for 2025, representing approximately 1% growth year-over-year [19][36] Other Important Information - The DPS for 2024 was determined at KRW 3,540, maintaining the same level as the previous year, reflecting a cautious approach to shareholder returns amid uncertain market conditions [18][47] - The company plans to introduce a subscription-based paid service for A. within the year [59][91] Q&A Session All Questions and Answers Question: Key focus areas for AI business and revenue outlook - The company restructured into 7 business units focusing on telecom and AI, with expectations for AIX revenue to grow about 30% this year [42][44] Question: Background on maintaining DPS and future shareholder returns - The decision to maintain DPS was made considering the uncertain business environment, with plans for continued investment in growth areas [48][50] Question: Details on A. subscription model and Aster launch - A. is being developed to offer more diverse features, with plans for a subscription model and an open beta service for Aster in the U.S. [60][62] Question: Impact of operational improvements on earnings and 2025 CapEx guidance - Operational improvements led to a 4% increase in operating income, with a focus on optimizing CapEx for efficient network operation [77][79] Question: Outlook on stock price and AI profit generation - The company aims to demonstrate the effectiveness of its AI business in 2025, with a commitment to maintaining high shareholder returns [88][90] Question: AI infrastructure and AIX business models - The company is focusing on building affordable and efficient AI data centers, with AIX revenue expected to grow by 30% in 2025 [106][114]

Core Insights - SK Telecom has joined the MIT GenAI Impact Consortium as a founding member to explore the commercialization and industry implications of generative AI technologies [1][3] - The consortium aims to bridge academia and industry, focusing on the societal and industrial impacts of generative AI [2][6] Company Involvement - SK Telecom plans to share its competitiveness and development strategy with other founding members and explore collaboration opportunities [5] - The company aims to deliver tangible results from its collaboration with MIT to its SK AI R&D Center, focusing on areas such as ICT, semiconductors, and energy [5][6] - SK Telecom is transforming into an AI company, emphasizing AI Infrastructure, AI Transformation (AIX), and AI Service to enhance value for industry and society [7] Consortium Structure and Goals - The MIT GenAI Impact Consortium is led by Anantha Chandrakasan, with a focus on selecting optimized projects and managing research efforts [3][4] - The consortium includes six founding members: SK Telecom, OpenAI, The Coca-Cola Company, Tata Group, Analog Devices, and TWG Global [3] - The consortium plans to commence full-scale research on key projects within the year [4]

Core Insights - SK Telecom Co. has launched its SKT GPU-as-a-Service (GPUaaS) at its AI Data Center in Seoul, providing scalable and customizable GPU resources for businesses' AI needs [1][2] - The GPUaaS allows companies to select GPU count and duration, enabling tailored packages that include standalone servers and dedicated network lines [2] - SK Telecom has partnered with Lambda to ensure a stable supply of GPUs and leverage technical expertise, enhancing its capacity to meet AI computational demands [3] Product Innovations - The AI Cloud Manager, introduced in October 2024, streamlines GPU resource management, reducing AI model training time and facilitating faster development cycles [4] - The latest GPUaaS utilizes NVIDIA H100 Tensor Core GPUs, with plans to integrate the H200 Tensor Core by Q1 2025 to accelerate AI technology development in South Korea [5] Strategic Collaborations - SK Telecom is strengthening its position in the AI infrastructure sector through partnerships with SK hynix and Penguin Solutions for AIDC solutions research and development [6] - An investment of $3 million in Twelve Labs aims to enhance multimodal AI applications across various industries [6] Financial Performance - In the last reported quarter, SK Telecom achieved consolidated revenues of KRW 4.5321 trillion, a 2.9% year-over-year increase, driven by growth in roaming services and the enterprise sector [8] - Operating income rose by 7.1% to KRW 533.3 billion, supported by improved efficiency from AI integration [8] Market Position - SK Telecom holds a Zacks Rank of 3 (Hold), with its shares increasing by 0.2% over the past year, contrasting with a 14.6% decline in the sub-industry [9]

Group 1: Partnership and Investment - SK Telecom has entered into a partnership with SK hynix and Penguin Solutions to advance artificial intelligence data center (AIDC) solutions, announced during CES 2025 [1] - The collaboration is based on a $200 million investment agreement from July 2024, aimed at exploring synergies and leveraging complementary strengths in AIDC solutions [2] - The companies plan to target business opportunities in the Asia-Pacific and Middle East markets, including Japan, by combining their expertise in semiconductors, energy, memory technology, and AI [2] Group 2: Technological Development - A significant focus of the partnership is the development of a comprehensive full-stack software solution for efficient AIDC operations [3] - SK hynix and Penguin Solutions are expected to collaborate on next-generation data center memory technology to improve power efficiency and heat dissipation [3] Group 3: Company Performance and Initiatives - SK Telecom reported consolidated revenues of KRW 4.5321 trillion, reflecting a 2.9% year-over-year increase, driven by growth in roaming services and the enterprise sector [6] - The company’s operating income increased by 7.1% to KRW 533.3 billion, supported by improved efficiency through AI integration [6] - In December 2024, SK Telecom invested $3 million in Twelve Labs to enhance multimodal AI applications across various industries [4] - The company launched an AI Customer Service Support System in mid-October 2024, showcasing strong performance after restructuring its knowledge base and improving models [5] Group 4: Market Position - SK Telecom holds a Zacks Rank 3 (Hold) and its shares have gained 2.8% over the past year, contrasting with a 12.1% decline in the sub-industry [7]

Group 1 - The article emphasizes that South Korea is a market with many undervalued stocks, making it an attractive investment opportunity [1] - It highlights the presence of globally recognized companies in South Korea, such as Samsung Electronics, which adds to the market's appeal [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies mentioned [2][3]