Financial Data and Key Metrics Changes - The consolidated operating income for 2025 was KRW 13.5248 trillion, with revenue increasing by 4.3% to KRW 97.4345 trillion [4] - Power sales rose by 4.6% to KRW 93.0046 trillion, while overseas business and other revenue decreased by 1.8% to KRW 4.4299 trillion [4] - Cost of goods sold and SG&A decreased by 1.3% to KRW 83.9097 trillion, and fuel costs decreased by 13.8% to KRW 19.4364 trillion [4] - Net income for 2025 was KRW 8.7372 trillion [5] Business Line Data and Key Metrics Changes - The annual power sales volume was 549.4 TWh, reflecting a 0.1% decrease year-over-year due to economic downturns affecting industrial demand [9] - The capacity factor for nuclear power increased, contributing more to the generation mix, while the contribution from LNG decreased due to reduced installed capacity [13] Market Data and Key Metrics Changes - Fuel prices for bituminous coal were around $105.7 per ton, and LNG prices were KRW 980,000 per ton [11] - The SMP was around KRW 112.7 per kWh [11] Company Strategy and Development Direction - The company is focusing on increasing the contribution of nuclear power in the generation mix for 2026, with expectations of a capacity factor around mid to high 80% [28] - KEPCO is working closely with the government to develop a nuclear power plant export strategy to maximize global customer satisfaction [61] Management Comments on Operating Environment and Future Outlook - Management noted that the economic growth rate and number of operating days are expected to increase in 2026, leading to a slight increase in total sales volume [9] - The company is developing new pricing schemes for industrial power to reflect changing load patterns and regional demand [69] Other Important Information - The annual RPS expense on a consolidated basis was KRW 3.9897 trillion [14] - As of Q4 2025, consolidated total borrowings were KRW 129.8 trillion [14] Q&A Session Summary Question: Contribution of nuclear power generation and unexpected costs - The contribution of nuclear power generation in Q4 2025 decreased by around 6%, and management acknowledged that other costs were higher than expected, primarily due to greenhouse gas provisions and nuclear site recovery costs [23][27] Question: Comparison of operating income and before-tax profit - Management explained that standalone profits appeared stronger due to costs associated with subsidiaries not reflected in standalone numbers, and the adjustment coefficient for 2026 is expected to be slightly higher than in 2025 [32][34][38] Question: Dividend payout and expectations for 2026 - The dividend payout decreased from 16.5% to 13.65%, but the absolute amount of dividends paid out increased, with DPS rising to around KRW 1,541 per share [42] Question: Provisional liabilities related to used nuclear fuel - Provisional liabilities for nuclear site recovery increased to KRW 24.0769 trillion, while used nuclear fuel liabilities decreased to KRW 2.7453 trillion [47] Question: Nuclear power generation export strategy and court case - KEPCO is collaborating with the government on the nuclear power plant export strategy, and ongoing negotiations regarding the KRW 1.4 trillion construction cost dispute are in progress [61][63]