Exhibit 99.2

WOORI FINANCIAL GROUP INC.

CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

WOORI FINANCIAL GROUP INC.

 

		Page(s)
Independent Auditors’ Review Report			1-2
Separate Interim Financial Statements
Separate Interim Statements of Financial Position			4
Separate Interim Statements of Comprehensive Income			5
Separate Interim Statements of Changes in Equity			6
Separate Interim Statements of Cash Flows			7
Notes to the Separate Interim Financial Statements			8-38

 

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 separate interim financial statements of Woori Financial Group Inc. (the “Company”), which comprise the condensed separate interim statement of financial position as of September 30, 2025, the condensed separate interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2025 and 2024, the condensed separate interim statements of changes in equity and cash flows for the nine-month periods ended September 30, 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 separate 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 separate 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 separate interim financial statements based on our reviews.

We conducted our reviews 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 reviews, nothing has come to our attention that causes us to believe the accompanying condensed separate interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.

 

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Other Matters

The separate statement of financial position of the Company as of December 31, 2024, and the related separate 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 separate statement of financial position of the Company 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.

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

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

November 14, 2025

 

 

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

The accompanying condensed separate 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.

SEPARATE INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024

		September 30, 2025				December 31, 2024
		(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 26)			362,450				1,185,912
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 6 and 8)			563,461				553,518
Loans and other financial assets at amortized cost (Notes 4, 7, 8 and 26)			797,107				204,431
Investments in subsidiaries (Notes 9 and 26)			25,609,573				24,206,017
Premises and equipment			2,868				5,304
Intangible assets			3,136				3,308
Net defined benefit asset (Note 13)			—				1,378
Current tax assets			26,295				33,120
Deferred tax assets			3,089				4,379
Other assets (Note 10)			159				155,670
Total assets			27,368,138				26,353,037
LIABILITIES
Debentures (Notes 4, 8 and 11)			2,667,134				2,037,567
Provisions (Note 12)			1,883				1,252
Net defined benefit liability (Note 13)			2,869				—
Current tax liabilities			618,559				84,701
Other financial liabilities (Notes 4, 8, 14 and 26)			80,803				76,382
Other liabilities (Note 14)			6,244				404
Total liabilities			3,377,492				2,200,306
EQUITY (Note 15)
Capital stock			3,802,676				3,802,676
Hybrid securities			3,510,737				3,810,225
Capital surplus			8,120,236				11,120,236
Other equity			5,697				(1,189	)
Retained earnings			8,551,300				5,420,783
Total equity			23,990,646				24,152,731
Total liabilities and equity			27,368,138				26,353,037

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

 

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

		Periods ended September 30, 2025								Periods ended September 30, 2024
		Three-month				Nine-month				Three-month				Nine-month
		(Korean Won in millions, except for earnings per share data)
Interest income			3,311				24,939				13,487				42,235
Interest expense			(18,749	)			(53,771	)			(13,339	)			(35,906	)
Net interest income (loss) (Notes 17 and 26)			(15,438	)			(28,832	)			148				6,329
Fees and commissions income			417				1,293				406				1,219
Fees and commissions expense			(6,777	)			(20,419	)			(4,870	)			(14,531	)
Net fees and commissions loss (Notes 18 and 26)			(6,360	)			(19,126	)			(4,464	)			(13,312	)
Dividend income (Notes 19 and 26)			6,522				1,441,940				6,390				1,202,111
Reversal (Provision) of impairment losses due to credit loss (Notes 20 and 26)			87				(28	)			448				6
General and administrative expenses (Notes 21 and 26)			(22,977	)			(63,125	)			(16,654	)			(51,048	)
Operating income (expense)			(38,166	)			1,330,829				(14,132	)			1,144,086
Non-operating income (expense) (Note 22)			(151,615	)			(151,602	)			(98	)			(161	)
Net income (expense) before income tax expense			(189,781	)			1,179,227				(14,230	)			1,143,925
Income tax income (expense) (Note 23)			1,130				918				223				(435	)
Net income (loss)			(188,651	)			1,180,145				(14,007	)			1,143,490
Net gain on valuation of equity securities at FVTOCI (Note 15)			330				7,318				4,488				8,496
Remeasurement loss related to defined benefit plan (Note 13 and 15)			(64	)			(1,165	)			(230	)			(1,213	)
Items that will not be reclassified to profit or loss:			266				6,153				4,258				7,283
Other comprehensive income, net of tax			266				6,153				4,258				7,283
Total comprehensive income (loss)			(188,385	)			1,186,298				(9,749	)			1,150,773
Earnings (Loss) per share (Notes 15 and 24)
Basic and diluted earnings (loss) per share (Unit: In Korean Won)			(308	)			1,447				(78	)			1,375

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

 

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

		Capital stock				Capital surplus				Hybrid securities				Other equity				Retained earnings				Total equity
		(Korean Won in millions)
January 01, 2024			3,802,676				11,120,236				3,610,953				(7,871	)			5,475,004				24,000,998
Total comprehensive income
Net income			—				—				—				—				1,143,490				1,143,490
Net gain on valuation of equity securities at FVTOCI			—				—				—				8,496				—				8,496
Remeasurement loss related to defined benefit plan			—				—				—				(1,213	)			—				(1,213	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(748,526	)			(748,526	)
Issuance of hybrid securities			—				—				797,914				—				—				797,914
Dividends to hybrid securities			—				—				—				—				(119,025	)			(119,025	)
Redemption of hybrid securities			—				—				(498,783	)			(1,217	)			—				(500,000	)
Acquisition of treasury stocks			—				—				—				(136,688	)			—				(136,688	)
Retirement of treasury stocks			—				—				—				136,688				(136,688	)			—
September 30, 2024 (Unaudited)			3,802,676				11,120,236				3,910,084				(1,805	)			5,614,255				24,445,446
January 01, 2025			3,802,676				11,120,236				3,810,225				(1,189	)			5,420,783				24,152,731
Total comprehensive income
Net income			—				—				—				—				1,180,145				1,180,145
Net gain on valuation of equity securities at FVTOCI			—				—				—				7,318				—				7,318
Remeasurement loss related to defined benefit plan			—				—				—				(1,165	)			—				(1,165	)
Transactions with owners
Dividends to common stocks			—				—				—				—				(784,307	)			(784,307	)
Issuance of hybrid securities			—				—				398,789				—				—				398,789
Dividends to hybrid securities			—				—				—				—				(112,865	)			(112,865	)
Redemption of hybrid securities			—				—				(698,277	)			(1,723	)			—				(700,000	)
Transfer of redemption loss of hybrid securities to retained earnings			—				—				—				2,456				(2,456	)			—
Acquisition of treasury stocks			—				—				—				(150,000	)			—				(150,000	)
Retirement of treasury stocks			—				—				—				150,000				(150,000	)			—
Transfer to retained earnings			—				(3,000,000	)			—				—				3,000,000				—
September 30, 2025 (Unaudited)			3,802,676				8,120,236				3,510,737				5,697				8,551,300				23,990,646

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

 

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

		For the nine-month periods ended September 30
		2025				2024
		(Korean Won in millions)
Cash flows from operating activities:
Net income			1,180,145				1,143,490
Adjustments to net income:
Income tax expense (income)			(918	)			435
Interest income			(24,939	)			(42,235	)
Interest expense			53,771				35,906
Dividend income			(1,441,940	)			(1,202,111	)
			(1,414,026	)			(1,208,005	)
Adjustments for profit/loss items not involving cash flows:
Provision (Reversion) of impairment losses due to credit loss			28				(6	)
Retirement benefit			4,940				2,744
Depreciation and amortization			4,171				4,415
Gain on disposal of premises and equipment, intangible assets and other assets			(4	)			(7	)
Impairment of investments in subsidiaries			150,975				—
			160,110				7,146
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost			(11,256	)			(34,010	)
Other assets			123				(108	)
Net defined benefit liability			(2,275	)			645
Other financial liabilities			13,696				30,408
Other liabilities			5,840				468
			6,128				(2,597	)
Interest income received			27,102				43,084
Interest expense paid			(50,958	)			(33,347	)
Dividends received			1,442,188				1,202,132
Income tax paid			(2,077	)			(2,056	)
			1,416,255				1,209,813
Net cash provided by operating activities			1,348,612				1,149,847
Cash flows from investing activities:
Net decrease (increase) on other investment assets			(50,000	)			14,000
Acquisition of investments in subsidiaries			(1,399,143	)			(473,807	)
Increase in advance payments related to investments in subsidiaries			—				(155,388	)
Acquisition of financial assets at FVTOCI			(150,000	)			—
Disposal of financial assets at FVTOCI			150,000				—
Acquisition of premises and equipment			(142	)			(221	)
Acquisition of intangible assets			(410	)			(303	)
Decrease on guarantee deposits for leases			—				37
			(1,449,695	)			(615,682	)
Cash flows from financing activities:
Issuance of debentures			938,401				299,451
Redemption of debentures			(310,000	)			(150,000	)
Issuance of hybrid securities			398,789				797,914
Redemption of hybrid securities			(700,000	)			(500,000	)
Acquisition of treasury stocks			(150,000	)			(136,688	)
Redemption of lease liabilities			(2,397	)			(2,245	)
Dividends paid to hybrid securities			(112,865	)			(119,025	)
Dividends paid			(784,307	)			(748,526	)
			(722,379	)			(559,119	)
Net decrease in cash and cash equivalents			(823,462	)			(24,954	)
Cash and cash equivalents, beginning of the period			1,185,912				289,507
Cash and cash equivalents, end of the period (Note 5)			362,450				264,553

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

 

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WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

1.

GENERAL

 

(1)	Summary of the parent company

Woori Financial Group, Inc. (hereinafter referred to the “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, 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 Company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,802,676 million Won. The 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 from the 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				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 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 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 Company paid 598,391 million Won in cash and 42,103,377 new shares of the Company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary Woori Bank on September 10, 2019. On the same date, the 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 Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) In addition, as of March 31, 2023, the Company acquired an additional 28.1% interests in Woori Asset Trust Co. (excluding treasury stock, 21.3% when including treasury stock).

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74.0% when including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired an additional 13.3% interests in Woori Financial Capital Co., Ltd. (excluding treasury stock, 12.9% in the case of including treasury stock), and as of May 24, 2021, the Company additionally acquired treasury stock (3.6%) which Woori Financial Capital possessed.

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

As of August 10, 2021, the Company paid 5,792,866 new shares of the Company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the 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, Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies, was established (100% stock, 200 billion Won in stock payments) and included as a subsidiary.

 

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WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

As of March 23, 2023, the Company acquired 53.9% interests in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.) (excluding treasury stock, 52.0% in the case of including treasury stock). In addition, as of May 30, 2023, the Company additionally acquired treasury stock held by Woori Venture Partners Co., Ltd. (3.5%).

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

As of January 29, 2024, the Company owned interest (77.5%) of Woori Asset Management Corp, as a result of merger with Woori Asset Management Corp (surviving company) and Woori Global Asset Management Co., Ltd. (dissolution company), which was liquidated. As of March 29, 2024, the Company acquired residual interest (22.5%) of Woori Asset Management Corp, to make it a wholly owned subsidiary.

On March 25, 2024, the Company participated in the capital increase 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 Company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.. Afterward, the Company additionally acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd. as of November 19, 2024.

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.

On July 1, 2025, the Company acquired 77.9% of the shares (excluding treasury shares, 75.3% including treasury shares) of Tongyang Life Insurance Co., Ltd. and 100% of the shares of ABL Life Insurance Co., Ltd. and included them as subsidiaries.

On July 31, 2025, the Company acquired the residual interest (0.41%) of Woori Asset Trust Co., Ltd., to make it a wholly owned subsidiary.

 

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The Company’s financial statements are condensed interim financial statements prepared in accordance with K-IFRS 1034, Interim Financial Reporting for some of periods in which the annual separate financial statements belong. They are also separate financial statements prepared in accordance with K-IFRS 1027 Separate Financial Statements. It is necessary to use the Company’s annual separate financial statements for the year ended December 31, 2024 for understanding of the accompanying condensed interim financial statements.

The accompanying condensed 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 Company since the end of the previous annual reporting period.

 

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

 

1)

Amendments to K-IFRS 1021 ‘The Effects of Changes in Foreign Exchange Rates’ and K-IFRS 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 do not have a significant impact on the financial statements.

 

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WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

(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 K-IFRS 1109 ‘Financial Instruments’, K-IFRS 1107 ‘Financial Instruments: Disclosures’

K-IFRS 1109 ‘Financial Instruments’ and K-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 company is currently reviewing the impact of this amendment 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).

 

2)

Annual Improvements to K-IFRS – ‘Volume 11’

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

 

•

K-IFRS 1101 ‘First-time Adoption of International Financial Reporting Standards’: Hedge accounting by a first-time adopter

 

•

K-IFRS 1107 ‘Financial Instruments: Disclosures’: Gain or loss on derecognition, and implementation guidance

 

•

K-IFRS 1109 ‘Financial Instruments’: Derecognition of lease liabilities and definition of transaction price

 

•

K-IFRS 1110 ‘Consolidated Financial Statements’: Determination of a ‘de facto agent’

 

•

K-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 the weighted average annual income tax rate expected for the expected gross annual profit. The estimated average annual tax rate is applied to the pre-tax income.

 

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The management shall make judgements, estimates and assumptions that affect the application of accounting policies and assets, liabilities, revenues and expenses in preparing condensed interim financial statements. Therefore, the actual results may differ from these estimates.

The important judgements by the management excluding the estimation methods used to determine corporate income tax expense on accounting policies and the main sources of estimation uncertainty for preparing condensed interim financial statements are identical to ones used in the Company’s annual separate financial statements for the year ended December 31, 2024.

 

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WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

4.	RISK MANAGEMENT

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Department analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer (“CRO”) and the Risk Management Department are operated as risk management organizations. The Board of Directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company’s management strategy and by determining the Company’s acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company’s risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

 

(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 Company’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

 

1)

Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

 

2)

Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

 

				September 30, 2025				December 31, 2024
Loans and other financial assets at amortized cost		Government			1				1
		Banks			739,737				165,144
		Corporates			57,369				39,286
		Total			797,107				204,431

 

- 11 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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):

 

		September 30, 2025				December 31, 2024
		Korea				Korea
Loans and other financial assets at amortized cost			797,107				204,431

 

b)

Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are finance and insurance, and others in accordance with the Korea Standard Industrial Classification Code as of September 30, 2025 and December 31, 2024 (Unit: Korean Won in millions):

 

September 30, 2025

Finance and insurance

Others

Total

Loans and other financial assets at amortized cost

796,204

903

797,107

 

December 31, 2024

Finance and insurance

Others

Total

Loans and other financial assets at amortized cost

203,262

1,169

204,431

 

3)

Credit risk exposure

The maximum exposure to credit risk by asset quality as of September 30, 2025 and December 31, 2024 is as follows (Unit: Korean Won in millions):

 

		September 30, 2025
		Stage 1								Stage 2								Stage 3				Total				Loss allowance				Total, net
Financial assets		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost			797,191				—				—				—				—				797,191				(84	)			797,107
Government			1				—				—				—				—				1				—				1
Banks			739,821				—				—				—				—				739,821				(84	)			739,737
Corporates			57,369				—				—				—				—				57,369				—				57,369
General business			57,369				—				—				—				—				57,369				—				57,369
Total			797,191				—				—				—				—				797,191				(84	)			797,107

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

 

		December 31, 2024
		Stage 1								Stage 2								Stage 3				Total				Loss allowance				Total, net
Financial assets		Above appropriate credit rating (*1)				Less than a limited credit rating (*2)				Above appropriate credit rating (*1)				Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost			204,487				—				—				—				—				204,487				(56	)			204,431
Government			1				—				—				—				—				1				—				1
Banks			165,200				—				—				—				—				165,200				(56	)			165,144
Corporates			39,286				—				—				—				—				39,286				—				39,286
General business			39,286				—				—				—				—				39,286				—				39,286
Total			204,487				—				—				—				—				204,487				(56	)			204,431

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

 

- 12 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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, and the Company’s main market risk is interest rate risk.

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates.

 

(3)	Liquidity risk

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

 

1)

Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the maturity of assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

 

2)

Maturity analysis of non-derivative financial liabilities

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

 

		September 30, 2025
		Within 3 months				4 to 6 months				7 to 9 months				10 to 12 months				1 to 5 years				Over 5 years				Total
Debentures			18,503				98,278				177,491				324,873				2,156,505				61,035				2,836,685
Lease liabilities			803				184				86				75				317				—				1,465
Other financial liabilities(*)			10,029				6,315				2,063				—				60,956				—				79,363
Total			29,335				104,777				179,640				324,948				2,217,778				61,035				2,917,513

 

(*)	It does not include lease liabilities.

 

		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
Debentures			14,965				114,700				222,634				12,083				1,770,174				62,019				2,196,575
Lease liabilities			778				776				772				769				328				—				3,423
Other financial liabilities(*)			19,176				—				8,768				281				44,798				—				73,023
Total			34,919				115,476				232,174				13,133				1,815,300				62,019				2,273,021

 

(*)	It does not include lease liabilities.

 

3)

Maturity analysis of derivative financial liabilities

There are no derivative financial liabilities measured at fair value through profit or loss as of September 30, 2025 and December 31, 2024.

 

- 13 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

5.	CASH AND CASH EQUIVALENTS

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

 

		September 30, 2025				December 31, 2024
Demand deposits			12,450				11,912
Fixed deposits			350,000				1,174,000
Total			362,450				1,185,912

 

6.	FINANCIAL ASSETS AT FVTOCI

 

(1)	Details of financial assets at FVTOCI as of September 30, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

 

		Issuer		September 30, 2025				December 31, 2024
Hybrid securities		Woori Card Co., Ltd.			363,730				357,093
		Woori Financial Capital Co., Ltd.			199,731				196,425
		Total			563,461				553,518

 

(2)	Details of equity securities designated as financial assets at FVTOCI as of September 30, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

 

		Issuer		September 30, 2025				December 31, 2024
Investment for political purpose		Woori Card Co., Ltd.			363,730				357,093
		Woori Financial Capital Co., Ltd.			199,731				196,425
		Total			563,461				553,518

 

7.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

 

(1)	Details of loans and other financial assets at amortized cost as of September 30, 2025 and December 31, 2024 are as follows (Unit: Korean Won in millions):

 

		September 30, 2025				December 31, 2024
Due from banks			149,916				99,944
Other financial assets			647,191				104,487
Total			797,107				204,431

 

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

 

		September 30, 2025				December 31, 2024
Due from banks in local currency:
Due from depository banks			150,000				100,000
Loss allowance			(84	)			(56	)
Total			149,916				99,944

 

- 14 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

(3)	Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

 

1)

Allowance for credit losses

 

		For the nine-month period ended September 30, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(56	)			—				—				(56	)
Provision of allowance for credit loss			(28	)			—				—				(28	)
Ending balance			(84	)			—				—				(84	)

 

		For the nine-month period ended September 30, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(654	)			—				—				(654	)
Reversal of allowance for credit loss			6				—				—				6
Ending balance			(648	)			—				—				(648	)

 

2)

Gross carrying amount

 

		For the nine-month period ended September 30, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			100,000				—				—				100,000
Net increase			50,000				—				—				50,000
Ending balance			150,000				—				—				150,000

 

		For the nine-month period ended September 30, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			1,074,000				—				—				1,074,000
Net increase			(14,000	)			—				—				(14,000	)
Ending balance			1,060,000				—				—				1,060,000

 

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

 

		September 30, 2025				December 31, 2024
Receivables			641,346				95,857
Accrued income			3,685				6,520
Lease deposits			2,159				2,109
Other assets			1				1
Total			647,191				104,487

 

(5)	Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

 

1)

Allowance for credit losses

 

For the nine-month period ended September 30, 2025

Stage 1

Stage 2

Stage 3

Total

Beginning balance

—

—

—

—

Provision of allowance for credit loss

—

—

—

—

Ending balance

—

—

—

—

 

		For the nine-month period ended September 30, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(9	)			—				—				(9	)
Provision of allowance for credit loss			—				—				—				—
Ending balance			(9	)			—				—				(9	)

 

- 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

 

2)

Gross carrying amount

 

		For the nine-month period ended September 30, 2025
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			104,487				—				—				104,487
Net increase			542,704				—				—				542,704
Ending balance			647,191				—				—				647,191

 

		For the nine-month period ended September 30, 2024
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			31,478				—				—				31,478
Net increase			286,489				—				—				286,489
Ending balance			317,967				—				—				317,967

 

8.	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

 

(1)	The fair value hierarchy

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions 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 Company 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 Company’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 techniques 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 Company’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.

 

- 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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):

 

September 30, 2025

Level 1

Level 2

Level 3

Total

Financial assets:

Financial assets at FVTOCI

Hybrid securities

—

—

563,461

563,461

 

December 31, 2024

Level 1

Level 2

Level 3

Total

Financial assets:

Financial assets at FVTOCI

Hybrid securities

—

—

553,518

553,518

Financial assets measured at FVTPL and financial assets measured at FVTOCI 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 Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

 

		Valuation methods		Input variables
Hybrid securities		The fair value is measured using the Hull and White model and the Monte Carlo Simulations.		YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

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

 

		Fair value measurement technique		Type		Significant unobservable inputs		Range		Impact of changes in significant unobservable inputs on fair value measurement
Hybrid securities		Hull and White, Monte Carlo Simulation		Hybrid securities related		Estimated volatility of interest rate, Discount rate		Estimated volatility of interest rate 0.48% Discount rate 2.95% ~ 6.13%		Variation of fair value increases as estimated volatility of interest rate increases.

The fair value of financial assets classified as level 3 uses external valuation figures.

 

- 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 2025
		Beginning balance				Net Income				Other comprehensive income				Purchases/ Issuances				Disposals/ Settlements				Transfer to or out of Level 3				Ending balance
Financial assets:
Financial assets at FVTOCI
Hybrid securities			553,518				—				9,943				150,000				(150,000	)			—				563,461

 

For the nine-month period ended September 30, 2024

Beginning balance

Net Income

Other comprehensive income

Purchases/ Issuances

Disposals/ Settlements

Transfer to or out of Level 3

Ending balance

Financial assets:

Financial assets at FVTOCI

Hybrid securities

539,709

—

11,542

—

—

—

551,251

 

(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 on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. 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 hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility(Unit: Korean Won in millions):

 

September 30, 2025

Net income

Other comprehensive income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

—

14,930

(14,441

)

 

(*)	Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

 

December 31, 2024

Net income

Other comprehensive income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

—

11,910

(11,567

)

 

(*)	Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

 

- 18 -