Borrowings and Debentures

12 Months Ended

Dec. 31, 2025

17.	Borrowings and Debentures

(1)

Short-term borrowings as of December 31, 2025 and 2024 are as follows:


(In millions of won)
Lender	Annual interest rate (%)	Maturity	December 31, 2025		December 31, 2024
SK Securities Co., Ltd.	3.62	Oct. 2, 2025	₩	—		50,000
Shinhan Securities Co., Ltd.	3.62	Oct. 2, 2025		—		50,000
Bank of China Ltd.	2.83	Oct. 29, 2026		130,000		—

			₩	130,000		100,000

(2)

Long-term borrowings as of December 31, 2025 and 2024 are as follows:


(In millions of won)
Lender	Annual interest rate (%)		Maturity		December 31, 2025			December 31, 2024
Korea Development Bank(*1)		1.87		Feb. 10, 2026	₩	3,125			15,625
DBS Bank Ltd.		2.63		Mar. 10, 2025		—			200,000
Credit Agricole CIB		4.89		Nov. 28, 2025		—			50,000
Mizuho Bank, Ltd.(*2)		3M CD + 1.05		Jul. 25, 2025		—			50,000
DBS Bank Ltd.(*2)		3M CD + 0.075		Oct. 8, 2026		200,000			200,000
Industrial and Commercial Bank of China Ltd.		2.70		Sep. 13, 2027		100,000			—
Mizuho Bank, Ltd.		2.75		Sep. 22, 2027		200,000			—

						503,125			515,625
Less: present value discount						—			(25	)

						503,125			515,600
Less: current portions						(203,125	)		(312,475	)

					₩	300,000			203,125

(*1)

The long-term borrowings are to be repaid by installments on an annual basis from 2022 to 2026.

(*2)

Applied interest rate is the 3M CD rate of 2.85% and 3.41% as of December 31, 2025 and 2024, respectively.

(3)

Debentures as of December 31, 2025 and 2024 are as follows:


(In millions of won and thousands of U.S. dollars)
	Purpose	Maturity		Annual interest rate (%)		December 31, 2025		December 31, 2024
Unsecured corporate bonds	Operating fund		2032		3.45	₩	90,000		90,000
Unsecured corporate bonds			2033		3.22		130,000		130,000
Unsecured corporate bonds	Operating and refinancing fund		2025		2.49		—		150,000
Unsecured corporate bonds	Operating fund		2030		2.61		50,000		50,000
Unsecured corporate bonds			2025		2.66		—		70,000
Unsecured corporate bonds			2030		2.82		90,000		90,000
Unsecured corporate bonds	Refinancing fund		2025		2.55		—		100,000
Unsecured corporate bonds			2035		2.75		70,000		70,000
Unsecured corporate bonds	Operating fund		2026		2.08		90,000		90,000
Unsecured corporate bonds			2036		2.24		80,000		80,000
Unsecured corporate bonds			2026		1.97		120,000		120,000
Unsecured corporate bonds			2031		2.17		50,000		50,000
Unsecured corporate bonds	Refinancing fund		2027		2.55		100,000		100,000
Unsecured corporate bonds	Operating and refinancing fund		2032		2.65		90,000		90,000
Unsecured corporate bonds	Refinancing fund		2027		2.84		100,000		100,000
Unsecured corporate bonds	Operating fund		2028		3.00		200,000		200,000
Unsecured corporate bonds			2038		3.02		90,000		90,000


(In millions of won and thousands of U.S. dollars)
	Purpose	Maturity		Annual interest rate (%)		December 31, 2025		December 31, 2024
Unsecured corporate bonds			2038		2.44		50,000		50,000
Unsecured corporate bonds			2029		2.19		50,000		50,000
Unsecured corporate bonds			2039		2.23		50,000		50,000
Unsecured corporate bonds	Operating and refinancing fund		2029		1.50		120,000		120,000
Unsecured corporate bonds	Refinancing fund		2039		1.52		50,000		50,000
Unsecured corporate bonds			2049		1.56		50,000		50,000
Unsecured corporate bonds	Operating fund		2029		1.79		40,000		40,000
Unsecured corporate bonds			2039		1.81		60,000		60,000
Unsecured corporate bonds			2025		1.75		—		130,000
Unsecured corporate bonds			2030		1.83		50,000		50,000
Unsecured corporate bonds			2040		1.87		70,000		70,000
Unsecured corporate bonds	Refinancing fund		2025		1.40		—		140,000
Unsecured corporate bonds			2030		1.59		40,000		40,000
Unsecured corporate bonds			2040		1.76		110,000		110,000
Unsecured corporate bonds			2026		1.39		80,000		80,000
Unsecured corporate bonds			2031		1.80		50,000		50,000
Unsecured corporate bonds			2041		1.89		100,000		100,000
Unsecured corporate bonds			2026		2.69		70,000		70,000
Unsecured corporate bonds			2041		2.68		40,000		40,000
Unsecured corporate bonds			2025		3.80		—		240,000
Unsecured corporate bonds			2027		3.84		70,000		70,000
Unsecured corporate bonds			2042		3.78		40,000		40,000
Unsecured corporate bonds			2025		4.00		—		300,000
Unsecured corporate bonds			2027		4.00		95,000		95,000
Unsecured corporate bonds			2025		4.73		—		110,000
Unsecured corporate bonds			2027		4.74		60,000		60,000
Unsecured corporate bonds			2032		4.69		40,000		40,000
Unsecured corporate bonds			2026		3.65		110,000		110,000
Unsecured corporate bonds			2028		3.83		190,000		190,000
Unsecured corporate bonds			2026		3.72		80,000		80,000
Unsecured corporate bonds			2028		3.80		200,000		200,000
Unsecured corporate bonds			2030		3.96		70,000		70,000
Unsecured corporate bonds			2026		4.54		115,000		115,000
Unsecured corporate bonds			2028		4.68		100,000		100,000
Unsecured corporate bonds			2030		4.72		50,000		50,000
Unsecured corporate bonds			2033		4.72		30,000		30,000
Unsecured corporate bonds			2027		3.72		180,000		180,000
Unsecured corporate bonds			2029		3.73		110,000		110,000
Unsecured corporate bonds			2034		3.92		110,000		110,000
Unsecured corporate bonds			2027		2.91		170,000		170,000
Unsecured corporate bonds			2029		2.92		90,000		90,000
Unsecured corporate bonds			2034		2.96		40,000		40,000
Unsecured corporate bonds			2028		2.98		190,000		—


(In millions of won and thousands of U.S. dollars)
	Purpose	Maturity		Annual interest rate (%)		December 31, 2025			December 31, 2024
Unsecured corporate bonds			2030		3.05		70,000			—
Unsecured corporate bonds			2035		3.17		140,000			—
Unsecured corporate bonds			2028		2.67		80,000			—
Unsecured corporate bonds			2030		2.82		190,000			—
Unsecured corporate bonds			2035		3.06		40,000			—
Unsecured corporate bonds(*1)	Operating and refinancing fund		2026		1.86		50,000			50,000
Unsecured corporate bonds(*1)			2025		1.64		—			100,000
Unsecured corporate bonds(*1)	Refinancing fund		2025		1.41		—			160,000
Unsecured corporate bonds(*1)			2025		2.58		—			100,000
Unsecured corporate bonds(*1)			2032		2.92		50,000			50,000
Unsecured corporate bonds(*1)	Operating and refinancing fund		2025		4.21		—			50,000
Unsecured corporate bonds(*1)			2026		4.28		100,000			100,000
Unsecured corporate bonds(*1)			2028		4.37		90,000			90,000
Unsecured corporate bonds(*1)	Facility fund		2026		4.87		100,000			100,000
Unsecured corporate bonds(*1)			2028		5.00		60,000			60,000
Unsecured corporate bonds(*1)	Refinancing fund		2027		3.89		170,000			170,000
Unsecured corporate bonds(*1)			2029		3.93		60,000			60,000
Unsecured corporate bonds(*1)	Facility and Refinancing fund		2027		3.06		130,000			130,000
Unsecured corporate bonds(*1)			2029		3.06		115,000			115,000
Unsecured corporate bonds(*1)			2031		3.11		50,000			50,000
Unsecured corporate bonds(*1)	Refinancing fund		2028		2.76		50,000			—
Unsecured corporate bonds(*1)			2030		2.87		120,000			—
Unsecured corporate bonds(*1)			2035		2.97		30,000			—
Unsecured corporate bonds(*1)	Business acquisition fund		2030		3.09		480,000			—
Unsecured corporate bonds(*1)			2035		3.38		50,000			—
Registered unsecured private exchangeable bond(*2)	Refinancing fund		2027		—		7,008			—
Unsecured global bonds	Operating fund		2027		6.63		573,960 (USD 400,000	)		588,000 (USD 400,000	)
Unsecured global bonds(*1)	Refinancing fund		2028		4.88		430,470 (USD 300,000	)		441,000 (USD 300,000	)
Floating rate notes(*3)	Operating fund		2025		SOFR rate + 1.17		—			441,000 (USD 300,000	)
			2028		SOFR rate + 0.59		430,470 (USD 300,000	)		—
Convertible bonds(*4)			2028		—		—			4,410 (USD 3,000	)
Convertible bonds(*4)			2028		—		—			23,741 (USD 16,150	)


(In millions of won and thousands of U.S. dollars)
	Purpose	Maturity		Annual interest rate (%)		December 31, 2025			December 31, 2024
Convertible bonds(*4)			2028		—		—			11,392 (USD 7,750	)
Convertible bonds(*4)			2028		—		—			11,760 (USD 8,000	)

							8,236,908			8,526,303
Less: discounts on bond							(23,004	)		(15,023	)

							8,213,904			8,511,280
Less: current portions of bonds							(919,459	)		(2,147,634	)

						₩	7,294,445			6,363,646

(*1)

Unsecured corporate bonds were issued by SK Broadband Co., Ltd., a subsidiary of the Parent Company.

(*2)

Exchangeable bonds were issued by SAPEON Inc., a subsidiary of the Parent Company.

(*3)

Applied interest rates are SOFR rate of 4.20% and 4.49% as of December 31, 2025 and 2024, respectively.

(*4)

Convertible bonds were issued by SAPEON Inc., a subsidiary of the Parent Company, and redeemed on February 7, 2025, pursuant to an early redemption request.