| Income Tax Expense |
| |
(1) |
Income tax expenses for the years ended December 31, 2025, 2024 and 2023 consist of the following: |
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| |
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| Current tax expense: |
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|
|
|
|
|
|
|
|
|
|
|
| Current year |
|
₩ |
181,348 |
|
|
|
392,192 |
|
|
|
273,936 |
|
| Changes in estimates related to prior years(*) |
|
|
102,033 |
|
|
|
(22,271 |
) |
|
|
(11,590 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
283,381 |
|
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|
369,921 |
|
|
|
262,346 |
|
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|
|
|
|
|
|
|
|
|
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| Deferred tax expense: |
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|
|
|
|
|
|
|
|
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| Changes in net deferred tax liabilities |
|
|
63,796 |
|
|
|
4,749 |
|
|
|
79,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
₩ |
347,177 |
|
|
|
374,670 |
|
|
|
342,242 |
|
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(*) |
Changes in estimates related to prior years are mainly composed of additional income tax or income tax refund due to a change in the interpretation of the tax authority in relation to the income tax previously recognized by the Group. |
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(2) |
The difference between income taxes computed using the statutory corporate income tax rates and the recorded income taxes for the years ended December 31, 2025, 2024 and 2023 is attributable to the following: |
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|
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|
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| |
|
|
|
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|
|
|
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| Income taxes at statutory income tax rate |
|
₩ |
172,771 |
|
|
|
450,819 |
|
|
|
382,517 |
|
| |
|
|
(10,095 |
) |
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|
(9,843 |
) |
|
|
(3,091 |
) |
| |
|
|
64,361 |
|
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|
15,216 |
|
|
|
15,725 |
|
| Tax credit and tax reduction |
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|
(26,708 |
) |
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|
(26,204 |
) |
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|
(64,829 |
) |
| Changes in unrecognized deferred taxes |
|
|
(12,997 |
) |
|
|
(37,958 |
) |
|
|
14,354 |
|
| Changes in estimates related to prior years and others |
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|
111,781 |
|
|
|
(18,340 |
) |
|
|
(5,878 |
) |
| Changes in tax rate |
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|
48,064 |
|
|
|
980 |
|
|
|
3,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Income tax expense |
|
₩ |
347,177 |
|
|
|
374,670 |
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|
|
342,242 |
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(3) |
Deferred taxes directly charged to (credited from) equity for the years ended December 31, 2025, 2024 and 2023 are as follows: |
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| |
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| Valuation loss (gain) on financial assets measured at fair value |
|
₩ |
(502,149 |
) |
|
|
(4,499 |
) |
|
|
12,977 |
|
| Share of other comprehensive loss (gain) of investment in associates and joint ventures |
|
|
(3,813 |
) |
|
|
(15,628 |
) |
|
|
292 |
|
| Valuation loss (gain) on derivatives |
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|
(7,614 |
) |
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|
1,902 |
|
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|
5,631 |
|
| Remeasurement of defined benefit plans |
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|
4,301 |
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|
7,266 |
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(2,672 |
) |
| Capital surplus and others |
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|
65,996 |
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(46 |
) |
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|
(53 |
) |
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|
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₩ |
(443,279 |
) |
|
|
(11,005 |
) |
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|
16,175 |
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(4) |
Details of the changes in deferred tax assets (liabilities) for the years ended December 31, 2025 and 2024 are as follows: |
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Deferred tax
income
(expense) |
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|
Directly charged
to (credited
from) equity |
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|
Reclassified as
assets held
for sale |
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|
| Deferred tax assets (liabilities) related to temporary differences: |
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|
|
|
|
|
|
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|
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| Loss allowance |
|
₩ |
76,590 |
|
|
|
(3,648 |
) |
|
|
— |
|
|
|
(11 |
) |
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|
72,931 |
|
| Accrued interest income |
|
|
(968 |
) |
|
|
479 |
|
|
|
— |
|
|
|
— |
|
|
|
(489 |
) |
| Financial assets measured at fair value |
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|
(39,533 |
) |
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|
60,448 |
|
|
|
(502,149 |
) |
|
|
— |
|
|
|
(481,234 |
) |
| Investments in subsidiaries and associates |
|
|
69,749 |
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(42,234 |
) |
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(3,813 |
) |
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— |
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|
23,702 |
|
| Property and equipment and intangible assets |
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(423,592 |
) |
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|
43,417 |
|
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|
66,310 |
|
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|
(6 |
) |
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(313,871 |
) |
| Provisions |
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|
1,331 |
|
|
|
(190 |
) |
|
|
— |
|
|
|
(57 |
) |
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|
1,084 |
|
| Retirement benefit obligation |
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|
38,034 |
|
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|
(30,206 |
) |
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|
4,301 |
|
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|
(53 |
) |
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|
12,076 |
|
| Valuation gain (loss) on derivatives |
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|
14,478 |
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|
|
(5,439 |
) |
|
|
(7,614 |
) |
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|
— |
|
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|
1,425 |
|
| Loss on foreign currency translation |
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|
20,370 |
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|
1,206 |
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|
|
— |
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|
|
— |
|
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|
21,576 |
|
| Incremental costs to acquire a contract |
|
|
(722,952 |
) |
|
|
(125,979 |
) |
|
|
— |
|
|
|
— |
|
|
|
(848,931 |
) |
| Contract assets and liabilities |
|
|
19,959 |
|
|
|
29,481 |
|
|
|
— |
|
|
|
— |
|
|
|
49,440 |
|
| |
|
|
(370,771 |
) |
|
|
49,035 |
|
|
|
— |
|
|
|
— |
|
|
|
(321,736 |
) |
| Lease liabilities |
|
|
394,206 |
|
|
|
(8,912 |
) |
|
|
— |
|
|
|
— |
|
|
|
385,294 |
|
| Others |
|
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(50,634 |
) |
|
|
(22,647 |
) |
|
|
(314 |
) |
|
|
(4,789 |
) |
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(78,384 |
) |
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|
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|
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|
|
|
|
|
|
|
|
|
(973,733 |
) |
|
|
(55,189 |
) |
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|
(443,279 |
) |
|
|
(4,916 |
) |
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(1,477,117 |
) |
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| Deferred tax assets related to unused tax credit carryforwards: |
|
|
122,533 |
|
|
|
(8,607 |
) |
|
|
— |
|
|
|
— |
|
|
|
113,926 |
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|
₩ |
(851,200 |
) |
|
|
(63,796 |
) |
|
|
(443,279 |
) |
|
|
(4,916 |
) |
|
|
(1,363,191 |
) |
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| |
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| |
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|
|
Deferred tax
income
(expense) |
|
|
Directly charged
to (credited
from) equity |
|
|
Reclassified as
liabilities held
for sale |
|
|
Changes in
consolidation
scope |
|
|
|
|
| Deferred tax assets (liabilities) related to temporary differences: |
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|
|
|
|
|
|
|
|
|
|
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|
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|
| Loss allowance |
|
₩ |
75,115 |
|
|
|
1,475 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
76,590 |
|
| Accrued interest income |
|
|
(6,839 |
) |
|
|
(1,395 |
) |
|
|
— |
|
|
|
7,266 |
|
|
|
— |
|
|
|
(968 |
) |
| Financial assets measured at fair value |
|
|
(2,526 |
) |
|
|
(32,508 |
) |
|
|
(4,499 |
) |
|
|
— |
|
|
|
— |
|
|
|
(39,533 |
) |
| Investments in subsidiaries, associates and joint ventures |
|
|
22,930 |
|
|
|
62,447 |
|
|
|
(15,628 |
) |
|
|
— |
|
|
|
— |
|
|
|
69,749 |
|
| Property and equipment and intangible assets |
|
|
(419,413 |
) |
|
|
(3,861 |
) |
|
|
— |
|
|
|
(318 |
) |
|
|
— |
|
|
|
(423,592 |
) |
| Provisions |
|
|
1,319 |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,331 |
|
| Retirement benefit obligation |
|
|
12,430 |
|
|
|
18,338 |
|
|
|
7,266 |
|
|
|
— |
|
|
|
— |
|
|
|
38,034 |
|
| Valuation gain (loss) on derivatives |
|
|
19,670 |
|
|
|
(7,094 |
) |
|
|
1,902 |
|
|
|
— |
|
|
|
— |
|
|
|
14,478 |
|
| Gain (loss) on foreign currency translation |
|
|
20,667 |
|
|
|
(297 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,370 |
|
| Incremental costs to acquire a contract |
|
|
(718,211 |
) |
|
|
(4,741 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(722,952 |
) |
| Contract assets and liabilities |
|
|
17,565 |
|
|
|
2,394 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,959 |
|
| |
|
|
(389,863 |
) |
|
|
19,092 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(370,771 |
) |
| Lease liabilities |
|
|
388,091 |
|
|
|
6,115 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
394,206 |
|
| Others |
|
|
4,266 |
|
|
|
(47,646 |
) |
|
|
(46 |
) |
|
|
(7,486 |
) |
|
|
278 |
|
|
|
(50,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(974,799 |
) |
|
|
12,331 |
|
|
|
(11,005 |
) |
|
|
(538 |
) |
|
|
278 |
|
|
|
(973,733 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax assets related to unused tax loss carryforwards and tax credit carryforwards: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax loss carryforwards |
|
|
7,150 |
|
|
|
2,812 |
|
|
|
— |
|
|
|
689 |
|
|
|
(10,651 |
) |
|
|
— |
|
| Tax credit |
|
|
147,022 |
|
|
|
(19,892 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,597 |
) |
|
|
122,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
154,172 |
|
|
|
(17,080 |
) |
|
|
— |
|
|
|
689 |
|
|
|
(15,248 |
) |
|
|
122,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
₩ |
(820,627 |
) |
|
|
(4,749 |
) |
|
|
(11,005 |
) |
|
|
151 |
|
|
|
(14,970 |
) |
|
|
(851,200 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(5) |
Details of temporary differences and unused tax loss carryforwards for which no deferred tax assets were recognized in the consolidated statements of financial position as of December 31, 2025 and 2024 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Loss allowance |
|
₩ |
79,201 |
|
|
|
77,433 |
|
| Investments in subsidiaries, associates and joint ventures |
|
|
713,493 |
|
|
|
481,135 |
|
| Other temporary differences |
|
|
51,394 |
|
|
|
103,405 |
|
| Unused tax loss carryforwards |
|
|
99,525 |
|
|
|
126,553 |
| The amount of unused tax loss carryforwards for which no deferred tax assets were recognized as of December 31, 2025 are expiring within the following periods:
|
|
|
|
|
|
|
|
|
| |
|
Unused tax loss carryforwards |
|
| Less than 1 year |
|
₩ |
— |
|
| 1 ~ 2 years |
|
|
— |
|
| 2 ~ 3 years |
|
|
— |
|
| More than 3 years |
|
|
99,525 |
|
|
|
|
|
|
|
|
₩ |
99,525 |
|
|
|
|
|
|
| |
(6) |
Details of the aggregate temporary differences related to investments in subsidiaries and associates, for which no deferred tax liabilities were recognized in the consolidated statements of financial position as of December 31, 2025 and 2024 are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Investments in subsidiaries and associates |
|
₩ |
428,665 |
|
|
|
1,474,534 |
|
| |
(7) |
In accordance with the Pillar Two rules, the Group is required to pay top-up taxes when the GloBE effective tax rate of any Group entity in its jurisdictions is below the minimum tax rate of 15%. For the year ended December 31, 2025, the Group recognized ₩472 million of income tax expense related to Pillar Two (2024: nil). The Group has applied the temporary exception from recognizing and disclosing deferred tax assets and liabilities arising from the application of the Pillar Two rules. |
|