| Reporting Entity |
SK Telecom Co., Ltd. (the “Parent Company”) was incorporated on March 29, 1984, under the laws of the Republic of Korea (“Korea”) to provide cellular telephone communication services in Korea. The head office of the Parent Company is located at 65, Eulji-ro, Jung-gu, Seoul, Korea. The Parent Company’s common shares are listed on the Stock Market of Korea Exchange, and its depositary receipts (DRs) are listed on the New York Stock Exchange. As of December 31, 2025, the Parent Company’s total issued shares are held by the following shareholders:
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Percentage of total
shares issued (%) |
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SK Inc. |
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65,668,397 |
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65,668,397 |
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30.57 |
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30.57 |
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National Pension Service |
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14,332,207 |
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18,878,265 |
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6.67 |
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8.79 |
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Institutional investors and other shareholders |
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129,135,184 |
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124,493,193 |
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60.13 |
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57.96 |
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Kakao Investment Co., Ltd. |
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3,846,487 |
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3,846,487 |
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1.79 |
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1.79 |
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Treasury shares |
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1,807,778 |
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1,903,711 |
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0.84 |
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0.89 |
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214,790,053 |
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214,790,053 |
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100.00 |
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100.00 |
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| These consolidated financial statements comprise the Parent Company and its subsidiaries (collectively referred to as the “Group”). SK Inc. is the ultimate controlling entity of the Parent Company.
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(2) |
List of consolidated subsidiaries | The list of consolidated subsidiaries as of December 31, 2025 and 2024 is as follows:
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Subsidiary |
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Primary business |
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Subsidiaries owned by the Parent Company |
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SK Telink Co., Ltd. |
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Korea |
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International telecommunication and Mobile Virtual Network Operator service |
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100.0 |
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100.0 |
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NATE Communications Corporation (Formerly, SK Communications Co., Ltd.)(*2) |
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Korea |
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Internet website services |
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— |
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100.0 |
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SK Broadband Co., Ltd.(*3) |
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Korea |
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Fixed-line telecommunication services |
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99.1 |
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99.1 |
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PS&Marketing Corporation |
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Korea |
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Communications device retail business |
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100.0 |
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100.0 |
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SERVICE ACE Co., Ltd. |
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Korea |
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Call center management service |
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100.0 |
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100.0 |
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SERVICE TOP Co., Ltd. |
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Korea |
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Call center management service |
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100.0 |
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100.0 |
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SK O&S Co., Ltd. |
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Korea |
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Base station maintenance service |
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100.0 |
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100.0 |
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SK Telecom China Holdings Co., Ltd. |
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China |
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Investment (Holdings company) |
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100.0 |
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100.0 |
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YTK Investment Ltd.(*2) |
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Cayman Islands |
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Investment |
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— |
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100.0 |
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Atlas Investment |
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Cayman Islands |
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Investment |
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100.0 |
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100.0 |
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SK Telecom Americas, Inc. |
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USA |
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Information gathering and consulting |
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100.0 |
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100.0 |
| SK TELECOM CO., LTD. and Subsidiaries Notes to the Consolidated Financial Statements For the years ended December 31, 2025, 2024 and 2023
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Subsidiary |
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Location |
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Primary business |
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Happy Hanool Co., Ltd. |
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Korea |
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Service |
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100.0 |
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100.0 |
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SK stoa Co., Ltd. |
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Korea |
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Other telecommunication retail business |
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100.0 |
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100.0 |
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SAPEON Inc. |
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USA |
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Investment (Holdings company) |
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62.5 |
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62.5 |
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Astra AI Infra LLC |
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USA |
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Investment |
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100.0 |
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100.0 |
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Subsidiaries owned by SK Broadband Co., Ltd. |
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Home & Service Co., Ltd. |
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Korea |
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Operation of information and communication facility |
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100.0 |
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100.0 |
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Media S Co., Ltd. |
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Korea |
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Production and supply services of broadcasting programs |
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100.0 |
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100.0 |
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Subsidiary owned by PS&Marketing Corporation |
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SK m&service Co., Ltd.(*2) |
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Korea |
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Database and Internet website service |
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— |
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100.0 |
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Subsidiary owned by SK Telecom Americas, Inc. |
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Global AI Platform Corporation |
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USA |
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Software development and supply business |
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100.0 |
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100.0 |
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Subsidiary owned by Global AI Platform Corporation |
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Global AI Platform Corporation Korea |
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Korea |
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Software development and supply business |
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100.0 |
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100.0 |
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Subsidiary owned by Atlas Investment |
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Cayman Islands |
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Investment |
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100.0 |
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— |
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Others(*4) |
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SK Telecom Innovation Fund, L.P. |
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USA |
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Investment |
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100.0 |
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100.0 |
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(*1) |
The ownership interest represents direct ownership interest in subsidiaries either by the Parent Company or subsidiaries of the Parent Company. |
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(*2) |
Details of changes in the consolidation scope for the year ended December 31, 2025 are presented in note 1-(4). |
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(*3) |
In connection with the merger involving SK Broadband Co., Ltd that occurred prior to the periods presented herein, the Parent Company entered into a shareholders’ agreement with the existing shareholders of the merged entities. Pursuant to the shareholders’ agreement, the Parent Company entered into a share purchase agreement to acquire an additional 24.76% of the shares of SK Broadband Co., Ltd. for ₩1,145,870 million on November 13, 2024. Based on the terms and conditions of the agreement, the Parent Company concluded that it obtained the 24.76% ownership interest in SK Broadband Co., Ltd as of the agreement date, and has accounted for the shares as an ownership interest in a subsidiary accordingly. |
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(*4) |
Other is owned by Atlas Investment and another subsidiary of the Parent Company. |
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(3) |
Condensed financial information of subsidiaries |
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1) |
Condensed financial information of significant consolidated subsidiaries as of and for the year ended December 31, 2025 is as follows: |
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| Subsidiary |
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| SK Telink Co., Ltd. |
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₩ |
205,972 |
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62,038 |
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143,934 |
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345,910 |
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8,946 |
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| SK Broadband Co., Ltd. |
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6,824,041 |
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4,011,668 |
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2,812,373 |
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4,540,603 |
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141,489 |
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| PS&Marketing Corporation |
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454,512 |
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210,013 |
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244,499 |
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1,383,335 |
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13,748 |
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| SERVICE ACE Co., Ltd. |
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97,050 |
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68,222 |
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28,828 |
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184,525 |
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2,356 |
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| SERVICE TOP Co., Ltd. |
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69,385 |
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46,453 |
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22,932 |
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154,764 |
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1,103 |
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| SK O&S Co., Ltd. |
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124,327 |
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87,023 |
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37,304 |
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381,574 |
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630 |
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| Home & Service Co., Ltd. |
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148,382 |
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110,021 |
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38,361 |
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516,346 |
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1,557 |
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| SK stoa Co., Ltd. |
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134,596 |
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67,405 |
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67,191 |
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313,050 |
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6,518 |
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| SK m&service Co., Ltd.(*) |
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— |
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— |
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— |
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46,240 |
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(4,407 |
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(*) |
The condensed financial information of SK m&service Co., Ltd. represents the financial information up to the date of disposal. |
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2) |
Condensed financial information of significant consolidated subsidiaries as of and for the year ended December 31, 2024 is as follows: |
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| Subsidiary |
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| SK Telink Co., Ltd. |
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₩ |
210,962 |
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63,558 |
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147,404 |
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341,838 |
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14,323 |
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| SK Broadband Co., Ltd. |
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6,806,280 |
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3,760,426 |
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3,045,854 |
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4,415,270 |
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263,967 |
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| PS&Marketing Corporation |
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448,887 |
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218,885 |
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230,002 |
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1,382,361 |
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63 |
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| SERVICE ACE Co., Ltd. |
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74,676 |
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49,818 |
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24,858 |
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191,376 |
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2,585 |
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| SERVICE TOP Co., Ltd. |
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60,073 |
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42,479 |
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17,594 |
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166,699 |
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969 |
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| SK O&S Co., Ltd. |
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130,618 |
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94,807 |
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35,811 |
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351,721 |
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689 |
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| Home & Service Co., Ltd. |
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139,664 |
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107,379 |
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32,285 |
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495,546 |
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3,947 |
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| SK stoa Co., Ltd. |
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116,785 |
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56,192 |
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60,593 |
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302,332 |
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4,354 |
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| SK m&service Co., Ltd. |
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164,772 |
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100,230 |
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64,542 |
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246,999 |
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220 |
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3) |
Condensed financial information of the significant consolidated subsidiaries as of and for the year ended December 31, 2023 is as follows: |
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| Subsidiary |
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| SK Telink Co., Ltd. |
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₩ |
213,920 |
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65,049 |
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148,871 |
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309,091 |
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17,761 |
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| SK Broadband Co., Ltd. |
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6,442,611 |
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3,323,156 |
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3,119,455 |
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4,281,932 |
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213,905 |
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| PS&Marketing Corporation |
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451,549 |
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224,042 |
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227,507 |
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1,353,321 |
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4,681 |
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| SERVICE ACE Co., Ltd. |
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83,395 |
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54,888 |
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28,507 |
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197,598 |
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2,822 |
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| SERVICE TOP Co., Ltd. |
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71,196 |
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47,641 |
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23,555 |
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178,423 |
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1,738 |
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| SK O&S Co., Ltd. |
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140,942 |
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98,346 |
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42,596 |
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345,617 |
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2,614 |
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| Home & Service Co., Ltd. |
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165,667 |
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112,025 |
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53,642 |
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490,094 |
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1,297 |
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| SK stoa Co., Ltd. |
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94,041 |
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37,253 |
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56,788 |
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301,496 |
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(1,427 |
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| SK m&service Co., Ltd. |
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153,660 |
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88,195 |
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65,465 |
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247,479 |
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1,253 |
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(4) |
Changes in subsidiaries |
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1) |
Details of subsidiary that was newly included in consolidation scope for the year ended December 31, 2025 is as follows: |
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| Subsidiary |
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Reason |
| Forest AI Investment |
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Established by Atlas Investment |
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2) |
Details of subsidiaries that were excluded from consolidation scope for the year ended December 31, 2025 are as follows: |
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| Subsidiary |
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Reason |
| NATE Communications Corporation (Formerly, SK Communications Co., Ltd.) |
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Loss of control |
| SK m&service Co., Ltd. |
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Loss of control |
| YTK Investment Ltd. |
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Liquidation |
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(5) |
The financial information of material non-controlling interests of the Group as of and for the years ended December 31, 2025, 2024 and 2023 are as follows: |
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Ownership of non-controlling interests (%) |
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37.5 |
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Current assets |
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₩ |
10,393 |
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Non-current assets |
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187,491 |
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Current liabilities |
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(16,454 |
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Non-current liabilities |
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— |
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Net assets |
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181,430 |
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Carrying amount of non-controlling interests |
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68,133 |
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Revenue |
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₩ |
— |
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Profit for the year |
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(91,558 |
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Total comprehensive income |
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(98,732 |
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Profit attributable to non-controlling interests |
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(34,384 |
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Net cash used in operating activities |
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₩ |
(4,082 |
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Net cash provided by investing activities |
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9,738 |
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Net cash used in financing activities |
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(25,310 |
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Effects of exchange rate changes on cash and cash equivalents |
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(890 |
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Net decrease in cash and cash equivalents |
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(20,544 |
) |
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Dividends paid to non-controlling interests for the year ended December 31, 2025 |
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₩ |
— |
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As of December 31, 2023 the material non-controlling interest of the Group was attributed to SK Broadband Co., Ltd. The non-controlling interest of SK Broadband Co., Ltd. decreased during the year ended December 31, 2024, therefore, there are no material non-controlling interests of the Group as of December 31, 2024.
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SK Broadband Co., Ltd.(*) |
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Ownership of non-controlling interests (%) |
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25.4 |
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Current assets |
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₩ |
1,388,965 |
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Non-current assets |
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5,214,315 |
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Current liabilities |
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(1,388,317 |
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Non-current liabilities |
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(1,988,989 |
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Net assets |
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3,225,974 |
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Carrying amount of non-controlling interests |
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|
819,592 |
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| |
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Revenue |
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₩ |
4,274,747 |
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Profit for the year |
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|
202,890 |
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Total comprehensive income |
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|
183,499 |
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Profit attributable to non-controlling interests |
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|
51,448 |
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Net cash provided by operating activities |
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₩ |
1,110,847 |
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Net cash used in investing activities |
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(1,064,434 |
) |
Net cash used in financing activities |
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(60,254 |
) |
Effects of exchange rate changes on cash and cash equivalents |
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|
9 |
|
Net decrease in cash and cash equivalents |
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|
(13,832 |
) |
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Dividends paid to non-controlling interests for the year ended December 31, 2023 |
|
₩ |
50,557 |
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(*) |
The above condensed financial information is the consolidated financial information of the subsidiary and reflects fair value adjustments as a result of the business combination. |
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