We are exposed to foreign exchange rate and interest rate risks primarily associated with underlying liabilities, and to equity price risk as a result of our investment in equity securities. Our long-term financial policies are annually reported to our Board of Directors, and our finance division conducts financial risk management and assessment. Upon identification and evaluation of our risk exposures, we, having considered various circumstances, enter into derivative financial instruments to try to manage some of such risks. These contracts are entered into with major financial institutions, thereby minimizing the risk of credit loss. The activities of our finance division are subject to policies approved by our foreign exchange and interest rate risk management committee. These policies address the use of derivative financial instruments, including the approval of counterparties, setting of limits and investment of excess liquidity. Our general policy is to hold or issue derivative financial instruments largely for hedging purposes. For details regarding the assets, liabilities, gains and losses recorded relating to our derivative contracts outstanding as of December 31, 2023, 2024 and 2025, see Notes 4 and 7 of the notes to the Consolidated Financial Statements. Exchange Rate Risk Most of our cash flow is denominated in Won. We are exposed to foreign exchange risk related to foreign currency denominated liabilities and anticipated foreign exchange payments. Anticipated foreign exchange payments, mostly in U.S. Dollars, relate primarily to payments of foreign currency denominated debt, net settlements paid to foreign telecommunication carriers and payments for equipment purchased from foreign suppliers. We have entered into several currency swap contracts, combined interest currency swap contracts and currency forward contracts to hedge our foreign currency risks. 97 Table of Contents The following table shows our assets and liabilities denominated in foreign currency as of December 31, 2023, 2024 and 2025: As of December 31, 2023 2024 2025 (in thousands of foreign currencies) Financial assets Financial liabilities Financial assets Financial liabilities Financial assets Financial liabilities U.S. Dollar 139,807 2,271,673 139,459 2,346,061 154,802 2,194,753 Special Drawing Right 254 722 254 721 255 721 Japanese Yen 17,496 400,002 10,032 7 5,372 30,005,442 British Pound — — — — — — Euro 304 7,810 156 7,814 37 30 Rwandan Franc 402 — — — — — Thailand Bhat 244 — 8,764 — 8,755 — Tanzanian Shilling 21,958 — 21,868 — 20 — Botswana Pula 680 — 664 — 659 — Hong Kong Dollar — — — — — — Vietnamese Dong 380,629 — 222,914 — 231,830 — Singapore Dollar 1,375 — 8,339 7 8,339 — Taiwan Dollar 1,685 — — — — — Swiss Franc — 25 — 33 — 1 Ringgit Malaysia — — — — — — Bulgarian Lev. — — — — — — Kyrgyzstani Som — — — — 2,457 — Uzbekistani Som — — — — 8,346 — Pakistani Rupee 114,025 — 13,732 — 21,050 — As of December 31, 2023, a 10% strengthening in the exchange rate between the Won and all foreign currencies, with all other variable held constant, would have decreased our income before income tax by W10 billion, and decreased our total equity by W18 billion, with a 10% weakening in the exchange rate having the opposite effect. As of December 31, 2024, a 10% strengthening in the exchange rate between the Won and all foreign currencies, with all other variables held constant, would have decreased our income before income tax by W6 billion, and decreased our total equity by W15 billion, with a 10% weakening in the exchange rate having the opposite effect. As of December 31, 2025, a 10% strengthening in the exchange rate between the Won and all foreign currencies, with all other variables held constant, would have decreased our income before income tax by W9 billion, and decreased our total equity by W9 billion, with a 10% weakening in the exchange rate having the opposite effect. The foregoing sensitivity analysis assumes that all variables other than foreign exchange rates are held constant, and as such, does not reflect any correlation between foreign exchange rates and other variables, nor our decision to decrease the risk. See Note 37 of the notes to the Consolidated Financial Statements. Interest Rate Risk We are also subject to market risk exposure arising from changing interest rates. A reduction of interest rates increases the fair value of our debt portfolio, which is primarily of a fixed interest nature. We use, to a limited extent, interest rate swap contracts and combined interest rate and currency swap contracts to reduce interest rate volatility on some of our debt and manage our interest expense by achieving a balanced mixture of floating and fixed rate debt. We entered into several interest rate swap contracts in which we exchange fixed interest rate payments with variable interest rate payments for a specified period, as well as entered into the combined interest rate and currency swap contracts to hedge our interest rate risk. The following table summarizes the principal amounts, fair values, principal cash flows by maturity date and weighted average interest rates of our short-term and long-term liabilities as of December 31, 2025 98 Table of Contents which are sensitive to exchange rates and/or interest rates. The information is presented in Won, which is our reporting currency: December 31, 2025 2026 2027 2028 2029 Thereafter Total Fair Value (in millions of Won, except rates) Local currency: Fixed rate 1,839,786 2,492,121 1,118,000 580,000 1,420,000 7,449,907 7,371,595 Average weighted rate (1) 3.10 % 3.59 % 3.31 % 2.87 % 2.89 % 3.24 % — Variable rate 56,222 38,000 — — 65,526 159,748 159,748 Average weighted rate (1) 5.50 % 4.25 % 0.00 % 0.00 % 4.36 % 4.74 % — Subtotal 1,896,008 2,530,121 1,118,000 580,000 1,485,526 7,609,655 7,531,343 Foreign currency: Fixed rate 573,960 644,278 778,931 717,450 154,919 2,869,538 2,159,836 Average weighted rate (1) 2.50 % 1.32 % 3.91 % 4.37 % 7.07 % 3.33 % — Variable rate 30,315 12,398 286,980 — — 329,693 45,619 Average weighted rate (1) 4.95 % 5.25 % 4.53 % 0.00 % 0.00 % 4.60 % — Subtotal 604,275 656,676 1,065,911 717,450 154,919 3,199,231 2,205,455 Total 2,500,283 3,186,797 2,183,911 1,297,450 1,640,445 10,808,886 9,736,798 _______________________ (1)Weighted average rates of the portfolio at the period end. As of December 31, 2023, 2024 and 2025, a 100 basis point increase in the market interest rates, with all other variables held constant, would have decreased our income before income tax by W2.7 billion, decreased our income before income tax by W1.7 billion and decreased our income before income tax by W7.0 billion, respectively. As of December 31, 2023, 2024 and 2025, such increase, with all other variables held constant, would have decreased our total equity by W5 billion, decreased our total equity by W12 billion and decreased our total equity by W2 billion, respectively. As of December 31, 2023, 2024 and 2025, a 100 basis point decrease in the market interest rates, with all other variables held constant, would have increased our income before income tax by W2.7 billion, increased our income before income tax by W1.7 billion and increased our income before income tax by W7.0 billion, respectively. As of December 31, 2023, 2024 and 2025, a 100 basis point decrease in the market interest rates, with all other variables held constant, would have increased our total equity by W5 billion, increased our total equity by W12 billion and increased our total equity by W2 billion, respectively. The foregoing sensitivity analyses assume that all variables other than market interest rates are held constant, and as such, does not reflect any correlation between market interest rates and other variables, nor our decision to decrease the risk, but reflects the effects of derivative contracts in place at the time of conducting the analysis. Equity Price Risk We are also subject to market risk exposure arising from changes in the equity securities market, which affect the fair value of our equity portfolio. As of December 31, 2023, 2024 and 2025, a 10% increase in the equity indices where our marketable equity securities are listed, with all other variables held constant, would have increased our income before income tax by W1 billion, W0.5 billion and W0.3 billion, respectively, with a 10% decrease in the equity index having the opposite effect. As of December 31, 2023, 2024 and 2025, a 10% increase in the equity indices where our marketable equity securities are listed, with all other variables held constant, would have increased our total equity by W121 billion, W129 billion and W195 billion, respectively, with a 10% decrease in the equity index having the opposite effect. The foregoing sensitivity analysis assumes that all variables other than changes in the equity index are held constant, and that our marketable equity instruments had moved according to the historical correlation to the index, and as such, does not reflect any correlation between the equity index and other variables. 99 Table of Contents Item 12.  Description of Securities Other than Equity Securities Item 12.A.  Debt Securities Not applicable. Item 12.B.  Warrants and Rights Not applicable. Item 12.C.  Other Securities Not applicable.