KEPCO (015760.KS) Q1 2026: ₩3.78T Op Profit Holds, Debt Ratio Falls to 401%
The V-shaped recovery is now a steady state — but an April industrial tariff cut is the next test.
Source: Q1 2026 Quarterly Report — Filed 2026-05-15 with DART | Consolidated Financial Statements | Unit: ₩ billions
Korea Electric Power Corporation's first-quarter 2026 consolidated results answered the question that has hung over the utility since its 2024 turnaround: this profitability is not a one-off. Operating profit landed at ₩3.78 trillion, essentially flat against the ₩3.75 trillion booked in Q1 2025 but nearly three times the ₩1.30 trillion of Q1 2024. More importantly, the debt-to-equity ratio compressed from 480% a year ago to 401% at quarter-end, while total financial debt actually shrank for the first time in years, falling from ₩129.93 trillion at year-end 2025 to ₩128.33 trillion. The one clear cloud: the average -₩15.4/kWh tariff cut for industrial-B customers that took effect on April 16 will begin pressuring revenue from Q2 onward.
