Korea Electric Power Corporation · KEP · FY2025 Q1 · Calendar Q2 2025

KEP: Lower fuel costs helped, but demand and grid limits remain risks

The quarter supports a measured view: lower fuel costs, higher electricity sales and planned nuclear utilization are constructive, but the reported non-operating boost was dividend-driven and management expects modestly lower full-year electricity sales. Demand, transmission capacity, fuel prices and regulation remain central to the outlook.

Reported Before market openNYSEUtilities $14.34B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus —
EPS surprise — Reported versus consensus
Reported revenue — Consensus $17.72B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -3.8% Event window
SPY move +0.7% Same window
Abnormal move -4.4% Stock minus SPY
Volume 1.3× Versus trailing sessions
Subsequent drift +13.2% Up to 20 sessions
KEPSPY benchmark

Ask FN2 about KEP FY2025 Q1

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What drove KEP's -3.8% move after FY2025 Q1 earnings?What changed in KEP's guidance and outlook in FY2025 Q1?Give me the bull and bear case for KEP after FY2025 Q1 earnings.

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Transcript intelligence

What changed

The current analysis highlights a KRW1.7 trillion subsidiary dividend in non-operating profit, plans for 2025–2026 HVDC connections to ease east-coast constraints, and 2025 fuel-price forecasts. It also points to modest borrowing growth and a slight expected decline in full-year electricity sales.

Guidance delta

Maintained; management projected a modest full-year electricity-sales decline.

Key takeaways

  • Revenue and operating profit grew modestly on higher electricity sales and lower fuel costs.
  • A KRW1.7 trillion subsidiary dividend materially boosted non-operating profit.
  • Management expects higher nuclear utilization, while coal generation faces transmission and environmental constraints.
  • Borrowing rose slightly to KRW133.2 trillion, while interest expense decreased.
  • Full-year electricity sales are projected to decline modestly because of weaker industrial demand.

Management priorities

  • Increase nuclear generation utilization.
  • Develop HVDC connections for Shin Hanul and related plants in 2025–2026.
  • Advance the 11th basic electricity supply and demand plan, including transmission and distribution investment.
  • Extend mandatory purchase periods for direct power purchases.

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Earnings History

Estimate Beat Miss Match
KEP EPS earnings history estimate and actual scatter chart 11 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 actual $0.04, None Q1 '25 actual $1.25, None Q2 '25 estimate $0.60 Q2 '25 actual $0.63, beat Q3 '25 estimate $1.64 Q3 '25 actual $2.11, beat Q4 '25 estimate $0.78 Q4 '25 actual $0.71, miss Q1 '26 estimate $1.27 Q1 '26 actual $1.33, beat Q2 '26 estimate $0.45 Q2 '26 actual $0.15, miss Q3 '26 estimate $0.33 Q3 '26 actual $0.14, miss Q4 '26 estimate $-213.18 Q1 '27 estimate $961.85 Q2 '27 estimate $-471.71 Q3 '27 estimate $953.87
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Analyst Consensus ?

ConsensusHold5 ratings
Bullish00.0%
Neutral5100.0%
Bearish00.0%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Bank of America Neutral UnderperformUpgradeNov 21, 2016
B of A Securities Neutral UnderperformUpgradeNov 21, 2016
UBS Neutral BuyDowngradeOct 24, 2016
Morgan Stanley Equal Weight OverweightDowngradeJun 21, 2016
Credit Suisse Neutral OutperformDowngradeMay 12, 2014

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Company context

Snapshot as of publication

Korea Electric Power Corporation (KEPCO) functions as a comprehensive electric utility, responsible for the generation, transmission, and distribution of electricity within South Korea and in various international markets. Its operations are organized into key segments: Transmission and Distribution, Nuclear Power Generation, Thermal Power Generation, and a broader 'Others' category. KEPCO boasts a diverse energy portfolio, generating power from a wide array of sources including nuclear, coal, oil, liquefied natural gas (LNG), internal combustion engines, combined-cycle plants, integrated gasification combined cycle (IGCC) facilities, hydroelectric dams, wind and solar farms, fuel cells, biogas, and other emergent technologies. As of December 31, 2021, the company commanded an impressive generation fleet comprising 763 units, encompassing nuclear, thermal, hydroelectric, and internal combustion facilities, collectively boasting an installed capacity of 82,459 megawatts.…

Historical context

All KEP earnings
-3.4%FY2026 Q2 · Calendar Q3 2026-2.7%FY2025 Q4 · Calendar Q1 2026+0.5%FY2025 Q2 · Calendar Q3 2025

Latest beats and misses

Who reports next

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-05-09T04:23:48.171159+00:00
  3. Polygon adjusted daily market bars · 2026-10-06T21:40:42.103026+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-06. For educational purposes only; not investment advice.