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SK telecom Investor Briefing Earnings for Q22026 August 5 , 2026
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This presentation contains forward - looking statements with respect to the financial condition, results of operations, and business of SK Telecom (the “Company”, or “SKT”) and its subsidiaries, and plans and objectives of the management of the Company . The forward - looking statements are influenced by unknown risks, uncertainties, and other factors that may impact the actual performance and results of the Company . The Company does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this management presentation, and nothing contained herein is, or shall be, relied upon as a promise or representation, whether as to the past or the future . Therefore, this presentation should not be utilized for any legal purposes regarding investors’ investment results . The Company hereby expressly disclaims any liability for any loss or damage resulting from investors’ reliance on the information contained herein . This presentation only reflects the information available as of the date it was made, and the Company undertakes no obligation to update publicly any of it in light of new information or future events . The presentation also includes estimated financial and operational results prepared under K - IFRS without external audit, and some numbers are subject to change after a full audit . Disclaimer
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3 ㅣ Key Results (KRW bn) 2Q26 2Q25 YoY 1Q26 QoQ Revenue 4,359.1 4,338.8 0.5% 4,392.3 △ 0.8% SKT 3,117.0 3,135.1 △ 0.6% 3,105.8 0.4% SKB 1,160.3 1,119.7 3.6% 1,149.8 0.9% Operating expense 3,793.0 4,000.5 △ 5.2% 3,854.7 △ 1.6% Operating income 566.0 338.3 67.3% 537.6 5.3% SKT 427.7 250.9 70.5% 409.5 4.4% SKB 132.5 91.8 44.3% 116.6 13.6% Net income 466.0 83.2 459.8% 316.4 47.3% Attributable to owners of the parent company 470.6 89.6 425.0% 322.4 46.0% EBITDA 1,442.3 1,232.7 17.0% 1,416.2 1.8% CapEx 487.0 635.0 △ 23.3% 136.5 256.7% 1. Financial Results ■ 초고속 인터넷 가입자 순증 및 Giga 가입자 비중 증가로 유선 통신 매출 YoY 2.2% 증가 ■ 미디어 가입자 규모 축소로 유료방송 매출 YoY 1.3% 감소 ■ Consolidated revenue of KRW 4tn 359.1bn, up 0.5% YoY - 3.6% revenue growth of SKB driven by continued growth of DC business ■ Consolidated operating income of KRW 566bn, up 67.3% YoY - Thanks to profitability - focused management and the base effect from last year’s USIM replacement costs
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4 Subscribers B usiness Highlights 2. Business Highlights 5G Trends 2Q25 77% 4Q25 80% 1Q26 80% 3Q25 79% 5G penetration (H/S) 5G M/S (million) ㅣ Mobile (KRW bn) 2Q26 2Q25 YoY 1Q26 QoQ Mobile service revenue 1) 2,563.4 2,612.1 △ 1.9% 2,567.7 △ 0.2% - Marketing expense 747.7 725.1 3.1% 740.8 0.9% 45.7% 45.5% 81% 45.7% ■ Mobile service revenue fell 1.9% YoY due to a decrease in subscribers ■ 5G subscriber growth trend maintained, handset subscriber net adds for 2 consecutive quarters 45.5% 2Q26 82% 45.7% (e) 1) Re - classification of certain authentication service revenue from Mobile Service revenue to Others revenue 2Q25 3Q25 4Q25 1Q26 21.98 21.89 21.75 21.96 17.0 17.3 17.5 17.8 H/S 5G (H/S) 2Q26 21.97 18.0
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5 B usiness Highlights 2. Business Highlights ㅣ Fixed (KRW bn) 2Q26 2Q25 YoY 1Q26 QoQ Fixed line 296.8 285.9 3.8% 295.8 0.4% Pay TV 471.1 474.9 △ 0.8% 471.5 △ 0.1% Enterprise 280.1 290.6 △ 3.6% 274.6 2.0% ※ Enterprise : Leased line, Voice, Enterprise solutions, etc. ■ Fixed line revenue grew 3.8% YoY driven by broadband subscriber net adds and an increase in the share of Giga subscribers ■ Pay TV and Enterprise revenue fell 0.8% and 3.6% YoY, respectively (1,000) 1Q26 2Q25 3Q25 4Q25 7,311 7,173 7,196 7,238 (1,000) 1Q26 2Q25 6,721 3Q25 6,709 4Q25 Broadband Subscribers IPTV Subscribers 6,721 7,348 2Q26 2Q26 6,754 6,750
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6 B usiness Highlights 2. Business Highlights ㅣ AI (KRW bn) 2Q26 2Q25 YoY 1Q26 QoQ AI DC 136.2 70.7 92.5% 131.4 3.6% AI B2B/B2C 61.3 49.3 24.5% 45.0 36.2% ■ AI DC revenue grew 92.5% YoY on the back of higher utilization of DCs and increased revenue contribution from submarine cable ■ AI B2B/B2C revenue increased 24.5% YoY due to orders for Cloud business ※ AI B2B: AI Cloud, AICC, AI Factory, Gen AI, AI Marketing / AI B2C: A dot, Commerce, Ad, etc. * SJC2 : Southeast Asia - Japan Cable 2 , E2A : East Asia To North America Submarine Cable Business Phased expansion of submarine cable infra to meet growing traffic demand SJC2* Connecting Japan, Korea, Hong Kong and Singapore with a total length of 10,500 km (Launched in July 2025) E2A* Connecting the U.S., Korea, Japan and Taiwan with a total length of 12,500 km (Scheduled to launch in 2029) Further Expansion Across Asia
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7 B usiness Highlights 2. Business Highlights ㅣ AI Establishment of SK Hyper (July 2026) Secure sites Build and operate substations Develop transmission & distribution infra Develop business and acquire tenants SK Hyper will spearhead AI data center business development by proactively securing sites, power infra and acquiring tenants. 100% owned AI Data Center Expansion Plan Sequential expansion in line with market demand 2026 Phased opening beginning from 2029 137MW As - is 5GW Phase 1 15GW Phase 2
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8 ㅣ Dividend Trend ※ Shareholder Return Policy (FY2024~2026) ㅣ DPS for Q2 2026: KRW 830 B usiness Highlights 3. Shareholder Return 1) Total dividend has been calculated based on the number of shares entitled to dividend as of the date of the resolution by the BO D, and the actual dividend payment amount is subject to adjustment based on the outstanding shares as of the record date. 2) Ratio of DPS to the final price formed in the Korea Stock Exchange at the end of each quarter and year - end. 3) The record date is set after the dividend is finalized starting with the year - end dividend for 2024. 4) Adjusted net profit for the year on a consolidated basis refers to the profit attributable to owners of the parent company ex clu ding consolidated one - off, non - recurring profit and loss. - Total shareholder return: More than 50% of the adjusted net profit for the year on a consolidated basis 4 ) 2021 2022 2023 2024 2025 2026 1Q 2Q 3Q 4Q Total 1Q 2Q Total Dividend (KRW bn) 1) 717.0 723.8 765.6 753.6 176.8 176.8 - - 353.6 176.8 176.8 DPS (KRW) 3,320 3,320 3,540 3,540 830 830 - - 1,660 830 830 Dividend Yield 2) 5.7% 7.0% 7.1% 6.4% 1.4% 1.4% - - 3.1% 1.1% 0.9% Dividend Record Date 3) 5/31 8/31 - - 5/31 8/31
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Appendix
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10 B usiness Highlights Appendix (KRW bn) 1Q25 2Q25 3Q25 4Q25 FY2025 1Q26 2Q26 Operating revenue 4,453.7 4,338.8 3,978.1 4,328.7 17,099.2 4,392.3 4,359.1 Operating expenses 3,886.3 4,000.5 3,929.6 4,209.5 16,026.0 3,854.7 3,793.0 Labor cost 671.6 594.2 605.3 840.1 2,711.3 634.3 620.3 Commissions paid 1,325.1 1,397.6 1,367.1 1,404.9 5,494.7 1,365.0 1,390.8 Advertising 33.9 34.5 41.3 72.9 182.7 27.6 28.7 Depreciation 1) 897.5 894.4 897.7 900.6 3,590.2 878.6 876.3 Network interconnection 163.9 162.1 143.6 165.5 635.1 154.4 152.7 Leased line and frequency usage fees 68.2 67.9 66.3 64.9 267.3 63.4 56.5 Cost of goods sold 327.8 269.5 362.4 309.8 1,269.5 325.1 265.9 Others 398.4 580.2 445.7 450.9 1,875.2 406.4 401.7 Operating income 567.4 338.3 48.4 119.1 1,073.2 537.6 566.0 EBITDA 1,464.9 1,232.7 946.2 1,019.7 4,663.4 1,416.2 1,442.3 EBITDA margin 32.9% 28.4% 23.8% 23.6% 27.3% 32.2% 33.1% Net profit or loss from non - operating items (59.5) (97.9) (212.3) 18.7 (351.0) (72.0) 5.9 Equity gains or losses 0.1 (5.4) (14.7) (43.6) (63.6) (15.1) 46.9 Income from continuing operations before tax 507.9 240.4 (163.9) 137.8 722.3 465.6 572.0 Consolidated net income 361.6 83.2 (166.7) 97.0 375.1 316.4 466.0 Attributable to owners of the parent company 364.4 89.6 (158.2) 112.5 408.4 322.4 470.6 Attributable to non - controlling interest (2.8) (6.4) (8.5) (15.6) (33.3) (6.0) (4.6) Basic earnings per share (KRW) 1,689 398 (766) 504 1,825 1,490 2,186 (KRW bn) 3 - 31 - 25 6 - 30 - 25 9 - 30 - 25 12 - 31 - 25 3 - 31 - 26 6 - 30 - 26 Total assets 29,920.6 29,304.3 28,895.3 30,107.8 30,022.0 32,430.2 Current assets 7,675.4 7,536.9 6,929.4 6,727.1 7,212.9 7,292.6 Cash and short - term financial instruments 2,511.7 2,526.5 1,665.7 1,641.4 1,733.9 2,003.4 Accounts receivable 2,475.1 2,454.2 2,539.1 2,264.8 2,489.3 2,346.4 Other current assets 2,688.5 2,556.2 2,724.6 2,820.9 2,989.7 2,942.8 Non - current assets 22,245.1 21,767.4 21,966.0 23,380.7 22,809.0 25,137.5 PP&E and intangible assets 16,166.2 15,952.9 15,806.8 15,725.1 14,998.0 14,690.5 Investment assets 4,181.1 3,981.0 4,127.0 5,427.4 5,559.3 8,207.0 Other non - current assets 1,897.8 1,833.5 2,032.2 2,228.1 2,251.7 2,240.0 Total liabilities 17,978.7 17,332.9 17,086.4 17,152.5 16,674.3 16,935.2 Current liabilities 8,730.6 7,284.9 6,492.2 6,529.8 6,088.6 5,847.6 Short - term borrowings 300.0 100.0 200.0 130.0 130.0 130.0 Accounts payable 2,662.9 1,934.8 1,451.7 1,687.7 1,522.9 1,205.5 Other current liabilities 5,767.7 5,250.0 4,840.6 4,712.0 4,435.7 4,512.1 Non - current liabilities 9,248.1 10,048.1 10,594.2 10,622.7 10,585.7 11,087.5 Bonds payable & long - term borrowings 6,601.4 7,458.2 8,044.9 7,594.4 7,563.7 7,582.6 Deferred tax liabilities 930.3 922.5 910.6 1,363.2 1,445.9 1,976.7 Other non - current liabilities 1,716.4 1,667.3 1,638.7 1,665.1 1,576.1 1,528.2 Total shareholders’ Equity 11,941.9 11,971.4 11,808.9 12,955.3 13,347.6 15,495.0 Common stock and additional paid in capital (11,922.6) (11,916.8) (12,108.7) (12,100.8) (13,819.9) (13,829.0) Retained earnings 23,087.3 23,054.3 22,815.6 22,938.3 24,935.3 25,220.4 Accumulated other comprehensive income/loss 654.7 714.4 995.2 2,025.7 2,169.4 4,045.2 Non - controlling interest 122.5 119.5 106.8 92.2 62.8 58.4 ㅣ Consolidated Income Statement ㅣ Consolidated Balance Sheet ㅣ Financial Statements – Consolidated 1) Depreciation and amortization includes R&D related depreciation
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11 (KRW bn) 1Q25 2Q25 3Q25 4Q25 FY2025 1Q26 2Q26 Operating revenue 3,167.5 3,135.1 2,664.7 3,083.7 12,051.1 3,105.8 3,117.0 Mobile service revenue 1) 2,651.1 2,612.1 2,113.4 2,525.8 9,902.3 2,567.7 2,563.4 Interconnection 97.5 93.6 94.6 94.4 380.1 91.2 90.8 Others 1) 418.9 429.4 456.7 463.6 1,768.7 446.8 462.9 Operating expenses 2,685.1 2,884.2 2,716.9 2,953.0 11,239.2 2,696.3 2,689.3 Labor cost 278.0 225.0 237.4 362.4 1,102.7 278.2 266.3 Commissions paid 1,141.7 1,222.7 1,196.5 1,246.9 4,807.8 1,182.6 1,186.2 Marketing commissions 671.1 702.3 695.4 706.2 2,775.0 721.3 726.0 Other commissions 470.5 520.4 501.2 540.7 2,032.8 461.3 460.2 Advertising 20.6 22.8 24.0 57.3 124.7 19.5 21.8 Depreciation 2) 660.9 653.1 652.3 667.3 2,633.5 648.6 648.1 Network interconnection 108.1 104.6 86.3 106.8 405.8 103.2 103.2 Leased line 23.3 23.2 23.5 23.7 93.7 23.3 23.4 Frequency usage fees 25.2 25.3 24.5 24.7 99.8 24.7 25.0 Others 427.4 607.5 472.4 463.8 1,971.1 416.2 415.3 Operating income 482.4 250.9 (52.2) 130.8 811.8 409.5 427.7 EBITDA 1,143.3 904.0 600.1 798.1 3,445.4 1,058.2 1,075.8 EBITDA margin 36.1% 28.8% 22.5% 25.9% 28.6% 34.1% 34.5% Net profit or loss from non - operating items 118.6 (55.9) (178.3) 40.2 (75.3) 24.4 (25.8) Income from continuing operations before tax 601.0 195.0 (230.5) 171.0 736.5 433.9 401.9 Net income 474.6 36.9 (206.6) 106.0 410.8 332.7 310.6 (KRW bn) 3 - 31 - 25 6 - 30 - 25 9 - 30 - 25 12 - 31 - 25 3 - 31 - 26 6 - 30 - 26 Total assets 24,396.8 24,373.7 24,029.9 25,148.7 24,740.4 26,530.6 Current assets 5,729.0 4,997.4 4,863.6 4,932.6 5,027.2 4,988.6 Cash and short - term financial instruments 1,418.5 875.4 536.3 861.0 591.5 664.9 Accounts receivable 2,188.5 2,057.5 2,123.1 1,840.8 2,094.9 1,971.2 Other current assets 2,122.1 2,064.5 2,204.3 2,230.7 2,340.7 2,352.5 Non - current assets 18,667.8 19,376.2 19,166.3 20,216.2 19,713.2 21,542.0 PP&E and intangible assets 10,898.2 10,666.2 10,359.1 10,215.4 9,627.0 9,227.5 Investment assets 6,300.1 7,249.8 7,155.3 8,290.1 8,364.6 10,615.8 Other non - current assets 1,469.5 1,460.2 1,651.9 1,710.7 1,721.6 1,698.8 Total liabilities 13,219.8 13,110.7 13,035.3 13,157.7 12,371.5 12,525.4 Current liabilities 6,044.6 5,780.9 4,987.9 5,070.2 4,510.0 4,354.8 Accounts payable 1,340.1 1,942.2 1,234.6 1,517.2 1,271.5 1,190.4 Other current liabilities 4,704.5 3,838.7 3,753.3 3,553.1 3,238.4 3,164.3 Non - current liabilities 7,175.2 7,329.8 8,047.4 8,087.4 7,861.5 8,170.7 Bonds payable & long - term borrowings 5,273.1 5,435.8 6,077.6 5,716.6 5,592.7 5,443.3 Long - term payables 177.6 178.2 178.8 179.4 89.8 90.1 Other non - current liabilities 1,724.5 1,715.8 1,791.0 2,191.4 2,179.0 2,637.2 Total shareholders' equity 11,177.0 11,263.0 10,994.6 11,991.1 12,368.9 14,005.2 Common stock and additional paid in capital (4,521.4) (4,517.3) (4,517.2) (4,517.2) (6,216.6) (6,221.1) Retained earnings 15,498.3 15,411.7 15,116.8 15,199.9 17,211.5 17,336.2 Accumulated other comprehensive income/loss 200.2 368.5 395.1 1,308.3 1,374.1 2,890.1 B usiness Highlights Appendix ㅣ Financial Statements – SKT ※ SKT Non - consolidated basis ※ SKT Non - consolidated basis 1) Re - classification of certain authentication service revenue from Mobile Service revenue to Others revenue 2) Depreciation and amortization includes R&D related depreciation ㅣ SKT Income Statement ㅣ SKT Balance Sheet
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12 B usiness Highlights Appendix ㅣ Financial Statements – SKB (KRW bn) 1Q25 2Q25 3Q25 4Q25 FY2025 1Q26 2Q26 Operating revenue 1,113.6 1,119.7 1,142.6 1,157.3 4,533.2 1,149.8 1,160.3 Operating expenses 1,017.6 1,027.9 1,053.4 1,145.6 4,244.4 1,033.2 1,027.8 Labor cost 176.8 171.8 179.4 254.4 782.3 167.5 168.4 Marketing expense 97.2 99.3 105.6 109.8 411.9 116.9 113.6 Commissions paid 295.3 291.5 284.9 281.7 1,153.3 283.4 286.5 Interconnection 29.4 30.8 29.8 29.2 119.2 27.8 29.6 NW lease expense 36.9 36.8 35.6 34.5 143.8 33.2 26.0 Others 141.6 155.2 161.0 188.6 646.5 161.1 161.5 Depreciation 240.4 242.4 257.1 247.3 987.3 243.2 242.2 Operating income 96.0 91.8 89.2 11.8 288.8 116.6 132.5 EBITDA 336.4 334.2 346.3 259.1 1,276.1 359.8 374.7 EBITDA margin 30.2% 29.9% 30.3% 22.4% 28.2% 31.3% 32.3% Non - operating income (13.2) (18.4) (19.3) (13.4) (64.3) (21.8) (15.9) Income before tax 82.9 73.4 69.9 (1.6) 224.5 94.8 116.5 Net income 63.3 57.5 53.5 (11.4) 162.9 70.5 87.0 (KRW bn) 3 - 31 - 25 6 - 30 - 25 9 - 30 - 25 12 - 31 - 25 3 - 31 - 26 6 - 30 - 26 Total assets 6,709.6 7,178.8 6,926.9 6,875.6 7,081.5 7,440.3 Current assets 1,627.8 2,127.5 1,599.3 1,346.6 1,700.8 1,967.9 Cash & cash equivalents 570.3 1,162.1 527.7 338.0 556.9 275.8 Short - term financial instruments 70.5 29.0 108.5 28.3 148.6 693.4 Inventories 16.9 16.1 18.1 14.8 13.8 14.2 Other current assets 970.2 920.4 945.0 965.5 981.6 984.5 Non - current assets 5,081.8 5,051.3 5,327.6 5,529.0 5,380.7 5,472.4 Tangible assets 3,235.2 3,256.4 3,522.9 3,633.7 3,547.1 3,638.3 Real estate investments 22.2 22.3 22.7 22.3 22.1 21.8 Other intangible assets 647.5 634.3 612.9 633.4 611.4 587.7 Other non - current assets 1,176.9 1,138.3 1,169.1 1,239.6 1,200.1 1,224.6 Total liabilities 3,816.6 4,230.5 4,111.3 4,056.9 4,192.3 4,468.8 Current liabilities 1,725.4 1,462.9 1,393.8 1,390.8 1,381.9 1,501.5 Accounts payable 881.8 777.4 876.0 849.6 760.4 867.5 Short - term borrowings and notes payable 522.3 419.2 256.2 253.0 319.7 319.8 Other current liabilities 321.3 266.3 261.7 288.2 301.7 314.1 Non - current liabilities 2,091.2 2,767.6 2,717.5 2,666.1 2,810.4 2,967.3 Long - term trade payables 2.2 2.0 1.8 1.6 1.2 0.7 Long - term borrowings and notes payable 1,308.2 2,003.0 1,967.3 1,877.8 1,971.0 2,139.3 Other non - current liabilities 780.8 762.6 748.3 786.8 838.1 827.3 Total shareholders’ e quity 2,893.0 2,948.3 2,815.6 2,818.6 2,889.2 2,971.5 Common stock 2,010.2 2,010.2 2,010.2 2,010.2 2,010.2 2,010.2 Additional paid in capital 668.8 668.8 475.5 483.7 487.3 484.5 Retained earnings 219.2 277.1 333.8 325.1 389.3 476.9 Accumulated other comprehensive income/loss (5.3) (7.9) (3.9) (0.3) 2.5 (0.1) ㅣ SKB Income Statement ㅣ SKB Balance Sheet ※ SKB consolidated basis ※ SKB consolidated basis
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13 ㅣ ARPU 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 YoY QoQ SKT (thousands) MNO Subscribers 1) 31,662 31,710 31,762 31,786 31,885 31,006 31,082 30,853 30,976 30,934 △ 0.2% △ 0.1% (Net adds) 387 47 52 24 98 (879) 76 (229) 122 (41) - - Handset subs 22,882 22,850 22,807 22,736 22,729 21,984 21,891 21,750 21,958 21,970 △ 0.1% 0.1% Monthly Churn 2) 0.9% 0.8% 0.8% 0.8% 0.7% 1.6% 1.2% 0.9% 0.9% 0.8% △ 0.8%p △ 0.1%p 5G subs 2) 15,932 16,226 16,577 16,917 17,242 17,022 17,260 17,492 17,800 17,973 5.6% 1.0% LTE subs 2) 6,918 6,598 6,264 5,892 5,601 5,079 4,932 4,637 4,568 4,392 △ 13.5% △ 3.9% Total Mobile Subs 3) 34,106 34,187 34,268 34,283 34,469 33,409 33,539 33,365 33,580 33,571 0.5% △ 0.0% SKB (thousands) Pay TV Subscribers 9,588 9,603 9,616 9,608 9,600 9,493 9,459 9,450 9,452 9,431 △ 0.7% △ 0.2% - IPTV subs 6,762 6,782 6,799 6,803 6,813 6,721 6,709 6,721 6,750 6,754 0.5% 0.1% - CATV subs 2,827 2,821 2,817 2,806 2,787 2,772 2,750 2,729 2,702 2,677 △ 3.4% △ 0.9% Broadband Subscribers 6,990 7,048 7,113 7,156 7,215 7,173 7,196 7,238 7,311 7,348 2.4% 0.5% CAPEX (KRW bn) SKT+SKB 317 388 461 1,227 106 635 457 931 137 487 △ 23.3% 256.7% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 YoY QoQ ARPU 1) 2) 29,152 29,203 29,283 29,384 29,085 29,083 23,999 28,712 29,103 29,098 0.1% △ 0.0% ARPU including MVNO 2) 27,568 27,579 27,593 27,525 27,400 27,326 22,529 26,869 27,251 27,202 △ 0.5% △ 0.2% B usiness Highlights Appendix ㅣ Operating Data ㅣ Subscribers 1) Excludes MVNO & telecom infrastructure management connections (formerly known as other connections) 2) Mobile handset subscribers only, excluding IoT and tablets, due to changes to subscriber statistics of the Ministry of Sci enc e and ICT from Q3 2023 3) Includes MVNO connections, excludes telecom infrastructure management connections (formerly known as other connections) 1) Calculation of SKT MNO revenue (2G/3G/LTE/5G and IoT): Includes revenue from voice/data service (excludes activation fees and interconnection revenue), and revenue from additional service, Reflected revenue discount (discounts from contract and product bundling), Excludes MVNO related revenue Calculation of SKT mobile subscribers (2G/3G/LTE/5G and IoT): Based on MSIT subscriber statistics (average number of bille d connections for the quarter, excluding other connections in handsets from Q3 2023) 2) Certain authentication service was excluded from ARPU calculation following exclusion from Mobile Service revenue