Slides
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Investor Briefing Earnings for Q3 2026 November 4, 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 ■ Consolidated revenue of KRW 4tn 497.3bn, up 13.1% YoY - SKT revenue grew 18.4% YoY due to the base effect of last year’s Customer Appreciation Package and SKB revenue continued to grow ■ Consolidated operating income of KRW 552.3bn, up 1,040.3% YoY - SKB operating income increased on solid fixed - line performance and cost efficiencies ㅣ Key Results (KRW bn) 3Q26 3Q25 YoY 2Q26 QoQ Revenue 4,497.3 3,978.1 13.1% 4,359.1 3.2% SKT 3,156.3 2,664.7 18.4% 3,117.0 1.3% SKB 1,172.8 1,142.6 2.6% 1,160.3 1.1% Operating expense 3,945.0 3,929.6 0.4% 3,793.0 4.0% Operating income 552.3 48.4 1,040.3% 566.0 △ 2.4% SKT 413.5 (52.2) Turned profitable 427.7 △ 3 .3% SKB 134.7 89.2 51.0% 132.5 1.7% Net income 411.8 (166.7) Turned profitable 466.0 △ 11.6% Attributable to owners of the parent company 413.3 (158.2) Turned profitable 470.6 △ 12 .2% EBITDA 1,437.5 946.2 51.9% 1,442.3 △ 0.3% CapEx (T+B) 461.4 1) 457.1 0.9% 487.0 △ 5.3% 1. Financial Results 1) Separately, SK Hyper’s DC development CapEx amounted to KRW 148.6bn
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4 Subscribers B usiness Highlights 2. Business Highlights 5G Trends 4Q25 80% 1Q26 80% 3Q25 79% 5G penetration (H/S) 5G M/S (million) ㅣ Mobile (KRW bn) 3Q26 3Q25 YoY 2Q26 QoQ Mobile service revenue 2,569.7 2,113.4 21.6% 2,563.4 0.2% - Marketing expense 750.8 719.4 4.4% 747.7 0.4% 3Q25 4Q25 1Q26 21.89 21.75 21.96 17.3 17.5 17.8 H/S 5G (H/S) 45.5% 81% 45.7% ■ Mobile service revenue grew 21.6% YoY - Reflecting the base effect of last year’s Customer Appreciation Package and a shift to customer lifetime value - centric marketing ■ 5G subscriber base continued to grow - Total handset subscribers declined slightly due to the termination of long - term inactive lines 45.5% 3Q26 21.92 18.1 2Q26 82% 45.7% 2Q26 21.97 18.0 83% 45.5% (e) 3Q26
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5 B usiness Highlights 2. Business Highlights ㅣ Fixed (KRW bn) 3Q26 3Q25 YoY 2Q26 QoQ Fixed line 305.5 284.5 7.4% 296.8 2.9% Pay TV 476.2 477.5 △ 0.3% 471.1 1.1% Enterprise 278.8 277.7 0.4% 280.1 △ 0.5% ※ Enterprise : Leased line, Voice, Enterprise solutions, etc. ■ Fixed line revenue grew 7.4% YoY driven by an increase in Giga subscribers ■ Pay TV and Enterprise revenue remained stable (1,000) 2Q26 3Q25 4Q25 1Q26 (1,000) Broadband Subscribers IPTV Subscribers 7,383 3Q26 6,762 7,311 7,196 7,238 7,348 2Q26 3Q25 4Q25 1Q26 3Q26 6,709 6,721 6,754 6,750
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6 B usiness Highlights 2. Business Highlights ㅣ AI (KRW bn) 3Q26 3Q25 YoY 2Q26 QoQ AI DC 126.1 118.8 6.2% 136.2 △ 7.4% AI B2B/B2C 70.0 55.0 27.3% 61.3 14.2% ■ AI DC revenue grew 6.2% YoY driven by higher DC utilization rates and submarine cable traffic growth - Down QoQ due to a gap in GPUaaS revenue during the transition to new long - term contracts ■ AI B2B/B2C revenue grew 27.3% YoY thanks to orders for Cloud business ※ AI B2B: AI Cloud, AICC, AI Factory, Gen AI, AI Marketing / AI B2C: A dot, Commerce, Ad, etc. SK Horizon (Spin - off approved in August 2026) Plan to expand data center and submarine cable infrastructure in stages based on operational expertise Data Centers 137 MW 8 Data Centers As - is 318+ MW 2030~ Add capacity through new DCs in Ulsan and Seoul metro. area Submarine Cables 1 SJC2 As - is 3+ 2032~ Expansion in E2A and Asia included
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7 ㅣ Dividend Trend 2021 2022 2023 2024 2025 2026 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q Total Dividend 1) (KRW bn) 717.0 723.8 765.6 753.6 176.8 176.8 - - 353.6 176.8 176.8 176.8 DPS (KRW) 3,320 3,320 3,540 3,540 830 830 - - 1,660 830 830 830 Dividend Yield 2) 5.7% 7.0% 7.1% 6.4% 1.4% 1.4% - - 3.1% 1.1% 0.9% 1.0% Dividend Record Date 3) 5/31 8/31 - - 5/31 8/31 11/30 ※ Shareholder Return Policy (FY2024~2026) ㅣ DPS for Q3 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 )
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Appendix
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9 B usiness Highlights Appendix (KRW bn) 2Q25 3Q25 4Q25 FY2025 1Q26 2Q26 3Q26 Operating revenue 4,338.8 3,978.1 4,328.7 17,099.2 4,392.3 4,359.1 4,497.3 Operating expenses 4,000.5 3,929.6 4,209.5 16,026.0 3,854.7 3,793.0 3,945.0 Labor cost 594.2 605.3 840.1 2,711.3 634.3 620.3 609.3 Commissions paid 1,397.6 1,367.1 1,404.9 5,494.7 1,365.0 1,390.8 1,412.8 Advertising 34.5 41.3 72.9 182.7 27.6 28.7 29.0 Depreciation 1) 894.4 897.7 900.6 3,590.2 878.6 876.3 885.2 Network interconnection 162.1 143.6 165.5 635.1 154.4 152.7 147.2 Leased line and frequency usage fees 67.9 66.3 64.9 267.3 63.4 56.5 51.9 Cost of goods sold 269.5 362.4 309.8 1,269.5 325.1 265.9 371.3 Others 580.2 445.7 450.9 1,875.2 406.4 401.7 438.3 Operating income 338.3 48.4 119.1 1,073.2 537.6 566.0 552.3 EBITDA 1,232.7 946.2 1,019.7 4,663.4 1,416.2 1,442.3 1,437.5 EBITDA margin 28.4% 23.8% 23.6% 27.3% 32.2% 33.1% 32.0% Net profit or loss from non - operating items (97.9) (212.3) 18.7 (351.0) (72.0) 5.9 56.9 Equity gains or losses (5.4) (14.7) (43.6) (63.6) (15.1) 46.9 53.6 Income from continuing operations before tax 240.4 (163.9) 137.8 722.3 465.6 572.0 609.2 Consolidated net income 83.2 (166.7) 97.0 375.1 316.4 466.0 411.8 Attributable to owners of the parent company 89.6 (158.2) 112.5 408.4 322.4 470.6 413.3 Attributable to non - controlling interest (6.4) (8.5) (15.6) (33.3) (6.0) (4.6) (1.5) Basic earnings per share (KRW) 398 (766) 504 1,825 1,490 2,186 1,917 (KRW bn) 6 - 30 - 25 9 - 30 - 25 12 - 31 - 25 3 - 31 - 26 6 - 30 - 26 9 - 30 - 26 Total assets 29,304.3 28,895.3 30,107.8 30,022.0 32,430.2 32,684.7 Current assets 7,536.9 6,929.4 6,727.1 7,212.9 7,292.6 8,519.8 Cash and short - term financial instruments 2,526.5 1,665.7 1,641.4 1,733.9 2,003.4 2,208.1 Accounts receivable 2,454.2 2,539.1 2,264.8 2,489.3 2,346.4 2,597.2 Other current assets 2,556.2 2,724.6 2,820.9 2,989.7 2,942.8 3,714.5 Non - current assets 21,767.4 21,966.0 23,380.7 22,809.0 25,137.5 24,164.9 PP&E and intangible assets 15,952.9 15,806.8 15,725.1 14,998.0 14,690.5 14,544.5 Investment assets 3,981.0 4,127.0 5,427.4 5,559.3 8,207.0 7,746.2 Other non - current assets 1,833.5 2,032.2 2,228.1 2,251.7 2,240.0 1,874.2 Total liabilities 17,332.9 17,086.4 17,152.5 16,674.3 16,935.2 17,188.0 Current liabilities 7,284.9 6,492.2 6,529.8 6,088.6 5,847.6 7,127.4 Short - term borrowings 100.0 200.0 130.0 130.0 130.0 130.0 Accounts payable 1,934.8 1,451.7 1,687.7 1,522.9 1,205.5 1,571.6 Other current liabilities 5,250.0 4,840.6 4,712.0 4,435.7 4,512.1 5,425.8 Non - current liabilities 10,048.1 10,594.2 10,622.7 10,585.7 11,087.5 10,060.6 Bonds payable & long - term borrowings 7,458.2 8,044.9 7,594.4 7,563.7 7,582.6 6,464.0 Deferred tax liabilities 922.5 910.6 1,363.2 1,445.9 1,976.7 2,015.9 Other non - current liabilities 1,667.3 1,638.7 1,665.1 1,576.1 1,528.2 1,580.7 Total shareholders’ Equity 11,971.4 11,808.9 12,955.3 13,347.6 15,495.0 15,496.7 Common stock and additional paid in capital (11,916.8) (12,108.7) (12,100.8) (13,819.9) (13,829.0) (13,827.6) Retained earnings 23,054.3 22,815.6 22,938.3 24,935.3 25,220.4 25,623.9 Accumulated other comprehensive income/loss 714.4 995.2 2,025.7 2,169.4 4,045.2 3,645.3 Non - controlling interest 119.5 106.8 92.2 62.8 58.4 55.2 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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10 (KRW bn) 2Q25 3Q25 4Q25 FY2025 1Q26 2Q26 3Q26 Operating revenue 3,135.1 2,664.7 3,083.7 12,051.1 3,105.8 3,117.0 3,156.3 Mobile service revenue 1) 2,612.1 2,113.4 2,525.8 9,902.3 2,567.7 2,563.4 2,569.7 Interconnection 93.6 94.6 94.4 380.1 91.2 90.8 89.4 Others 1) 429.4 456.7 463.6 1,768.7 446.8 462.9 497.3 Operating expenses 2,884.2 2,716.9 2,953.0 11,239.2 2,696.3 2,689.3 2,742.8 Labor cost 225.0 237.4 362.4 1,102.7 278.2 266.3 246.5 Commissions paid 1,222.7 1,196.5 1,246.9 4,807.8 1,182.6 1,186.2 1,217.0 Marketing commissions 702.3 695.4 706.2 2,775.0 721.3 726.0 729.5 Other commissions 520.4 501.2 540.7 2,032.8 461.3 460.2 487.5 Advertising 22.8 24.0 57.3 124.7 19.5 21.8 21.3 Depreciation 2) 653.1 652.3 667.3 2,633.5 648.6 648.1 658.7 Network interconnection 104.6 86.3 106.8 405.8 103.2 103.2 101.0 Leased line 23.2 23.5 23.7 93.7 23.3 23.4 23.7 Frequency usage fees 25.3 24.5 24.7 99.8 24.7 25.0 24.6 Others 607.5 472.4 463.8 1,971.1 416.2 415.3 450.1 Operating income 250.9 (52.2) 130.8 811.8 409.5 427.7 413.5 EBITDA 904.0 600.1 798.1 3,445.4 1,058.2 1,075.8 1,072.2 EBITDA margin 28.8% 22.5% 25.9% 28.6% 34.1% 34.5% 34.0% Net profit or loss from non - operating items (55.9) (178.3) 40.2 (75.3) 24.4 (25.8) (7.3) Income from continuing operations before tax 195.0 (230.5) 171.0 736.5 433.9 401.9 406.2 Net income 36.9 (206.6) 106.0 410.8 332.7 310.6 298.9 (KRW bn) 6 - 30 - 25 9 - 30 - 25 12 - 31 - 25 3 - 31 - 26 6 - 30 - 26 9 - 30 - 26 Total assets 24,373.7 24,029.9 25,148.7 24,740.4 26,530.6 26,900.8 Current assets 4,997.4 4,863.6 4,932.6 5,027.2 4,988.6 5,161.1 Cash and short - term financial instruments 875.4 536.3 861.0 591.5 664.9 577.9 Accounts receivable 2,057.5 2,123.1 1,840.8 2,094.9 1,971.2 2,119.0 Other current assets 2,064.5 2,204.3 2,230.7 2,340.7 2,352.5 2,464.1 Non - current assets 19,376.2 19,166.3 20,216.2 19,713.2 21,542.0 21,739.7 PP&E and intangible assets 10,666.2 10,359.1 10,215.4 9,627.0 9,227.5 8,903.9 Investment assets 7,249.8 7,155.3 8,290.1 8,364.6 10,615.8 11,424.4 Other non - current assets 1,460.2 1,651.9 1,710.7 1,721.6 1,698.8 1,411.4 Total liabilities 13,110.7 13,035.3 13,157.7 12,371.5 12,525.4 12,693.7 Current liabilities 5,780.9 4,987.9 5,070.2 4,510.0 4,354.8 5,499.7 Accounts payable 1,942.2 1,234.6 1,517.2 1,271.5 1,190.4 1,290.3 Other current liabilities 3,838.7 3,753.3 3,553.1 3,238.4 3,164.3 4,209.3 Non - current liabilities 7,329.8 8,047.4 8,087.4 7,861.5 8,170.7 7,194.0 Bonds payable & long - term borrowings 5,435.8 6,077.6 5,716.6 5,592.7 5,443.3 4,378.7 Long - term payables 178.2 178.8 179.4 89.8 90.1 193.1 Other non - current liabilities 1,715.8 1,791.0 2,191.4 2,179.0 2,637.2 2,622.3 Total shareholders' equity 11,263.0 10,994.6 11,991.1 12,368.9 14,005.2 14,207.1 Common stock and additional paid in capital (4,517.3) (4,517.2) (4,517.2) (6,216.6) (6,221.1) (6,221.0) Retained earnings 15,411.7 15,116.8 15,199.9 17,211.5 17,336.2 17,461.0 Accumulated other comprehensive income/loss 368.5 395.1 1,308.3 1,374.1 2,890.1 2,967.1 B usiness Highlights Appendix ㅣ Financial Statements – SKT ※ SKT Non - consolidated basis ※ SKT Non - consolidated basis 1) Reclassification of certain authentication service revenue from Mobile Service revenue to Others revenue starting 2Q26 (retrospectively applied to periods from 1Q24) 2) Depreciation and amortization includes R&D related depreciation ㅣ SKT Income Statement ㅣ SKT Balance Sheet
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11 B usiness Highlights Appendix ㅣ Financial Statements – SKB (KRW bn) 2Q25 3Q25 4Q25 FY2025 1Q26 2Q26 3Q26 Operating revenue 1,119.7 1,142.6 1,157.3 4,533.2 1,149.8 1,160.3 1,172.8 Operating expenses 1,027.9 1,053.4 1,145.6 4,244.4 1,033.2 1,027.8 1,038.1 Labor cost 171.8 179.4 254.4 782.3 167.5 168.4 174.2 Marketing expense 99.3 105.6 109.8 411.9 116.9 113.6 115.0 Commissions paid 291.5 284.9 281.7 1,153.3 283.4 286.5 290.5 Interconnection 30.8 29.8 29.2 119.2 27.8 29.6 26.4 NW lease expense 36.8 35.6 34.5 143.8 33.2 26.0 33.3 Others 155.2 161.0 188.6 646.5 161.1 161.5 166.2 Depreciation 242.4 257.1 247.3 987.3 243.2 242.2 232.4 Operating income 91.8 89.2 11.8 288.8 116.6 132.5 134.7 EBITDA 334.2 346.3 259.1 1,276.1 359.8 374.7 367.2 EBITDA margin 29.9% 30.3% 22.4% 28.2% 31.3% 32.3% 31.3% Non - operating income (18.4) (19.3) (13.4) (64.3) (21.8) (15.9) (24.0) Income before tax 73.4 69.9 (1.6) 224.5 94.8 116.5 110.8 Net income 57.5 53.5 (11.4) 162.9 70.5 87.0 80.8 (KRW bn) 6 - 30 - 25 9 - 30 - 25 12 - 31 - 25 3 - 31 - 26 6 - 30 - 26 9 - 30 - 26 Total assets 7,178.8 6,926.9 6,875.6 7,081.5 7,440.3 7,402.8 Current assets 2,127.5 1,599.3 1,346.6 1,700.8 1,967.9 3,545.3 Cash & cash equivalents 1,162.1 527.7 338.0 556.9 275.8 145.2 Short - term financial instruments 29.0 108.5 28.3 148.6 693.4 206.7 Inventories 16.1 18.1 14.8 13.8 14.2 18.9 Other current assets 920.4 945.0 965.5 981.6 984.5 3,174.5 Non - current assets 5,051.3 5,327.6 5,529.0 5,380.7 5,472.4 3,857.5 Tangible assets 3,256.4 3,522.9 3,633.7 3,547.1 3,638.3 2,544.4 Real estate investments 22.3 22.7 22.3 22.1 21.8 21.1 Other intangible assets 634.3 612.9 633.4 611.4 587.7 561.2 Other non - current assets 1,138.3 1,169.1 1,239.6 1,200.1 1,224.6 730.8 Total liabilities 4,230.5 4,111.3 4,056.9 4,192.3 4,468.8 4,349.6 Current liabilities 1,462.9 1,393.8 1,390.8 1,381.9 1,501.3 3,025.3 Accounts payable 777.4 876.0 849.6 760.4 867.3 796.5 Short - term borrowings and notes payable 419.2 256.2 253.0 319.7 319.8 269.9 Other current liabilities 266.3 261.7 288.2 301.7 314.1 1,958.9 Non - current liabilities 2,767.6 2,717.5 2,666.1 2,810.4 2,967.5 1,324.3 Long - term trade payables 2.0 1.8 1.6 1.2 0.9 0.0 Long - term borrowings and notes payable 2,003.0 1,967.3 1,877.8 1,971.0 2,139.3 1,009.0 Other non - current liabilities 762.6 748.3 786.8 838.1 827.3 315.3 Total shareholders’ e quity 2,948.3 2,815.6 2,818.6 2,889.2 2,971.5 3,053.2 Common stock 2,010.2 2,010.2 2,010.2 2,010.2 2,010.2 2,010.2 Additional paid in capital 668.8 475.5 483.7 487.3 484.5 484.5 Retained earnings 277.1 333.8 325.1 389.3 476.9 560.5 Accumulated other comprehensive income/loss (7.9) (3.9) (0.3) 2.5 (0.1) (2.0) ㅣ SKB Income Statement ㅣ SKB Balance Sheet ※ SKB consolidated basis ※ SKB consolidated basis
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12 ㅣ ARPU 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 YoY QoQ SKT (thousands) MNO Subscribers 1) 31,710 31,762 31,786 31,885 31,006 31,082 30,853 30,976 30,934 30,942 △ 0.4% 0.0% (Net adds) 47 52 24 98 (879) 76 (229) 122 (41) 8 - - Handset subs 22,850 22,807 22,736 22,729 21,984 21,891 21,750 21,958 21,970 21,916 0.1% △ 0.2% Monthly Churn 0.8% 0.8% 0.8% 0.7% 1.6% 1.2% 0.9% 0.9% 0.8% 0.9% △ 0.3 %p 0.1%p 5G subs 16,226 16,577 16,917 17,242 17,022 17,260 17,492 17,800 17,973 18,094 4.8% 0.7% LTE subs 6,598 6,264 5,892 5,601 5,079 4,932 4,637 4,568 4,392 4,403 △ 10.7% 0.3% Total Mobile Subs 2) 34,187 34,268 34,283 34,469 33,409 33,539 33,365 33,580 33,571 33,609 0.2% 0.1% SKB (thousands) Pay TV Subscribers 9,603 9,616 9,608 9,600 9,493 9,459 9,450 9,452 9,431 9,409 △ 0.5% △ 0.2% - IPTV subs 6,782 6,799 6,803 6,813 6,721 6,709 6,721 6,750 6,754 6,762 0.8% 0.1% - CATV subs 2,821 2,817 2,806 2,787 2,772 2,750 2,729 2,702 2,677 2,647 △ 3.8% △ 1.1% Broadband Subscribers 7,048 7,113 7,156 7,215 7,173 7,196 7,238 7,311 7,348 7,383 2.6% 0.5% CAPEX (KRW bn) SKT+SKB 388 461 1,227 106 635 457 931 137 487 461 3) 0.9% △ 5.3% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 YoY QoQ ARPU 1) 2) 29,203 29,283 29,384 29,085 29,083 23,999 28,712 29,103 29,098 29,297 22.1% 0.7% ARPU including MVNO 2) 27,579 27,593 27,525 27,400 27,326 22,529 26,869 27,251 27,202 27,314 21.2% 0.4% B usiness Highlights Appendix ㅣ Operating Data ㅣ Subscribers ※ SKT subscribers based on MSIT statistics 1) Excludes MVNO & telecom infrastructure management connections (formerly known as other connections) 2) Includes MVNO connections, excludes telecom infrastructure management connections (formerly known as other connections) 3) Separately, SK Hyper’s DC development CapEx amounted to KRW 148.6bn 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 revenue excluded from ARPU calculation starting 2Q26 following its exclusion from Mobile Se rvi ce revenue (retrospectively applied to periods from 1Q24)