Earnings release
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Macquarie Korea Infrastructure Fund 18th Floor, Unit A, Centropolis 26, Ujeongguk-ro, Jongno-gu Seoul 03161 KOREA Telephone +822 3705 8500 Fax +822 3705 8596 Internet www.macquarie.com/mkif 1 30 January 2026 MACQUARIE KOREA INFRASTRUCTURE FUND REPORTS 2025 FULL YEAR FINANCIAL RESULTS AND ASSET PERFORMANCE Macquarie Korea Infrastructure Fund (“MKIF”) today announced its financial results and asset performance for the twelve months ended 31 December 2025 (the “Period”). Highlights for the Period include: MKIF’s Board of Directors today approved total distribution of KRW 182.0 billion (KRW 380 per share) for the second half of 2025 in line with the distribution guidance announced on 11 December 2025. The distribution for the second half of 2025 will be paid in cash on 27 February 2026 to the shareholders registered on MKIF’s shareholder register on the record date of 31 December 2025. On a non-consolidated basis and excluding valuation gains & losses1, MKIF recorded revenue of KRW 435.4 billion and net income of KRW 365.4 billion for the Period. Revenue and net income increased by 3.1% and 5.0% respectively compared with the previous corresponding period (“pcp”). Revenue and net income increased due to higher dividend income and lower interest expenses. On a weighted average basis 2, 123 operating toll road assets delivered a traffic volume decrease of 0.2% for the Period over pcp. The operational commencement of direct / indirect competing roads has acted as a headwind to certain assets (Cheonan-Nonsan Expressway, Yongin-Seoul Expressway, and BNP the 2nd Rear Road). Key operational highlights of BNCT Co., Ltd. (“BNCT”), the operator of Busan New Port Phase 2-3, during the Period are summarized below. - BNCT handled 2.64 million TEUs, a decrease of 1.4% over pcp. - Revenue increased by 1.8% over pcp to KRW 155.3 billion. - EBITDA decreased by 0.9% over pcp to KRW 66.3 billion, recording an EBITDA margin of 42.7%. - Although volume declined, revenue increased due to higher tariffs. However, despite the revenue growth, EBITDA decreased slightly due to higher expenses. Key operational highlights of city gas business operators, Haeyang Energy Co., Ltd. (“HY”), Seorabeol City Gas Co., Ltd. (“SRB”) and CNCITY Energy Co., Ltd. (“CNCITY”) are summarized below. 1. As disclosed by MKIF on 31 Dec 2025 in “Result of Net Asset Value Assessment (31 December 2025)”, MKIF has decided to conduct valuations of its investment assets by an external professional institution at least once a year starting from 31 Dec 2025, in consideration of the intent of the amended regulations that came into effect in Sep 2025. While the results of these valuations have been appropriately reflected in the relevant financial statement accounts (such as valuation gains & losses), they have been excluded from the performance highlights, as they are not directly related to MKIF’s operating activities for the Period 2. On a weighted average basis based on revenue size and MKIF’s ownership stake in each project company 3. Excludes Baekyang Tunnel, as the concession of the Baekyang Tunnel Private Investment Project expired on 9 Jan 2025
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2 - HY Sales volume increased by 1.9% to 792 million m3. Revenue increased by 1.4% to KRW 732.3 billion. EBITDA decreased by 2.8% to KRW 55.1 billion. The decrease in EBITDA despite an increase in sales volume is mainly due to the absence of one-off income in 2025, which was present in 2024 in connection with the retroactive adjustment of unit sales price following the change in user type for certain sector s. - SRB Sales volume increased by 1.4% to 203 million m3. Revenue decreased by 1.1% to KRW 187.7 billion. EBITDA increased by 1.5% to KRW 14.5 billion. The decrease in revenue caused by lower KOGAS wholesale price was offset by the corresponding decrease in cost of goods sold, resulting in EBITDA increasing in line with the sales volume growth. - CNCITY Sales volume increased by 1.5% to 667 million m3. Revenue increased by 4.1% to KRW 683.7 billion. EBITDA increased by 21.8% to KRW 47.0 billion. The overall increase in the unit sales prices of gas, heat, electricity, and steam led to an increase in EBITDA. Hanam Data Center, which MKIF has invested via Green Digital Infra Co., Ltd. ( “GDI”), signed the rent agreements that commit the tenant to use 99% of the target IT load of 25.44MW. T he mechanical, electrical and plumbing works were completed in 2Q 2025 and the operational ramp-up is in progress. GDI expects to generate full contracted rent revenue corresponding to the target IT load after the operational ramp-up is completed in mid-2027. On 31 December 2025, the financial position of MKIF is as follows: - Proportionately consolidated cash balance4 of KRW 443.6 billion. - The external debt5 weighted average maturity is 5.3 years6. - Proportionately consolidated gearing ratio7 of 26.9%. - MKIF domestic credit rating remains unchanged at AA08. 4. Proportionately consolidated MKIF cash and cash equivalents (inclusive of MKIF cash and cash equivalents of KRW 24.9bn) 5. External debt of the underlying project companies is defined as the total drawn debt of the underlying project companies minus: (i) borrowings from MKIF and underlying project companies; (ii) borrowing from third parties with the same and/or subordinated term as MKIF’s; (iii) borrowing of which default risk and redemption obligation have been transferred to the relevant authority as a result of restructuring 6. Average remaining maturity of external debt of the underlying project companies based on MKIF equity ownership 7. Proportionately consolidated MKIF net debt / (proportionately consolidated MKIF net debt + average MKIF market capitalization for the previous 3 months) 8. Credit rating provided by Korea Ratings, NICE Investors Service, and Korea Investors Service in May 2025 and Jun 2025 for the corporate bonds issued by MKIF
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3 Recent activities related to MKIF and its assets include: Expiration of the Concession for Baekyang Tunnel Private Investment Project Baekyang Tunnel Ltd. (“BYTL Ltd.”) is the concessionaire of Baekyang Tunnel Private Investment Project9 with the right to operate and manage Baekyang Tunnel from 10 January 2000 to 9 January 2025 based on the concession agreement signed with Busan Metropolitan City, the competent authority. As the concession expired on 9 January 2025, the right to operate and manage Baekyang Tunnel was transferred to Busan Metropolitan City on 10 January 2025. In 2004, MKIF invested KRW 125.4 billion (the “Original Investment”) in BYTL Ltd. in the form of equity and loan. In 2008, MKIF divested its holding in BYTL Ltd.’s loan to a separate SPC (the “ABS SPC”) (the “Securitization”) to redeem the invested capital early and realize a divestment gain. Also, MKIF acquired an equity stake in the ABS SPC to secure the right to capture all residual cash flows 10 from the ABS SPC via dividends. As MKIF had already recovered 99% of the Original Investment from the Securitization, the investment amount of MKIF in BYTL Ltd. on 31 December 202511 is KRW 1.2 billion, constituting 0.04% of MKIF’s investment portfolio. Following the expiration of the concession, MKIF initiated the dissolution and liquidation processes for BYTL Ltd. and ABS SPC (together, the “Liquidation”). Both entities distributed all remaining assets to MKIF, and completed the registration of their respective Liquidation closures on 26 January 2026 (BYTL Ltd.) and 27 November 2025 (ABS SPC). Issuance of KRW 100 billion Corporate Bond On 27 May 2025, the Board of MKIF approved the agenda which authorizes MKIF to issue the 4th, KRW 100 billion, 5-year, fixed-rate, unsecured public bond (the “Issuance”), and MKIF completed the Issuance on 11 June 2025 at an annual interest rate of 3.014%. MKIF used the proceed of KRW 100 billion received from the Issuance to repay the existing KRW 100 billion, 7-year, fixed-rate (annual interest rate of 3.205%), unsecured corporate bond which matured on 11 June 2025. MCB Co., Ltd. Receives the Final Award for Arbitration from the ICC MCB Co., Ltd. (“MCB”) is the concessionaire of the Machang Bridge Private Investment Project with the right granted by Gyeongsangnam-Do (“GSND”), the competent authority, to operate and manage Machang Bridge for 30 years from 15 July 2008 to 14 July 2038. As of 31 December 2025, MKIF has invested in 70% of equity (KRW 33.8 billion) and 50% of subordinated loan (KRW 79.0 billion) of MCB, accounting for ~4% of MKIF’s investment portfolio. Since January 2023, there has been a difference of opinion between MCB and GSND on the methodology for calculating support payments payable to MCB pursuant to the revenue allocation scheme under the amended concession agreement12, and this has resulted in a portion of the support payments requested by MCB to be unpaid. Accordingly, MCB submitted a request for arbitration to the International Chamber of Commerce (the “ICC”) to seek a declaration on its claim of 9. Baekyang Tunnel is a 2.3km, dual two-lane toll road (tunnel) located in Busan Metropolitan City. Baekyang Tunnel Private Investment Project is a build-transfer-operate (“BTO”) type concession granted by Busan Metropolitan City (competent authority) to BYTL Ltd. (concessionaire). In accordance with the BTO scheme, (i) the concessionaire constructs the target asset (Baekyang Tunnel); (ii) the ownership of the asset is transferred to the competent authority upon construction completion; (iii) and the concessionaire operates and manages the asset for 25 years (10 Jan 2000 to 9 Jan 2025) 10. The residual cash flows of the ABS SPC are calculated by, [loan service proceeds from BYTL Ltd. (99.2% of total proceeds) – sum of (i) interest & principal payments on the bond issued by the ABS SPC, (ii) operating expenses of the ABS SPC and (iii) return of capital to the ABS SPC’s equity holder other than MKIF]; the bond issued by the ABS SPC was fully repaid in 1H 2024 11. As the corporate dissolution/liquidation processes were completed on 26 Jan 2026, MKIF’s investment into Baekyang Tunnel Ltd. remains in effect as of 31 Dec 2025. Investment amount of KRW 1.2bn is comprised of equity (100% shareholding) 12. The amended concession agreement signed by MCB and GSND on 26 Jan 2017
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4 KRW ~3.4 billion13 of overdue support payment from GSND (the “Arbitration”) on 25 September 2023 and received the final award (the “Final Award”) for the Arbitration on 17 June 2025. The summary of the Final Award is as below. Item in dispute Claimed amount13 Ruling Which CPI index to use for calculation KRW ~1.0 billion In favour of MCB Whether to subtract miscellaneous income from support payment KRW ~0.2 billion In favour of MCB Whether to include VAT in support payment KRW ~2.2 billion In favour of GSND Total KRW ~3.4 billion (*) Each party to bear its own arbitration, legal and other administrative costs MCB settled the historical support payments based on the Final Award and a discussion with GSND . Restructuring of Incheon Bridge Co., Ltd. Incheon Grand Bridge is a 12.3km, dual three-lane bridge linking the Seoul Metropolitan Area and Yeongjong Island, where Incheon International Airport is located. Incheon Bridge Co., Ltd. (“IBC”) is the concessionaire of the Incheon Grand Bridge private investment project with rights granted by the Ministry of Land, Infrastructure and Transport (“MOLIT”) to operate and manage the bridge for 30 years, from 24 October 2009 to 23 October 2039 (the “Original Concession”). As of 31 December 2025, MKIF has invested ~64% (KRW 54.4 billion) of equity and ~81% (KRW 241.0 billion) of subordinated loan in IBC. The total investment amount of KRW 295.4 billion in IBC represents ~ 10% of MKIF’s portfolio. On 15 December 2025, IBC signed an amended concession agreement with MOLIT. Key highlights of the transaction are as follows: (i) Reduction of toll fare by 64% (effective from 18 December 2025) (ii) Revenue loss resulting from the toll fare reduction for the remaining Original Concession period will be fully compensated (the “Revenue Loss Compensation”) by the institution designated by MOLIT (the “Designated Institution”): The Designated Institution will provide quarterly Revenue Loss Compensation to IBC during the remaining Original Concession period 14 Revenue Loss Compensation is due by the end of the month following each applicable quarter The impact of traffic volume increases attributable to the toll fare reduction will be calculated based on traffic volume / toll fare elasticity and excluded from the Revenue Loss Compensation (iii) No change to the shareholding or capital structure of IBC, nor MKIF’s investment amount or terms 13. The stated amount corresponds to the sum of support payments for 4Q 2022, 1Q 2023, and 2Q 2023 requested to GSND in Jan, Apr and Jul of 2023 respectively, and the Final Award ruled that late payment interest be also paid to the winning party for each item 14. The Designated Institution will recover the advanced payments using toll revenues earned from operating Incheon Grand Bridge for a period agreed upon by MOLIT post the expiration of the Original Concession
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5 Enhancement of the Protective Provisions for Financial Investors Under the Busan New Port the 2nd Rear Road Project Busan New Port the 2nd Rear Road (“B2RR”) is a 15.3km, dual two-lane toll road connecting the Busan New Port hinterland complex and Jillye Junction on Namhae Expressway. Busan New Port the 2nd Rear Road Co., Ltd. is the concessionaire of the B2RR private investment project with rights granted by MOLIT to operate and manage B2RR for 30 years from 13 January 2017 to 12 January 2047. MKIF has invested 47.6% (KRW 41.5 billion) of equity and 81.0% (KRW 69.2 billion) of subordinated loan principal in the concessionaire. The total investment amount of KRW 110.7 billion represents ~4% of MKIF’s portfolio. On 24 September 2020, as part of the investment into the B2RR Project, the shareholders of the concessionaire comprising financial investors 15 (“FIs”) and construction investors (“CIs”) signed the shareholders’ agreement, while the FIs also signed the subordinated loan agreement (together, the “Existing Agreements”). The Existing Agreements included certain protective provisions for FIs, such as (i) CIs’ obligation to provide conditional cash deficiency support (“CDS”) 16 and (ii) FIs’ option17 to request refinancing (together, the “Protective Provisions for FIs”). Of these, the option for FIs to request refinancing is effectively exercisable by 31 March 2026 as the conditions precedent under the agreement have been fulfilled. Recently, the concessionaire has been engaged with MOLIT regarding the impacts of (i) the newly opened competing roads and (ii) the delay in the development plan for the Busan New Port hinterland area, as well as the related loss compensation thereof. To concentrate on resolving these matters, the Shareholders executed an amendment to the Existing Agreements on 31 December 202518, which extends the exercise period of FIs’ refinancing request option by approximately five years and strengthens the Protective Provisions for FIs. Details of the transaction are as below: Protective Provisions for FIs Before Transaction Post Transaction 1) If the cash yield of FIs falls below the Minimum Guarantee Cash Yield19 during the operation period, CIs are obligated to provide CDS to the concessionaire to ensure FIs receive at least Minimum Guarantee Cash Yield - Minimum Guarantee Cash Yield: 4.2% per annum - Minimum Guarantee Cash Yield: increased to 6.25% per annum as of 1 Apr 2026 2) If specific conditions are met during the operation period, FIs have an option to require CIs to complete the refinancing necessary to fully redeem (i) the amount originally paid by FIs to acquire the equity stake of the concessionaire and (ii) the entire principal and interest of the subordinated loan extended to the concessionaire - Conditions: during the operating period, (i) actual toll revenue20 falls below 85% of the forecast toll revenue21 projected under the subordinated loan agreement for two consecutive years and (ii) if greater than 80% of the CDS limit has been utilized - Conditions: (a) or (b) (a) (i) actual toll revenue falls below the forecast toll revenue projected under the subordinated loan agreement for three consecutive years and (ii) if greater than 80% of the CDS limit has been utilized (b) actual toll revenue falls below the forecast toll revenue projected under the subordinated loan agreement for five consecutive years 15. MKIF is included among the financial investors 16. Refers collectively to cash deficiency support and loans provided by the CIs. If the CDS limit is fully utilized, CIs are obligated to provide an alternative measure to ensure FIs receive at least the Minimum Guarantee Cash Yield 17. Separately from FIs' right to request refinancing, CIs have a call option to require the sale of all equity and subordinated loan of the concessionaire held by FIs. Since the conditions for exercising both rights are identical, there is a reasonable possibility that CIs may choose to exercise the call option instead of pursuing refinancing, which would impose a greater financial burden on them 18. In connection with the consummation of this transaction, the CIs are to execute the amended CI agreement and submit it to the FIs by 30 Apr 2026. Should the CIs fail to duly perform this obligation within the specified timeframe, this transaction shall lapse, and the Existing Agreements (i.e., terms in effect Before Transaction) shall apply retroactively 19. Cash yield = (Interest & dividend incomes received in cash + other income received in cash) / (simple average of the sum of (i) subordinated loan principal and (ii) FIs’ equity capital at the end of the previous two quarters) 20. Actual toll revenue for 2025 falls below the forecast revenue 21. Forecast toll revenue as specified in Appendix 3 of the subordinated loan agreement executed on 24 Sep 2020
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6 3) If actual operating costs exceed the forecast operating costs under the concession agreement, CIs are obligated to either reimburse the excess cost to the concessionaire or provide alternative operational services on a joint basis No change 4) If the termination payment received due to fault of the concessionaire is insufficient to fully repay FIs’ investment principal & interest of the subordinated loan, CIs are obligated to jointly cover the shortfall No change
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7 Appendix 1. Financial Results STATEMENT OF FINANCIAL POSITION1 As at 31 December 2025 and 31 December 2024 (Unit: KRW million) 31 December 2025 31 December 2024 Assets Investment Assets 4,624,689 2,904,637 Cash & deposits 24,885 48,878 Loans receivable2 2,439,151 2,044,347 Equity securities2 2,160,653 811,412 Others 856,101 924,967 Interest receivables 851,623 915,765 Dividend receivables - 4,122 Deferred costs, net 2,386 3,014 Prepayment 2,092 2,066 Total Assets 5,480,790 3,829,604 Liabilities Bond 349,723 398,209 Long-term debt 107,000 - Management fee payable 12,082 11,781 Other liabilities 5,601 5,411 Total Liabilities 474,406 415,401 Shareholders’ Equity Share Capital 3,297,209 3,297,209 Retained earnings (losses) from valuation gains & losses2 1,590,795 - Retained earnings (losses) excl. valuation gains & losses 118,380 116,994 Total Shareholders’ Equity 5,006,384 3,414,203 Total Liabilities and Shareholders’ Equity 5,480,790 3,829,604 1. Audited, non-consolidated basis 2. Pursuant to the Financial Investment Services and Capital Markets Act and the resolution by the internal appraisal committee of Macquarie Korea Asset Management Co., Ltd., MKIF has decided to determine the fair value of its investment assets (loans, equity securities, interest receivables) based on valuations provided by an external professional institution, which will be conducted at least once a year starting from 31 Dec 2025. This represents a change from the previous method of determining fair value primarily based on acquisition cost. And valuation gains or losses, as well as related retained earnings (or accumulated losses) arising from the change in fair value determination method, have been appropriately reflected in the respective income statement and balance sheet
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8 STATEMENT OF INCOME (ANNUAL)1 For the twelve months ended 31 December 2025 (“2025”) and 31 December 2024 (“2024”) (Unit: KRW million) 2025 2024 Change % Revenue (excl. valuation gains & losses) 435,358 422,111 3.1% Revenue (incl. valuation gains & losses) 2,026,153 422,111 380.0% Interest income2 282,424 284,740 Dividend income3 155,925 137,364 Other income 1 7 Disposal profits (losses)4 (2,992) - Valuation gains (losses)5 1,590,795 - Expenses 69,991 74,033 (5.5%) Management fee 47,744 47,897 Interest expense 16,069 22,252 Other expenses 6,178 3,884 Net Income (excl. valuation gains & losses) 365,367 348,078 5.0% EPS (excl. valuation gains & losses) (KRW)6 763 782 (2.4%) Net Income (incl. valuation gains & losses)5 1,956,162 348,078 462.0% EPS (incl. valuation gains & losses) (KRW)5,6 4,085 782 422.4% 1. Audited, non-consolidated 2. 2025 interest income decreased due to the impact of the amendment to the subordinated loan agreement of BNCT Co., Ltd. effective from 1 Jul 2024 3. 2025: KRW 54.0bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 30.9bn from BYTL ABS SPC; KRW 30.1bn from New Airport Hiway Co., Ltd.; KRW 18.5bn from Soojungsan Investment Co., Ltd.; KRW 12.0bn from Kwangju Ring Road Company, Ltd.; KRW 8.2bn from CNCITY Energy Co., Ltd.; KRW 2.2bn from Woomyunsan Infraway Co., Ltd. 2024: KRW 54.0bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 28.9bn from New Airport Hiway Co., Ltd.; KRW 17.0bn from Soojungsan Investment Co., Ltd.; KRW 15.0bn from BYTL ABS SPC; KRW 12.0bn from Kwangju Ring Road Company, Ltd.; KRW 8.2bn from CNCITY Energy Co., Ltd.; KRW 2.2bn from Woomyunsan Infraway Co., Ltd. 4. 2025 one-off item: disposal loss of KRW 2.99bn associated with the debt security issued to BYTL Ltd. 2024 one-off item: none 5. 2025 valuation gains (losses) is the result of the newly adopted fair value determination method, whereby the fair value of MKIF’s investment assets as of 31 Dec 2025 was determined based on valuations provided by an external professional institution. Valuation gains & losses arising from fair value determination represents an accounting measure that does not affect the calculation of MKIF’s distributions. For further details, please refer to MKIF’s disclosure “Result of Net Asset Valuation (31 December 2025)” dated 31 Dec 2025 6. Change % of net income and EPS are different because the number of outstanding shares of MKIF increased after the completion of the follow-on offering in 4Q 2024
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9 STATEMENT OF INCOME (QUARTERLY)1 For the three months ended 31 December 2025 (“4Q 2025”) and 31 December 2024 (“4Q 2024”) (Unit: KRW million) 4Q 2025 4Q 2024 Change % Revenue (excl. valuation gains & losses) 80,991 90,287 (10.3%) Revenue (incl. valuation gains & losses) 1,671,786 90,287 1,751.6% Interest income2 71,066 71,163 Dividend income3 12,917 19,122 Other income - 2 Disposal profits (losses)4 (2,992) - Valuation gains (losses)5 1,590,795 - Expenses 19,143 18,258 4.8% Management fee 12,082 11,781 Interest expense 4,535 5,628 Other expenses 2,526 849 Net Income (excl. valuation gains & losses) 61,848 72,029 (14.1%) EPS (excl. valuation gains & losses) (KRW)6 129 153 (15.7%) Net Income (incl. valuation gains & losses)5 1,652,643 72,029 2,194.4% EPS (incl. valuation gains & losses) (KRW)5,6 3,451 153 2,155.6% 1. Unaudited, non-consolidated 2. The decrease in interest income in 4Q 2025 was driven by the gradual principal repayment of certain subordinated loans provided to asset companies 3. 4Q 2025: KRW 4.1bn from CNCITY; KRW 8.8bn from BYTL ABS SPC 4Q 2024: KRW 4.1bn from CNCITY; KRW 15.0bn from BYTL ABS SPC 4. 2025 one-off item: disposal loss of KRW 2.99bn associated with the debt security issued to BYTL Ltd. 2024 one-off item: none 5. 2025 valuation gains (losses) is the result of the newly adopted fair value determination method, whereby the fair value of MKIF’s investment assets as of 31 Dec 2025 was determined based on valuations provided by an external professional institution. Valuation gains & losses arising from fair value determination represents an accounting measure that does not affect the calculation of MKIF’s distributions. For further details, please refer to MKIF’s disclosure “Result of Net Asset Valuation (31 December 2025)” dated 31 Dec 2025 6. Change % of net income and EPS are different because the number of outstanding shares of MKIF increased after the completion of the follow-on offering in 4Q 2024
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10 Appendix 2. Asset Performance – Toll Roads On a weighted average basis1, traffic volume decreased by 0.2% for the Period compared with the pcp. Highlights for the Period include: For Cheonan-Nonsan Expressway, Yongin-Seoul Expressway, and BNP the 2nd Rear Road, the recent operational commencement of direct / indirect competing roads has acted as a headwind to their traffic volumes for the Period. Traffic revenue of toll road asset companies is calculated based on respective traffic volume, actual toll fare and traffic volume mix. Total revenue of these companies is calculated by combining traffic revenue and support payments received from respective competent authority in connection with minimum revenue guarantee2, cost compensation2 and/or toll freeze compensation. Asset 2025 4Q 2025 MKIF Portfolio %4 Volume (%)3 Volume (%)3 Gwangju 2nd Beltway, Section 1 (0.9%) 1.4% 3% Incheon International Airport Expressway 5.3% 6.2% 3% Soojungsan Tunnel 1.5% 0.4% 2% Cheonan-Nonsan Expressway (3.1%) 1.3% 7% Woomyunsan Tunnel 1.2% (2.3%) 1% Gwangju 2nd Beltway, Section 3-1 0.3% 1.5% 1% Machang Bridge 2.2% 2.1% 4% Yongin-Seoul Expressway (2.3%) (2.9%) 5% Seoul-Chuncheon Highway 1.0% 4.1% 6% Incheon Grand Bridge 3.2% 6.2% 10% BNP the 2nd Rear Road (3.5%) (4.9%) 4% Incheon-Gimpo Expressway (3.1%) (2.7%) 4% Weighted Average1 (0.2%) 2.2% 1. On a weighted average basis based on revenue size of and MKIF’s equity ownership stake in each project company (assumed full investment of committed amounts) 2. Gwangju 2nd Beltway Section 1 & 3-1, Soojungsan Tunnel, and Machang Bridge receive support payments from government if their toll revenue or cash flow in a given period is less than specified amount under concession agreement 3. Percentage change from pcp, based on average daily traffic volume 4. Based on MKIF investment amount on 31 Dec 2025 (assumes full investment of committed amounts) Appendix 3. Asset Performance – Container Port (BNCT) 1 Cumulative Quarterly 2025 2024 Change over pcp 4Q 2025 4Q 2024 Change over pcp Volume (TEU million) 2.64 2.68 (1.4%) 0.67 0.64 4.3% Revenue (KRW billion) 155.3 152.6 1.8%2 40.0 36.0 11.1%3 EBITDA (KRW billion) 66.3 66.9 (0.9%)2 18.3 14.6 25.5%3 EBITDA margin 42.7% 43.8% (1.2%p) 45.8% 40.6% 5.3%p 1. Unaudited figures 2. Although volume declined, revenue increased due to higher tariffs. However, despite the revenue growth, EBITDA decreased slightly due to higher expenses 3. The growth rates of revenue and EBITDA exceeded the growth rate of volume in 4Q 2025, driven by an improved volume / sales mix, higher ancillary revenue, and lower expenses
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11 Appendix 4. Asset Performance – City Gas Business1 HY Cumulative Quarterly 2025 2024 Change over pcp 4Q 2025 4Q 2024 Change over pcp Volume (million m3) 792 778 1.9% 215 221 (2.7%) Revenue (KRW billion)2 732.3 722.0 1.4% 197.1 217.3 (9.3%) EBITDA (KRW billion)3 55.1 56.7 (2.8%) 11.8 13.4 (11.9%) Pipeline length 2,588km 2,567km 0.8% 2,588km 2,567km 0.8% SRB Cumulative Quarterly 2025 2024 Change over pcp 4Q 2025 4Q 2024 Change over pcp Volume (million m3) 203 201 1.4% 57 58 (0.4%) Revenue (KRW billion)2 187.7 189.7 (1.1%) 51.5 56.2 (8.3%) EBITDA (KRW billion)4 14.5 14.3 1.5% 4.1 4.3 (4.2%) Pipeline length 657km 634km 3.5% 657km 634km 3.5% CNCITY Cumulative Quarterly 2025 2024 Change over pcp 4Q 2025 4Q 2024 Change over pcp Volume (million m3) 667 657 1.5% 188 188 0.0% Revenue (KRW billion)2 683.7 656.9 4.1% 193.8 201.6 (3.8%) EBITDA (KRW billion)5 47.0 38.6 21.8% 14.0 12.6 10.5% Pipeline length 1,794km 1,781km 0.6% 1,794km 1,781km 0.6% 1. Unaudited figures 2. Revenue is mostly impacted by sales volume, KOGAS wholesale tariff and retail distribution tariff. Average wholesale tariff is adjusted to reflect the change in natural gas price, and such adjustment impacts both revenue & cost of goods sold 3. HY: On a YTD basis, the EBITDA decrease despite an increase in sales volume is mainly due to the absence of one-off income in 2025, which was present in 2024 in connection with the retroactive adjustment of unit sales price following the change in user type for certain sectors. For 4Q 2025, revenue and EBITDA decreases were due to (i) a decline in sales volume driven by higher average temperature in December over pcp and (ii) an increase in certain expenses 4. SRB: On a YTD basis, the decrease in revenue caused by lower KOGAS wholesale price was offset by the corresponding decrease in cost of goods sold, resulting in EBITDA increasing in line with the sales volume growth. For 4Q 2025, revenue fell over pcp due to a decline in KOGAS wholesale price, which in turn affected the yield effect and caused EBITDA to decrease slightly 5. CNCITY: On YTD and 4Q 2025 bases, the overall increase in the unit sales prices of gas, heat, electricity, and steam led to an increase in EBITDA
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12 For further information, please contact: Jinwook Park Division Director Macquarie Korea Asset Management Co., Ltd. + 82 2 3705 8516 jinwook.park@macquarie.com Jang-Young (Kevin) You Associate Director Macquarie Korea Asset Management Co., Ltd. + 82 2 3705 8565 kevin.you@macquarie.com This release is not an offer or solicitation for sale of the securities of MKIF in the United States or in any jurisdiction where any offer, sale or solicitation in respect of such securities is not permitted. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933 and the US Investment Company Act of 1940, as amended (the “Act”), or in any jurisdiction where such offer or sale is not permitted. The securities of MKIF have not been registered under the Ac t, and may not be offered or sold in the United States absent registration or exemption from registration under the Act. There will be no public offer of the securities in the United States. Not for distribution in the United States or in any jurisdiction where any offer, sale or solicitation in respect of the contemplated securities is not permitted. This release does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MKIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. MKIF or Macquarie Korea Asset Management Co., Ltd. (MKAM) is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of this entity do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities. Investments in MKIF are subject to investment risk, including possible delays in repayment or loss of income and/or capital investment. Neither MKIF, nor any member of the Macquarie Group companies, including MKAM, guarantees the performance of MKIF, the repayment of capital or the payment of a particular rate of return on MKIF securities.