WF · Woori Financial Group Inc.

The preliminary Q1 2026 results reveal divergent performance drivers across Woori Financial Group and its wholly-owned subsidiary Woori Bank. At the group level, revenue surged 58.23% year-over-year — driven primarily by higher interest income, fee and commission income, and gains on financial assets — yet operating income fell 7.03% YoY, signaling margin pressure or rising costs. Net income rose sharply YoY (+86.98%) due to lower tax expense and improved non-operating items, but declined 2.39% versus Q1 2025, suggesting underlying earnings fragility. Woori Bank’s results show even starker contrasts: while revenue grew 41.82% YoY, operating income dropped 18.54% YoY and net income fell 17.80% YoY — indicating structural challenges in the core banking business, possibly tied to loan loss provisioning, interest rate sensitivity, or competitive pricing pressures. All figures are explicitly labeled as preliminary, unaudited, and subject to adjustment under Korean IFRS, meaning investors must treat them as indicative rather than definitive. The absence of management commentary, forward guidance, or balance sheet or cash flow disclosures limits insight into sustainability, capital position, or liquidity risk. Given the magnitude of YoY changes and the centrality of earnings to valuation, this release carries high materiality for equity and credit investors alike.