v3.26.3
Bond with warrants and derivative instruments (Tables) - CubeBio Co., Ltd. [Member]
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Entity Information [Line Items]    
Details of principal of bonds issued and outstanding
                   
        June 30,
2026
    December 31,
2025
 
        (In thousands of Korean won)  
Bond with warrants                    
15th   ₩     1,365,000       1,365,000  
20th         -       600,000  
21st         3,000,000       3,000,000  
Total   ₩     4,365,000       4,965,000  
                   
        December 31,
2025
    December 31,
2024
 
        (In thousands of Korean won)  
Bond with warrants                    
12th         -       800,000  
13th         -       495,000  
14th         -       -  
15th         1,365,000       1,380,000  
18th         -       2,500,000  
20th         600,000       -  
21st         3,000,000       -  
Total   ₩     4,965,000       5,175,000  
Details of changes in principal of bonds
                                   
        15th     20th     21st     Total  
        (In thousands of Korean won)  
Balance as of January 1   ₩     1,365,000       600,000       3,000,000       4,965,000  
Issuance         -       -       -       -  
Early redemption         -       (600,000 )     -       (600,000 )
Balance at June 30   ₩     1,365,000       -       3,000,000       4,365,000  
                                                                   
        12th     13th     15th     18th     19th     20th     21st     Total  
        (In thousands of Korean won)  
Balance as of January 1   ₩     800,000       495,000       1,380,000       2,500,000       -       -       -       5,175,000  
Issuance         -       -       -       -       2,000,000       4,200,000       3,000,000       9,200,000  
Early redemption         -       -       -       (2,500,000 )     (2,000,000 )     (3,600,000 )     -       (8,100,000 )
Redemption at maturity         -       (5,000 )     -       -       -       -       -       (5,000 )
Settled through debt-to-equity swap (*)         (800,000 )     (490,000 )     (15,000 )     -       -       -       -       (1,305,000 )
Balance at 31 December   ₩     -       -       1,365,000       -       -       600,000       3,000,000       4,965,000  

 

 
(*) During the period, the detachable warrants were exercised through debt-to-equity swap (non-cash settlement). The amounts presented under “Settled through debt-to-equity swap” relate solely to warrants exercised through the non-cash settlement method, whereby bond principal was settled through conversion. Accordingly, no cash inflows arose from the transactions reflected in this table during the period. As a result of the exercise of warrants through non-cash settlement during the period, 320,000 ordinary shares were issued in connection with the 12th series, and 196,000 ordinary shares were issued in connection with the 13th series, and 5,000 ordinary shares were issued in connection with the 15th series.

 

Details of the changes in principal of bonds for the year ended December 31, 2024 are as follows:

 

                                                             
        12th     13th     14th     15th     17th     18th     Total  
        (In thousands of Korean won)  
Balance as of January 1   ₩     800,000       3,855,000       750,000       2,180,000       -       -       7,585,000  
Issuance         -       -       -       -       2,000,000       2,500,000       4,500,000  
Early redemption         -       -       (750,000 )     -       (2,000,000 )     -       (2,750,000 )
Settled through debt-to-equity swap (*)         -       (3,360,000 )     -       (800,000 )     -       -       (4,160,000 )
Balance at 31 December   ₩     800,000       495,000       -       1,380,000       -       2,500,000       5,175,000  

 

 
(*) During the period, the detachable warrants were exercised through two methods: cash settlement and debt-to-equity swap (non-cash settlement). The amounts presented under “Settled through debt-to-equity swap” relate solely to warrants exercised through the non-cash settlement method, whereby bond principal was settled through conversion. Accordingly, no cash inflows arose from the transactions reflected in this table during the period. As a result of the exercise of warrants through non-cash settlement during the period, 1,344,000 ordinary shares were issued in connection with the 13th series, and 266,665 ordinary shares were issued in connection with the 15th series. In addition, as a result of the exercise of warrants through cash settlement during the period, 14,000 ordinary shares were issued in connection with the 13th series and 1,000,000 ordinary shares in connection with the 16th series, for which the related bonds had been fully settled prior to the warrant exercise. The Company recognized increases in share capital equal to the number of shares exercised multiplied by par value, and in share premium equal to the number of shares exercised multiplied by the excess of the exercise price over par value.
Changes in fair value of derivative liabilities
                                   
        15th     20th     21st     Total  
        (In thousands of Korean won)  
Balance at January 1   ₩     117,845       227,200       922,756       1,267,801  
Issuance         -       -       -       -  
Redemption         -       (227,200 )     -       (227,200 )
Losses (gains) on valuation of derivatives         (117,845 )     -       57,213       (60,632 )
Balance at June 30   ₩     -       -       979,969       979,969  
                                                                   
        12th     13th     15th     18th     19th     20th     21st     Total  
        (In thousands of Korean won)  
Balance at January 1   ₩     66,240       53,263       337,179       1,017,141       -       -       -       1,473,823  
Issuance         -       -       -       -       824,174       1,719,885       916,475       3,460,534  
Redemption         -       -       -       (1,011,875 )     (775,000 )     (1,408,200 )     -       (3,195,075 )
Losses (gains) on valuation of derivatives         (57,920 )     (47,163 )     (217,414 )     (5,266 )     (49,174 )     (84,485 )     6,281       (455,141 )
Derecognized upon bond settlement         (8,320 )     (6,100 )     (1,920 )     -       -       -       -       (16,340 )
Balance at December 31   ₩     -       -       117,845       -       -       227,200       922,756       1,267,801  

 

Changes in the fair value of derivative liabilities embedded in each series of bonds with warrants that were recognized in profit or loss for the year ended December 31, 2024 are as follows:

 

                                                             
        12th     13th     14th     15th     17th     18th     Total  
        (In thousands of Korean won)  
Balance at January 1   ₩     208,960       963,391       281,400       698,795       -       -       2,152,546  
Issuance         -       -       -       -       802,198       1,021,266       1,823,464  
Redemption         -       -       (195,900 )     -       (808,000 )     -       (1,003,900 )
Losses (gains) on valuation of derivatives         (142,720 )     (322,128 )     (85,500 )     (119,164 )     5,802       (4,125 )     (667,835 )
Derecognized upon bond settlement         -       (588,000 )     -       (242,452 )     -       -       (830,452 )
Balance at December 31   ₩     66,240       53,263       -       337,179       -       1,017,141       1,473,823  
Details of bonds with detachable warrants issued
             
Series   11th   12th   13th
Type   Detachable Warrants bonds   Detachable Warrants bonds   Detachable Warrants bonds
             
Issuance amount   1,500,000,000   800,000,000   4,000,000,000
             
Coupon rate (%)   -   -   -
             
Yield to maturity (%)   -   -   -
             
Issuance date   March 2022   August 2022   October 2022
             
Maturity date   March 2025   August 2025   October 2025
             
Principal redemption  

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

             
Exercise Price (*)   ₩4,000 per common share   ₩2,500 per common share (Subject to adjustment based on revenue at a specific point in time)   ₩2,500 per common share
             
Exercise period   September 2022 ~ January 2025   February 2023 ~ July 2025   February 2023 ~ September 2025
             
Redemption at the Option of the issuer (Call option)  

The bonds are early redeemable by the Company in full or partial on March 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on April 16, 2024, 18 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

Series   11th   12th   13th
Redemption at the option of the bond holders (Put option)  

The bonds are early redeemable by the Company in full or partial on March 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on April 16, 2024, 18 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

             
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

             
Classification of Warrants   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.  

Upon initial recognition, the warrants were classified as derivative financial liabilities as the fixed-for-fixed condition was not met at the inception date.

 

Subsequently, following the determination of the exercise price, the warrants were reclassified as equity instruments.

  The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.

 

 
(*) The exercise price for the 12th series was finalized in February 2023.

 

Details of the bonds with detachable warrants issued by the Company, including those for which either the bonds or the detachable warrants were outstanding as of June 30, 2026 or December 31, 2025, or were settled, redeemed, exercised or expired during the six-month periods ended June 30, 2026 and 2025, are as follows: (Continued)

 

Series   14th   15th   16th
Type   Detachable Warrants bonds   Detachable Warrants bonds   Detachable Warrants bonds
             
Issuance amount   750,000,000   2,180,000,000   30,000,000,000
             
Coupon rate (%)   -   -   -
             
Yield to maturity (%)   -   -   Annual simple interest 3.9%
             
Issuance date   April 2023   August 2023   September 2023
             
Maturity date   April 2026   August 2026   September 2028
             
Principal redemption  

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). At exercise of each option, the outstanding principal amount together with accrued but unpaid interest are to be redeemed.

             
Exercise Price   ₩2,500 per common share   ₩3,000 per common share   ₩3,000 per common share
             
Exercise period   August 2023 ~ November 2025   November 2023 ~ July 2026   October 2023 ~ August 2028
             
Redemption at the Option of the issuer (Call option)  

The bonds are early redeemable by the Company in full or partial on August 7, 2023 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 18, 2024 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 20, 2023, which is 2 months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

Series   14th   15th   16th
Redemption at the option of the bond holders (Put option)  

The bonds are early redeemable by the Company in full or partial on August 7, 2023 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 18, 2024 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 20, 2023, which is 2 months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

             
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

             
Classification of Warrants   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.

 

Details of the bonds with detachable warrants issued by the Company, including those for which either the bonds or the detachable warrants were outstanding as of June 30, 2026 or December 31, 2025, or were settled, redeemed, exercised or expired during the six-month periods ended June 30, 2026 and 2025, are as follows: (Continued)

 

Series   17th   18th   19th
Type   Detachable Warrants bonds   Detachable Warrants bonds   Detachable Warrants bonds
             
Issuance amount   2,000,000,000   2,500,000,000   2,000,000,000
             
Coupon rate (%)   -   -   -
             
Yield to maturity (%)   -   -   -
             
Issuance date   July 2024   November 2024   February 2025
             
Maturity date   July 2027   November 2027   February 2028

 

Series   17th   18th   19th
Principal redemption  

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). At exercise of each option, the outstanding principal amount together with accrued but unpaid interest are to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

             
Exercise Price   ₩4,000 per common share   ₩4,000 per common share   ₩4,000 per common share
             
Exercise period   November 2024 ~ June 2027   February 2025 ~ November 2027   May 2025 ~ January 2028
             
Redemption at the Option of the issuer (Call option)  

The bonds are early redeemable by the Company in full or partial on November 2, 2024, which is four months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on February 7, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on May 17, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

             
Redemption at the option of the bond holders (Put option)  

The bonds are early redeemable by the Company in full or partial on November 2, 2024, which is four months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on February 7, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on May 17, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

Series   17th   18th   19th
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

             
Classification of Warrants   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.

 

Details of the bonds with detachable warrants issued by the Company, including those for which either the bonds or the detachable warrants were outstanding as of June 30, 2026 or December 31, 2025, or were settled, redeemed, exercised or expired during the six-month periods ended June 30, 2026 and 2025, are as follows: (Continued)

 

Series   20th   21st
Type   Detachable Warrants bonds   Detachable Warrants bonds
         
Issuance amount   4,200,000,000   3,000,000,000
         
Coupon rate (%)   -   -
         
Yield to maturity (%)   -   -
         
Issuance date   July 2025   November 2025
         
Maturity date   July 2028   November 2028
         
Principal redemption  

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

         
Exercise Price   ₩3,000 per common share   ₩3,000 per common share

 

Series   20th   21st
Exercise period   October 2025 ~ June 2028   February 2026 ~ October 2028
         
Redemption at the Option of the issuer (Call option)  

The bonds are early redeemable by the Company in full or partial on October 2, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 18, 2026, which is one year from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

         
Redemption at the option of the bond holders (Put option)  

The bonds are early redeemable by the Company in full or partial on October 2, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 18, 2026, which is one year from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

         
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

         
Classification of Warrants   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.
           
Series   11th   12th   13th
Type   Detachable Warrants bonds   Detachable Warrants bonds   Detachable Warrants bonds
             
Issuance amount   1,500,000,000   800,000,000   4,000,000,000
             
Coupon rate (%)   -   -   -
             
Yield to maturity (%)   -   -   -
             
Issuance date   March 2022   August 2022   October 2022
             
Maturity date   March 2025   August 2025   October 2025
             
Principal redemption  

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:

Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

             
Exercise Price (*)   ₩4,000 per common share   ₩2,500 per common share (Subject to adjustment based on revenue at a specific point in time)   ₩2,500 per common share
             
Exercise period   September 2022 ~ January 2025   February 2023 ~ July 2025   February 2023 ~ September 2025
             

Redemption at the Option of the issuer (Call option)

 

The bonds are early redeemable by the Company in full or partial on March 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on April 16, 2024, 18 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

Series   11th   12th   13th

Redemption at the option of the bond holders (Put option)

 

The bonds are early redeemable by the Company in full or partial on March 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 7, 2023, 12 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on April 16, 2024, 18 months from the issuance, or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

             
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

             

Classification of Warrants

  The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.  

Upon initial recognition, the warrants were classified as derivative financial liabilities as the fixed-for-fixed condition was not met at the inception date.

 

Subsequently, following the determination of the exercise price, the warrants were reclassified as equity instruments.

  The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.

 

 
(*) The exercise price for the 12th series was finalized in February 2023.

 

Details of the bonds with detachable warrants issued by the Company, including those outstanding as of December 31, 2024 and fully settled or redeemed during the year ended December 31, 2025, are as follows: (Continued)

 

Series   14th   15th   16th
Type   Detachable Warrants bonds   Detachable Warrants bonds   Detachable Warrants bonds
             
Issuance amount   750,000,000   2,180,000,000   30,000,000,000
             
Coupon rate (%)   -   -   -
             
Yield to maturity (%)   -   -   Annual simple interest 3.9%
             
Issuance date   April 2023   August 2023   September 2023
             
Maturity date   April 2026   August 2026   September 2028
             
Principal redemption  

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:

The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). At exercise of each option, the outstanding principal amount together with accrued but unpaid interest are to be redeemed.

             
Exercise Price   ₩2,500 per common share   ₩3,000 per common share   ₩3,000 per common share
             
Exercise period   August 2023 ~ November 2025   November 2023 ~ July 2026   October 2023 ~ August 2028

 

Series   14th   15th   16th

Redemption at the Option of the issuer (Call option)

 

The bonds are early redeemable by the Company in full or partial on August 7, 2023 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 18, 2024 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

  The bonds are early redeemable by the Company in full or partial on November 20, 2023, 2 months from the issuance, or every three months after.

In the event of early redemption, the principal amount shall be payable.
             

Redemption at the option of the bond holders (Put option)

 

The bonds are early redeemable by the Company in full or partial on August 7, 2023 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on August 18, 2024 or every three months after.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 20, 2023, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

             
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

  The bonds are early redeemable by the Company in full or partial on November 20, 2024, 2 months from the issuance, or every three months after.

In the event of early redemption, the principal amount shall be payable.
             

Classification of Warrants

  The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.

 

Details of the bonds with detachable warrants issued by the Company, including those outstanding as of December 31, 2024 and fully settled or redeemed during the year ended December 31, 2025, are as follows: (Continued)

 

Series   17th   18th   19th
Type   Detachable Warrants bonds   Detachable Warrants bonds   Detachable Warrants bonds
             
Issuance amount   2,000,000,000   2,500,000,000   2,000,000,000
             
Coupon rate (%)   -   -   -
             
Yield to maturity (%)   -   -   -
             
Issuance date   July 2024   November 2024   February 2025
             
Maturity date   July 2027   November 2027   February 2028
             
Principal redemption   1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). At exercise of each option, the outstanding principal amount together with accrued but unpaid interest are to be redeemed.
 

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

             
Exercise Price   ₩4,000 per common share   ₩4,000 per common share   ₩4,000 per common share
             
Exercise period   November 2024 ~ June 2027   February 2025 ~ November 2027   May 2025 ~ January 2028

 

Series   17th   18th   19th

Redemption at the Option of the issuer (Call option)

  The bonds are early redeemable by the Company in full or partial on November 2, 2024 or every three months after.

In the event of early redemption, the principal amount shall be payable.
 

The bonds are early redeemable by the Company in full or partial on February 7, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on May 17, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

             

Redemption at the option of the bond holders (Put option)

 

The bonds are early redeemable by the Company in full or partial on November 18, 2026, which is one year from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on February 7, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on May 17, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

             
Early redemption rights accounting treatment  

The bonds are early redeemable by the Company in full or partial on November 2, 2024 or every four months after.

 

In the event of early redemption, the principal amount shall be payable.

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

             

Classification of Warrants

  The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.

 

Details of the bonds with detachable warrants issued by the Company, including those outstanding as of December 31, 2024 and fully settled or redeemed during the year ended December 31, 2025, are as follows: (Continued)

 

Series   20th   21st
Type   Detachable Warrants bonds   Detachable Warrants bonds
         
Issuance amount   4,200,000,000   3,000,000,000
         
Coupon rate (%)   -   -
         
Yield to maturity (%)   -   -
         
Issuance date   July 2025   November 2025
         
Maturity date   July 2028   November 2028
         
Principal redemption  

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

 

1. Redemption at maturity:
Redeemed on the maturity date, at their outstanding principal amount, which has not been early redeemed

 

2. Early redemption:
The Company has a right to redeem before maturity (call option) or the bondholders have a right to require the Company to redeem before maturity (put option). Upon exercise of each option, the outstanding principal amount is to be redeemed.

         
Exercise Price   ₩3,000 per common share   ₩3,000 per common share
         
Exercise period   October 2025 ~ June 2028   February 2026 ~ October 2028
         

Redemption at the Option of the issuer (Call option)

 

The bonds are early redeemable by the Company in full or partial on October 2, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 18, 2026, which is one year from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

         

Redemption at the option of the bond holders (Put option)

 

The bonds are early redeemable by the Company in full or partial on October 2, 2025, which is three months from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

 

The bonds are early redeemable by the Company in full or partial on November 18, 2026, which is one year from the issuance date, or at any time thereafter.

 

In the event of early redemption, the principal amount shall be paid.

         
Early redemption rights accounting treatment  

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

 

The early redemption right is separated from the host debt instrument as an embedded derivative and accounted for separately.

 

The separated embedded derivative is measured at fair value through profit or loss (FVTPL).

         

Classification of Warrants

  The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.   The warrants were classified as equity instruments at the date of issuance, as it satisfied the fixed-for-fixed condition.
Details of face value of bonds with warrants
                   
        June 30,
2026
    December 31,
2025
 
        (In thousands of Korean won)  
Bond with warrants   ₩     4,365,000       4,965,000  
Warrants adjustment         (1,155,240 )     (1,699,688 )
Total   ₩     3,209,760       3,265,312