This report does not constitute a rating action. What's new: Woori Financial Capital’s preliminary financial results for the first nine months of 2026 largely met our expectations. Annualized return on average assets (ROAA) of about 1.2% was similar to the same period a year ago, as lower credit losses offset funding cost pressures. Total assets expanded moderately after a contraction in 2025. Woori Financial Capital will likely focus on corporate financing, in alignment with the parent group’s strategy. This follows government initiatives to nurture strategic industries such as semiconductors, AI, and biotechnology, and reduce the country’s high household debt level. Why it matters: We believe the group is strongly committed to supporting Woori Financial Capital when needed, given the company’s
