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Investments in associates

12 Months Ended

Dec. 31, 2025

Disclosure of associates [abstract]

Investments in associates

16. Investments in associates

(a) Investments in associates as of December 31, 2024 and 2025 are as follows:

Investees		Country				Reporting date		Ownership (%)
								2024				2025
BNP Paribas Cardif Life Insurance (*1), (*7)			Korea			September 30			14.99				14.99
Shinhan-Neoplux Energy Newbiz Fund			Korea			December 31			31.66				31.66
Shinhan-Albatross tech investment Fund (*1)			Korea			November 30			50.00				50.00
VOGO Debt Strategy Qualified IV Private			Korea			December 31			20.00				20.00
Shinhan-Midas Donga Secondary Fund			Korea			December 31			50.00				50.00
ShinHan – Soo Young Entrepreneur Investment Fund No.1			Korea			December 31			24.00				24.00
Shinhan Praxis K-Growth Global Private Equity Fund (*7)			Korea			December 31			14.15				14.15
Kiwoom Milestone Professional Private Real Estate Trust 19			Korea			December 31			50.00				50.00
Shinhan Global Healthcare Fund 1 (*7)			Korea			December 31			3.13				4.41
KB NA Hickory Private Special Asset Fund (*5)			Korea			—			37.50				—
Koramco Europe Core Private Placement Real Estate Fund No.2-2			Korea			December 31			44.02				44.02

Investees		Country				Reporting date		Ownership (%)
								2024				2025
Shinhan-Nvestor Liquidity Solution Fund			Korea			December 31			24.92				24.92
Shinhan AIM FoF Fund 1-A			Korea			December 31			25.00				25.00
IGIS Global Credit Fund 150-1			Korea			December 31			25.00				25.00
Nomura-Rifa Private Real Estate Investment Trust 19			Korea			December 31			31.20				31.20
Genesis North America Power Company No.1 PEF			Korea			December 31			43.84				43.84
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 (*5)			Korea			—			23.33				—
Korea Finance Security Co., Ltd. (*1), (*7)			Korea			September 30			14.91				14.91
MIEL Co., Ltd. (*2)			Korea			December 31			28.77				28.77
AIP Transportation Specialized Privately Placed Fund Trust #1			Korea			December 31			35.73				35.73
Kiwoom-Shinhan Innovation Fund I			Korea			December 31			50.00				50.00
Samchully Midstream Private Placement Special Asset Fund 5-4			Korea			December 31			41.67				41.67
MK Ventures-K Clavis Growth Capital Venture Fund 1			Korea			December 31			26.67				26.67
Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37 (*4)			Korea			December 31			60.00				60.00
Milestone Private Real Estate Fund 3			Korea			December 31			32.06				32.06
Nomura-Rifa Private Real Estate Investment Trust 31			Korea			December 31			31.31				31.31
FuturePlay-Shinhan TechInnovation Fund 1			Korea			December 31			50.00				50.00
Stonebridge Corporate 1st Fund (*5)			Korea			—			44.12				—
Vogo Realty Partners Private Real Estate Fund V			Korea			December 31			21.64				21.64
Korea Credit Bureau (*1), (*7)			Korea			September 30			9.00				9.00
Goduck Gangil1 PFV Co., Ltd. (*1), (*7)			Korea			September 30			1.04				1.04
SBC PFV Co., Ltd. (*1), (*7), (*8)			Korea			September 30			25.00				25.00
NH-amundi global infra private fund 16			Korea			December 31			50.00				50.00
SH BNCT Professional Investment Type Private Special Asset Investment Trust (*9)			Korea			December 31			72.50				72.50
IGIS Real-estate Private Investment Trust No.33			Korea			December 31			40.86				24.18
Goduck Gangil10 PFV Co., Ltd. (*1), (*7)			Korea			September 30			19.90				19.90
Fidelis Global Private Real Estate Trust No.2 (*6)			Korea			December 31			79.63				79.63
AIP EURO PRIVATE REAL ESTATE TRUST No. 12			Korea			December 31			28.70				28.70
Shinhan Global Healthcare Fund 2 (*7)			Korea			December 31			13.68				13.68
Shinhan AIM Real Estate Fund No.1			Korea			December 31			21.01				21.01
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			Korea			December 31			22.02				22.02

Investees		Country				Reporting date		Ownership (%)
								2024				2025
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			Korea			December 31			29.19				29.19
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No. 7-2 (*6)			Korea			December 31			71.43				71.43
Korea Omega-Shinhan Project Fund I			Korea			December 31			50.00				50.00
Samsung SRA Real Estate Professional Private 45			Korea			December 31			25.00				25.00
IBK Global New Renewable Energy Special Asset Professional Private2			Korea			December 31			28.98				28.98
VS Cornerstone Fund (*5)			Korea			—			41.18				—
Kakao-Shinhan 1st TNYT Fund			Korea			December 31			48.62				48.62
Pacific Private Placement Real Estate Fund No. 40			Korea			December 31			24.73				24.73
LB Scotland Amazon Fulfillment Center Fund 29 (*4)			Korea			December 31			65.00				65.00
JR AMC Hungary Budapest Office Fund 16			Korea			December 31			32.57				34.87
Gyeonggi-Neoplux Superman Fund			Korea			December 31			21.76				21.76
NewWave 6th Fund			Korea			December 31			30.00				30.00
Neoplux No. 3 Private Equity Fund (*3)			Korea			December 31			10.00				10.00
PCC Amberstone Private Equity Fund I			Korea			December 31			21.67				21.67
KIAMCO POWERLOAN TRUST 4TH			Korea			December 31			47.37				47.37
Mastern Opportunity Seeking Real Estate Fund II			Korea			December 31			22.22				20.00
Neoplux Market-Frontier Secondary Fund (*3)			Korea			December 31			19.74				19.74
Synergy Green New Deal 1st New Technology Business Investment Fund (*5)			Korea			—			28.17				—
KIAMCO Vietnam Solar Special Asset Private Investment Trust			Korea			December 31			50.00				50.00
SHINHAN-NEO Core Industrial Technology Fund			Korea			December 31			49.75				49.75
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No. 2			Korea			December 31			30.00				30.00
Eum Private Equity Fund No. 7			Korea			December 31			21.00				21.00
Kiwoom Hero No. 4 Private Equity Fund (*5)			Korea			—			21.05				—
AJ-KOSNET Semicon One Venture Fund			Korea			December 31			22.22				22.22
Shinhan Smilegate Global PEF I (*5)			Korea			—			14.21				—
Genesis Eco No. 1 PEF			Korea			December 31			29.00				29.00
SHINHAN-NEO Market-Frontier 2nd Fund			Korea			December 31			42.70				42.70
J& Moorim Jade Investment Fund (*5)			Korea			—			24.89				—
Ulmus SHC innovation investment fund			Korea			December 31			24.04				24.04
T Core Industrial Technology 1st Venture PEF			Korea			December 31			31.47				31.47
TI First Property Private Investment Trust 1			Korea			December 31			40.00				40.00
Kiwoom-Shinhan Innovation Fund 2			Korea			December 31			42.86				42.86

Investees		Country				Reporting date		Ownership (%)
								2024				2025
ETRI Holdings-Shinhan 1st Unicorn Fund			Korea			December 31			50.00				50.00
SJ ESG Innovative Growth Fund (*5)			Korea			—			28.57				—
AVES 1st Corporate Recovery Private Equity Fund (*4)			Korea			December 31			76.19				76.19
Reverent-Shinhan Vista Fund (*3)			Korea			December 31			13.41				13.41
JS Shinhan Private Equity Fund (*3)			Korea			December 31			3.85				3.85
Meta TB ESG Private Equity Fund I			Korea			December 31			27.40				27.40
Shinhan VC tomorrow venture fund 1			Korea			December 31			39.62				39.62
H-IOTA Fund (*5)			Korea			—			24.81				—
Stonebridge-Shinhan Unicorn Secondary Fund			Korea			December 31			26.01				26.01
Tres-Yujin Trust			Korea			December 31			50.00				50.00
Shinhan-Time mezzanine blind Fund (*5)			Korea			—			50.00				—
Capstone REITs No. 26			Korea			December 31			50.00				50.00
JB Incheon-Bucheon REITS No. 54			Korea			December 31			39.31				39.31
Hankook Smart Real Asset Investment Trust No.3			Korea			December 31			33.33				33.33
JB Hwaseong-Hadong REITs No. 53			Korea			December 31			31.03				31.03
KB Oaktree Trust No. 3			Korea			December 31			33.33				33.33
KAI-The Square Fund 1			Korea			December 31			47.96				47.96
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No. 2			Korea			December 31			29.73				29.73
Shinhan JigaeNamsan Road Private Special Asset Investment Trust			Korea			December 31			24.85				24.85
KB Distribution Private Real Estate 3-1			Korea			December 31			37.50				37.50
Pacific Private Investment Trust No. 49-1 (*6)			Korea			December 31			79.28				79.28
KIWOOM Real estate private placement fund for normal investors No. 31 (*6)			Korea			December 31			60.00				60.00
RIFA Real estate private placement fund for normal investors No. 51			Korea			December 31			40.00				40.00
Shinhan-Kunicorn first Fund			Korea			December 31			38.31				38.31
Shinhan-Quantum Startup Fund			Korea			December 31			49.18				49.18
Shinhan Simone Fund I			Korea			December 31			38.46				38.46
Korea Investment develop seed Trust No.1			Korea			December 31			40.00				40.00
Tiger Green alpha Trust No. 29 (*5)			Korea			—			95.24				—
STIC ALT Global II Private Equity Fund			Korea			December 31			21.74				21.74
DDI LVC Master Real Estate Investment Trust Co., Ltd. (*1), (*7)			Korea			September 30			15.00				15.00
Find-Green New Deal 2nd Equity Fund			Korea			December 31			22.57				22.57
ShinhanFitrin 1st Technology Business Investment Association (*3)			Korea			December 31			16.17				16.17
Koramco Private Real Estate Fund 143			Korea			December 31			30.30				30.30
Korea Investment Top Mezzanine Private Real Estate Trust No. 1			Korea			December 31			22.22				22.22

Investees		Country				Reporting date		Ownership (%)
								2024				2025
LB YoungNam Logistics Private Trust No. 40			Korea			December 31			25.00				25.00
Shinhan-Cognitive Start-up Fund L.P.			Korea			December 31			32.77				32.77
Cornerstone J&M Fund I (*5)			Korea			—			26.67				—
Logisvalley Shinhan REIT Co., Ltd. (*1)			Korea			September 30			20.27				20.27
Shinhan-G.N.Tech Smart Innovation Fund			Korea			December 31			50.00				50.00
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st			Korea			December 31			50.00				50.00
Korea Investment Green Newdeal Infra Trust No. 1			Korea			December 31			27.97				27.97
BTS 2nd Private Equity Fund (*1)			Korea			November 30			26.00				26.00
NH-J&-IBKC Label Technology Fund			Korea			December 31			27.81				27.81
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			Korea			December 31			50.00				50.00
Shinhan-isquare Venture PEF 1			Korea			December 31			40.00				40.00
Aurum Goldrush ESG Private Fund No. 1			Korea			December 31			28.33				28.33
Capstone Develop Frontier Trust (*5)			Korea			—			21.43				—
Nextrade Co., Ltd. (*7)			Korea			December 31			8.00				8.00
IBKC-Behigh Fund 1st			Korea			December 31			29.73				29.73
ON No.1 Private Equity Fund (*5)			Korea			—			28.57				—
Digital New Deal Kappa Private Equity Fund (*5)			Korea			—			24.75				—
DS-Shinhan-JBWoori New Media New Technology Investment Fund No. 1			Korea			December 31			20.83				20.83
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			Korea			December 31			28.57				28.57
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38 (*4)			Korea			December 31			75.00				75.00
TogetherKorea Private Investment Trust No. 6 (*6)			Korea			December 31			99.98				99.98
TogetherKorea Private Investment Trust No. 7 (*6)			Korea			December 31			99.98				99.98
Kiwoom Core Industrial Technology Investment Fund No. 3			Korea			December 31			34.75				34.75
Penture K-Content Investment Fund (*7)			Korea			December 31			19.78				19.78
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund			Korea			December 31			30.00				30.00
Hana Alternative Investment Kosmes PCBO General PEF No. 1			Korea			December 31			37.04				37.04
Shinhan-Timefolio Bio Accelerator Fund			Korea			December 31			48.39				48.39
Shinhan M&A-ESG Fund			Korea			December 31			23.33				23.33
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			Korea			December 31			28.43				28.43
KDBC meta-enter New Technology investment fund (*5)			Korea			—			27.89				—

Investees		Country				Reporting date		Ownership (%)
								2024				2025
Shinhan Time Secondary Blind New Technology Investment Trust			Korea			December 31			47.50				47.50
Shinhan DS Secondary Investment Fund			Korea			December 31			49.83				49.83
Shinhan-openwater pre-IPO Investment Trust 1			Korea			December 31			50.00				50.00
Shinhan-CJ TechInnovation Fund 1st			Korea			December 31			40.00				40.00
Shinhan-Eco Venture Fund 2nd			Korea			December 31			40.00				40.00
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			Korea			December 31			40.00				40.00
Hantoo Shinhan Lake K-beauty Technology Investment Trust			Korea			December 31			22.96				22.96
Shinhan HB Wellness 1st Investment Trust			Korea			December 31			48.54				48.54
Korea real Asset Fund No. 3			Korea			December 31			28.57				28.57
Timefolio Tech Fund I			Korea			December 31			21.18				21.18
PineStreet Global Corporate FoF XIII-2 (*6)			Korea			December 31			100.00				100.00
IGIS Yongsan Office General Private Real Estate Investment Trust 518			Korea			December 31			26.22				26.22
SH K-REITs Infra Real Estate Investment Trust (FoFs)			Korea			December 31			20.40				23.30
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			Korea			December 31			22.99				22.99
Time Robotics New Technology Investment Trust			Korea			December 31			29.86				29.86
Ascent-welcome Technology Investment Trust No. 2			Korea			December 31			27.65				27.65
Newmain I funds (*5)			Korea			—			36.36				—
Igis General PE Real Estate Investment Trust 517-1 (*6)			Korea			December 31			96.78				96.71
SH Ulmus M.P.E. Innovative Venture Fund 7			Korea			December 31			28.57				28.57
Consus Osansegyo No. 2			Korea			December 31			50.00				50.00
Shinhan AIM Private Fund of Fund 9-B			Korea			December 31			25.00				25.00
Shinhan General Private Real Estate Investment Trust No. 3			Korea			December 31			20.75				20.75
Paros Kosdaq Venture General Private Investment Trust No. 5			Korea			December 31			28.56				29.45
Shinhan-soo secondary Fund (*6)			Korea			December 31			77.61				77.61
TECHFIN RATINGS Co., Ltd. (*1)			Korea			September 30			45.00				45.00
Songpa biz cluster PFV Co., Ltd. (*1), (*7), (*10)			Korea			September 30			27.40				27.40
Planeta PTE LTD			Singapore			December 31			33.33				33.33
The E&Shinhan New Growth Up Fund			Korea			December 31			50.00				50.00
HHR Special Situation Real Estate Private Investment Trust No. 13			Korea			December 31			20.00				20.00
Shinhan-GB FutureFlow Fund L.P.			Korea			December 31			58.18				50.00
Credila Financial Services (*1), (*7)			India			September 30			10.93				10.06

Investees		Country				Reporting date		Ownership (%)
								2024				2025
Shinhan-DS Mezzanine Fund 1 (*7)			Korea			December 31			15.09				15.09
Shinhan Time BM sobujang Fund			Korea			December 31			29.41				29.41
Tigris Fund No. 58			Korea			December 31			20.83				20.83
Shinhan Market-Frontier Fund III			Korea			December 31			44.02				44.02
DB IPO HighYield Fund 1 (*5)			Korea			—			28.57				—
Exponential SQUARE Private Investment Trust No. 1 (*5)			Korea			—			50.99				—
Fine North America Credit Private Mixed Asset Investment Trust 22 (*6)			Korea			December 31			58.82				58.82
IGIS Private Real Estate Investment No. 454			Korea			December 31			24.04				24.04
IGIS Private Real Estate Investment No. 462 (*6)			Korea			December 31			69.20				69.20
BNW Recharge Private Equity Fund			Korea			December 31			21.13				21.13
United Partners Realasset Fund No. 14			Korea			December 31			33.33				33.33
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 12 (*5)			Korea			—			5.00				—
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 13 (*5)			Korea			—			5.00				—
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 14 (*7)			Korea			December 31			5.00				7.67
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 15 (*7)			Korea			December 31			5.00				7.79
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 16 (*7)			Korea			December 31			5.00				7.67
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 17 (*7)			Korea			December 31			5.00				7.40
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 18 (*7)			Korea			December 31			5.00				6.39
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 19 (*7)			Korea			December 31			5.00				6.55
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] (*7)			Korea			December 31			22.37				19.91
SH Prestige High Dividend Security Feeder No. 1[Equity]			Korea			December 31			21.55				23.92
IGIS Real Estate General Private Feeder Investment Company No. 562 (*6)			Korea			December 31			—				88.46
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 21 (*7)			Korea			December 31			—				4.97
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 22 (*7)			Korea			December 31			—				4.97
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 23 (*7)			Korea			December 31			—				4.97
Finflow (*7)			Korea			December 31			—				15.00

Investees

Country

Reporting date

Ownership (%)

2024

2025

Fireant Media and Digital Service Joint Stock Company (*7)

Korea

December 31

—

17.66

ST EIP Holdings Inc.

Korea

December 31

—

49.00

AMP Capital Global Infrastructure Fund II B L (*7)

Korea

December 31

—

1.50

Post CR REITS No.1 (*6)

Korea

December 31

—

70.00

SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs]

Korea

December 31

—

23.30

(*1) As the financial statements as of December 31, 2025 were not available, the most recent financial statements available after the reporting date were used in applying the equity method. Significant transactions and events that occurred during the period have been appropriately reflected.

(*2) Shares were acquired through a debt-to-equity swap during the rehabilitation process. Although voting rights could not be exercised during the rehabilitation process, normal voting rights became exercisable as the rehabilitation process ended before December 31, 2025. Therefore, it has been reclassified from financial assets measured at fair value through profit or loss(FVTPL) to investments in associates.

(*3) As a managing partner, the Group has a significant influence over the investees.

(*4) As a limited partner, the Group does not have an ability to participate in policy-making processes to obtain economic benefit from the investees that would allow the Group to control the entity.

(*5) Excluded from the investments in associates due to full or partial disposal of shares, or loss of significant influence.

(*6) Although the ownership percentages are more than 50%, the Group applies the equity method accounting as the Group does not have an ability to participate in the financial and operating policy-making process.

(*7) Although the ownership percentages are less than 20%, the Group applies the equity method accounting since it participates in policy-making processes and therefore can exercise significant influence on investees.

(*8) The rate of Group’s voting rights is 4.65%.

(*9) Although the Group has a significant influence with ownership percentage more than 50%, the contribution was classified as investments in associates as the Group is not exposed to variable returns due to the payment guarantee for the entire investment amount.

(*10) The rate of Group’s voting rights is 19.86%.

(b) Changes in investments in associates for the years ended December 31, 2024 and 2025 are as follows:

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
BNP Paribas Cardif Life Insurance		W	39,272				—				(3,423	)			587				—				36,436
Shinhan-Neoplux Energy Newbiz Fund			22,358				(9,196	)			1,450				—				—				14,612
Shinhan-Albatross tech investment Fund			15,499				(8,312	)			1,485				—				—				8,672
KCGI-SingA330-A Private Special Asset Investment Trust			4,609				(4,876	)			267				—				—				—
VOGO Debt Strategy Qualified IV Private			6,532				(3,465	)			646				—				—				3,713
Shinhan-Midas Donga Secondary Fund			4,301				(750	)			(399	)			—				—				3,152
ShinHan – Soo Young Entrepreneur Investment Fund No. 1			4,862				(5,760	)			4,279				—				—				3,381
Shinhan Praxis K-Growth Global Private Equity Fund			3,692				—				(2	)			—				—				3,690
Kiwoom Milestone Professional Private Real Estate Trust 19 (*)			—				—				—				—				—				—
Shinhan Global Healthcare Fund 1 (*)			—				—				—				—				—				—
KB NA Hickory Private Special Asset Fund			24,096				(7,321	)			718				—				—				17,493
Koramco Europe Core Private Placement Real Estate Fund No. 2-2			18,799				1,058				370				—				(13,412	)			6,815
KDBC-Midas Dong-A Global contents Fund			4,288				—				(1,648	)			—				—				2,640
Shinhan-Nvestor Liquidity Solution Fund			6,088				(1,270	)			308				—				—				5,126
Shinhan AIM FoF Fund 1-A			9,635				(1,169	)			1,338				—				—				9,804
IGIS Global Credit Fund 150-1			4,286				(549	)			1,252				—				—				4,989
Korea Omega Project Fund III			3,696				(2,274	)			(1,422	)			—				—				—
Genesis North America Power Company No. 1 PEF			6,358				(3,143	)			3,587				—				—				6,802
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No. 3			40,764				(37,990	)			6,628				—				—				9,402
Korea Finance Security Co., Ltd.			3,245				—				297				—				—				3,542
MIEL Co., Ltd. (*)			—				—				—				—				—				—

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
AIP Transportation Specialized Privately Placed Fund Trust #1		W	46,372				3,460				8,975				—				—				58,807
Kiwoom-Shinhan Innovation Fund I			7,854				—				125				—				—				7,979
Midas Asset Global CRE Debt Private Fund No. 6			54,881				(57,919	)			3,038				—				—				—
Samchully Midstream Private Placement Special Asset Fund 5-4			33,163				2,416				3,905				—				—				39,484
SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No. 3			7,254				(7,664	)			410				—				—				—
MK Ventures-K Clavis Growth Capital Venture Fund 1 (*)			—				(183	)			3				—				183				3
NH-Amundi Global Infrastructure Trust 14			18,728				(20,589	)			1,861				—				—				—
Vestas Qualified Investors Private Real Estate Fund Investment Trust No. 37			35,265				(1,591	)			1,739				—				—				35,413
Milestone Private Real Estate Fund 3			17,615				1,619				(114	)			—				—				19,120
Nomura-Rifa Private Real Estate Investment Trust 31			6,889				—				(546	)			—				—				6,343
SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No. 2			3,138				(889	)			269				—				—				2,518
FuturePlay-Shinhan TechInnovation Fund 1			7,847				(1,238	)			(824	)			—				—				5,785
Stonebridge Corporate 1st Fund			4,142				—				(165	)			—				—				3,977
Vogo Realty Partners Private Real Estate Fund V			10,792				1,379				(1,509	)			—				—				10,662
Korea Credit Bureau			6,738				(45	)			881				—				—				7,574
Goduck Gangil1 PFV Co., Ltd.			180				(148	)			64				—				—				96
SBC PFV Co., Ltd.			30,774				8,750				(1,908	)			—				—				37,616
NH-amundi global infra private fund 16			50,652				4,293				(21,977	)			—				—				32,968
SH BNCT Professional Investment Type Private Special Asset Investment Trust			244,772				(31,676	)			12,612				—				—				225,708
Deutsche Global Professional Investment Type Private Real Estate Investment Trust No. 24			18,110				(19,646	)			1,536				—				—				—
Sparklabs-Shinhan Opportunity Fund 1			3,914				—				(1,189	)			—				—				2,725

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
IGIS Real-estate Private Investment Trust No. 33		W	15,271				(809	)			1,170				—				—				15,632
Goduck Gangil10 PFV Co., Ltd.			5,081				(212	)			1,296				—				—				6,165
Fidelis Global Private Real Estate Trust No. 2			551				—				—				—				—				551
AIP EURO PRIVATE REAL ESTATE TRUST No. 12			48,619				2,955				2,919				—				(29,849	)			24,644
Shinhan Global Healthcare Fund 2 (*)			—				—				—				—				—				—
Shinhan AIM Real Estate Fund No. 2			26,678				1,760				(26,884	)			—				—				1,554
Shinhan AIM Real Estate Fund No. 1			51,873				2,613				(51,602	)			—				—				2,884
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			34,781				(856	)			5,566				—				—				39,491
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			20,053				—				1,894				—				—				21,947
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No. 7-2			17,516				(3,377	)			1,631				—				—				15,770
Korea Omega-Shinhan Project Fund I			11,630				(1,957	)			9,800				—				—				19,473
Samsung SRA Real Estate Professional Private 45			31,432				(3,954	)			2,798				—				—				30,276
IBK Global New Renewable Energy Special Asset Professional Private2			32,296				(1,266	)			2,068				—				—				33,098
VS Cornerstone Fund			3,280				—				(55	)			—				—				3,225
NH-Amundi US Infrastructure Private Fund2			29,725				(30,845	)			1,664				—				—				544
Kakao-Shinhan 1st TNYT Fund			19,866				—				3,812				—				—				23,678
Pacific Private Placement Real Estate Fund No. 40			11,624				(748	)			747				—				—				11,623
Mastern Private Real Estate Loan Fund No. 2			3,040				(1,908	)			198				—				—				1,330
LB Scotland Amazon Fulfillment Center Fund 29			30,928				3,780				(15,860	)			—				—				18,848

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
JR AMC Hungary Budapest Office Fund 16		W	12,687				221				279				—				—				13,187
EDNCENTRAL Co., Ltd. (*)			—				—				—				—				—				—
Gyeonggi-Neoplux Superman Fund			5,056				—				(918	)			—				—				4,138
NewWave 6th Fund			13,716				(1,425	)			(1,583	)			—				—				10,708
Neoplux No. 3 Private Equity Fund			18,981				(404	)			(6,425	)			—				—				12,152
PCC Amberstone Private Equity Fund I			17,258				(5,513	)			2,795				—				—				14,540
KIAMCO POWERLOAN TRUST 4TH			45,099				(2,331	)			5,935				—				—				48,703
Mastern Opportunity Seeking Real Estate Fund II			13,135				(4,868	)			(2,995	)			—				—				5,272
Neoplux Market-Frontier Secondary Fund			10,427				(4,006	)			1,754				—				—				8,175
Synergy Green New Deal 1st New Technology Business Investment Fund			10,315				(72	)			614				—				—				10,857
KIAMCO Vietnam Solar Special Asset Private Investment Trust			6,836				(580	)			847				—				—				7,103
SHINHAN-NEO Core Industrial Technology Fund			13,616				(9,247	)			3,742				—				—				8,111
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No. 2			23,356				(2,538	)			892				—				—				21,710
Eum Private Equity Fund No.7			9,166				(400	)			390				—				—				9,156
Kiwoom Hero No. 4 Private Equity Fund			3,442				(96	)			851				—				—				4,197
Vogo Canister Professional Trust Private Fund I			45,871				(47,321	)			1,450				—				—				—
AJ-KOSNET Semicon One Venture Fund			2,854				—				358				—				—				3,212
Timefolio The Venture-V second			5,801				(4,444	)			8				—				—				1,365
Shinhan Smilegate Global PEF I			3,801				(4,326	)			4,407				—				—				3,882
Genesis Eco No.1 PEF			11,219				—				(142	)			—				—				11,077
SHINHAN-NEO Market-Frontier 2nd Fund			32,670				(5,466	)			295				—				—				27,499
NH-Synergy Core Industrial New Technology Fund			6,439				(6,175	)			(264	)			—				—				—
J& Moorim Jade Investment Fund			4,920				—				433				—				—				5,353

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Ulmus SHC innovation investment fund		W	5,543				(1,150	)			(88	)			—				—				4,305
T Core Industrial Technology 1st Venture PEF			4,254				(378	)			(881	)			—				—				2,995
Fine Value POST IPO No. 5 Private Equity Fund			3,766				(3,565	)			(201	)			—				—				—
TI First Property Private Investment Trust 1			3,102				(203	)			203				—				—				3,102
IBKC Global Contents Investment Fund			4,701				(4,764	)			63				—				—				—
Kiwoom-Shinhan Innovation Fund 2			9,165				1,148				(86	)			—				—				10,227
ETRI Holdings-Shinhan 1st Unicorn Fund			3,295				1,500				(99	)			—				—				4,696
SJ ESG Innovative Growth Fund			4,198				—				(1,083	)			—				—				3,115
AVES 1st Corporate Recovery Private Equity Fund			4,768				—				(245	)			—				—				4,523
Reverent-Shinhan Vista Fund			2,600				54				755				—				—				3,409
JS Shinhan Private Equity Fund			4,933				—				1,448				—				—				6,381
Daishin Newgen New Technology Investment Fund 1st			6,082				(5,742	)			(340	)			—				—				—
Meta TB ESG Private Equity Fund I			5,771				—				(88	)			—				—				5,683
Shinhan VC tomorrow venture fund 1			45,210				25,608				(185	)			—				—				70,633
H-IOTA Fund			9,524				(2,639	)			2,492				—				—				9,377
Stonebridge-Shinhan Unicorn Secondary Fund			7,427				6,160				—				—				—				13,587
Tres-Yujin Trust			10,359				—				2,672				—				—				13,031
Shinhan-Time mezzanine blind Fund			14,121				—				2,305				—				—				16,426
Capstone REITs No. 26			5,750				—				(381	)			—				—				5,369
JB Incheon-Bucheon REITS No. 54			4,978				—				(11	)			—				—				4,967
Hankook Smart Real Asset Investment Trust No. 3			7,668				—				(1,662	)			—				—				6,006
JB Hwaseong-Hadong REITs No. 53			4,983				—				(9	)			—				—				4,974
KB Oaktree Trust No. 3			8,668				304				916				—				—				9,888
Daehan No. 36 Office Asset Management Company			22,482				(25,394	)			2,912				—				—				—
Rhinos Premier Mezzanine Private Investment Fund No. 1			3,056				(3,048	)			(8	)			—				—				—
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No. 2			62,769				(12,710	)			2,738				—				—				52,797

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Shinhan JigaeNamsan Road Private Special Asset Investment Trust		W	41,434				(1,142	)			(647	)			—				—				39,645
SKS-Yozma Fund No.1			3,455				(2,931	)			(524	)			—				—				—
KB Distribution Private Real Estate 3-1			25,976				—				(1,897	)			—				—				24,079
Pacific Private Investment Trust No. 49-1			27,377				—				623				—				—				28,000
KIWOOM Real estate private placement fund for normal investors No. 31			8,558				(435	)			(91	)			—				—				8,032
RIFA Real estate private placement fund for normal investors No. 51			5,731				(294	)			(66	)			—				—				5,371
Fivetree general private equity fund No. 15			12,572				(12,572	)			—				—				—				—
Shinhan-Kunicorn first Fund			9,626				—				(202	)			—				—				9,424
Shinhan-Quantum Startup Fund			3,986				1,800				(121	)			—				—				5,665
Shinhan Simone Fund I			4,837				(991	)			(424	)			—				—				3,422
Korea Investment develop seed Trust No. 1			9,532				(939	)			1,552				—				—				10,145
Tiger Green alpha Trust No. 29			28,573				(664	)			2,083				—				—				29,992
STIC ALT Global II Private Equity Fund			9,504				(217	)			554				—				—				9,841
NH-Brain EV Fund			11,125				(12,999	)			1,874				—				—				—
DDI LVC Master Real Estate Investment Trust Co., Ltd.			6,583				—				(783	)			—				—				5,800
Reverent Frontier Private Equity Fund IV Specializing in Start-up Venture Business			3,294				—				(1,220	)			—				—				2,074
Find-Green New Deal 2nd Equity Fund			4,465				—				(141	)			—				—				4,324
ShinhanFitrin 1st Technology Business Investment Association			4,519				—				(287	)			—				—				4,232
Koramco Private Real Estate Fund 143			6,667				—				2				—				—				6,669
Korea Investment Top Mezzanine Private Real Estate Trust No. 1			10,016				(994	)			854				—				—				9,876
LB YoungNam Logistics Private Trust No. 40			9,782				(600	)			443				—				—				9,625
Shinhan-Cognitive Start-up Fund L.P.			5,329				—				(1,120	)			—				—				4,209
Cornerstone J&M Fund I			3,488				—				(74	)			—				—				3,414

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Logisvalley Shinhan REIT Co., Ltd.		W	3,598				—				(209	)			—				—				3,389
DA Value-Honest New Technology Investment Fund 1			4,099				(2,754	)			(1,345	)			—				—				—
Shinhan-G.N.Tech Smart Innovation Fund			9,977				2,535				492				—				—				13,004
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st			6,968				—				(210	)			—				—				6,758
Korea Investment Green Newdeal Infra Trust No.1			10,257				5,962				(123	)			—				—				16,096
BTS 2nd Private Equity Fund			6,342				3,796				21				—				—				10,159
NH-J&-IBKC Label Technology Fund			9,747				—				(101	)			—				—				9,646
Hanyang Time Mezzanine Fund			3,012				(300	)			(201	)			—				—				2,511
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			2,261				1,250				405				—				—				3,916
Shinhan-isquare Venture PEF 1			4,286				100				(149	)			—				—				4,237
Aurum Goldrush ESG Private Fund No. 1			2,917				—				90				—				—				3,007
Capstone Develop Frontier Trust			7,547				(549	)			1,051				—				—				8,049
Nextrade Co., Ltd.			9,700				—				—				—				—				9,700
SH 1.5years Maturity Investment Type Security Investment Trust No. 2			4,835				(4,835	)			—				—				—				—
Eventus-IBKC LIB Fund			6,632				(7,064	)			432				—				—				—
IBKC-Behigh Fund 1st			3,219				—				(59	)			—				—				3,160
ON No.1 Private Equity Fund			5,321				—				391				—				—				5,712
Digital New Deal Kappa Private Equity Fund			4,845				—				(98	)			—				—				4,747
IBKCJS New Technology Fund No.1			6,130				(2,418	)			(1,094	)			—				—				2,618
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1			9,803				—				(157	)			—				—				9,646
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			12,013				(2,170	)			1,481				—				—				11,324
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38			3,171				(61	)			168				—				—				3,278
TogetherKorea Private Investment Trust No. 6			5,270				—				153				—				—				5,423

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
TogetherKorea Private Investment Trust No. 7		W	5,270				—				153				—				—				5,423
Kiwoom Core Industrial Technology Investment Fund No. 3			4,180				—				39				—				—				4,219
Penture K-Content Investment Fund			5,622				6,000				(303	)			—				—				11,319
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund			7,969				6,413				(914	)			—				—				13,468
Hana Alternative Investment Kosmes PCBO General PEF No. 1			5,107				(526	)			544				—				—				5,125
Shinhan-Timefolio Bio Accelerator Fund			5,927				6,000				(220	)			—				—				11,707
Shinhan M&A-ESG Fund			4,169				2,576				(291	)			—				—				6,454
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			10,574				6,609				1,621				—				—				18,804
KDBC meta-enter New Technology investment fund			6,940				—				(143	)			—				—				6,797
Shinhan Time Secondary Blind New Technology Investment Trust			4,754				—				(117	)			—				—				4,637
Shinhan DS Secondary Investment Fund			7,477				(1,408	)			(3,630	)			—				—				2,439
Shinhan-openwater pre-IPO Investment Trust 1			4,973				—				693				—				—				5,666
Shinhan-CJ TechInnovation Fund 1st			2,364				2,400				(169	)			—				—				4,595
Shinhan-Eco Venture Fund 2nd			3,610				450				(103	)			—				—				3,957
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			3,154				3,200				143				—				—				6,497
Hantoo Shinhan Lake K-beauty Technology Investment Trust			9,969				—				295				—				—				10,264
Shinhan HB Wellness 1st Investment Trust			4,992				—				334				—				—				5,326
Korea real Asset Fund No. 3			9,315				7,865				(628	)			—				—				16,552
PineStreet Global Corporate FoF XIII-2			721				3,087				(65	)			—				—				3,743
IGIS Yongsan Office General Private Real Estate Investment Trust 518			23,131				(5,596	)			(391	)			—				—				17,144
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			4,536				—				(786	)			—				—				3,750
Time Robotics New Technology Investment Trust			3,966				(200	)			12				—				—				3,778

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Ascent-welcome Technology Investment Trust No. 2		W	8,771				—				(311	)			—				—				8,460
Newmain I funds			1,991				—				7,373				—				—				9,364
Igis General PE Real Estate Investment Trust 517-1			51,736				5,000				(1,834	)			—				—				54,902
SH Ulmus M.P.E. Innovative Venture Fund 7			3,000				—				32				—				—				3,032
Consus Osansegyo No. 2			8,104				—				(95	)			—				—				8,009
Mastern General Private Real Estate Investment Trust No.189(Type 1 Beneficiary Securities)			7,822				(7,502	)			(320	)			—				—				—
Shinhan AIM Private Fund of Fund 9-B			24,018				9,751				2,972				—				—				36,741
Shinhan General Private Real Estate Investment Trust No. 3			7,838				18,970				(102	)			—				—				26,706
NH Absolute Project L General Private Investment Trust			4,893				(5,264	)			371				—				—				—
Paros Kosdaq Venture General Private Investment Trust No. 5			5,994				—				596				—				—				6,590
Happy Pet Life Care New Technology Investment Association No. 2			3,456				—				(457	)			—				—				2,999
Shinhan-soo secondary Fund			5,249				12,250				(762	)			—				—				16,737
TECHFIN RATINGS Co., Ltd.			—				27,000				(1,390	)			—				—				25,610
Songpa biz cluster PFV Co., Ltd.			—				13,700				(336	)			—				—				13,364
Planeta PTE LTD			—				11,341				—				—				—				11,341
The E&Shinhan New Growth Up Fund			—				3,600				(82	)			—				—				3,518
Shinhan-GB FutureFlow Fund L.P.			—				5,855				(352	)			(353	)			—				5,150
Credila Financial Services			—				250,270				4,017				8,829				—				263,116
Shinhan Market-Frontier Fund III			—				13,205				(414	)			—				—				12,791
DB IPO HighYield Fund 1			—				4,000				278				—				—				4,278
Exponential SQUARE Private Investment Trust No.1			—				6,146				(938	)			—				—				5,208
Fine North America Credit Private Mixed Asset Investment Trust 22			—				4,549				64				—				—				4,613
IGIS Private Real Estate Investment No. 454			—				3,393				(25	)			—				—				3,368
IGIS Private Real Estate Investment No. 462			—				4,607				(174	)			—				—				4,433
BNW Recharge Private Equity Fund			—				6,767				371				—				—				7,138

		2024
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
United Partners Realasset Fund No.14		W	—				10,000				(2	)			—				—				9,998
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12			—				17,929				48				—				—				17,977
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13			—				11,996				39				—				—				12,035
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14			—				13,953				(242	)			—				—				13,711
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15			—				13,955				(217	)			—				—				13,738
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16			—				13,837				(547	)			—				—				13,290
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17			—				5,270				108				—				—				5,378
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18			—				10,530				395				—				—				10,925
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19			—				5,270				(218	)			—				—				5,052
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity]			—				4,124				73				—				—				4,197
Others			210,518				(9,778	)			(17,080	)			—				—				183,660
		W	2,692,031				118,786				(23,822	)			9,063				(43,078	)			2,752,980

(*) Due to cumulative unrealized losses incurred since initial acquisition, this item was recognized as an impairment loss.

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
BNP Paribas Cardif Life Insurance		W	36,436				—				(2,105	)			2,146				—				36,477
Shinhan-Neoplux Energy Newbiz Fund			14,612				—				(1,590	)			—				—				13,022
Shinhan-Albatross tech investment Fund			8,672				(2,017	)			(989	)			—				—				5,666
VOGO Debt Strategy Qualified IV Private			3,713				(1,863	)			(12	)			—				—				1,838
Shinhan-Midas Donga Secondary Fund			3,152				(915	)			(528	)			—				—				1,709
ShinHan – Soo Young Entrepreneur Investment Fund No.1			3,381				(1,340	)			(297	)			—				—				1,744
Shinhan Praxis K-Growth Global Private Equity Fund			3,690				—				—				—				—				3,690
Kiwoom Milestone Professional Private Real Estate Trust 19 (*)			—				—				—				—				—				—
Shinhan Global Healthcare Fund 1 (*)			—				—				—				—				—				—
KB NA Hickory Private Special Asset Fund			17,493				(17,628	)			135				—				—				—
Koramco Europe Core Private Placement Real Estate Fund No.2-2 (*)			6,815				—				(618	)			—				(771	)			5,426
Shinhan-Nvestor Liquidity Solution Fund			5,126				(1,250	)			(147	)			—				—				3,729
Shinhan AIM FoF Fund 1-A			9,804				(9,813	)			10				—				—				1
IGIS Global Credit Fund 150-1			4,989				(2,979	)			(1,017	)			—				—				993
Nomura-Rifa Private Real Estate Investment Trust 19 (*)			1,939				(13	)			80				—				(2,006	)			—
Genesis North America Power Company No.1 PEF			6,802				(1,254	)			523				—				—				6,071
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No. 3			9,402				(11,201	)			1,799				—				—				—

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Korea Finance Security Co., Ltd.		W	3,542				—				307				—				—				3,849
MIEL Co., Ltd. (*)			—				—				—				—				—				—
AIP Transportation Specialized Privately Placed Fund Trust #1			58,807				1,505				2,459				—				—				62,771
Kiwoom-Shinhan Innovation Fund I			7,979				—				(225	)			—				—				7,754
Samchully Midstream Private Placement Special Asset Fund 5-4			39,484				(1,871	)			(2,666	)			—				—				34,947
MK Ventures-K Clavis Growth Capital Venture Fund 1 (*)			3				—				(1	)			—				—				2
Vestas Qualified Investors Private Real Estate Fund Investment Trust No. 37			35,413				(1,678	)			(1,648	)			—				—				32,087
Milestone Private Real Estate Fund 3			19,120				1,789				367				—				—				21,276
Nomura-Rifa Private Real Estate Investment Trust 31			6,343				(98	)			(159	)			—				—				6,086
FuturePlay-Shinhan TechInnovation Fund 1			5,785				—				517				—				—				6,302
Stonebridge Corporate 1st Fund			3,977				(3,367	)			(610	)			—				—				—
Vogo Realty Partners Private Real Estate Fund V			10,662				(225	)			(166	)			—				—				10,271
Korea Credit Bureau			7,574				(90	)			2,654				—				—				10,138
Goduck Gangil1 PFV Co., Ltd. (*)			96				(25	)			(8	)			—				—				63
SBC PFV Co., Ltd.			37,616				—				(2,662	)			—				—				34,954
NH-amundi global infra private fund 16 (*)			32,968				6,422				(9,385	)			—				(2,205	)			27,800
SH BNCT Professional Investment Type Private Special Asset Investment Trust			225,708				(29,542	)			9,837				—				—				206,003
IGIS Real-estate Private Investment Trust No. 33			15,632				(9,746	)			878				—				—				6,764
Goduck Gangil10 PFV Co., Ltd.			6,165				(1,030	)			(379	)			(4,756	)			—				—

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Fidelis Global Private Real Estate Trust No.2 (*)		W	551				—				—				—				—				551
AIP EURO PRIVATE REAL ESTATE TRUST No. 12 (*)			24,644				—				—				—				(7,792	)			16,852
Shinhan Global Healthcare Fund 2 (*)			—				—				—				—				—				—
Shinhan AIM Real Estate Fund No.1			2,884				—				3,620				—				—				6,504
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			39,491				(858	)			640				—				—				39,273
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			21,947				11				(2,176	)			—				—				19,782
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2			15,770				(521	)			423				—				—				15,672
Korea Omega-Shinhan Project Fund I			19,473				(31,903	)			17,793				—				—				5,363
Samsung SRA Real Estate Professional Private 45			30,276				(2,887	)			1,642				—				—				29,031
IBK Global New Renewable Energy Special Asset Professional Private2			33,098				(5,805	)			755				—				—				28,048
VS Cornerstone Fund			3,225				(3,618	)			393				—				—				—
Kakao-Shinhan 1st TNYT Fund			23,678				—				128				—				—				23,806
Pacific Private Placement Real Estate Fund No. 40			11,623				(747	)			8,176				—				—				19,052
LB Scotland Amazon Fulfillment Center Fund 29			18,848				6,351				(2,262	)			—				—				22,937
JR AMC Hungary Budapest Office Fund 16			13,187				1,127				43				—				—				14,357
Gyeonggi-Neoplux Superman Fund			4,138				—				70				—				—				4,208
NewWave 6th Fund			10,708				—				(872	)			—				—				9,836

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Neoplux No. 3 Private Equity Fund		W	12,152				(20	)			(1,923	)			—				—				10,209
PCC Amberstone Private Equity Fund I			14,540				(6,457	)			(66	)			—				—				8,017
KIAMCO POWERLOAN TRUST 4TH			48,703				(2,796	)			893				—				—				46,800
Mastern Opportunity Seeking Real Estate Fund II			5,272				(4,873	)			749				—				—				1,148
Neoplux Market-Frontier Secondary Fund			8,175				—				(2,613	)			—				—				5,562
Synergy Green New Deal 1st New Technology Business Investment Fund			10,857				(10,841	)			(16	)			—				—				—
KIAMCO Vietnam Solar Special Asset Private Investment Trust			7,103				—				(201	)			—				—				6,902
SHINHAN-NEO Core Industrial Technology Fund			8,111				—				(1,011	)			—				—				7,100
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No. 2			21,710				(2,514	)			962				—				—				20,158
Eum Private Equity Fund No. 7			9,156				(405	)			783				—				—				9,534
Kiwoom Hero No. 4 Private Equity Fund			4,197				(9,523	)			5,326				—				—				—
AJ-KOSNET Semicon One Venture Fund			3,212				—				(51	)			—				—				3,161
Shinhan Smilegate Global PEF I			3,882				(3,882	)			—				—				—				—
Genesis Eco No.1 PEF			11,077				—				(2,305	)			—				—				8,772
SHINHAN-NEO Market-Frontier 2nd Fund			27,499				(4,014	)			1,133				—				—				24,618
J& Moorim Jade Investment Fund			5,353				(7,579	)			2,226				—				—				—
Ulmus SHC innovation investment fund			4,305				—				1,302				—				—				5,607
T Core Industrial Technology 1st Venture PEF			2,995				—				61				—				—				3,056

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
TI First Property Private Investment Trust 1		W	3,102				(4,248	)			2,046				—				—				900
Kiwoom-Shinhan Innovation Fund 2			10,227				(3,771	)			6,223				—				—				12,679
ETRI Holdings-Shinhan 1st Unicorn Fund			4,696				(500	)			(72	)			—				—				4,124
SJ ESG Innovative Growth Fund			3,115				(2,458	)			(657	)			—				—				—
AVES 1st Corporate Recovery Private Equity Fund			4,523				—				(25	)			—				—				4,498
Reverent-Shinhan Vista Fund			3,409				54				300				—				—				3,763
JS Shinhan Private Equity Fund			6,381				—				(119	)			—				—				6,262
Meta TB ESG Private Equity Fund I			5,683				—				(91	)			—				—				5,592
Shinhan VC tomorrow venture fund 1			70,633				2,214				29,693				—				—				102,540
H-IOTA Fund			9,377				(9,615	)			238				—				—				—
Stonebridge-Shinhan Unicorn Secondary Fund			13,587				(2,002	)			1,497				—				—				13,082
Tres-Yujin Trust			13,031				—				115				—				—				13,146
Shinhan-Time mezzanine blind Fund			16,426				(16,504	)			78				—				—				—
Capstone REITs No. 26			5,369				—				(300	)			—				—				5,069
JB Incheon-Bucheon REITS No. 54			4,967				—				818				—				—				5,785
Hankook Smart Real Asset Investment Trust No. 3			6,006				(1,515	)			(2,408	)			—				—				2,083
JB Hwaseong-Hadong REITs No. 53			4,974				(5,195	)			1,014				—				—				793
KB Oaktree Trust No. 3			9,888				(1,118	)			544				—				—				9,314
KAI-The Square Fund 1 (*)			125				—				30				—				(144	)			11
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No. 2			52,797				(24,390	)			3,141				—				—				31,548
Shinhan JigaeNamsan Road Private Special Asset Investment Trust			39,645				(901	)			1,552				—				—				40,296

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
KB Distribution Private Real Estate 3-1 (*)		W	24,079				—				(939	)			—				(23,140	)			—
Pacific Private Investment Trust No.49-1			28,000				—				8,678				—				—				36,678
KIWOOM Real estate private placement fund for normal investors No. 31 (*)			8,032				—				14				—				(8,046	)			—
RIFA Real estate private placement fund for normal investors No. 51 (*)			5,371				—				9				—				(5,380	)			—
Shinhan-Kunicorn first Fund			9,424				—				(1,723	)			—				—				7,701
Shinhan-Quantum Startup Fund			5,665				—				(117	)			—				—				5,548
Shinhan Simone Fund I			3,422				(1,962	)			36				—				—				1,496
Korea Investment develop seed Trust No.1			10,145				(527	)			1,112				—				—				10,730
Tiger Green alpha Trust No. 29			29,992				(31,100	)			1,108				—				—				—
STIC ALT Global II Private Equity Fund			9,841				(217	)			169				—				—				9,793
DDI LVC Master Real Estate Investment Trust Co., Ltd.			5,800				—				(1,141	)			—				—				4,659
Find-Green New Deal 2nd Equity Fund			4,324				—				402				—				—				4,726
ShinhanFitrin 1st Technology Business Investment Association			4,232				—				(298	)			—				—				3,934
Koramco Private Real Estate Fund 143			6,669				—				1,423				—				—				8,092
Korea Investment Top Mezzanine Private Real Estate Trust No.1			9,876				(5,701	)			(1,135	)			—				—				3,040
LB YoungNam Logistics Private Trust No. 40			9,625				(600	)			687				—				—				9,712
Shinhan-Cognitive Start-up Fund L.P.			4,209				—				(62	)			—				—				4,147
Cornerstone J&M Fund I			3,414				(4,109	)			695				—				—				—
Logisvalley Shinhan REIT Co., Ltd.			3,389				—				(144	)			—				—				3,245
Shinhan-G.N.Tech Smart Innovation Fund			13,004				(4,160	)			2,130				—				—				10,974

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st		W	6,758				1,800				(366	)			—				—				8,192
Korea Investment Green Newdeal Infra Trust No.1			16,096				1,418				(75	)			—				—				17,439
BTS 2nd Private Equity Fund			10,159				806				(27	)			—				—				10,938
NH-J&-IBKC Label Technology Fund			9,646				(5,396	)			4,031				—				—				8,281
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			3,916				(1,150	)			1,187				—				—				3,953
Shinhan-isquare Venture PEF 1			4,237				(874	)			(62	)			—				—				3,301
Aurum Goldrush ESG Private Fund No. 1			3,007				—				(438	)			—				—				2,569
Capstone Develop Frontier Trust			8,049				(7,607	)			(442	)			—				—				—
Nextrade Co., Ltd.			9,700				—				—				—				—				9,700
IBKC-Behigh Fund 1st			3,160				—				(64	)			—				—				3,096
ON No.1 Private Equity Fund			5,712				(6,020	)			308				—				—				—
Digital New Deal Kappa Private Equity Fund			4,747				(5,534	)			787				—				—				—
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1			9,646				(4,304	)			1,818				—				—				7,160
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			11,324				(1,916	)			745				—				—				10,153
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38			3,278				(87	)			342				—				—				3,533
TogetherKorea Private Investment Trust No. 6			5,423				—				117				—				—				5,540
TogetherKorea Private Investment Trust No. 7			5,423				—				117				—				—				5,540
Kiwoom Core Industrial Technology Investment Fund No. 3			4,219				—				(44	)			—				—				4,175
Penture K-Content Investment Fund			11,319				8,000				(3,239	)			—				—				16,080

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund		W	13,468				(5,790	)			3,055				—				—				10,733
Hana Alternative Investment Kosmes PCBO General PEF No. 1			5,125				(528	)			686				—				—				5,283
Shinhan-Timefolio Bio Accelerator Fund			11,707				(6,060	)			11,465				—				—				17,112
Shinhan M&A-ESG Fund			6,454				1,946				653				—				—				9,053
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			18,804				(472	)			1,216				—				—				19,548
KDBC meta-enter New Technology investment fund			6,797				(7,000	)			203				—				—				—
Shinhan Time Secondary Blind New Technology Investment Trust			4,637				2,375				4,126				—				—				11,138
Shinhan DS Secondary Investment Fund			2,439				7,087				21,652				—				—				31,178
Shinhan-openwater pre-IPO Investment Trust 1			5,666				(2,450	)			3,350				—				—				6,566
Shinhan-CJ TechInnovation Fund 1st			4,595				—				(174	)			—				—				4,421
Shinhan-Eco Venture Fund 2nd			3,957				(330	)			(43	)			—				—				3,584
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			6,497				505				53				—				—				7,055
Hantoo Shinhan Lake K-beauty Technology Investment Trust			10,264				(2,938	)			(252	)			—				—				7,074
Shinhan HB Wellness 1st Investment Trust			5,326				—				364				—				—				5,690
Korea real Asset Fund No.3			16,552				1,046				1,082				—				—				18,680
Timefolio Tech Fund I			2,990				—				49				—				—				3,039
PineStreet Global Corporate FoF XIII-2			3,743				3,273				1,126				—				—				8,142
IGIS Yongsan Office General Private Real Estate Investment Trust 518			17,144				(726	)			(2,412	)			—				—				14,006

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
SH K-REITs Infra Real Estate Investment Trust (FoFs)		W	2,813				(176	)			545				—				—				3,182
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			3,750				—				255				—				—				4,005
Time Robotics New Technology Investment Trust			3,778				(72	)			(76	)			—				—				3,630
Ascent-welcome Technology Investment Trust No. 2			8,460				(1,659	)			302				—				—				7,103
Newmain I funds			9,364				(9,254	)			(110	)			—				—				—
Igis General PE Real Estate Investment Trust 517-1			54,902				3,000				(2,927	)			—				—				54,975
SH Ulmus M.P.E. Innovative Venture Fund 7			3,032				—				(99	)			—				—				2,933
Consus Osansegyo No. 2			8,009				—				—				—				—				8,009
Shinhan AIM Private Fund of Fund 9-B			36,741				5,053				1,802				—				—				43,596
Shinhan General Private Real Estate Investment Trust No. 3			26,706				660				2,023				—				—				29,389
Paros Kosdaq Venture General Private Investment Trust No. 5			6,590				(3,062	)			110				—				—				3,638
Shinhan-soo secondary Fund			16,737				—				705				—				—				17,442
TECHFIN RATINGS Co., Ltd.			25,610				—				(2,570	)			—				—				23,040
Songpa biz cluster PFV Co., Ltd.			13,364				—				(437	)			—				—				12,927
Planeta PTE LTD			11,341				—				898				—				—				12,239
The E&Shinhan New Growth Up Fund			3,518				2,580				1,398				—				—				7,496
HHR Special Situation Real Estate Private Investment Trust No. 13			2,749				(224	)			691				—				—				3,216
Shinhan-GB FutureFlow Fund L.P.			5,150				2,996				(313	)			249				—				8,082
Credila Financial Services			263,116				3,240				20,059				(20,601	)			—				265,814
Shinhan-DS Mezzanine Fund 1			2,869				—				774				—				—				3,643

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Shinhan Time BM sobujang Fund		W	1,405				1,750				216				—				—				3,371
Tigris Fund No. 58			1,977				(1,420	)			3,252				—				—				3,809
Shinhan Market-Frontier Fund III			12,791				8,804				881				—				—				22,476
DB IPO HighYield Fund 1			4,278				(4,342	)			64				—				—				—
Exponential SQUARE Private Investment Trust No.1			5,208				(5,668	)			460				—				—				—
Fine North America Credit Private Mixed Asset Investment Trust 22			4,613				807				463				—				—				5,883
IGIS Private Real Estate Investment No. 454			3,368				—				(6	)			—				—				3,362
IGIS Private Real Estate Investment No. 462			4,433				—				(56	)			—				—				4,377
BNW Recharge Private Equity Fund			7,138				—				(2,656	)			—				—				4,482
United Partners Realasset Fund No. 14			9,998				(65	)			135				—				—				10,068
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 12			17,977				(17,977	)			—				—				—				—
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 13			12,035				(12,035	)			—				—				—				—
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 14			13,711				—				2,685				—				—				16,396
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 15			13,738				—				2,116				—				—				15,854
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 16			13,290				—				2,687				—				—				15,977
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 17			5,378				—				1,847				—				—				7,225
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 18			10,925				—				3,948				—				—				14,873

		2025
Investees		Beginning balance				Investment and dividend				Equity method income (loss)				Change in other comprehensive income				Impairment loss				Ending balance
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 19		W	5,052				—				2,515				—				—				7,567
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity]			4,197				(326	)			517				—				—				4,388
SH Prestige High Dividend Security Feeder No.1[Equity]			2,579				1,962				2,229				—				—				6,770
IGIS Real Estate General Private Feeder Investment Company No. 562			—				23,000				(1,782	)			—				—				21,218
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 21			—				15,700				(1,011	)			—				—				14,689
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 22			—				15,700				(261	)			—				—				15,439
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No. 23			—				15,700				(1,146	)			—				—				14,554
Finflow			—				7,058				(20	)			—				—				7,038
Fireant Media and Digital Service Joint Stock Company			—				4,925				(204	)			—				—				4,721
ST EIP Holdings Inc.			—				51,873				1,265				—				—				53,138
AMP Capital Global Infrastructure Fund II B L			—				24,243				(1,171	)			—				—				23,072
Post CR REITS No.1			—				3,500				—				—				—				3,500
SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs]			—				4,781				(48	)			—				—				4,733
Others			187,092				(74,374	)			47,885				—				(1	)			160,602
			W2,752,980				(262,556)				221,225				(22,962)				(49,485)				2,639,202

(*) Due to cumulative unrealized losses incurred since initial acquisition, this item was recognized as an impairment loss.

(c) Summarized financial information of major associates as of December 31, 2024 and 2025 is as follows:

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
BNP Paribas Cardif Life Insurance		W	2,714,143				2,471,042				57,764				(22,798	)			3,917				(18,881	)
Shinhan-Neoplux Energy Newbiz Fund			52,550				6,398				26,255				1,591				—				1,591
Shinhan-Albatross tech investment Fund			17,575				229				17,168				(1,666	)			—				(1,666	)
VOGO Debt Strategy Qualified IV Private			18,573				8				5,810				3,229				—				3,229
Shinhan-Midas Donga Secondary Fund			6,304				—				868				(797	)			—				(797	)
ShinHan – Soo Young Entrepreneur Investment Fund No.1			14,244				157				30,591				17,828				—				17,828
Shinhan Praxis K-Growth Global Private Equity Fund			26,087				6				18				(14	)			—				(14	)
Kiwoom Milestone Professional Private Real Estate Trust 19			—				39,013				6,701				3,188				—				3,188
Shinhan Global Healthcare Fund 1			39				4,925				—				(1	)			—				(1	)
KB NA Hickory Private Special Asset Fund			51,721				5,072				15,337				(1,158	)			—				(1,158	)
Koramco Europe Core Private Placement Real Estate Fund No. 2-2			17,260				1,779				(1,381	)			(10,599	)			—				(10,599	)
KDBC-Midas Dong-A Global contents Fund			11,416				62				4				(7,080	)			—				(7,080	)
Shinhan-Nvestor Liquidity Solution Fund			20,841				270				2,354				1,236				—				1,236
Shinhan AIM FoF Fund 1-A			39,244				30				12,872				5,353				—				5,353
IGIS Global Credit Fund 150-1			19,966				12				5,917				5,008				—				5,008
Genesis North America Power Company No.1 PEF			15,514				—				7,299				7,018				—				7,018
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No. 3			40,375				81				28,764				28,406				—				28,406
Korea Finance Security Co., Ltd.			36,984				13,230				46,929				1,991				—				1,991
MIEL Co., Ltd.			423				565				—				—				—				—
AIP Transportation Specialized Privately Placed Fund Trust #1			165,492				885				(88,843	)			(152,566	)			—				(152,566	)
Kiwoom-Shinhan Innovation Fund I			16,166				209				469				253				—				253

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Samchully Midstream Private Placement Special Asset Fund 5-4		W	94,792				30				22,021				9,371				—				9,371
MK Ventures-K Clavis Growth Capital Venture Fund 1 (*)			10				—				151				146				—				146
Vestas Qualified Investors Private Real Estate Fund Investment Trust No. 37			59,045				23				11,969				2,925				—				2,925
Milestone Private Real Estate Fund 3			59,637				—				1,297				(10,711	)			—				(10,711	)
Nomura-Rifa Private Real Estate Investment Trust 31			92,219				71,961				43,830				32,959				—				32,959
SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No. 2			11,845				6				1,183				1,265				—				1,265
FuturePlay-Shinhan TechInnovation Fund 1			11,855				285				2,219				(1,648	)			—				(1,648	)
Stonebridge Corporate 1st Fund			9,016				1				—				(373	)			—				(373	)
Vogo Realty Partners Private Real Estate Fund V			49,374				96				5,403				(6,973	)			—				(6,973	)
Korea Credit Bureau			153,079				68,920				172,186				9,791				—				9,791
Goduck Gangil1 PFV Co., Ltd.			9,794				542				85,798				6,326				—				6,326
SBC PFV Co., Ltd.			1,315,956				1,125,532				4				(7,622	)			—				(7,622	)
NH-amundi global infra private fund 16			72,552				6,617				84,498				38,998				—				38,998
SH BNCT Professional Investment Type Private Special Asset Investment Trust			311,321				—				3,086				17,396				—				17,396
Sparklabs-Shinhan Opportunity Fund 1			5,505				—				25				(2,405	)			—				(2,405	)
IGIS Real-estate Private Investment Trust No. 33			93,113				54,852				5,709				2,863				—				2,863
Goduck Gangil10 PFV Co., Ltd.			31,122				144				59,353				6,350				—				6,350
Fidelis Global Private Real Estate Trust No. 2			748				57				(1	)			(2	)			—				(2	)
AIP EURO PRIVATE REAL ESTATE TRUST No. 12			145,170				59,302				(7,077	)			(10,179	)			—				(10,179	)
Shinhan Global Healthcare Fund 2			31				183				1				—				—				—
Shinhan AIM Real Estate Fund No. 2			6,641				1,461				123,427				(89,613	)			—				(89,613	)

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Shinhan AIM Real Estate Fund No.1		W	14,604				877				164,469				(245,607	)			—				(245,607	)
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			179,396				52				22,204				25,277				—				25,277
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			75,611				426				11,878				6,489				—				6,489
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2			22,106				29				2,581				2,283				—				2,283
Korea Omega-Shinhan Project Fund I			38,945				—				19,657				19,599				—				19,599
Samsung SRA Real Estate Professional Private 45			139,222				18,119				(11,232	)			(11,358	)			—				(11,358	)
IBK Global New Renewable Energy Special Asset Professional Private2			114,189				—				(4,160	)			(32,244	)			—				(32,244	)
VS Cornerstone Fund			8,085				254				—				(134	)			—				(134	)
NH-Amundi US Infrastructure Private Fund2			2,100				1				107				6,423				—				6,423
Kakao-Shinhan 1st TNYT Fund			48,793				96				12,387				7,840				—				7,840
Pacific Private Placement Real Estate Fund No. 40			145,794				98,798				4,270				3,022				—				3,022
Mastern Private Real Estate Loan Fund No. 2			3,977				14				627				590				—				590
LB Scotland Amazon Fulfillment Center Fund 29			29,223				227				3,917				(16,566	)			—				(16,566	)
JR AMC Hungary Budapest Office Fund 16			42,031				1,543				858				858				—				858
EDNCENTRAL Co., Ltd.			122,357				200,291				(35,285	)			(70,591	)			—				(70,591	)
Gyeonggi-Neoplux Superman Fund			20,711				1,697				716				(4,218	)			—				(4,218	)
NewWave 6th Fund			36,572				878				9,185				(5,276	)			—				(5,276	)
Neoplux No.3 Private Equity Fund			129,055				7,532				1,307				(64,247	)			—				(64,247	)
PCC Amberstone Private Equity Fund I			67,099				—				17,359				12,898				—				12,898

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
KIAMCO POWERLOAN TRUST 4TH		W	102,831				13				8,143				12,529				—				12,529
Mastern Opportunity Seeking Real Estate Fund II			25,087				1,362				12,764				(13,478	)			—				(13,478	)
Neoplux Market-Frontier Secondary Fund			41,423				2				13,712				8,889				—				8,889
Synergy Green New Deal 1st New Technology Business Investment Fund			38,542				—				2,578				2,180				—				2,180
KIAMCO Vietnam Solar Special Asset Private Investment Trust			14,267				62				4,527				1,697				—				1,697
SHINHAN-NEO Core Industrial Technology Fund			16,704				400				21,363				7,522				—				7,522
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2			72,396				31				3,173				2,973				—				2,973
Eum Private Equity Fund No.7			43,608				4				2,427				1,857				—				1,857
Kiwoom Hero No.4 Private Equity Fund			19,934				—				3,624				4,042				—				4,042
AJ-KOSNET Semicon One Venture Fund			14,576				122				1,827				1,613				—				1,613
Timefolio The Venture-V second			6,589				3				2,744				31				—				31
Shinhan Smilegate Global PEF I			27,798				475				(18,714	)			(19,824	)			—				(19,824	)
Genesis Eco No.1 PEF			38,654				469				—				(490	)			—				(490	)
SHINHAN-NEO Market-Frontier 2nd Fund			65,802				1,402				11,931				691				—				691
J& Moorim Jade Investment Fund			21,508				—				1,862				1,740				—				1,740
Ulmus SHC innovation investment fund			17,910				—				207				(366	)			—				(366	)
T Core Industrial Technology 1st Venture PEF			9,541				23				206				(2,800	)			—				(2,800	)
TI First Property Private Investment Trust 1			7,776				21				4,139				507				—				507
Kiwoom-Shinhan Innovation Fund 2			23,991				129				429				(200	)			—				(200	)
ETRI Holdings-Shinhan 1st Unicorn Fund			9,391				—				7				(197	)			—				(197	)
SJ ESG Innovative Growth Fund			10,941				39				1				(3,791	)			—				(3,791	)
AVES 1st Corporate Recovery Private Equity Fund			6,131				194				—				(321	)			—				(321	)

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Reverent-Shinhan Vista Fund		W	25,415				—				6,002				5,629				—				5,629
JS Shinhan Private Equity Fund			165,748				1				(39,164	)			(40,720	)			—				(40,720	)
Meta TB ESG Private Equity Fund I			20,742				—				23				(321	)			—				(321	)
Shinhan VC tomorrow venture fund 1			180,741				2,474				19,038				(467	)			—				(467	)
H-IOTA Fund			38,306				517				10,346				10,044				—				10,044
Stonebridge-Shinhan Unicorn Secondary Fund			52,230				—				71				(6	)			—				(6	)
Tres-Yujin Trust			26,264				202				5,347				5,344				—				5,344
Shinhan-Time mezzanine blind Fund			32,851				—				4,901				4,613				—				4,613
Capstone REITs No.26			51,536				40,798				914				(761	)			—				(761	)
JB Incheon-Bucheon REITS No.54			12,639				5				—				(29	)			—				(29	)
Hankook Smart Real Asset Investment Trust No.3			18,083				66				—				(4,986	)			—				(4,986	)
JB Hwaseong-Hadong REITs No.53			16,034				5				—				(29	)			—				(29	)
KB Oaktree Trust No.3			29,674				9				7,074				2,749				—				2,749
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2			177,733				143				12,600				9,210				—				9,210
Shinhan JigaeNamsan Road Private Special Asset Investment Trust			159,621				83				6,948				(2,604	)			—				(2,604	)
KB Distribution Private Real Estate 3-1			64,261				50				5,118				5,118				—				5,118
Pacific Private Investment Trust No.49-1			40,988				5,671				(1,819	)			(2,852	)			—				(2,852	)
KIWOOM Real estate private placement fund for normal investors No. 31			13,403				17				1,669				1,604				—				1,604
RIFA Real estate private placement fund for normal investors No. 51			13,461				33				153				140				—				140
Shinhan-Kunicorn first Fund			24,603				7				7				(527	)			—				(527	)
Shinhan-Quantum Startup Fund			11,519				—				61				(246	)			—				(246	)
Shinhan Simone Fund I			8,901				3				206				(1,098	)			—				(1,098	)
Korea Investment develop seed Trust No.1			25,407				45				3,987				3,881				—				3,881
Tiger Green alpha Trust No.29			31,545				53				2,345				2,187				—				2,187
STIC ALT Global II Private Equity Fund			45,398				129				3,073				2,548				—				2,548
DDI LVC Master Real Estate Investment Trust Co., Ltd.			38,594				8				(60	)			(5,340	)			—				(5,340	)

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Reverent Frontier Private Equity Fund IV Specializing in Start-up Venture Business		W	8,758				75				—				(5,109	)			—				(5,109	)
Find-Green New Deal 2nd Equity Fund			19,201				47				28				(625	)			—				(625	)
ShinhanFitrin 1st Technology Business Investment Association			26,243				68				2,869				2,445				—				2,445
Koramco Private Real Estate Fund 143			22,055				44				15				7				—				7
Korea Investment Top Mezzanine Private Real Estate Trust No.1			44,605				165				3,876				3,845				—				3,845
LB YoungNam Logistics Private Trust No.40			38,510				10				1,794				1,771				—				1,771
Shinhan-Cognitive Start-up Fund L.P.			12,844				—				4,046				2,657				—				2,657
Cornerstone J&M Fund I			12,849				47				1				(278	)			—				(278	)
Logisvalley Shinhan REIT Co., Ltd.			78,877				55,563				3,872				(1,031	)			—				(1,031	)
Shinhan-G.N.Tech Smart Innovation Fund			26,008				—				1,395				984				—				984
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st			13,899				383				8				(420	)			—				(420	)
Korea Investment Green Newdeal Infra Trust No.1			57,567				25				—				(441	)			—				(441	)
BTS 2nd Private Equity Fund			39,434				359				527				81				—				81
NH-J&-IBKC Label Technology Fund			35,111				425				6				(363	)			—				(363	)
Hanyang Time Mezzanine Fund			8,790				—				270				(703	)			—				(703	)
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			7,831				—				815				810				—				810
Shinhan-isquare Venture PEF 1			10,655				63				—				(372	)			—				(372	)
Aurum Goldrush ESG Private Fund No. 1			10,629				16				332				316				—				316
Capstone Develop Frontier Trust			37,644				81				4,987				4,906				—				4,906
Nextrade Co., Ltd.			123,829				2,579				(12,517	)			(34,855	)			—				(34,855	)
IBKC-Behigh Fund 1st			10,629				—				26				(198	)			—				(198	)
ON No.1 Private Equity Fund			19,991				—				1,628				1,369				—				1,369
Digital New Deal Kappa Private Equity Fund			19,178				—				—				(396	)			—				(396	)

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
IBKCJS New Technology Fund No.1		W	8,901				—				2,523				(3,720	)			—				(3,720	)
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1			46,301				—				9				(753	)			—				(753	)
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			39,658				24				9,617				5,184				—				5,184
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38			4,390				19				244				224				—				224
TogetherKorea Private Investment Trust No. 6			5,425				1				150				147				—				147
TogetherKorea Private Investment Trust No. 7			5,425				1				150				147				—				147
Kiwoom Core Industrial Technology Investment Fund No.3			12,139				—				239				112				—				112
Penture K-Content Investment Fund			57,553				337				505				(1,532	)			—				(1,532	)
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund			45,013				119				43				(3,047	)			—				(3,047	)
Hana Alternative Investment Kosmes PCBO General PEF No. 1			13,852				15				1,524				1,469				—				1,469
Shinhan-Timefolio Bio Accelerator Fund			24,659				464				32				(458	)			—				(458	)
Shinhan M&A-ESG Fund			27,661				1				137				(1,245	)			—				(1,245	)
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			103,444				37,314				21,731				5,701				—				5,701
KDBC meta-enter New Technology investment fund			24,375				2				1				(513	)			—				(513	)
Shinhan Time Secondary Blind New Technology Investment Trust			9,762				—				133				(246	)			—				(246	)
Shinhan DS Secondary Investment Fund			5,047				152				(653	)			(9,219	)			—				(9,219	)
Shinhan-openwater pre-IPO Investment Trust 1			11,337				5				1,873				1,386				—				1,386

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Shinhan-CJ TechInnovation Fund 1st		W	11,488				—				66				(422	)			—				(422	)
Shinhan-Eco Venture Fund 2nd			9,935				42				—				(257	)			—				(257	)
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			16,243				—				835				358				—				358
Hantoo Shinhan Lake K-beauty Technology Investment Trust			44,701				—				1,878				1,284				—				1,284
Shinhan HB Wellness 1st Investment Trust			10,971				—				808				688				—				688
Korea real Asset Fund No.3			58,401				468				—				(2,198	)			—				(2,198	)
PineStreet Global Corporate FoF XIII-2			3,748				5				173				(47	)			—				(47	)
IGIS Yongsan Office General Private Real Estate Investment Trust 518			271,916				206,529				16,409				(614	)			—				(614	)
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			16,313				—				11				(3,419	)			—				(3,419	)
Time Robotics New Technology Investment Trust			12,651				—				240				40				—				40
Ascent-welcome Technology Investment Trust No.2			30,597				—				16				(1,125	)			—				(1,125	)
Newmain I funds			25,757				3				25,313				20,278				—				20,278
Igis General PE Real Estate Investment Trust 517-1			57,074				346				11				(1,983	)			—				(1,983	)
SH Ulmus M.P.E. Innovative Venture Fund 7			10,612				—				250				112				—				112
Consus Osansegyo No.2			16,024				6				284				282				—				282
Shinhan AIM Private Fund of Fund 9-B			147,033				70				25,619				11,888				—				11,888
Shinhan General Private Real Estate Investment Trust No.3			130,731				2,057				5,557				(491	)			—				(491	)
Paros Kosdaq Venture General Private Investment Trust No. 5			23,074				—				916				2,087				—				2,087
Happy Pet Life Care New Technology Investment Association No.2			9,997				—				—				(1,523	)			—				(1,523	)
Shinhan-soo secondary Fund			21,567				—				77				(982	)			—				(982	)
TECHFIN RATINGS Co., Ltd.			32,223				4,000				170				(3,089	)			—				(3,089	)
Songpa biz cluster PFV Co., Ltd.			909,499				860,724				—				(1,225	)			—				(1,225	)

		2024
Investees		Asset				Liability				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Planeta PTE LTD		W	36,088				2,061				1,677				3,354				—				3,354
The E&Shinhan New Growth Up Fund			7,035				—				16				(163	)			—				(163	)
Shinhan-GB FutureFlow Fund L.P.			8,951				99				(98	)			(801	)			—				(801	)
Credila Financial Services			6,597,497				5,362,148				188,931				36,768				—				36,768
Shinhan Market-Frontier Fund III			29,058				—				89				(940	)			—				(940	)
DB IPO HighYield Fund 1			14,974				—				970				846				—				846
Exponential SQUARE Private Investment Trust No.1			10,233				18				3,365				220				—				220
Fine North America Credit Private Mixed Asset Investment Trust 22			8,610				769				1,062				401				—				401
IGIS Private Real Estate Investment No.454			14,022				12				95				81				—				81
IGIS Private Real Estate Investment No.462			6,445				39				223				176				—				176
BNW Recharge Private Equity Fund			33,918				133				2,050				1,755				—				1,755
United Partners Realasset Fund No.14			30,026				32				206				(6	)			—				(6	)
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12			1,758,651				1,399,238				78,021				30,627				—				30,627
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13			1,186,406				945,673				50,564				19,152				—				19,152
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14			1,086,016				811,622				37,721				19,563				—				19,563
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15			1,085,298				810,379				36,610				18,667				—				18,667
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16			1,084,569				818,607				42,410				24,595				—				24,595
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17			525,649				418,113				2,206				(155	)			—				(155	)
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18			1,045,465				826,940				(1,922	)			(4,905	)			—				(4,905	)
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19			523,914				422,896				5,962				5,122				—				5,122
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity]			18,870				109				7,131				3,895				—				3,895

(*) Excluded associates that are not accounted for using the equity method due to disposal or for which financial information was not available as of December 31, 2024.

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
BNP Paribas Cardif Life Insurance		W	2,610,512				2,367,134				47,048				(14,043	)			—				(14,043	)
Shinhan-Neoplux Energy Newbiz Fund			45,420				4,290				5,216				(5,022	)			—				(5,022	)
Shinhan-Albatross tech investment Fund			11,342				11				2,990				(1,978	)			—				(1,978	)
VOGO Debt Strategy Qualified IV Private			9,193				4				1,503				(60	)			—				(60	)
Shinhan-Midas Donga Secondary Fund			3,417				—				1				(1,056	)			—				(1,056	)
ShinHan – Soo Young Entrepreneur Investment Fund No.1			7,369				103				294				(1,238	)			—				(1,238	)
Shinhan Praxis K-Growth Global Private Equity Fund			26,081				1				16				—				—				—
Kiwoom Milestone Professional Private Real Estate Trust 19			101				36,920				8,575				2,194				—				2,194
Shinhan Global Healthcare Fund 1			38				3,507				1				—				—				—
Koramco Europe Core Private Placement Real Estate Fund No.2-2			14,162				1,837				8,323				(1,404	)			—				(1,404	)
Shinhan-Nvestor Liquidity Solution Fund			15,085				121				2,301				(590	)			—				(590	)
Shinhan AIM FoF Fund 1-A			2				—				55				40				—				40
IGIS Global Credit Fund 150-1			3,976				3				(4,034	)			(4,068	)			—				(4,068	)
Nomura-Rifa Private Real Estate Investment Trust 19			1,237				12,519				(9,928	)			(11,027	)			—				(11,027	)
Genesis North America Power Company No.1 PEF			13,881				35				10,658				1,193				—				1,193
Korea Finance Security Co., Ltd.			41,108				15,296				47,822				2,059				—				2,059
MIEL Co., Ltd.			423				565				—				—				—				—
AIP Transportation Specialized Privately Placed Fund Trust #1			175,881				178				89,236				6,883				—				6,883
Kiwoom-Shinhan Innovation Fund I			15,849				341				2				(450	)			—				(450	)
Samchully Midstream Private Placement Special Asset Fund 5-4			83,898				25				15,930				(6,398	)			—				(6,398	)
MK Ventures-K Clavis Growth Capital Venture Fund 1			7				—				—				(4	)			—				(4	)

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37		W	53,514				35				7,454				(2,747	)			—				(2,747	)
Milestone Private Real Estate Fund 3			82,313				15,952				19,404				1,145				—				1,145
Nomura-Rifa Private Real Estate Investment Trust 31			90,451				71,014				9,498				(508	)			—				(508	)
FuturePlay-Shinhan TechInnovation Fund 1			12,764				160				1,201				1,034				—				1,034
Vogo Realty Partners Private Real Estate Fund V			47,579				115				14,350				(767	)			—				(767	)
Korea Credit Bureau			156,968				44,319				195,322				29,489				—				29,489
Goduck Gangil1 PFV Co., Ltd.			6,399				330				(134	)			(769	)			—				(769	)
SBC PFV Co., Ltd.			1,517,864				1,338,087				(1,093	)			(10,648	)			—				(10,648	)
NH-amundi global infra private fund 16			55,639				40				41,577				(18,770	)			—				(18,770	)
SH BNCT Professional Investment Type Private Special Asset Investment Trust			284,142				—				2,900				13,568				—				13,568
IGIS Real-estate Private Investment Trust No.33			93,022				65,050				10,378				3,631				—				3,631
Fidelis Global Private Real Estate Trust No.2			753				62				1				—				—				—
AIP EURO PRIVATE REAL ESTATE TRUST No. 12			58,792				74				130				—				—				—
Shinhan Global Healthcare Fund 2			31				183				1				—				—				—
Shinhan AIM Real Estate Fund No.1			32,433				1,479				224,439				17,230				—				17,230
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			178,424				70				29,854				2,906				—				2,906
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			68,261				492				0				(7,455	)			—				(7,455	)
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2			21,968				28				460				592				—				592

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Korea Omega-Shinhan Project Fund I		W	10,725				—				70,333				35,586				—				35,586
Samsung SRA Real Estate Professional Private 45			146,093				29,969				14,647				6,568				—				6,568
IBK Global New Renewable Energy Special Asset Professional Private2			96,818				51				17,251				2,605				—				2,605
Kakao-Shinhan 1st TNYT Fund			49,061				98				647				263				—				263
Pacific Private Placement Real Estate Fund No.40			175,099				98,060				110,276				33,061				—				33,061
LB Scotland Amazon Fulfillment Center Fund 29			35,411				123				27,397				(3,480	)			—				(3,480	)
JR AMC Hungary Budapest Office Fund 16			43,087				1,914				12,442				123				—				123
Gyeonggi-Neoplux Superman Fund			19,336				—				6,251				322				—				322
NewWave 6th Fund			33,577				791				2,485				(2,907	)			—				(2,907	)
Neoplux No.3 Private Equity Fund			111,356				9,271				35,272				(19,230	)			—				(19,230	)
PCC Amberstone Private Equity Fund I			38,558				1,561				5,875				(305	)			—				(305	)
KIAMCO POWERLOAN TRUST 4TH			98,813				13				5,028				1,885				—				1,885
Mastern Opportunity Seeking Real Estate Fund II			5,738				—				29,833				3,745				—				3,745
Neoplux Market-Frontier Secondary Fund			28,177				—				1,416				(13,237	)			—				(13,237	)
KIAMCO Vietnam Solar Special Asset Private Investment Trust			13,927				124				3,165				(402	)			—				(402	)
SHINHAN-NEO Core Industrial Technology Fund			14,560				288				264				(2,032	)			—				(2,032	)
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2			67,224				29				2,943				3,207				—				3,207
Eum Private Equity Fund No.7			45,410				6				10,561				3,729				—				3,729
AJ-KOSNET Semicon One Venture Fund			14,406				178				2				(230	)			—				(230	)
Genesis Eco No.1 PEF			30,863				623				—				(7,946	)			—				(7,946	)

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
SHINHAN-NEO Market-Frontier 2nd Fund		W	59,139				1,485				11,056				2,653				—				2,653
Ulmus SHC innovation investment fund			23,322				—				5,587				5,416				—				5,416
T Core Industrial Technology 1st Venture PEF			9,715				3				198				194				—				194
TI First Property Private Investment Trust 1			2,272				21				5,173				5,115				—				5,115
Kiwoom-Shinhan Innovation Fund 2			29,907				325				14,854				14,519				—				14,519
ETRI Holdings-Shinhan 1st Unicorn Fund			8,247				—				11				(144	)			—				(144	)
AVES 1st Corporate Recovery Private Equity Fund			6,220				316				—				(33	)			—				(33	)
Reverent-Shinhan Vista Fund			28,061				—				2,541				2,237				—				2,237
JS Shinhan Private Equity Fund			163,377				724				(1,555	)			(3,091	)			—				(3,091	)
Meta TB ESG Private Equity Fund I			20,410				—				8				(332	)			—				(332	)
Shinhan VC tomorrow venture fund 1			261,781				2,992				89,255				74,939				—				74,939
Stonebridge-Shinhan Unicorn Secondary Fund			50,970				672				6,450				5,755				—				5,755
Tres-Yujin Trust			26,592				301				233				230				—				230
Capstone REITs No.26			50,974				40,837				147				(600	)			—				(600	)
JB Incheon-Bucheon REITS No.54			14,729				11				2,109				2,081				—				2,081
Hankook Smart Real Asset Investment Trust No.3			6,352				103				7,701				(7,225	)			—				(7,225	)
JB Hwaseong-Hadong REITs No.53			2,559				3				3,293				3,268				—				3,268
KB Oaktree Trust No.3			28,742				798				10,358				1,632				—				1,632
KAI-The Square Fund 1			85				62				98				63				—				63
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2			106,145				30				7,492				10,565				—				10,565
Shinhan JigaeNamsan Road Private Special Asset Investment Trust			162,241				84				6,497				6,245				—				6,245
KB Distribution Private Real Estate 3-1			2				100				(100	)			(2,603	)			—				(2,603	)

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Pacific Private Investment Trust No.49-1		W	46,448				184				16,845				10,946				—				10,946
KIWOOM Real estate private placement fund for normal investors No. 31			4				77				(34	)			(50	)			—				(50	)
RIFA Real estate private placement fund for normal investors No. 51			19				47				4,756				(5	)			—				(5	)
Shinhan-Kunicorn first Fund			20,102				—				2				(4,498	)			—				(4,498	)
Shinhan-Quantum Startup Fund			11,281				—				29				(238	)			—				(238	)
Shinhan Simone Fund I			3,917				27				199				94				—				94
Korea Investment develop seed Trust No.1			26,936				111				3,244				2,780				—				2,780
STIC ALT Global II Private Equity Fund			45,262				216				4,458				777				—				777
DDI LVC Master Real Estate Investment Trust Co., Ltd.			30,991				9				(3	)			(7,607	)			—				(7,607	)
Find-Green New Deal 2nd Equity Fund			20,984				47				1,932				1,781				—				1,781
ShinhanFitrin 1st Technology Business Investment Association			24,396				64				688				(1,843	)			—				(1,843	)
Koramco Private Real Estate Fund 143			26,771				65				4,706				4,696				—				4,696
Korea Investment Top Mezzanine Private Real Estate Trust No.1			13,706				26				1,336				(5,108	)			—				(5,108	)
LB YoungNam Logistics Private Trust No.40			38,857				10				2,937				2,748				—				2,748
Shinhan-Cognitive Start-up Fund L.P.			12,933				277				1,534				(189	)			—				(189	)
Logisvalley Shinhan REIT Co., Ltd.			78,074				55,469				3,874				(710	)			—				(710	)
Shinhan-G.N.Tech Smart Innovation Fund			21,948				—				7,129				4,260				—				4,260
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st			16,757				373				7				(732	)			—				(732	)
Korea Investment Green Newdeal Infra Trust No.1			62,377				27				(217	)			(268	)			—				(268	)
BTS 2nd Private Equity Fund			42,226				157				—				(104	)			—				(104	)

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
NH-J&-IBKC Label Technology Fund		W	30,499				721				15,844				14,495				—				14,495
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			7,905				—				3,511				2,374				—				2,374
Shinhan-isquare Venture PEF 1			8,296				42				7				(155	)			—				(155	)
Aurum Goldrush ESG Private Fund No. 1			9,082				12				(1,155	)			(1,546	)			—				(1,546	)
Nextrade Co., Ltd.			135,357				14,107				67,843				—				—				—
IBKC-Behigh Fund 1st			10,414				—				17				(215	)			—				(215	)
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1			34,374				—				9,567				8,728				—				8,728
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			35,558				21				4,694				2,608				—				2,608
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38			4,731				21				477				456				—				456
TogetherKorea Private Investment Trust No. 6			5,542				1				120				117				—				117
TogetherKorea Private Investment Trust No. 7			5,542				1				120				117				—				117
Kiwoom Core Industrial Technology Investment Fund No.3			12,014				—				831				(127	)			—				(127	)
Penture K-Content Investment Fund			81,619				337				67				(16,373	)			—				(16,373	)
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund			35,845				69				10,805				10,183				—				10,183
Hana Alternative Investment Kosmes PCBO General PEF No. 1			14,278				15				2,110				1,852				—				1,852
Shinhan-Timefolio Bio Accelerator Fund			35,826				464				24,201				23,693				—				23,693
Shinhan M&A-ESG Fund			38,799				—				4,015				2,799				—				2,799
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			68,818				70				11,231				4,276				—				4,276
Shinhan Time Secondary Blind New Technology Investment Trust			23,448				—				8,951				8,686				—				8,686
Shinhan DS Secondary Investment Fund			62,721				153				43,951				43,452				—				43,452

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Shinhan-openwater pre-IPO Investment Trust 1		W	13,138				6				6,899				6,700				—				6,700
Shinhan-CJ TechInnovation Fund 1st			11,053				—				68				(435	)			—				(435	)
Shinhan-Eco Venture Fund 2nd			9,001				42				249				(108	)			—				(108	)
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			17,637				—				725				133				—				133
Hantoo Shinhan Lake K-beauty Technology Investment Trust			30,811				—				—				(1,098	)			—				(1,098	)
Shinhan HB Wellness 1st Investment Trust			11,722				—				869				750				—				750
Korea real Asset Fund No.3			65,623				239				8,086				3,787				—				3,787
Timefolio Tech Fund I			14,419				71				531				231				—				231
PineStreet Global Corporate FoF XIII-2			8,150				8				1,805				1,126				—				1,126
IGIS Yongsan Office General Private Real Estate Investment Trust 518			262,395				208,976				11,179				(9,200	)			—				(9,200	)
SH K-REITs Infra Real Estate Investment Trust (FoFs)			13,671				16				2,515				2,339				—				2,339
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			17,420				—				671				1,109				—				1,109
Time Robotics New Technology Investment Trust			12,158				—				245				(255	)			—				(255	)
Ascent-welcome Technology Investment Trust No.2			25,688				—				1,144				1,092				—				1,092
Igis General PE Real Estate Investment Trust 517-1			57,644				346				(1,786	)			(2,573	)			(776	)			(3,349	)
SH Ulmus M.P.E. Innovative Venture Fund 7			10,268				—				206				(347	)			—				(347	)
Consus Osansegyo No.2			16,406				388				383				—				—				—
Shinhan AIM Private Fund of Fund 9-B			174,507				123				35,441				7,208				—				7,208
Shinhan General Private Real Estate Investment Trust No.3			143,216				1,616				8,811				9,747				—				9,747
Paros Kosdaq Venture General Private Investment Trust No. 5			12,354				2				921				374				—				374
Shinhan-soo secondary Fund			22,475				—				1,272				908				—				908
TECHFIN RATINGS Co., Ltd.			26,117				3,606				1,370				(5,711	)			—				(5,711	)

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
Songpa biz cluster PFV Co., Ltd.		W	2,061,152				2,013,972				—				(1,595	)			—				(1,595	)
Planeta PTE LTD			36,720				—				3,719				2,694				—				2,694
The E&Shinhan New Growth Up Fund			14,992				—				3,129				2,796				—				2,796
HHR Special Situation Real Estate Private Investment Trust No. 13			16,118				37				3,701				3,455				—				3,455
Shinhan-GB FutureFlow Fund L.P.			16,177				12				9				(626	)			—				(626	)
Credila Financial Services			8,555,773				7,082,850				907,033				199,394				(6,759	)			192,635
Shinhan-DS Mezzanine Fund 1			24,137				—				5,679				5,128				—				5,128
Shinhan Time BM sobujang Fund			11,462				—				1,004				734				—				734
Tigris Fund No. 58			18,286				—				15,760				15,612				—				15,612
Shinhan Market-Frontier Fund III			51,059				—				3,594				2,001				—				2,001
Fine North America Credit Private Mixed Asset Investment Trust 22			10,641				641				1,764				787				—				787
IGIS Private Real Estate Investment No.454			14,004				15				1				(25	)			—				(25	)
IGIS Private Real Estate Investment No.462			6,372				47				6				(81	)			—				(81	)
BNW Recharge Private Equity Fund			21,346				133				3				(12,570	)			—				(12,570	)
United Partners Realasset Fund No.14			30,260				53				458				405				—				405
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14			1,130,346				916,520				62,187				35,016				—				35,016
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15			1,115,837				912,310				55,065				27,165				—				27,165
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16			1,085,990				877,765				65,151				35,020				—				35,020
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17			540,904				443,282				37,459				24,955				—				24,955
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18			1,110,136				877,285				87,835				61,808				—				61,808
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19			532,152				416,574				50,597				38,412				—				38,412
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity]			22,143				102				5,643				2,597				—				2,597

		2025
Investees		Assets				Liabilities				Operating revenue				Net profit (loss)				Other comprehen- sive income (loss)				Total comprehen- sive income (loss)
SH Prestige High Dividend Security Feeder No.1[Equity]		W	28,356				52				9,538				9,319				—				9,319
IGIS Real Estate General Private Feeder Investment Company No.562			24,919				663				(53	)			(1,716	)			(1,536	)			(3,252	)
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21			1,584,731				1,289,266				43,763				(20,336	)			—				(20,336	)
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22			1,565,827				1,255,271				43,249				(5,250	)			—				(5,250	)
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23			1,378,370				1,085,625				34,074				(23,051	)			—				(23,051	)
Finflow			46,860				3,444				6,876				(133	)			(858	)			(991	)
Fireant Media and Digital Service Joint Stock Company			26,827				97				403				(1,155	)			—				(1,155	)
ST EIP Holdings Inc.			614,640				506,195				26,162				2,582				—				2,582
AMP Capital Global Infrastructure Fund II B L			1,630,662				92,506				290,372				(78,067	)			—				(78,067	)
Post CR REITS No.1			5,008				8				8				—				—				—
SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs]			20,452				139				1,596				(206	)			—				(206	)

(*) Excluded associates that are not accounted for using the equity method due to disposal or for which financial information was not available as of December 31, 2025.

(d) The reconciliation of the financial information to the carrying amount of its interests in the associates as of December 31, 2024 and 2025 is as follows:

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
BNP Paribas Cardif Life Insurance		W	243,101				14.99				36,441				(5	)			—				36,436
Shinhan-Neoplux Energy Newbiz Fund			46,152				31.66				14,612				—				—				14,612
Shinhan-Albatross tech investment Fund			17,346				50.00				8,672				—				—				8,672
VOGO Debt Strategy Qualified IV Private			18,565				20.00				3,713				—				—				3,713
Shinhan-Midas Donga Secondary Fund			6,304				50.00				3,152				—				—				3,152
ShinHan – Soo Young Entrepreneur Investment Fund No.1			14,087				24.00				3,381				—				—				3,381
Shinhan Praxis K-Growth Global Private Equity Fund			26,081				14.15				3,690				—				—				3,690
Kiwoom Milestone Professional Private Real Estate Trust 19 (*5)			(39,013	)			50.00				(19,506	)			—				19,506				—
Shinhan Global Healthcare Fund 1 (*5)			(4,886	)			3.13				(153	)			—				153				—
KB NA Hickory Private Special Asset Fund			46,649				37.50				17,493				—				—				17,493
Koramco Europe Core Private Placement Real Estate Fund No.2-2			15,481				44.02				6,815				—				—				6,815
KDBC-Midas Dong-A Global contents Fund			11,354				23.26				2,640				—				—				2,640
Shinhan-Nvestor Liquidity Solution Fund			20,571				24.92				5,126				—				—				5,126
Shinhan AIM FoF Fund 1-A			39,214				25.00				9,804				—				—				9,804
IGIS Global Credit Fund 150-1			19,954				25.00				4,989				—				—				4,989
Genesis North America Power Company No.1 PEF			15,514				43.84				6,802				—				—				6,802
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3			40,294				23.33				9,402				—				—				9,402
Korea Finance Security Co., Ltd.			23,754				14.91				3,542				—				—				3,542
MIEL Co., Ltd. (*2)			(142	)			28.77				(41	)			—				41				—
AIP Transportation Specialized Privately Placed Fund Trust #1			164,607				35.73				58,807				—				—				58,807
Kiwoom-Shinhan Innovation Fund I			15,957				50.00				7,979				—				—				7,979
Samchully Midstream Private Placement Special Asset Fund 5-4			94,762				41.67				39,484				—				—				39,484
MK Ventures-K Clavis Growth Capital Venture Fund 1			10				26.67				3				—				—				3
Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37			59,022				60.00				35,413				—				—				35,413
Milestone Private Real Estate Fund 3			59,637				32.06				19,120				—				—				19,120
Nomura-Rifa Private Real Estate Investment Trust 31			20,258				31.31				6,343				—				—				6,343

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
SH Senior Loan Professional Investment Type Private Mixed Asset Investment Trust No.2		W	11,839				21.27				2,518				—				—				2,518
FuturePlay-Shinhan TechInnovation Fund 1			11,570				50.00				5,785				—				—				5,785
Stonebridge Corporate 1st Fund			9,015				44.12				3,977				—				—				3,977
Vogo Realty Partners Private Real Estate Fund V			49,278				21.64				10,662				—				—				10,662
Korea Credit Bureau			84,159				9.00				7,574				—				—				7,574
Goduck Gangil1 PFV Co., Ltd.			9,252				1.04				96				—				—				96
SBC PFV Co., Ltd. (*3)			190,424				25.00				47,606				—				(9,990	)			37,616
NH-amundi global infra private fund 16			65,935				50.00				32,968				—				—				32,968
SH BNCT Professional Investment Type Private Special Asset Investment Trust			311,321				72.50				225,708				—				—				225,708
Sparklabs-Shinhan Opportunity Fund 1			5,505				49.50				2,725				—				—				2,725
IGIS Real-estate Private Investment Trust No.33			38,261				40.86				15,632				—				—				15,632
Goduck Gangil10 PFV Co., Ltd.			30,978				19.90				6,165				—				—				6,165
Fidelis Global Private Real Estate Trust No.2			691				79.63				551				—				—				551
AIP EURO PRIVATE REAL ESTATE TRUST No. 12			85,868				28.70				24,644				—				—				24,644
Shinhan Global Healthcare Fund 2 (*5)			(152	)			13.68				(21	)			—				21				—
Shinhan AIM Real Estate Fund No.2			5,180				30.00				1,554				—				—				1,554
Shinhan AIM Real Estate Fund No.1			13,727				21.01				2,884				—				—				2,884
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			179,344				22.02				39,491				—				—				39,491
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			75,185				29.19				21,947				—				—				21,947
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2			22,077				71.43				15,770				—				—				15,770
Korea Omega-Shinhan Project Fund I			38,945				50.00				19,473				—				—				19,473
Samsung SRA Real Estate Professional Private 45			121,103				25.00				30,276				—				—				30,276
IBK Global New Renewable Energy Special Asset Professional Private2			114,189				28.98				33,098				—				—				33,098
VS Cornerstone Fund			7,831				41.18				3,225				—				—				3,225
NH-Amundi US Infrastructure Private Fund2			2,099				25.91				544				—				—				544
Kakao-Shinhan 1st TNYT Fund			48,697				48.62				23,678				—				—				23,678

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Pacific Private Placement Real Estate Fund No.40		W	46,996				24.73				11,623				—				—				11,623
Mastern Private Real Estate Loan Fund No.2			3,963				33.57				1,330				—				—				1,330
LB Scotland Amazon Fulfillment Center Fund 29			28,996				65.00				18,848				—				—				18,848
JR AMC Hungary Budapest Office Fund 16			40,488				32.57				13,187				—				—				13,187
EDNCENTRAL Co., Ltd. (*6)			(77,934	)			13.47				(10,495	)			—				10,495				—
Gyeonggi-Neoplux Superman Fund			19,014				21.76				4,138				—				—				4,138
NewWave 6th Fund			35,694				30.00				10,708				—				—				10,708
Neoplux No.3 Private Equity Fund			121,523				10.00				12,152				—				—				12,152
PCC Amberstone Private Equity Fund I			67,099				21.67				14,540				—				—				14,540
KIAMCO POWERLOAN TRUST 4TH			102,818				47.37				48,703				—				—				48,703
Mastern Opportunity Seeking Real Estate Fund II			23,725				22.22				5,272				—				—				5,272
Neoplux Market-Frontier Secondary Fund			41,421				19.74				8,175				—				—				8,175
Synergy Green New Deal 1st New Technology Business Investment Fund			38,542				28.17				10,857				—				—				10,857
KIAMCO Vietnam Solar Special Asset Private Investment Trust			14,205				50.00				7,103				—				—				7,103
SHINHAN-NEO Core Industrial Technology Fund			16,304				49.75				8,111				—				—				8,111
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2			72,365				30.00				21,710				—				—				21,710
Eum Private Equity Fund No.7			43,604				21.00				9,156				—				—				9,156
Kiwoom Hero No.4 Private Equity Fund			19,934				21.05				4,197				—				—				4,197
AJ-KOSNET Semicon One Venture Fund			14,454				22.22				3,212				—				—				3,212
Timefolio The Venture-V second			6,586				20.73				1,365				—				—				1,365
Shinhan Smilegate Global PEF I			27,323				14.21				3,882				—				—				3,882
Genesis Eco No.1 PEF			38,185				29.01				11,077				—				—				11,077
SHINHAN-NEO Market-Frontier 2nd Fund			64,400				42.70				27,499				—				—				27,499
J& Moorim Jade Investment Fund			21,508				24.89				5,353				—				—				5,353
Ulmus SHC innovation investment fund			17,910				24.04				4,305				—				—				4,305
T Core Industrial Technology 1st Venture PEF			9,518				31.47				2,995				—				—				2,995
TI First Property Private Investment Trust 1			7,755				40.00				3,102				—				—				3,102
Kiwoom-Shinhan Innovation Fund 2			23,862				42.86				10,227				—				—				10,227
ETRI Holdings-Shinhan 1st Unicorn Fund			9,391				50.00				4,696				—				—				4,696
SJ ESG Innovative Growth Fund			10,902				28.57				3,115				—				—				3,115
AVES 1st Corporate Recovery Private Equity Fund			5,937				76.19				4,523				—				—				4,523

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Reverent-Shinhan Vista Fund		W	25,415				13.41				3,409				—				—				3,409
JS Shinhan Private Equity Fund			165,747				3.85				6,381				—				—				6,381
Meta TB ESG Private Equity Fund I			20,742				27.40				5,683				—				—				5,683
Shinhan VC tomorrow venture fund 1			178,267				39.62				70,633				—				—				70,633
H-IOTA Fund			37,789				24.81				9,377				—				—				9,377
Stonebridge-Shinhan Unicorn Secondary Fund			52,230				26.01				13,587				—				—				13,587
Tres-Yujin Trust			26,062				50.00				13,031				—				—				13,031
Shinhan-Time mezzanine blind Fund			32,851				50.00				16,426				—				—				16,426
Capstone REITs No.26			10,738				50.00				5,369				—				—				5,369
JB Incheon-Bucheon REITS No.54			12,634				39.31				4,967				—				—				4,967
Hankook Smart Real Asset Investment Trust No.3			18,017				33.33				6,006				—				—				6,006
JB Hwaseong-Hadong REITs No.53			16,029				31.03				4,974				—				—				4,974
KB Oaktree Trust No.3			29,665				33.33				9,888				—				—				9,888
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2			177,590				29.73				52,797				—				—				52,797
Shinhan JigaeNamsan Road Private Special Asset Investment Trust			159,538				24.85				39,645				—				—				39,645
KB Distribution Private Real Estate 3-1			64,211				37.50				24,079				—				—				24,079
Pacific Private Investment Trust No.49-1			35,317				79.28				28,000				—				—				28,000
KIWOOM Real estate private placement fund for normal investors No. 31			13,386				60.00				8,032				—				—				8,032
RIFA Real estate private placement fund for normal investors No. 51			13,428				40.00				5,371				—				—				5,371
Shinhan-Kunicorn first Fund			24,596				38.31				9,424				—				—				9,424
Shinhan-Quantum Startup Fund			11,519				49.18				5,665				—				—				5,665
Shinhan Simone Fund I			8,898				38.46				3,422				—				—				3,422
Korea Investment develop seed Trust No.1			25,362				40.00				10,145				—				—				10,145
Tiger Green alpha Trust No.29			31,492				95.24				29,992				—				—				29,992
STIC ALT Global II Private Equity Fund			45,269				21.74				9,841				—				—				9,841
DDI LVC Master Real Estate Investment Trust Co., Ltd. (*1)			38,586				15.00				5,788				—				12				5,800
Reverent Frontier Private Equity Fund IV Specializing in Start-up Venture Business			8,683				23.89				2,074				—				—				2,074
Find-Green New Deal 2nd Equity Fund			19,154				22.57				4,324				—				—				4,324
ShinhanFitrin 1st Technology Business Investment Association			26,175				16.17				4,232				—				—				4,232
Koramco Private Real Estate Fund 143			22,011				30.30				6,669				—				—				6,669
Korea Investment Top Mezzanine Private Real Estate Trust No.1			44,440				22.22				9,876				—				—				9,876

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
LB YoungNam Logistics Private Trust No.40		W	38,500				25.00				9,625				—				—				9,625
Shinhan-Cognitive Start-up Fund L.P.			12,844				32.77				4,209				—				—				4,209
Cornerstone J&M Fund I			12,802				26.67				3,414				—				—				3,414
Logisvalley Shinhan REIT Co., Ltd. (*1)			23,314				20.27				4,726				—				(1,337	)			3,389
Shinhan-G.N.Tech Smart Innovation Fund			26,008				50.00				13,004				—				—				13,004
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st			13,516				50.00				6,758				—				—				6,758
Korea Investment Green Newdeal Infra Trust No.1			57,542				27.97				16,096				—				—				16,096
BTS 2nd Private Equity Fund			39,075				26.00				10,159				—				—				10,159
NH-J&-IBKC Label Technology Fund			34,686				27.81				9,646				—				—				9,646
Hanyang Time Mezzanine Fund			8,790				28.57				2,511				—				—				2,511
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			7,831				50.00				3,916				—				—				3,916
Shinhan-isquare Venture PEF 1			10,592				40.00				4,237				—				—				4,237
Aurum Goldrush ESG Private Fund No. 1			10,613				28.33				3,007				—				—				3,007
Capstone Develop Frontier Trust			37,563				21.43				8,049				—				—				8,049
Nextrade Co., Ltd.			121,250				8.00				9,700				—				—				9,700
IBKC-Behigh Fund 1st			10,629				29.73				3,160				—				—				3,160
ON No.1 Private Equity Fund			19,991				28.57				5,712				—				—				5,712
Digital New Deal Kappa Private Equity Fund			19,178				24.75				4,747				—				—				4,747
IBKCJS New Technology Fund No.1			8,901				29.41				2,618				—				—				2,618
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1			46,301				20.83				9,646				—				—				9,646
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			39,634				28.57				11,324				—				—				11,324
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38			4,371				75.00				3,278				—				—				3,278
TogetherKorea Private Investment Trust No. 6			5,424				99.98				5,423				—				—				5,423
TogetherKorea Private Investment Trust No. 7			5,424				99.98				5,423				—				—				5,423
Kiwoom Core Industrial Technology Investment Fund No.3			12,139				34.75				4,219				—				—				4,219
Penture K-Content Investment Fund			57,216				19.78				11,319				—				—				11,319
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund			44,894				30.00				13,468				—				—				13,468
Hana Alternative Investment Kosmes PCBO General PEF No. 1			13,837				37.04				5,125				—				—				5,125

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Shinhan-Timefolio Bio Accelerator Fund		W	24,195				48.39				11,707				—				—				11,707
Shinhan M&A-ESG Fund			27,660				23.33				6,454				—				—				6,454
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			66,130				28.43				18,804				—				—				18,804
KDBC meta-enter New Technology investment fund			24,373				27.89				6,797				—				—				6,797
Shinhan Time Secondary Blind New Technology Investment Trust			9,762				47.50				4,637				—				—				4,637
Shinhan DS Secondary Investment Fund			4,895				49.83				2,439				—				—				2,439
Shinhan-openwater pre-IPO Investment Trust 1			11,332				50.00				5,666				—				—				5,666
Shinhan-CJ TechInnovation Fund 1st			11,488				40.00				4,595				—				—				4,595
Shinhan-Eco Venture Fund 2nd			9,893				40.00				3,957				—				—				3,957
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			16,243				40.00				6,497				—				—				6,497
Hantoo Shinhan Lake K-beauty Technology Investment Trust			44,701				22.96				10,264				—				—				10,264
Shinhan HB Wellness 1st Investment Trust			10,971				48.54				5,326				—				—				5,326
Korea real Asset Fund No.3			57,933				28.57				16,552				—				—				16,552
PineStreet Global Corporate FoF XIII-2			3,743				100.00				3,743				—				—				3,743
IGIS Yongsan Office General Private Real Estate Investment Trust 518			65,387				26.22				17,144				—				—				17,144
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			16,313				22.99				3,750				—				—				3,750
Time Robotics New Technology Investment Trust			12,651				29.86				3,778				—				—				3,778
Ascent-welcome Technology Investment Trust No.2			30,597				27.65				8,460				—				—				8,460
Newmain I funds			25,754				36.36				9,364				—				—				9,364
Igis General PE Real Estate Investment Trust 517-1			56,728				96.78				54,902				—				—				54,902
SH Ulmus M.P.E. Innovative Venture Fund 7			10,612				28.57				3,032				—				—				3,032
Consus Osansegyo No.2			16,018				50.00				8,009				—				—				8,009
Shinhan AIM Private Fund of Fund 9-B			146,963				25.00				36,741				—				—				36,741
Shinhan General Private Real Estate Investment Trust No.3			128,674				20.75				26,706				—				—				26,706
Paros Kosdaq Venture General Private Investment Trust No. 5			23,074				28.56				6,590				—				—				6,590
Happy Pet Life Care New Technology Investment Association No.2			9,997				30.00				2,999				—				—				2,999

		2024
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Shinhan-soo secondary Fund		W	21,567				77.61				16,737				—				—				16,737
TECHFIN RATINGS Co., Ltd. (*4)			28,223				45.00				12,700				—				12,910				25,610
Songpa biz cluster PFV Co., Ltd.			48,775				27.40				13,364				—				—				13,364
Planeta PTE LTD			34,027				33.33				11,341				—				—				11,341
The E&Shinhan New Growth Up Fund			7,035				50.00				3,518				—				—				3,518
Shinhan-GB FutureFlow Fund L.P.			8,852				58.18				5,150				—				—				5,150
Credila Financial Services (*4)			1,235,349				10.93				135,024				—				128,092				263,116
Shinhan Market-Frontier Fund III			29,058				44.02				12,791				—				—				12,791
DB IPO HighYield Fund 1			14,974				28.57				4,278				—				—				4,278
Exponential SQUARE Private Investment Trust No.1			10,215				50.99				5,208				—				—				5,208
Fine North America Credit Private Mixed Asset Investment Trust 22			7,841				58.82				4,613				—				—				4,613
IGIS Private Real Estate Investment No.454			14,010				24.04				3,368				—				—				3,368
IGIS Private Real Estate Investment No.462			6,406				69.20				4,433				—				—				4,433
BNW Recharge Private Equity Fund			33,785				21.13				7,138				—				—				7,138
United Partners Realasset Fund No.14			29,994				33.33				9,998				—				—				9,998
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12			359,413				5.00				17,977				—				—				17,977
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13			240,733				5.00				12,035				—				—				12,035
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14			274,394				5.00				13,711				—				—				13,711
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15			274,919				5.00				13,738				—				—				13,738
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16			265,962				5.00				13,290				—				—				13,290
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17			107,536				5.00				5,378				—				—				5,378
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18			218,525				5.00				10,925				—				—				10,925
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19			101,018				5.00				5,052				—				—				5,052
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity]			18,761				22.37				4,197				—				—				4,197

(*1) Others represent the adjustments of fair value when acquired.

(*2) Others represent fair value adjustment amounts recognized at the time of acquisition and cumulative losses that were not recognized due to the suspension of equity method accounting after the carrying amount of the investment account was reduced to zero as a result of accumulated deficits.

(*3) Others represent adjustments resulting from the equity method not being applied to non-voting preferred shares issued by the investee.

(*4) Others represent goodwill recognized at the time of acquisition.

(*5) Others represent changes between the financial statements used for the external fair value valuation and those as of the end of the reporting period.

(*6) Others represent cumulative unrecognized losses arising from the suspension of equity method accounting after the carrying amount of the investment account was reduced to zero due to accumulated deficits.

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
BNP Paribas Cardif Life Insurance		W	243,378				14.99				36,482				(5	)			—				36,477
Shinhan-Neoplux Energy Newbiz Fund			41,130				31.66				13,022				—				—				13,022
Shinhan-Albatross tech investment Fund			11,331				50.00				5,666				—				—				5,666
VOGO Debt Strategy Qualified IV Private			9,189				20.00				1,838				—				—				1,838
Shinhan-Midas Donga Secondary Fund			3,417				50.00				1,709				—				—				1,709
ShinHan – Soo Young Entrepreneur Investment Fund No.1			7,266				24.00				1,744				—				—				1,744
Shinhan Praxis K-Growth Global Private Equity Fund			26,080				14.15				3,690				—				—				3,690
Kiwoom Milestone Professional Private Real Estate Trust 19 (*6)			(36,819	)			50.00				(18,409	)			—				18,409				—
Shinhan Global Healthcare Fund 1 (*6)			(3,469	)			4.41				(153	)			—				153				—
Koramco Europe Core Private Placement Real Estate Fund No.2-2			12,325				44.02				5,426				—				—				5,426
Shinhan-Nvestor Liquidity Solution Fund			14,964				24.92				3,729				—				—				3,729
Shinhan AIM FoF Fund 1-A			2				25.00				1				—				—				1
IGIS Global Credit Fund 150-1			3,973				25.00				993				—				—				993
Nomura-Rifa Private Real Estate Investment Trust 19 (*6)			(11,282	)			31.20				(3,520	)			—				3,520				—
Genesis North America Power Company No.1 PEF			13,846				43.84				6,071				—				—				6,071
Korea Finance Security Co., Ltd.			25,812				14.91				3,849				—				—				3,849
MIEL Co., Ltd. (*2)			(142	)			28.77				(41	)			—				41				—
AIP Transportation Specialized Privately Placed Fund Trust #1			175,703				35.73				62,771				—				—				62,771
Kiwoom-Shinhan Innovation Fund I			15,508				50.00				7,754				—				—				7,754
Samchully Midstream Private Placement Special Asset Fund 5-4			83,873				41.67				34,947				—				—				34,947
MK Ventures-K Clavis Growth Capital Venture Fund 1			7				26.67				2				—				—				2
Vestas Qualified Investors Private Real Estate Fund Investment Trust No.37			53,479				60.00				32,087				—				—				32,087

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Milestone Private Real Estate Fund 3		W	66,361				32.06				21,276				—				—				21,276
Nomura-Rifa Private Real Estate Investment Trust 31			19,437				31.31				6,086				—				—				6,086
FuturePlay-Shinhan TechInnovation Fund 1			12,604				50.00				6,302				—				—				6,302
Vogo Realty Partners Private Real Estate Fund V			47,464				21.64				10,271				—				—				10,271
Korea Credit Bureau			112,649				9.00				10,138				—				—				10,138
Goduck Gangil1 PFV Co., Ltd.			6,069				1.04				63				—				—				63
SBC PFV Co., Ltd. (*3)			179,777				25.00				44,944				—				(9,990	)			34,954
NH-amundi global infra private fund 16			55,599				50.00				27,800				—				—				27,800
SH BNCT Professional Investment Type Private Special Asset Investment Trust			284,142				72.50				206,003				—				—				206,003
IGIS Real-estate Private Investment Trust No.33			27,972				24.18				6,764				—				—				6,764
Fidelis Global Private Real Estate Trust No.2			691				79.63				551				—				—				551
AIP EURO PRIVATE REAL ESTATE TRUST No. 12			58,718				28.70				16,852				—				—				16,852
Shinhan Global Healthcare Fund 2 (*6)			(152	)			13.68				(21	)			—				21				—
Shinhan AIM Real Estate Fund No.1			30,954				21.01				6,504				—				—				6,504
SH Daegu Green Power Cogeneration System Professional Investment Type Private Special Asset Investment Trust			178,354				22.02				39,273				—				—				39,273
SH Sangju YC Expressway Professional Investment Type Private Special Asset Investment Trust			67,769				29.19				19,782				—				—				19,782
SH Global Infrastructure Professional Investment Type Private Special Asset Investment Trust No.7-2			21,940				71.43				15,672				—				—				15,672
Korea Omega-Shinhan Project Fund I			10,725				50.00				5,363				—				—				5,363
Samsung SRA Real Estate Professional Private 45			116,124				25.00				29,031				—				—				29,031
IBK Global New Renewable Energy Special Asset Professional Private2			96,767				28.98				28,048				—				—				28,048
Kakao-Shinhan 1st TNYT Fund			48,963				48.62				23,806				—				—				23,806
Pacific Private Placement Real Estate Fund No.40			77,039				24.73				19,052				—				—				19,052
LB Scotland Amazon Fulfillment Center Fund 29			35,288				65.00				22,937				—				—				22,937
JR AMC Hungary Budapest Office Fund 16			41,173				34.87				14,357				—				—				14,357
Gyeonggi-Neoplux Superman Fund			19,336				21.76				4,208				—				—				4,208
NewWave 6th Fund			32,786				30.00				9,836				—				—				9,836

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Neoplux No.3 Private Equity Fund		W	102,085				10.00				10,209				—				—				10,209
PCC Amberstone Private Equity Fund I			36,997				21.67				8,017				—				—				8,017
KIAMCO POWERLOAN TRUST 4TH			98,800				47.37				46,800				—				—				46,800
Mastern Opportunity Seeking Real Estate Fund II			5,738				20.00				1,148				—				—				1,148
Neoplux Market-Frontier Secondary Fund			28,177				19.74				5,562				—				—				5,562
KIAMCO Vietnam Solar Special Asset Private Investment Trust			13,803				50.00				6,902				—				—				6,902
SHINHAN-NEO Core Industrial Technology Fund			14,272				49.75				7,100				—				—				7,100
SHBNPP Green New Deal Energy Professional Investment Type Private Special Asset Investment Trust No.2			67,195				30.00				20,158				—				—				20,158
Eum Private Equity Fund No.7			45,404				21.00				9,534				—				—				9,534
AJ-KOSNET Semicon One Venture Fund			14,228				22.22				3,161				—				—				3,161
Genesis Eco No.1 PEF			30,240				29.01				8,772				—				—				8,772
SHINHAN-NEO Market-Frontier 2nd Fund			57,654				42.70				24,618				—				—				24,618
Ulmus SHC innovation investment fund			23,322				24.04				5,607				—				—				5,607
T Core Industrial Technology 1st Venture PEF			9,712				31.47				3,056				—				—				3,056
TI First Property Private Investment Trust 1			2,251				40.00				900				—				—				900
Kiwoom-Shinhan Innovation Fund 2			29,582				42.86				12,679				—				—				12,679
ETRI Holdings-Shinhan 1st Unicorn Fund			8,247				50.00				4,124				—				—				4,124
AVES 1st Corporate Recovery Private Equity Fund			5,904				76.19				4,498				—				—				4,498
Reverent-Shinhan Vista Fund			28,061				13.41				3,763				—				—				3,763
JS Shinhan Private Equity Fund			162,653				3.85				6,262				—				—				6,262
Meta TB ESG Private Equity Fund I			20,410				27.40				5,592				—				—				5,592
Shinhan VC tomorrow venture fund 1			258,789				39.62				102,540				—				—				102,540
Stonebridge-Shinhan Unicorn Secondary Fund			50,298				26.01				13,082				—				—				13,082
Tres-Yujin Trust			26,291				50.00				13,146				—				—				13,146
Capstone REITs No.26			10,137				50.00				5,069				—				—				5,069
JB Incheon-Bucheon REITS No.54			14,718				39.31				5,785				—				—				5,785
Hankook Smart Real Asset Investment Trust No.3			6,249				33.33				2,083				—				—				2,083
JB Hwaseong-Hadong REITs No.53			2,556				31.03				793				—				—				793
KB Oaktree Trust No.3			27,944				33.33				9,314				—				—				9,314
KAI-The Square Fund 1			23				47.96				11				—				—				11
SH Real Estate Loan Investment Type Private Real Estate Investment Trust No.2			106,115				29.73				31,548				—				—				31,548
Shinhan JigaeNamsan Road Private Special Asset Investment Trust			162,157				24.85				40,296				—				—				40,296

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
KB Distribution Private Real Estate 3-1 (*6)		W	(98	)			37.50				(37	)			—				37				—
Pacific Private Investment Trust No.49-1			46,264				79.28				36,678				—				—				36,678
KIWOOM Real estate private placement fund for normal investors No. 31 (*6)			(73	)			60.00				(44	)			—				44				—
RIFA Real estate private placement fund for normal investors No. 51 (*6)			(28	)			40.00				(11	)			—				11				—
Shinhan-Kunicorn first Fund			20,102				38.31				7,701				—				—				7,701
Shinhan-Quantum Startup Fund			11,281				49.18				5,548				—				—				5,548
Shinhan Simone Fund I			3,890				38.46				1,496				—				—				1,496
Korea Investment develop seed Trust No.1			26,825				40.00				10,730				—				—				10,730
STIC ALT Global II Private Equity Fund			45,046				21.74				9,793				—				—				9,793
DDI LVC Master Real Estate Investment Trust Co., Ltd. (*1)			30,982				15.00				4,647				—				12				4,659
Find-Green New Deal 2nd Equity Fund			20,937				22.57				4,726				—				—				4,726
ShinhanFitrin 1st Technology Business Investment Association			24,332				16.17				3,934				—				—				3,934
Koramco Private Real Estate Fund 143			26,706				30.30				8,092				—				—				8,092
Korea Investment Top Mezzanine Private Real Estate Trust No.1			13,680				22.22				3,040				—				—				3,040
LB YoungNam Logistics Private Trust No.40			38,847				25.00				9,712				—				—				9,712
Shinhan-Cognitive Start-up Fund L.P.			12,656				32.77				4,147				—				—				4,147
Logisvalley Shinhan REIT Co., Ltd. (*1)			22,605				20.27				4,582				—				(1,337	)			3,245
Shinhan-G.N.Tech Smart Innovation Fund			21,948				50.00				10,974				—				—				10,974
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1st			16,384				50.00				8,192				—				—				8,192
Korea Investment Green Newdeal Infra Trust No.1			62,350				27.97				17,439				—				—				17,439
BTS 2nd Private Equity Fund			42,069				26.00				10,938				—				—				10,938
NH-J&-IBKC Label Technology Fund			29,778				27.81				8,281				—				—				8,281
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund			7,905				50.00				3,953				—				—				3,953
Shinhan-isquare Venture PEF 1			8,254				40.00				3,301				—				—				3,301
Aurum Goldrush ESG Private Fund No. 1			9,070				28.33				2,569				—				—				2,569
Nextrade Co., Ltd.			121,250				8.00				9,700				—				—				9,700
IBKC-Behigh Fund 1st			10,414				29.73				3,096				—				—				3,096
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1			34,374				20.83				7,160				—				—				7,160
VOGO Debt Strategy General Private Real Estate Investment Trust No. 18			35,537				28.57				10,153				—				—				10,153
Koramco IPO REITS Mezzanine General Private Investment Trust No. 38			4,710				75.00				3,533				—				—				3,533

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
TogetherKorea Private Investment Trust No. 6		W	5,541				99.98				5,540				—				—				5,540
TogetherKorea Private Investment Trust No. 7			5,541				99.98				5,540				—				—				5,540
Kiwoom Core Industrial Technology Investment Fund No.3			12,014				34.75				4,175				—				—				4,175
Penture K-Content Investment Fund			81,282				19.78				16,080				—				—				16,080
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund			35,776				30.00				10,733				—				—				10,733
Hana Alternative Investment Kosmes PCBO General PEF No. 1			14,263				37.04				5,283				—				—				5,283
Shinhan-Timefolio Bio Accelerator Fund			35,362				48.39				17,112				—				—				17,112
Shinhan M&A-ESG Fund			38,799				23.33				9,053				—				—				9,053
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd.			68,748				28.43				19,548				—				—				19,548
Shinhan Time Secondary Blind New Technology Investment Trust			23,448				47.50				11,138				—				—				11,138
Shinhan DS Secondary Investment Fund			62,568				49.83				31,178				—				—				31,178
Shinhan-openwater pre-IPO Investment Trust 1			13,132				50.00				6,566				—				—				6,566
Shinhan-CJ TechInnovation Fund 1st			11,053				40.00				4,421				—				—				4,421
Shinhan-Eco Venture Fund 2nd			8,959				40.00				3,584				—				—				3,584
Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1			17,637				40.00				7,055				—				—				7,055
Hantoo Shinhan Lake K-beauty Technology Investment Trust			30,811				22.96				7,074				—				—				7,074
Shinhan HB Wellness 1st Investment Trust			11,722				48.54				5,690				—				—				5,690
Korea real Asset Fund No.3			65,384				28.57				18,680				—				—				18,680
Timefolio Tech Fund I			14,348				21.18				3,039				—				—				3,039
PineStreet Global Corporate FoF XIII-2			8,142				100.00				8,142				—				—				8,142
IGIS Yongsan Office General Private Real Estate Investment Trust 518			53,419				26.22				14,006				—				—				14,006
SH K-REITs Infra Real Estate Investment Trust (FoFs)			13,655				23.30				3,182				—				—				3,182
Samsung-dunamu Innovative IT Technology Investment Trust No. 1			17,420				22.99				4,005				—				—				4,005
Time Robotics New Technology Investment Trust			12,158				29.86				3,630				—				—				3,630
Ascent-welcome Technology Investment Trust No.2			25,688				27.65				7,103				—				—				7,103
Igis General PE Real Estate Investment Trust 517-1			57,298				96.71				55,414				(439	)			—				54,975
SH Ulmus M.P.E. Innovative Venture Fund 7			10,268				28.57				2,933				—				—				2,933
Consus Osansegyo No.2			16,018				50.00				8,009				—				—				8,009

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
Shinhan AIM Private Fund of Fund 9-B		W	174,384				25.00				43,596				—				—				43,596
Shinhan General Private Real Estate Investment Trust No.3			141,600				20.75				29,389				—				—				29,389
Paros Kosdaq Venture General Private Investment Trust No. 5			12,352				29.45				3,638				—				—				3,638
Shinhan-soo secondary Fund			22,475				77.61				17,442				—				—				17,442
TECHFIN RATINGS Co., Ltd. (*4)			22,511				45.00				10,130				—				12,910				23,040
Songpa biz cluster PFV Co., Ltd.			47,180				27.40				12,927				—				—				12,927
Planeta PTE LTD			36,720				33.33				12,239				—				—				12,239
The E&Shinhan New Growth Up Fund			14,992				50.00				7,496				—				—				7,496
HHR Special Situation Real Estate Private Investment Trust No. 13			16,081				20.00				3,216				—				—				3,216
Shinhan-GB FutureFlow Fund L.P.			16,165				50.00				8,082				—				—				8,082
Credila Financial Services (*4)			1,472,923				10.06				148,176				—				117,638				265,814
Shinhan-DS Mezzanine Fund 1			24,137				15.09				3,643				—				—				3,643
Shinhan Time BM sobujang Fund			11,462				29.41				3,371				—				—				3,371
Tigris Fund No. 58			18,286				20.83				3,809				—				—				3,809
Shinhan Market-Frontier Fund III			51,059				44.02				22,476				—				—				22,476
Fine North America Credit Private Mixed Asset Investment Trust 22			10,000				58.82				5,883				—				—				5,883
IGIS Private Real Estate Investment No.454			13,989				24.04				3,362				—				—				3,362
IGIS Private Real Estate Investment No.462			6,325				69.20				4,377				—				—				4,377
BNW Recharge Private Equity Fund			21,213				21.13				4,482				—				—				4,482
United Partners Realasset Fund No.14			30,207				33.33				10,068				—				—				10,068
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.14			213,826				7.67				16,396				—				—				16,396
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.15			203,527				7.79				15,854				—				—				15,854
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.16			208,225				7.67				15,977				—				—				15,977
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.17			97,622				7.40				7,225				—				—				7,225
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.18			232,851				6.39				14,873				—				—				14,873
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.19			115,578				6.55				7,567				—				—				7,567
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity]			22,041				19.91				4,388				—				—				4,388
SH Prestige High Dividend Security Feeder No.1[Equity]			28,304				23.92				6,770				—				—				6,770

		2025
Investees		Net assets (a)				Ownership (%) (b)				Interests in the net assets (a)*(b)				Intra-group transactions				Others				Carrying amount
IGIS Real Estate General Private Feeder Investment Company No.562 (*5)		W	24,256				88.46				21,457				(264	)			25				21,218
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.21			295,465				4.97				14,689				—				—				14,689
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.22			310,556				4.97				15,439				—				—				15,439
Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.23			292,745				4.97				14,554				—				—				14,554
Finflow (*1)			43,416				15.00				6,512				—				526				7,038
Fireant Media and Digital Service Joint Stock Company			26,730				17.66				4,721				—				—				4,721
ST EIP Holdings Inc.			108,445				49.00				53,138				—				—				53,138
AMP Capital Global Infrastructure Fund II B L			1,538,156				1.50				23,072				—				—				23,072
Post CR REITS No.1			5,000				70.00				3,500				—				—				3,500
SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs]			20,313				23.30				4,733				—				—				4,733

(*1) Others represent the adjustments of fair value when acquired.

(*2) Others represent fair value adjustment amounts recognized at the time of acquisition and cumulative losses that were not recognized due to the suspension of equity method accounting after the carrying amount of the investment account was reduced to zero as a result of accumulated deficits.

(*3) Others represent adjustments resulting from the equity method not being applied to non-voting preferred shares issued by the investee.

(*4) Others represent goodwill recognized at the time of acquisition.

(*5) Others represent changes between the financial statements used for the external fair value valuation and those as of the end of the reporting period.

(*6) Others represent cumulative unrecognized losses arising from the suspension of equity method accounting after the carrying amount of the investment account was reduced to zero due to accumulated deficits.

(e) The unrecognized equity method losses as of and for the years ended December 31, 2024 and 2025 are as follows:

		2024
Investees		Unrecognized changes during the prior period				Cumulative unrecognized equity method losses
MIEL Co., Ltd.		W	—				(41	)
Shinhan Global Healthcare Fund 1			—				(153	)
Shinhan Global Healthcare Fund 2			—				(21	)
EDNCENTRAL Co., Ltd.			(4,818	)			(10,495	)
Kiwoom Milestone Professional Private Real Estate Trust 19			(73	)			(19,506	)
		W	(4,891	)			(30,216	)

		2025
Investees		Unrecognized changes during the current period				Cumulative unrecognized equity method losses
MIEL Co., Ltd.		W	—				(41	)
Shinhan Global Healthcare Fund 1			—				(153	)
Shinhan Global Healthcare Fund 2			—				(21	)
Kiwoom Milestone Professional Private Real Estate Trust 19			1,097				(18,409	)
KIWOOM Real estate private placement fund for normal investors No. 31			(44	)			(44	)
RIFA Real estate private placement fund for normal investors No. 51			(11	)			(11	)
KB Distribution Private Real Estate 3-1			(37	)			(37	)
Nomura-Rifa Private Real Estate Investment Trust 19			(3,520	)			(3,520	)
		W	(2,515	)			(22,236	)

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