KEP buyback activity: $232.79B repurchased in Q4 (1378.79% of market cap)韩国电力（KEP）Q4 回购 $232.79B，约占市值 1378.79%

Reported Share Repurchase Activity

Korea Electric Power Corporation (KEP) reported $232.79 billion in common stock repurchase cash outflows during the fourth quarter ending December 31, 2025, with the total repurchase size equal to 1,378.79% of the company’s $16.88 billion market capitalization.

Capital Allocation Signal

The company paid $0.00 in dividends during this quarter, and reported negative free cash flow of $487.71 billion, despite positive operating cash flow of $3.31 trillion. The repurchase cash expenditure vastly exceeds the period’s free cash flow, indicating the company likely drew on accumulated cash reserves or a portion of operating cash flows to complete the buyback, rather than relying solely on current-quarter free cash flow to cover the cost.

Shareholder Return Context

For a large-cap regulated electric utility with a $16.88 billion market cap, this repurchase scale is unusually aggressive. Large-cap utilities typically execute quarterly repurchase programs totaling single-digit or low double-digit percentages of market capitalization; KEP’s repurchase size represents over 13 times its full market value, far outside standard industry ranges.

Limitations of the Data

This completed actual repurchase does not guarantee future repurchase pace, prove the company views its stock as undervalued, or provide guaranteed stock price support. Additionally, this filing reflects executed buyback activity, not a new stock repurchase authorization.