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Shinhan Financial Group — Presentation / slide deck (8-K exhibit)
Shinhan Financial Group (SHG) · 23 slides · Filed Apr 23, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All SHG deck slides
Slide 1 — Shinhan Value-Up +++
1 Shinhan Value-Up +++ Shinhan Financial Group Value-Up Plan April 2026
Slide 2 — Disclaimer
2 Disclaimer • The business performance and financial information disclosed herein are consolidated figures prepared in accordance with the Korean International Financial Reporting Standards(K-IFRS), unless otherwise specified. • This document has been prepared solely for the purpose of providing information about Shinhan Financial Group (SFG). While this document has been prepared based on reliable data and information available to us, SFG has not independently verified it. Therefore, SFG does not guarantee the fairness, accuracy, or completeness of the information or opinions contained herein, and the information or opinions contained herein is subject to modification or change without prior notice. • This document does not constitute an offer, solicitation or recommendation to purchase or subscribe for any stocks or other financial instruments, and no part of this document should be construed as a basis for any contract, agreement, or investment decision. Neither SFG, its affiliates (including subsidiaries), nor their directors, officers and employees shall have any liability, whatsoever for any loss arising from this document or investments based on this document. Under no circumstances can this document be used as evidence of legal liability for the results of customer’s investments. • This document contains forward-looking information including forecasts regarding future financial performance and business outlook, prepared considering SFG management’s assessment of SFG current business situation and prospects based on information to SFG as of the date of preparation of this document. This forward-looking information is not final and is subject to change. Such forward-looking information is based on assumptions about the future that is beyond SFG’s control, and there are risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking information, and SFG is not obligated to update this document to reflect new developments or changes that occur after the date of this document. • This document may be used and distributed only for non-commercial purposes without modification (however, only with clear and proper attribution). Any unauthorized quotation, reproduction, display, distribution, transmission, editing, translation, or publishing of this document without SFG’s prior approval may result in legal consequences.
Slide 3 — Shinhan will pursue projectable and sustainable shareholder returns,
3 Key Takeaways (1/2) Shinhan will pursue projectable and sustainable shareholder returns, alongside swift efforts to strengthen its fundamental profitability(ROE). Swift Improvement of ROE and ROTCE Projectable & Sustainable Shareholder Return Policy Stable CET1 Ratio in All Market Conditions A board-led cycle process of 「planning→execution and monitoring→evaluation→plan update discussion and resolution」 → ※ The policy is subject to change based on market, regulatory, and business conditions, with appropriate communication provided. 1) The ROC (RWA × 13%) as a key execution metric for ROE enhancement will be applied to performance measurement and compensation at the group, enterprise, and business unit level. 2) Tax-exempt dividend: Dividend payments using tax-exempt funds from retained earnings transferred as a result of a reduction in capital reserves pursuant to Article 461-2 of the Commercial Act. Separately taxed dividend: Under Article 104-27 of the amended Act on Restriction on Special Cases Concerning Taxation, separate taxation applies to high-dividend companies through 2028. ※ ROE: Return on Equity, ROTCE: Return on Tangible Common Equity , COE: Cost of Equity, TBPS: Tangible Book value Per Share, CET1 Ratio : Common Equity Tier1 Ratio
Slide 4 — 4
4 Key Takeaways (2/2) + + + 50% 13%
Slide 5 — Value-Up : Triple Plus
5 Value-Up : Triple Plus 1. Execution Review and Analysis 2. 2026 Value-Up Targets 3. Target Setting Details ①ROE 10%+ ②Shareholder Return Ratio 50%+ ③CET1 13%+ 4. Execution Methodologies ①PBR-ROC Logic Tree ②Shareholder Return Mix Policy ③Value-Up Aligned KPI and Compensation 5. Strengthen Communication 6. Governance FY2026
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6 Review & Analysis 2026 Target Target Setting Details Execution Methodology FY2000 FY2021 FY2022 FY2023 FY2024 Industry-First Disclosure of Mid-Term Financial Targets Industry-First Quarterly Cash Dividend Mid-Term Strategic Target Update Disclosure Industry-First ROTCE Adoption Leading Shareholder Return Policy Regular Equal Quarterly Dividends Reset Mid-Term Targets Reflecting ROC Evaluation and Compensation Pursuing Consistent Shareholder Return Policy FY2025 Value-Up Plan Disclosure Established a roadmap until FY2027 Established 2025 Plan and Achieved Key Indicator Targets ROE and ROTCE Enhancement based on Stable CET1 Ratio Improvement of Per Share Value through Decrease in Total Number of Shares Swift Execution of Shareholder Returns ※ Shinhan Financial Group’s mid- to long-term vision is focused on enhancing the value of all stakeholders including shareholders, customers, employees, and society. ROE ROTCE CET1 Ratio Shareholder Return Ratio Numberof Shares TBPS FY24 8.4% 9.6% 13.02% 40.2% 499mn KRW 100,096 50bp or more FY2025 Plan 13.1% or more 42% or more “Swift” Share Buyback · Cancellation FY25 9.1% 10.3% 13.35% 50.2% 474mn1) KRW 109,117 10% 11.5% 13%+ 50% Level 450mn KRW 130,000 Mid-Term Target (FY2027) Strengthen Communication Governance 1) Including the KRW 800bn share buyback resolved in the second half of 2025 (KRW 200bn buyback in January 2026)
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7 Total Shareholder Returns (TSR*) Announcement of the “Corporate Value-Up Support Program” Market expectations for the Value-Up Program Net Asset Value per Share External Factors Internal Factors Heightened Internal and External Uncertainties High FX rates, the U.S.–Iran conflict Listed on the Korea Exchange’s “Korea Value-Up Index” (Sept. 24, 2024) “Value-Up Plan” Disclosure (Jul. 26, 2024) Value-Up Disclosure Higher Shareholder Returns Expectations *TSR = (P1 – P0 + D) ÷ P0 ※ PBR: Price Book value Ratio, TSR: Total Shareholder Return, TBPS : Tangible Book Value Per Share `23.12 `24.12 `25.12 `26.3 `24.6 `25.6 0.39 0.43 0.45 0.53 0.64 0.70 Feb. 12, 2026 PBR Peak 0.89 Feb. 26, 2024 Announcement of the “Corporate Value-Up Support Program” Jul. 26, 2024 Shinhan Value-Up Disclosure 0.54 PBR ■Dividend Effect ■Stock Price Appreciation Effect FY2025 66.8% 5.4% 61.4% FY2024 5.4% 18.7% 24.1% FY2023 6.0% 14.1% 20.0% 92,642 (104,769) 100,096 (112,364) 109,117 (121,468) 2024 2025 2023 +7,453 (+8.0%) +9,021 (+9.0%) (Unit: KRW) TBPS (BPS) Share Buyback/ Cancellation 700bn Cash Dividend 1,088bn FY2024 Shareholder Return Ratio 40.2% + 1,250bn 1,245.7bn FY25 Shareholder Return Ratio 50% Early Achievement + FY2026 1H(e) 700bn Market Cap. Share Buyback/ Cancellation Cash Dividend Share Buyback/ Cancellation P₁: Period-end share price P₀: Beginning / Prior-period share price D: Dividends per share 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance 55Wtn 45Wtn 35Wtn 25Wtn 15Wtn Review & Analysis
Slide 8 — 8
8 Target 92,642 100,096 109,117 130,000 2023 2024 2025 2026 2027 (Unit: %) ROTCE Common Equity ROE ※ ROTCE =Net income to common shareholders ÷ (Common equity - Intangible assets), Common Equity ROE = Net income to common shareholders / Common equity 36.0 40.2 50.2 50+α 13.17 13.02 13.35 13+ 2023 2024 2025 2026 2027 (Unit: %) Total Number of Shares (million) TBPS(KRW) Target SHG A Group B Group C Group Growth Rate +8.0% +12.0% +0.7% (-) 3.0% 8.6 8.4 9.1 9.9 9.6 10.3 2023 2024 2025 2026 2027 ROE YoY Change- PeerGroup1) Comparison(FY2025) Shareholder Return Ratio CET1 Ratio SHG A Group B Group C Group Target 50% - 50% 50% Actual 50.2% 52.4% 46.8% 36.6% Shareholder Return Ratio Achievement (FY2025) SHG A Group B Group Share Reduction 4.9% 4.0% 4.0% Share Count Reduction Ratio(As of Jan. 2026 vs. Dec. 2024) Target Target 11.5% Target 10% 0.9%p Additional Improvement Required 513 499 4741) Below 450 1) As of Jan. 2026 △25mn △24mn 1) Peer Group : Major domestic financial holding companies; data are based on each company’s disclosures 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance Review & Analysis
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9 1) ROC: Return on Group Capital, a management metric to measure profitability against capital allocated to each subsidiary, aimed to enhance ROE while maintaining a stable CET1 capital 342.4tn 352.9tn RWA YoY KRW+10.5tn (+3.1%) Bank +5.0tn (+2.6%) FY24 2025 RWA Increase/Decrease 2025 ROC1) Per Subsidiary Credit RWA +9.8tn (YoY +3.4%) FY25 Subsidiary Net Income Allocated Capital per Subsidiary (RWA per Subsidiary X Target CET1 Ratio) = Market RWA -1.0tn Operating RWA +1.7tn Non-Bank +4.8tn (+5.2%) ROC RWA YoY SHG A Group B Group C Group +3.1% +3.3% +3.5% -0.2% 2025 YoY RWA Change of Domestic Peer RWA ROC Capital Allocation Banking 12.5% Insurance* 11.4% Capital Market 9.9% Consumer Finance 6.6% Others 7.4% ※ Banking : Shinhan Bank, Jeju Bank / Insurance : Shinhan Life, Shinhan EZ General Insurance / Capital Market : Shinhan Securities, Shinhan Asset Management, Shinhan Venture, Shinhan Fund Parterners / Consumer Finance : Shinhan Card, Shinhan Capital / Others : Other subsidiaries * Insurance : RWA is estimated based on capital consumption for the insurance segment. ROC YoY Banking Insurance Capital Market Consumer Finance Others* -0.4%p -0.4%p +3.2%p -1.3%p +77.6%p 2025 YoY ROC Change by Business Sector Subsidiaries Combined Target ROC 12.5% * Others : Improved primarily driven by lower provisioning for trust account receivables at Shinhan Asset Trust 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance Review & Analysis
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10 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 0% 20% 40% 60% 80% 100% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% (2023 → 2025) (2023 → 2025) Domestic Peer1) Shareholder Return Ratio PBR 2023 35% 0.35 2025 50% 0.64 Domestic Peer1) CET1 Ratio Common Equity ROE 2023 13.0% 8.9% 2025 13.4% 9.7% 1) Domestic Peer : Domestic major financial holding companies, for other companies, data are from respective disclosures 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance Review & Analysis
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11 § May 2025 BOD NDR (HK, Singapore) § Aug 2025 Hosted Jeju Analyst Day § Sept 2025 Hosted CEO Roundtable § Oct 2025 Participated Nagoya Korean-Japanese NDR § Jan 2026 BOD NDR (London, Singapore) § Mar 2026 Distribution of BOD Chair / CEO Shareholder Letter § Aug 2025 Participated ‘KLCA Expert Group on Commercial Act Amendments’ * Korea Listed Companies Association § Sept 2025 Hosted BOD Roundtable § Nov 2025 Participated ACGA* Conference BOD Panel Discussion * Asian Corporate Governance Association § Sept 2025 Participated Korea Stock Exchange ‘KCMC* 2025’ * Korea Capital Market Conference § Aug 2025 Hosted Retail Investor Briefing (SHG Official YouTube Channel) 2025 Main IR Events IR Events Domestic Disclosure US Total Korean (Dart) English (KRX) EDGAR (SEC) AGM Earnings Call BOD Round- table BOD /Mgnt IR Meetings 2024 485 1 4 1 73 149 79 57 2025 549 1 4 1 79 152 87 53 2025 Investor Communications IR Events & Disclosures Board Roundtable Overview (Sept. 2025) • Continued BOD-led IR activities / Enhanced accessibility for foreign investors through English disclosures * English disclosures on KRX since 2017 (prior to Phase 1 mandate in Jan 2024) • Presenter : 7 BOD Members and 7 Managers of the Shinhan Financial Group • Participant : 42 domestic and international institutional Investors (On-site 29, Online 13) • Key Discussion Issues ①Strategic direction amid expansion of productive finance and capital market reforms ②Evaluation and compensation system for the Group CEO and management ③Group CEO succession process and status; criteria for subsidiary CEO appointments ④Strengthening internal controls and risk management, and cultural integration ⇒ Incorporating Investor Feedback into 2026 Value-Up Plan § May 2025 KRX 「2025 Value-Up Excellent Company」 § Nov 2025 FSS ‘2025 XBRL Outstanding Financial Disclosure Company’ 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance Review & Analysis
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12 Review & Analysis Target Setting Details Execution Methodology Strengthen Communication Governance 2026 Target
Slide 13 — 13
13 + + + + + + Review & Analysis 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance
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14 Review & Analysis 2026 Target Target Setting Details Execution Methodology Strengthen Communication Governance
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15 Target Setting Details 10.0%+ 11.5%+ COE 10% Level1) 23% 35~ 40% Review & Analysis Execution Methodology Strengthen Communication Governance 2026 Target
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16 Target Setting Details Review & Analysis Execution Methodology Strengthen Communication Governance 2026 Target
Slide 17 — 13%+
17 Korea US Japan EU KR US JP EU 13%+ Target Setting Details Review & Analysis Execution Methodology Strengthen Communication Governance 2026 Target
Slide 18 — PBR = PER ROE = PER
18 PBR = PER ROE = PER ROC Capital Depletion Ratio Net Income Pre-expense Income Pre-expense Income Total Assets Total Assets RWA x 13% RWA x 13% CET1 자본 Market Capitalization Net Income = Market Capitalization Net Income x Net Income Pre-expense Income ①PER ②Net Income Margin ③Gross Yield ④Leverage ⑤Capital Depletion Ratio x Pre-expense Income Total Assets x Total Assets RWA x 13% x RWA x 13% Equity Execution Methodology ※ ROC Target Setting Details Review & Analysis Strengthen Communication Governance 2026 Target
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19 1 2 3 4 5 Illustrative Roadmap for Tax-Exempt / Separately Taxed Dividends 40.2% 50.2% Roadmap for Expanding DPS and Total Dividend Payouts Buyback- Dividend- focused focused Shareholder return mix is determined by comparing the required return on share buybacks (ROE/PBR) with the required return on dividends (COE), prioritizing buybacks when the buyback return is higher and dividends when the dividend return is higher Execution Methodology Target Setting Details Review & Analysis Strengthen Communication Governance 2026 Target
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20 Performance Share (PS) Annual Incen- tive Aligned with stock price Performance-linked Profitability Asset Quality NPL Ratio Group KPI and strategic initiatives ※ Compensation deduction rules apply based on the Risk Check mechanism1) Base salary and duty allowance 총주주수익률(TSR) 15% 20% 15% Note 1) Risk Check mechanism: Compensation may be reduced in the event of material risks or issues, including those related to internal controls or consumer protection Note 2) KPI: Key Performance Indicator Note 3) SDGs: Sustainable Development Goals Note 4) Above information is based on the resolution of the Remuneration Committee in March 2025. 20% 30% 30% 20% Group KPI Strategic Initiatives Alignment with the ‘Value-Up Plan’ ※ Claw-back Policy is in place to reclaim performance-based compensation in the event of corrections to financial statements used as the basis for such compensation. ※ CEO evaluation weighting: 70% Group KPIs, 30% Strategic Initiatives 1 2 3 Alignment with the ‘Value-Up Plan’ 15% 20% 15% 1 2 3 Execution Methodology Target Setting Details Review & Analysis Strengthen Communication Governance 2026 Target
Slide 21 — 1. Enhanced Communication
21 1Q 2026 2Q 2026 3Q 2026 4Q 2026 Board-led ‘Value-Up Plan formulation and quarterly implementation reviews and capital policy decisions’ Enhancing Market Engagement Continued Expansion of Board- and Management-led IR 1. Enhanced Communication on Value-Up Progress 2. Taking a leading role in advancing the Value-Up initiative ü Board- and management-led investor engagement to expand multi-stakeholder communication (continuing approx. 500 IR activities annually) ü Active communication on Value-Up progress via quarterly earnings calls and disclosures ü Promoting the adoption of Value-Up policies among listed companies by hosting a “Corporate Value-Up Conference” for corporate clients ü Playing a key role in advancing Value-Up policies through collaboration with relevant institutions (e.g. financial authorities, KRX) 3. Expanding Communication with Retail Investors ü Regular online briefings for retail investors to broaden dissemination of the Value-Up Plan ü Attracting retail investors by enhancing infrastructure and communication through partnerships with domestic and global brokerages • Continuing and expanding Board- and management-led IR activities • Strengthening Value-Up communication through tailored IR activities—including IR sessions for domestic and global retail investors and Analyst Days—for diverse investor groups ü Commercial Act amendments reflected in the AOI (approved at the AGM) ü Board Chair and CEO letters issued ü Participate in 2 global investor conferences ü 2025 Value-Up Plan implementation review and disclosure (Board-approved) ü Conduct CEO overseas NDR and roundtables ü Participate in 5-6 global investor conferences ü Host BOD Roundtable ü Host IR sessions for domestic and global retail investors ü Host Analyst Day ü Participate in 3-4 global investor conferences ü Approve annual management budget [Value-Up Plan aligned] (Board resolution) ü Conduct CEO overseas NDR ü Participate in 3-4 global investor conferences Strengthen Communication Execution Methodology Target Setting Details Review & Analysis 2026 Target Governance
Slide 22 — 81.8%
22 Expertise Independent Diverse % of Female Directors 81.8% 36.4% % of Independent Directors ①Candidate Pool Development and Management ⑴Internal candidates, including CEOs of major subsidiaries, are identified and developed ⑵CEO Recommendation Committee annually selects and manages a succession candidate pool comprising both internal and external candidates. ②CEO Succession Process ⑴Succession process is initiated at least 3 months prior to the CEO’s term expiration. ⑵Candidates undergo in-depth review, followed by appointment approval through the Board and shareholders’ meeting. Key Features of Shinhan’s Board Composition ①Board Chair selected from Independent Directors ②All 6 Board committees (excluding Subsidiary CEO Recommendation and ESG Strategy Committees) composed entirely of Independent Directors ③Chairs of 7 Board committees (excluding Subsidiary CEO Recommendation Committee) are Independent Directors ①Female independent directors account for 44.4%, one of the highest among domestic financial institutions ②Balanced age composition with equal representation across 50s or younger, 60s, and 70s or older ③Independent directors with external board and senior management(CEO) experience, enhancing the depth of Board discussions ①Board Skills Matrix was enhanced at end-2024 to better manage Board expertise (reclassification of skill categories, addition of skills linked to key management issues, and clearer assessment criteria, etc.) ②Standards for collective competence were established, with annual reviews and voluntary enhancements to continuously strengthen Board expertise. *Female representation among Independent Directors 44.4% (As of after the March 2026 AGM) 1) Corporate Governance Report Guidelines: Established by the Korea Exchange(KRX) Compliance Status with Key Governance Indicators The Company complies with 14 of the 15 key indicators (93.3%) set out in the Corporate Governance Report Guidelines1) . - Since 2025, meetings between the internal audit body and external auditors, without management present, have been held quarterly and continue to be maintained. - With respect to the key indicator on convening notice at least four weeks prior to the AGM, the Company issues the notice immediately upon receipt of the external auditor’s audit report. As of 2026, the notice was issued three weeks prior to the AGM. Transparent Succession Program Enhancing Board Independence Promoting Board Diversity Enhancing Expertise (Collective Competence) Application of the Board Skills Matrix Ensuring a balanced mix of expertise, including finance, business management, economics, law and internal controls, financial planning and accounting, digital/ICT, risk management, and consumer protection/ESG Governance Strengthen Communication Execution Methodology Target Setting Details Review & Analysis 2026 Target
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