T'way Air: Cumulative Operating Loss of 209.3 Billion Won, Debt Ratio 4,457%… Continued Losses and Change in Largest Shareholder

T'way Air (consolidated) for 9 months ended Sep 2025: Revenue 1.2742 trillion won, operating loss 209.3 billion won, net loss 247.6 billion won, basic EPS loss 1,115 won
Debt ratio surged to 4,457.26% (end-2024: 1,798.90%), total equity only 39.1 billion won
Credit rating maintained at BB- (stable) by KIS (July 2025)
On Aug 29, 2025, largest shareholder changed from T'way Holdings to Sono International via third-party allotment (30.35% stake)
Issued 56,788,849 common shares raised 110 billion won
Issued 3rd and 4th hybrid securities (perpetual convertible bonds and perpetual bonds with warrants) on Aug 21, 2025
After reporting period (Oct 17, 2025), completed capital reduction (par value from 500 won to 100 won)
No dividend due to negative retained earnings
Corrected minor errors in executive compensation disclosure (inclusion of retirement benefits)