Samjin LND: 1Q26 Consolidated Operating Profit Turns to Black, Credit Rating Upgraded

Consolidated revenue 35.89B KRW (down 9.8% QoQ), operating profit 679M KRW (from -3.019B QoQ to black), net income 3.846B KRW (from -10.554B FY2025 to black)
Separate revenue 23.06B KRW, operating profit 249M KRW, net income 4.196B KRW (up from 2.202B FY2025)
Retained earnings: consolidated 6.238B KRW (from -25.178B at end-FY2025 to black), separate 18.037B KRW (from -15.059B to black)
Consolidated EPS 156 KRW (from -291 KRW FY2025 to black), separate EPS 168 KRW (up from 89 KRW FY2025)
Credit rating upgraded to BB- (2026.04.07, from B- previously)
All 172,259 treasury shares granted to employees (Jan 21, 2026)
Consolidated debt-to-equity ratio 212.8% (debt 85.823B / equity 40.326B)
Major customers: KONICA MINOLTA 9.207B (25.7%), Samsung SDI 13.540B (37.7%)
Legal risks: consolidated 3 defendant cases (USD 1,671K etc.), 3 plaintiff cases (USD 5,440K, 295M KRW); separate 2 plaintiff cases (295M KRW)
Subsidiary ELEMEK net loss 515M KRW in quarter, SAMJINLND VINA negative equity -4.801B KRW
Consolidated operating cash flow -2.218B KRW (from +9.483B QoQ→deterioration)
R&D costs 204M KRW (0.88% of revenue), Type 4 hydrogen storage vessel development ongoing