Greenplus Posts 1Q Profit Turnaround, Share Buyback, Credit Downgrade & Subsidiary Losses Persist

Consolidated Q1 2026 revenue up 43% YoY to ₩31.6B, operating profit ₩0.43B, net profit ₩0.06B (vs loss ₩0.77B). Basic EPS ₩15.
In May 2025, 689,655 redeemable convertible preferred shares (approx. ₩10B) were acquired and retired, reducing outstanding preferred shares to 344,827. No change in share capital but reduction in capital surplus.
Debt-to-equity ratio: standalone 123.4% (FY2025: 121.6%), consolidated 160.9% (FY2025: 158.6%), slight increase.
Subsidiaries Greenfishfarm, GreenK Farm, and Australian entity deeply capital-impaired. Resulted in recognition of allowance for doubtful accounts and financial guarantee liabilities (consolidated allowance ₩2.69B, 11.05% of receivables).
Credit rating downgraded to BB+ (from BBB-) in April 2026 by Korea Enterprise Data.
No dividends paid for the last 3 years due to accumulated losses.
Maintained #1 greenhouse construction capability evaluation for 15 consecutive years, order backlog of ₩49.04B.
Issued 5th unsecured private perpetual convertible bonds worth ₩15B (classified as equity). Conversion price ₩7,631.
R&D expense ₩0.05B (vs ₩0.22B YoY), multiple national R&D projects ongoing.
Rising key raw material AL-Ingot price (Q1 2026 avg ₩5,526/kg vs ₩4,116) increasing cost pressure.