Air Busan 1Q 2026: Operating profit turns positive, but net loss and debt ratio surge

1Q 2026 revenue KRW 257.7bn, operating profit KRW 30.4bn (vs. -4.5bn in 1Q 2025), turnaround.
Net loss KRW 16.1bn, continuing losses.
Debt ratio 956.3% (up from 801.0% at year-end 2025), net debt ratio 463.1% (415.9%).
Retained earnings deficit KRW -325.5bn, capital erosion.
No dividend or share buyback/cancellation plans.
Integrated LCC launch target: 1Q 2027 (merger of Hanjin Group's three LCCs).
FX sensitivity: 10% KRW fluctuation impacts pre-tax profit ±KRW 75.5bn.
Gimhae Airport market share #1 (domestic 38.5%, international 26.3%).
Operating 21 aircraft, A321neo improves fuel efficiency by 15%.