Farmsco 2026 Q1: Net Loss Despite Sales Growth, Debt Ratio Worsens to 402%

Consolidated revenue KRW 399.0bn (up 6.5% YoY), operating profit KRW 19.7bn, net loss KRW 8.2bn.
Debt ratio 402.36%, up from 380.59% at year-end 2025, indicating deteriorating financial health.
Separate revenue KRW 355.2bn, operating profit KRW 13.4bn, net loss KRW 2.8bn.
Invested KRW 81.7bn in subsidiary PT FARMSCO FEED INDONESIA (including loan conversion).
5 pending lawsuits (total KRW 1.9bn) as defendant; company expects no material impact.
Related party transactions: revenue KRW 23.1bn, purchases KRW 82.1bn, guarantee balance KRW 182.6bn (USD basis).
Derivative trading gain of KRW 1.7bn (improved from -KRW 0.4bn in prior year period).
Major shareholder Harim Holdings pledged 44.80% of its shares as collateral.