Dt&C: 2025 Separate Operating Profit Up 202%, Self-Share Cancellation and Partial CB Buyback, but Largest Shareholder Pledge Poses Risk

Separate revenue of ₩52.7 billion (+17%), operating profit of ₩6.4 billion (+202%), net profit of ₩10.1 billion (+52%), recording strong results.
Consolidated revenue increased 12% to ₩125.8 billion, but continued losses at bio subsidiary Dt&C CRO led to a consolidated operating loss of ₩0.6 billion (vs. ₩5.7 billion loss prior year) and a consolidated net loss of ₩0.8 billion.
Decision to cancel 173,088 treasury shares (1.48%) in January 2026, and early acquisition and cancellation of ₩3.15 billion of the 5th CB.
Largest shareholder (Park Chaegyu, 39.95% stake) pledged all 4,673,126 shares as collateral for a ₩22 billion debt; enforcement could lead to change in control.
Conversion price of the 5th CB adjusted downward from ₩2,924 to ₩2,486, increasing potential dilutive shares to 3,620,273.
Sale of subsidiary Labti (57.32%) completed in January 2026, restructuring of bio segment ongoing.
Debt ratio 126% and net debt ratio 63% indicate stable financial structure, but current ratio of 66.6% is somewhat low.