GS Global 2026 Q1 Results: Stable Operations Amid Rising Debt Ratio and Cash Decline

Revenue KRW 1.1 tn, operating profit KRW 12.8 bn, net profit attributable to parent KRW 5.3 bn (consolidated)
Debt ratio 144.42% (up from 125.65% at year-end), net debt KRW 838.3 bn
Cash and cash equivalents KRW 123.2 bn (down KRW 41.8 bn from KRW 165.0 bn at year-end)
Manufacturing segment (offshore wind substructures) operating loss KRW 3.9 bn; large-scale investment of KRW 300 bn underway
Derivative liabilities of KRW 41.6 bn related to subsidiary GS Entec (put options, etc.)
Acquired 75% stake in NextCarbon Solution Co., Ltd. (April 1, 2026, business combination under common control)
Expected cash inflow of KRW 13.5 bn from participation in capital reduction of Gyeonggi Pyeongtaek Global
Lawsuit: Madina claims USD 180 thousand for damages (minor impact)
Forex sensitivity: +/- KRW 5.3 bn impact on profit for 10% change in exchange rates