Mirai Semiconductor's Q1 2026 Sales and Profits Surge, But Debt Ratio Rises and Credit Rating Remains 'BB-'

• Q1 2026 (standalone) revenue: KRW 340.5B (+114% YoY), operating profit: KRW 32.2B (+215%), net profit: KRW 23.4B (+444%), EPS: KRW 1,619 (vs. KRW 299 YoY)
• Total borrowings: KRW 171.9B (from KRW 67.3B at end-2025), debt-to-equity ratio: 158% (from 70%)
• Derivative valuation loss: KRW 1.8B (currency forwards)
• Credit rating: BB- (speculative) unchanged
• No shareholder returns (no dividends), KRW 47B convertible bonds outstanding (conversion price: KRW 18,245) pose potential dilution