AST Q1 2026 Turns Profitable, Order Backlog at USD 2.65 Billion

Q1 2026 separate revenue KRW 71.4B, operating profit KRW 7.0B, net profit KRW 5.3B, turning to profit YoY
Order backlog of USD 2.65B (approx. KRW 3.5T) with long-term contracts from Spirit (Boeing sub.), Embraer, IAI
In 2025, FSS imposed penalty KRW 2.24B, auditor designation 3 years, and prosecution referral for accounting fraud (inventory overstatement)
Total equity KRW 314.4B, total liabilities KRW 245.8B, debt-to-equity ratio 78.2%, improved from prior year
Credit rating BB (Korea Data Rating, Jan 2026); workout in progress but financial structure improving
No share buyback/cancellation plan; no dividend paid
After reporting period, conversion of 9th CB for 6M shares exercised on Apr 30, 2026
Loss of control over subsidiary CapAero (stake from 100% to 27%), excluded from consolidation