NuriFlex: Consolidated net profit turns positive in Q1 2026, but operating loss and financial risks persist

Consolidated revenue: KRW 15.0bn (down 19.8% YoY), operating loss KRW 3.2bn (swing to loss)
Consolidated net profit: KRW 0.58bn (swing from net loss of KRW 0.39bn in Q1 2025), driven by FX gains (KRW 2.76bn) and FVTPL gain (KRW 2.15bn)
Separate revenue: KRW 3.2bn (down 56.6% YoY), operating loss KRW 2.8bn, net loss KRW 0.7bn
Treasury shares: Sold 241,000 shares on Feb 12, 2026 for strategic equity swap (approx. KRW 1.5bn); holds 516,550 shares at period-end
Debt-to-equity ratio (consolidated): 116.2% (FY2025: 117.3%), separate: 88.1% (92.4%)
Total borrowings: KRW 34.3bn, mostly short-term; secured by assets
Allowance for trade receivables: KRW 23.1bn (26.6% of gross); significant provision for Ghana subsidiary (KRW 12.7bn on KRW 50.2bn receivable)
Trade payables overdue >1 year: KRW 13.1bn (under negotiation)
Ongoing lawsuit for subsidy law violations (provision KRW 0.66bn)
Credit rating: BB- (Ecreditable, May 2025)
R&D expenses: KRW 0.79bn (24.6% of revenue)