Seojin Automotive Turns Profitable in Q1 but Debt Ratio at 394% and Subsidiary Losses Weigh

Consolidated revenue KRW 704.3bn, operating profit KRW 14.3bn, net profit KRW 9.8bn (swung to profit vs. prior year loss; operating profit decreased YoY)
Standalone revenue KRW 61.0bn, operating profit KRW 2.3bn, net profit KRW 2.1bn (swung to profit)
Debt ratio 393.7% (FY2025: 390.5%), credit rating BB+ (NICE, May 2025)
Key subsidiaries: Ecoplastic net loss KRW 32.0bn (FY2025 net profit KRW 25.1bn), AIA net loss KRW 19.0bn sustained
10th convertible bond redeemed via conversion, reducing debt; capital increased by KRW 225mn
Loans to related parties increased to KRW 69.2bn (KRW 68.4bn to Investor United), supporting affiliates
Capital injection in Mexico subsidiary (KRW 2.9bn), signed MOU with Twini for robotics business
R&D expense KRW 2.5bn (0.35% of revenue); FX translation loss KRW 5.3bn and other financial costs