S&W 2026 Q1: Flat Revenue, Profitability Decline, Higher Debt Ratio

Q1 2026 revenue 11.5B won, operating profit 309M won (2.7% margin), net income 266M won, EPS 37 won
Compared to FY2025 annual net income of 3.63B won and EPS 504, quarterly results on annualized basis significantly deteriorated
Debt ratio rose to 61.6% from 59.5% at year-end (due to 14.9B won land/building acquisition from related party)
Order backlog 16.3B won (approx. 1.4x quarterly revenue)
No shareholder return activities (no buyback or dividends)
FX sensitivity: 10% KRW depreciation would impact pre-tax profit by ~226M won
No material litigation or contingent liabilities