Joyworks&Co Q1 2026: Revenue Doubles, Turns to Profit

Separate revenue KRW 21.03bn (+86.3% YoY), operating profit KRW 3.49bn (swing to profit), net profit KRW 2.79bn (swing to profit)
Debt ratio 112.48% (improved from 129.69% at year-end), consolidated debt ratio 166.2% (improved from 194.0%)
Outstanding convertible bonds KRW 15.875bn (2nd: 3.875bn, 3rd: 12bn), derivative liabilities KRW 5.07bn
Subsidiary 3DI in capital impairment (equity -KRW 1.98bn), full impairment on investment
HOKA retail business: supply contract termination notice after acquisition, KRW 12.5bn consideration waived
Post-period: 5:1 stock split, 1:3 free share issuance, repurchase of own CB KRW 1.125bn
EPS 116 won (separate), diluted EPS 102 won
No dividends or share buyback/surrender