Refine Q1 2026: Improved Profitability Amid Litigation Risk

• Q1 2026 revenue: KRW 15.0bn (YoY -3.5%); operating profit KRW 5.5bn (+23%); net profit KRW 5.7bn (+35%); EPS KRW 329 (+16%)
• Debt ratio 6.97% (FY2025: 5.32%), ultra-low leverage; total equity KRW 224.2bn
• Ongoing lawsuit regarding nullification of exchangeable bond issuance (Seoul Eastern District Court, claim amount KRW 100mn); outcome unpredictable
• FY2025 dividend: KRW 260 per share (total KRW 4.5bn) paid; no share buyback or cancellation plans
• Tech investments: OneCode system, AI assistant adoption; holding 7 patents and ISMS certification
• Strong liquidity: KRW 6.0bn cash + KRW 137.3bn short-term financial products = total KRW 180.6bn
• Customer diversification: top 5 clients account for 62% of revenue; largest shareholder Realtyfine (47.96%)