Intops Reports Q1 2026 Operating Profit Turnaround and Maintained Dividend... Credit Rating Downgrade a Concern

Consolidated revenue KRW 163.1bn, operating profit KRW 6.4bn (turnaround from prior year full-year loss of KRW 11.3bn). Net profit KRW 11.8bn (controlling KRW 10.1bn)
Standalone revenue KRW 26.3bn, operating profit KRW 1.5bn, net profit KRW 14.4bn
Credit rating downgraded from A- to BBB+ (maintained since 2025) by Ecredible
Dividend policy: maintain at least KRW 200 per share annually; consider increase upon earnings improvement
Treasury shares: reviewing partial cancellation of remaining 735,393 shares; no short-term plan
Exchangeable bonds: KRW 10bn issued in Oct 2025 against 630,792 treasury shares
Lawsuits: 2 cases (damages, minor KRW 69mn) – limited contingent liability impact
Major shareholder change: Feb 2025 from Kim Jae-kyung to Kim Geun-ha (gift)
Articles amended: expand directors' fiduciary duty to shareholders, independent director ratio ≥1/3, basis for board committees
R&D expense KRW 2.15bn (1.3% of revenue)