WINPAC: Q1 Revenue Up 51.6%, Loss Narrows; Credit Rating Downgraded to B-

Q1 2026 revenue KRW 22.2bn, up 51.6% YoY (previous Q1: KRW 14.6bn)
Operating loss KRW 2.1bn, narrowed from KRW 2.7bn loss YoY
Net loss KRW 2.3bn, EPS (loss) KRW -17 (vs -24 in prior year Q1)
Credit rating downgraded from B+ to B- by 이크레더블 in May 2026
Debt ratio 106.2% (adjusted debt KRW 64.5bn, equity KRW 60.7bn); cash only KRW 0.57bn vs short-term borrowings KRW 41.2bn
No dividends paid for past 5 years; no share buyback or cancellation
Early redemption of 2nd BW (KRW 525mn) resulted in KRW 20mn gain