Willbes executes 90% capital reduction; continued losses and rapid financial deterioration

90% capital reduction: common shares from 67.24M to 6.72M, capital stock from 72.9B to 7.3B (to cover accumulated deficits)
Consolidated Q1 operating loss of 3.3B won, net loss of 6.6B won (vs. operating loss of 0.6B and net loss of 3.6B in prior year)
Accumulated deficit of 76.4B won, net debt-to-equity ratio of 373.8% (vs. 167.4% at year-end 2025), rapid financial deterioration
Issuance of 10B won in unsecured convertible bonds (35th series, Feb 12, 2026, maturity 2029, 0% interest)
Disposal of 1,436,649 treasury shares and retirement of 564,614 shares via retained earnings
Added new business purposes (e.g., renewable energy) but no concrete plans
Recognition of impairment losses on major subsidiaries including WBDI (45B won on separate basis)