Kumyang Green Power: Q1 Operating Loss, Credit Rating Downgrade, 22B Won CB Issuance

Consolidated Q1 2026 operating loss of KRW 8.0B (vs. operating profit of KRW 0.4B in Q1 2025), net loss of KRW 8.9B
Revenue increased to KRW 72.8B (YoY +55.5%), driven by renewable energy (solar) and overseas plant projects
Credit rating downgraded from A0 to BBB (Korea Rating Data, March 30, 2026)\- Post-report: Issued KRW 22B in 3rd CB (new-type hybrid securities) on April 29, 2026 (conversion price KRW 15,447, maturity 2056)
Order backlog of KRW 237.8B (consolidated), with large renewable energy projects (wind, solar) in progress
Contingent liabilities: KRW 45B guarantee for related party (Haetneul Energy) PF, total KRW 53.4B in guarantees
Largest shareholder (Lee Youn-chul) pledged 350,263 shares as collateral
Short-term borrowings increased by KRW 11.7B (from KRW 19.4B to KRW 29.1B), increasing financial burden