Seowon Q1 2026 Consolidated Revenue KRW 502.9B, Operating Profit KRW 27.4B, Up Sharply YoY

Consolidated revenue KRW 502.9B (up 14.4% YoY from KRW 439.8B), operating profit KRW 27.4B (up 80% from KRW 15.2B), net income attributable to parent KRW 8.1B (up 479% from KRW 1.4B).
Separate revenue KRW 81.9B, operating profit KRW 4.9B, net income KRW 2.7B.
Debt ratio increased: consolidated 225% (FY-end 216%), separate 185% (FY-end 136%). Higher reliance on borrowings.
Credit rating maintained at (U)BB+ (stable). Continued corporate bond issuance.
No share buyback, cancellation, or dividends. No dividends paid in last 5 years.
Strengthened control over key subsidiary Daechang by acquiring additional shares (31.15%→38.71%).
New consolidation of DAECHANG LLOYDS, INC. (USA).
Two ongoing lawsuits (total KRW 98M).
Sensitive to FX and interest rate changes: 5% FX move impacts KRW 1.3B, 1% interest rate move impacts KRW 5.6B.