KAON Group Q1 2026 Operating Profit Turns to KRW 11.3B Surplus, Credit Rating Downgraded to BB (Negative)
Consolidated Q1 2026 revenue of KRW 121.7B, operating profit of KRW 11.3B, net income of KRW 3.9B (improvement compared to FY2025 full-year operating profit of KRW 12.5B).
Credit rating downgraded: Korea Corporate Rating lowered to BB (Negative) in April 2025 from BB+ (Negative) in May 2024.
Total borrowings of KRW 187.3B, net debt of KRW 130.2B, equity of KRW 126.5B, debt-to-equity ratio of 248%.
Foreign exchange risk: 10% change in USD affects net income by approximately KRW 4.3B (high exposure).
Some overseas subsidiaries capital-impaired: Kaon Middle East FZE, Kaon Do Brasil, etc. liabilities exceed assets.
R&D expense of KRW 6.1B (5% of revenue), continued investment in technology.
No share buyback, cancellation, or dividend during Q1 2026.