Isu Specialty Chemical Q1 2026 revenue up 9.8% but debt ratio rises to 195%

Q1 2026 consolidated revenue KRW 108.6B (up 9.8% YoY from KRW 98.9B), operating profit KRW 3.5B, net income KRW 1.9B
Debt ratio 195% (FY2025: 176%), net debt ratio 126% (FY2025: 113%): increased financial leverage
Total borrowings KRW 192.1B, of which short-term KRW 182.1B (95%): liquidity risk
Property, plant & equipment KRW 208.3B (FY2025: 177.3B): CapEx KRW 33.3B (lithium sulfide mother plant, etc.)
R&D expense KRW 1.6B (1.47% of revenue), lithium sulfide (Li2S) commercialization: 500-ton expansion confirmed Aug 2025
TDM market share 80%, IPA 40%, special solvent 55%: strong product competitiveness
Environmental fine KRW 2M and one corrective order: minor regulatory risk
Contingent liabilities: joint guarantee for pre-demerger Isu Chemical debts, office lease guarantee KRW 18.1B