Fine Besteel Turns to Operating Profit in Q1 2026

Separate basis: Revenue 49.8B KRW, operating profit 1.83B KRW, turning profit (vs operating loss of 4.3B in prior year Q1)
Net profit 0.53B KRW (vs net loss in prior year Q1)
Debt ratio 225.33% (up from 220.66% year-end), still high
Cash 1.4B KRW, short-term borrowings 73B KRW, weak financial structure
Early redemption of 2nd convertible bonds 9.36B KRW completed, no convertible bonds outstanding
Derivative loss 44M KRW from currency forwards
Revenue growth and profitability improvement driven by increased demand for shipbuilding steel