Sama Aluminium Q1 2026: Operating Loss Widens, Net Loss Increases, Debt Ratio Rises

Revenue KRW 67.4 billion (+2.0% YoY) but operating loss widened to KRW 4.4 billion (vs loss of KRW 2.5 billion in Q1 2025)
Net loss KRW 5.5 billion (vs KRW 3.9 billion), EPS loss KRW 363 (vs KRW 266)
Debt ratio increased to 118.6% from 107.4% at year-end 2025, total borrowings KRW 207.8 billion
In Jan 2026, full conversion of KRW 100 billion convertible bonds → 411,539 common shares issued; equity increased but insufficient to offset losses
Major customer C (LG Energy Solution) revenue share increased to 19.8%; Customer A share plunged to 2.9%
Inventory up 27.5% to KRW 112.1 billion; operating cash flow weak
R&D expense ratio rose to 2.27% of sales (vs 0.67% in FY2025)