Daewon Industrial Q1 Earnings Miss, Tax Penalty, Russia Sales Collapse

Consolidated sales KRW 235.8bn (down 9.3% QoQ), operating profit KRW 11.1bn (-46%), net income KRW 19.1bn (-24%)
Tax audit by regional tax office resulted in additional corporate tax of KRW 3,925mn and VAT of KRW 494mn (total KRW 4,419mn)
Fair Trade Commission fine of KRW 50mn for subcontracting violations
Russia subsidiary DAEWON RUS LLC sales plummeted to KRW 11mn, net loss of KRW 353mn
Debt ratio 30.39% (FY2025 end: 29.52%), cash equivalents KRW 63bn, short-term financial instruments KRW 369.3bn - stable financial structure