Adverse - Vivien reports Q1 operating loss of KRW 2.1bn, capital reduction and CB conversion worsen financial structure

Consolidated Q1 revenue KRW 49.6bn (YoY -13.3%), operating loss KRW 2.1bn, net loss KRW 4.5bn
Debt-to-equity ratio 197.9% (debt KRW 151.8bn / equity KRW 76.7bn), net debt KRW 93.2bn, gearing ratio 54.9%
In April 2026, 30:1 free reduction and conversion of 3rd CB changed outstanding shares
Retained earnings deficit of KRW 19.4bn, but not capital impairment
Key subsidiary Dimoa became an associate due to stake dilution
Increased related-party transactions and collateral provided