Sebitchem Q1 2026: Sales Up 36%, Operating Loss Sharply Reduced

Q1 2026 sales 13.5B KRW, up 36% YoY from 9.9B KRW
Operating loss 0.5B KRW (vs 2.1B KRW), net loss 0.3B KRW (vs 2.3B KRW), significant improvement
Battery recycling division sales 10.3B KRW (76% of total), lithium compounds 3.2B KRW as new growth
Total borrowings 35.6B KRW, net debt 25.4B KRW, debt-to-capital ratio 36%, leverage increased
Operating cash flow positive at 0.7B KRW (vs -0.3B KRW), cash holdings 10.2B KRW
Credit rating BB, cash flow rating CR-6, weak financial health
New solar panel recycling business under development, not yet commercialized
Major shareholder and CEO changed in 2025, no shareholder return plans