BINEX: Q1 Operating Loss of KRW 9.0B, Net Loss of KRW 9.6B; Debt Ratio Rises

Weak earnings: Consolidated Q1 2026 revenue KRW 35.3B (vs. KRW 39.8B a year ago, -11.2%), operating loss KRW 9.0B (vs. operating profit KRW 0.5B), net loss KRW 9.6B (vs. net profit KRW 0.01B).
Deepening bio CDMO losses: Bio segment operating loss KRW 6.6B (vs. KRW 0.3B loss), chemical pharma turned to small loss.
Rising leverage: Net debt-to-equity 56.49% (year-end 2025: 49.05%), debt ratio 63.42% (56.30%). Total borrowings KRW 101.6B.
Exchangeable bond issuance: In Nov 2025, issued KRW 15.5B 7th EB (0% coupon, maturity 2030), exchange price KRW 18,587, underlying 836,512 treasury shares.
Osong plant expansion: Investing KRW 55.7B in buildings and equipment (Nov 2025 – Nov 2026).
Order backlog decline: Bio CDMO backlog KRW 54.2B (vs. KRW 66.6B at year-end, -18.6%).
R&D expense KRW 0.36B (1.03% of revenue).
Credit rating BBB- (Korea Data, Jun 2025).
Subsidiary (Bigen) net loss KRW 0.17B, equity KRW 2.3B.
No capital erosion: Total equity KRW 180B.