Almac Q1 2026: Operating profit of KRW 2.8B, swings to black amid EV market slowdown

Consolidated revenue KRW 50.5B (+3% YoY), operating profit KRW 2.8B (swing to profit), net profit KRW 3.1B (swing to profit)
EV component revenue share 50%, billet 35.2%… Export share 56% (down from 65.3% in 2025)
Credit rating BBB- (Korea Data), cash flow grade CR-2 (Good)
Debt ratio 115.5% (slight increase from 112.7% at end of 2025)
Low capacity utilization: Line 2 (19%), Line 3 (10%), Line 5 (26%) due to EV chasm
R&D expenditure KRW 0.99B (1.95% of revenue), registered as Stellantis supplier (Feb 2026)
No dividends, no share buyback or cancellation
Key risks: FX sensitivity (USD 10% change impacts pre-tax profit ±KRW 3.3B), interest rate 100bp change impacts pre-tax profit ±KRW 1.49B