ECOCAB: 1Q26 Consolidated Operating Loss but Net Profit Positive, Credit Rating Upgraded to BB-

Consolidated 1Q26: sales KRW 34.3bn, operating loss KRW 1.6bn (vs. operating profit KRW 1.0bn in 1Q25), net profit KRW 1.6bn (controlling). Separate: operating profit KRW 0.5bn, net profit KRW 3.7bn.
Consolidated debt ratio improved to 51.8% from 54.0% at end-2025.
Credit rating (Ecredible) upgraded from B+ (2025) to BB- (2026).
Weak overseas subsidiaries: ECOCAB America net loss KRW 2.8bn, ECOCABLE Mexico net loss KRW 1.3bn.
Full impairment of joint venture KE MOBILITY investment (KRW 1.0bn).
R&D expense KRW 0.18bn (0.87% of sales).
Multiple lawsuits (5 defendant, 4 plaintiff) totaling approx. KRW 0.7bn; management expects no material impact.
No dividends or share buybacks in past 5 years.