S&K POLYTEC: Q1 2026 Consolidated Profit Up but Parent Faces Going Concern and Rating Downgrade

Consolidated Q1 2026: Revenue 70.5bn won (-8.4% YoY), OP 6.7bn (+29.3%), Net profit 6.7bn (+78.5%)
Wiper segment OP 7.1bn, SMT OP 0.3bn, PU foam OP -0.7bn
Standalone: Revenue 0.6bn, OP loss 1.2bn, Net loss 0.6bn. Current liabilities exceed current assets by 3.1bn; going concern uncertainty noted
Credit rating downgraded from 'bbb-' (Jan 2025) to 'bb+' (Dec 2025) to 'bb-' (Mar 2026)
Net debt ratio improved to 22.3% from 25.7%
No dividend or share buyback/cancellation