BENO TNR: Q1 consolidated sales plunge, losses continue, legal risk overhang

Consolidated sales KRW 0.74bn (down 39% YoY), construction segment plummeted; new manufacturing segment added
Consolidated controlling interest net loss KRW 3.8bn (improved from KRW 15.9bn YoY), driven by financial asset valuation loss of KRW 1.8bn and equity method loss of KRW 1.4bn
Litigation provision of KRW 1.04bn (first instance partially lost, appeal pending)
Credit rating maintained at 'B' (speculative); capital impairment (retained earnings -KRW 26.2bn)
No share buyback/cancellation or dividends (no dividend history for 5 years)
Acquired duct manufacturing business for approx. KRW 0.8bn, generating goodwill of KRW 0.53bn
Operating cash flow -KRW 2.34bn; net cash KRW 7.38bn (partially restricted)
Tax audit completed in Jan 2026, additional payment of KRW 0.17bn