Consolidated debt ratio increased to 232.9% (end of previous year: 217.2%), expanding financial leverage.
Acquired 100% of German Amino GmbH for KRW 49.9bn, entering pharmaceutical amino acids. Goodwill of KRW 13.4bn.
Debt guarantees to related parties surged to KRW 403.8bn (end of previous year: KRW 277bn), increasing contingent liabilities.
Announced 3-year (2026~2028) dividend policy: return 30% of standalone net profit (excluding equity method and one-off items), stable dividend within ±30% of previous year.
Tangible assets KRW 1.30tn, construction in progress KRW 96bn, continuing investment.
R&D expense KRW 16.7bn (1.20% of sales), accounting policy change reclassifying license revenue to operating profit.
Consolidated subsidiaries increased to 31 (end of previous year: 27).
Three lawsuits (plaintiff, total KRW 0.75bn), not material.