Nobland Q1 2026: Revenue up but operating profit and net income plunge, cash flow worsens

Consolidated revenue KRW 172.6B (+5.8% YoY), operating profit KRW 7.5B (-23.7%), net profit KRW 2.7B (-42.9%)
Operating cash flow turned negative to -KRW 10.3B (from +KRW 22.4B a year ago)
Debt ratio 179%, total borrowings KRW 212.6B, credit rating BB+ (speculative)
Acquired Bando Vina in Jan 2026, adding KRW 6.7B goodwill and expanding production network
Top 3 customers account for >50% of sales; FX risk remains
Holds 594,033 treasury shares (3.5%), no dividends