Golfzon 2026 Q1 Results: Continued Revenue Decline, Profit Margin Drop

Consolidated Q1 revenue KRW 111.8B, operating profit KRW 14.1B, net income KRW 14.1B.
Separate Q1 revenue KRW 91.8B, operating profit KRW 18.6B.
Revenue trend: KRW 620B (2024) → KRW 483.3B (2025) → annualized ~KRW 447.3B (2026 Q1), continuing decline.
Operating margin: 15.5% (2024) → 14.1% (2025) → 12.6% (2026 Q1), declining.
Debt ratio 47.78% (up from 40.69% at end of prior year).
Cash and equivalents KRW 105.4B.
Key risks: 1) Historical penalties: tax penalty KRW 7.1B, data privacy fine KRW 7.5B, location info fine KRW 0.1B. 2) Pending lawsuits: 4 as defendant, 10 as plaintiff.
No disclosure on dividends or share buybacks.