Aniplus: 1Q Earnings Dip but Animax Merger & Dividend Boost

1Q 2026 consolidated revenue KRW 29.6B (+1% YoY), operating profit KRW 2.4B (-33% YoY), net profit attributable to parent KRW 1.7B (EPS 33 vs 93)
Merger with wholly-owned subsidiary Animax Broadcasting Korea on May 26, 2026 (no new shares, 1:0 ratio) to integrate animation business and improve efficiency
FY2025 shareholder return: quarterly cash dividend KRW 70 (KRW 3.3B) + in-kind dividend (373,920 treasury shares, KRW 1.2B) = total KRW 4.5B, payout ratio 37.58%
Remaining treasury shares after in-kind dividend: 4,333 shares (paid April 28, 2026)
Consolidated net debt of KRW 13.3B (vs net cash of KRW 12.0B at FY2025 year-end), cash and equivalents KRW 43.6B
5th CB outstanding: KRW 10.8B (maturity 2027, conversion price KRW 3,367, coupon 0%, yield 1%)
Two pending lawsuits (claim amount KRW 288M), limited contingent liabilities
Consolidated equity KRW 131.0B, debt-to-equity ratio 87.1%