VINATECH: 1Q26 Consolidated Loss Narrows, Separate Net Profit, Sells All Treasury Shares and Issues 41B Won CB

Consolidated 1Q26 revenue KRW 25.37B (+61% YoY), operating loss KRW 1.54B (improved from -2.58B), net loss KRW 1.85B (improved from -2.30B)
Separate: operating profit KRW 1.68B, net profit KRW 1.64B (swing to profit vs operating loss KRW 3.00B in 1Q25)
Sold all 185,048 treasury shares for approx. KRW 20.6B (Feb 10, 2026) to fund capacity expansion and working capital
Issued 3rd private CB of KRW 41B (Mar 20, 2026): 0% coupon, 3% yield, 5-year maturity, conversion price KRW 147,686 (~277,616 shares)
Previous 1st perpetual CB balance of KRW 8B converted, reducing other equity
Debt ratio 158.6% (similar to year-end 2025), interest coverage ratio -1.3x (consolidated)
R&D expenses KRW 1.70B (6.7% of sales), up from KRW 0.76B in 1Q25
Pending lawsuit for additional construction cost of KRW 0.44B related to Wanju plant (no liability accrued)
Continued global capacity expansion: Hung Yen factory construction started in Jan 2026