Taewoong Logistics Q1 Earnings Plunge, Credit Rating Downgraded; Dividend Policy Maintained

Consolidated Q1 2026 revenue: KRW 276.6 billion (down 3.6% YoY from KRW 286.8 billion)
Operating profit: KRW 0.55 billion; Pre-tax profit: KRW 1.46 billion (down 74.5% from KRW 5.72 billion YoY)
Net profit attributable to parent: KRW 1.35 billion (significant decline vs Q1 2025)
Credit rating downgraded: March 2026, Nice D&B from BBB+ to BBB0 (negative)
Share buyback & cancellation: 2,306,565 redeemable convertible preferred shares cancelled in Feb 2026
Minimum dividend policy of KRW 100 per share announced (3-year plan; shareholder return effort despite weak earnings)
Operating cash flow turned negative: -KRW 10.7 billion
Debt-to-equity ratio: 119.02% (slight improvement from 120.29% at year-end 2025)