Sebitchem Posts Operating Loss in Q1 2026; Faces Financial Structure Challenges

Q1 2026 revenue: KRW 13.5bn, operating loss KRW 471mn, net loss KRW 276mn (continued losses YoY)
Credit rating BB, cash flow rating CR-6 (low)
Total borrowings KRW 35.6bn, net debt KRW 25.4bn, leverage ratio 36.0% (up from 29.8% at FY2025)
Major shareholder changed from Park Min-gyu to SK ILEco Synergy Value-Up 1 LLC (Feb 2025)
Battery recycling revenue KRW 4.3bn (32%), lithium compounds KRW 3.2bn (23.9%), acid recycling KRW 3.1bn (23.1%)
R&D spending KRW 137mn (1.01% of sales)
Intangible assets under construction increased by KRW 333mn
No share buyback, cancellation, or dividend activities