Sebitchem Q1 2026: Revenue Grows 36% YoY, Net Loss Narrows Significantly

• Q1 2026 revenue KRW 134.9bn, up 36% YoY (vs KRW 98.9bn in Q1 2025)
• Operating loss KRW 4.7bn, net loss KRW 2.8bn (significantly reduced from net loss KRW 22.8bn in Q1 2025)
• Total borrowings KRW 35.6bn, net debt KRW 25.4bn, net debt ratio 36.0% (up from 29.78% at end-2025)
• Credit rating BB (Korea Data), cash flow rating CR-6
• Largest shareholder changed from Park Min-kyu to SK IL Eco Synergy Value Up 1 Co., Ltd. (Feb 2025)
• Recognized asset impairment loss of KRW 1.63bn on battery recycling CGU
• Market share declined: battery recycling 6% (from 8%), phosphoric acid 19% (from 21%)
• R&D expense ratio 1.01% (from 1.51% in FY2025)
• No dividends, no share buyback/cancellation