GnCenergy's 62.7B KRW Generator Supply Contract Novated from Naver to Constructor Xii C&A, Securing Revenue Stability

Counterparty change: Contractual position novated from Naver to constructor Xii C&A via tripartite agreement, all existing terms unchanged
Contract size: Fixed amount of 62.71 billion KRW (VAT excluded), representing 27.71% of 2024 consolidated revenue (226.3 billion KRW)
Payment terms: 30% advance payment, 60% progress payments (50% first + 10% second), 10% balance, ensuring stable cash flow
Contract period: June 1, 2026 to March 31, 2029 (approximately 2 years 10 months)
Risk assessment: Although the buyer changed from Naver (high credit) to a construction firm, Xii C&A is stable (revenue 933.7 billion KRW) and the novation maintains original terms, lowering execution risk
[AI Summary]This corrective disclosure reflects a novation of the previously announced 62.7B KRW generator supply contract from Naver to construction company Xii C&A with no change in terms. The contract backlog remains intact, and the credit risk shift is mitigated by the constructor's solid financials and unchanged payment structure. Revenue recognition is expected to proceed steadily in line with the data center construction schedule.

Filing: [Correction of Description] Conclusion of Single Sale and Supply Contract
Company: GnCenergy (119850)
Submission: GnCenergy Co., Ltd.
Receipt: 06-01-2026
Under KRX KOSDAQ Market Division