JOYWORKS&Co Business Report Amendment - Treasury Stock Details Added and FY2025 Financial Results Finalized

This filing is a correction to the treasury stock report within the business report submitted on March 24, 2026, adding the previously omitted details of 551,682 treasury shares held as of December 31, 2025, representing 2.25% of total outstanding shares.
For fiscal year 2025, consolidated revenue declined 2.7% year-over-year to KRW 45.9 billion, with an operating loss of KRW 8.8 billion and a net loss of KRW 20.7 billion, marking a swing to deficit. The consolidated debt ratio surged to 194% from 79% a year earlier.
No share buyback cancellation or dividend was made. During 2025, the company acquired 551,682 treasury shares due to stock purchase requests arising from a business transfer. An additional 810 shares are pending litigation for price adjustment and will be acquired afterward.
Subsequent events include a downward adjustment of the conversion price for the 3rd convertible bond to KRW 2,223, and an agreement to forgive the remaining KRW 12.5 billion payment for the HOKA offline business. A 5-to-1 stock consolidation is proposed, subject to shareholder approval.
[AI Summary]This correction is a clerical rectification with no new capital changes, so the immediate financial impact is limited. However, the net loss and sharp increase in debt ratio in 2025 pose medium-term risks. The downward conversion price adjustment and outstanding CBs imply potential dilution risk.