T'way Air (Trinity Airways) 2025 Business Report: Operating loss of 265.5 billion won, debt ratio of 3,499%, severe financial deterioration

2025 consolidated revenue KRW 1.7981 trillion (+17% YoY), operating loss of KRW 265.5 billion (vs loss of KRW 12.3 billion prior year), net loss of KRW 338.3 billion
Debt ratio 3,498.63% (prior year 1,798.90%), equity ratio 2.8%
Capital restructuring: reverse stock split (face value from KRW 500 to 100) and rights issues (total KRW 210 billion) to resolve capital impairment
Major shareholder changed from T'way Holdings to Sono International (Aug 2025)
Issued hybrid securities: perpetual CB KRW 40 billion, perpetual BW KRW 50 billion, coupon 5.5% (step-up 3%p after 2 years)
International expansion (5 European routes, Vancouver) led to initial cost increase; FX and oil price headwinds
Credit rating BB- (stable)
12 regulatory sanctions (2023-2025) for safety violations, total fines approx. KRW 4.4 billion
No dividend payable (retained earnings deficit of KRW 402.9 billion)
Parental leave usage rate 62.2%, 223 employees use staggered work hours
Total executive compensation KRW 5.188 billion (including KRW 2.656 billion severance for former management)

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