TSI Reports Q1 2026 Operating Profit Turnaround and Strengthened Shareholder Returns via Share Cancellation

Consolidated Q1 2026 revenue of KRW 50.88 billion (down 21.1% YoY), operating profit of KRW 3.80 billion (swing to black from loss of KRW 8.25 billion in prior year), net profit of KRW 9.08 billion (up 434% from KRW 1.70 billion).
Acquired 176,678 treasury shares and completed cancellation of 363,036 shares (Feb 23, 2026). Paid KRW 2.36 billion in preferred dividends.
Debt-to-equity ratio 146.3% (up from 140.5% at end of prior year). Borrowing dependency slightly improved to 20.5%.
Interest coverage ratio improved sharply to 5.72x (from 2.98x in prior year), driven by higher operating profit.
Net financial gain of KRW 4.32 billion, including KRW 8.87 billion in foreign exchange translation gains and KRW 1.23 billion in derivative valuation losses.
Order backlog of KRW 342.66 billion (up 16.7% from KRW 293.63 billion at end of prior year), mainly mixing systems.
Ongoing investigation by authorities for alleged violations of Foreign Trade Act and Customs Act. No provision recognized.
Credit ratings: BBB- (Korea Data, Apr 2026) and B+ (iCreable, Apr 2026).
Remaining convertible bonds of KRW 3.0 billion (2nd series), maturing June 2026. Conversion price of KRW 8,455.
Redeemable convertible preferred shares of 4,673,989 shares (5.9% dividend rate), conversion period 2024~2033.

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