Sungwoo Electronics: Q1 Consolidated Operating Profit Up 17.4% YoY, Credit Rating Raised to BB-

Q1 2026 consolidated revenue: 47.2B KRW (vs 46.0B YoY), operating profit: 1.69B (+17.4% YoY), net profit: 2.07B (vs 2.18B YoY).
Credit rating upgraded to BB- on Apr 20, 2026 (from B+ in Oct 2025) by iCreable.
39th term (FY2025) year-end dividend: 50 KRW per share (total 0.44B KRW) approved. Payout ratio not disclosed.
Treasury shares: 303,444 shares held (unchanged); no separate buyback/cancellation plan.
Convertible bonds: 10B KRW outstanding (conversion price 2,973 KRW, convertible into 3.36M shares). Derivative liability: 3.67B KRW.
Debt-to-equity ratio: 40.2% (consolidated), 24.7% (separate). Stable level.
Major customers A, B, C account for 65.9% of consolidated sales.
New businesses (filler, beauty devices) R&D continued (R&D expense 0.64B KRW, 1.35% of sales).

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