Mcnulty Korea Q1 2026 Weak Performance, Credit Downgrade

Consolidated Q1 2026 sales KRW 23.5bn (down 4.3% YoY), operating profit KRW 0.65bn (down 85.7% YoY)
Net debt ratio 120.56% (up from 112.25% at year-end 2025), total liabilities KRW 47.4bn, equity KRW 37.6bn
Corporate credit rating downgraded to BBB- (NICE D&B, 2026.04.14) from BBB0
Holds 4th convertible bonds KRW 3.4bn (conversion price 4,208 won, maturity 2029) and derivative liabilities KRW 1.1bn

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