SM Bexel Q1 Earnings Miss: Operating Profit Down 42% on Weak Auto Sales

Q1 2026 revenue KRW 36.6bn (down 13.2% YoY from KRW 42.2bn)
Operating profit KRW 4.9bn (down 42% YoY from KRW 8.4bn)
Net profit KRW 4.1bn (down 48% YoY from KRW 7.9bn)
Automotive segment revenue KRW 19.6bn (down 22.5% YoY) led the decline
Battery segment revenue KRW 17.0bn (slight increase vs KRW 16.9bn)
Adjusted debt ratio rose to 28% from 25% at year-end
Cash equivalents KRW 9.5bn, down from KRW 12.2bn
Three pending lawsuits (unjust enrichment KRW 0.9bn, damages KRW 0.5bn, etc.) but management deems immaterial
No share buyback/cancellation or dividend plan
R&D expense KRW 0.36bn (1.0% of revenue)

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