Insanga Q1 2026: Revenue Growth but Operating Loss and Increased Financial Burden

Consolidated Q1 2026 revenue increased 31.8% YoY to KRW 9.99bn, but operating loss of KRW 328mn (vs profit in Q1 2025).
Net loss attributable to parent of KRW 332mn.
Debt ratio rose to 80.45% from 74.06% at year-end 2025, total borrowings approx. KRW 51.7bn.
Outstanding convertible bonds (BW) of KRW 15.15bn reduced to KRW 5.88bn after put option exercise in May 2026.
Four ongoing lawsuits: patent damages (KRW 200mn), construction claim (KRW 4.89bn), asset seizure (KRW 825mn).
2025 dividend of KRW 20 per share, payout ratio 115.9% exceeding net income, resulting in unpaid dividends of KRW 755mn.
Construction in progress of KRW 69.6bn (new factory for anti-aging industrial complex), expected to quadruple production capacity.
Credit rating BBB+ (NICE D&B, Dec 2024).
Largest shareholder Kim Yoon-se holds 22.13%.
Planned stock split (face value change from KRW 100 to KRW 1,000) at EGM on May 20, 2026.
Subsidiaries Insan Farm and Insan Healthcare both recorded net losses in Q1.

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