RBW 2026 Q1: Operating Loss, Credit Rating Downgrade

Consolidated revenue ₩9.6B (down 10% YoY), operating loss of ₩450M (swing to loss).
Net profit of ₩122M (vs. loss of ₩190M last year) due to non-operating gains (₩580M financial gains, equity method).
Credit rating downgraded from BBB to BB+ in 2025 (Korea Data Rating).
Standalone revenue ₩5.8B, operating profit ₩136M, net profit ₩538M.
No share buybacks or cancellations; no dividends for 5 years.
Debt-to-equity ratio 159.7% (consolidated), adjusted debt ratio 159.7%.
Convertible bonds: ₩7B; exchangeable bonds: ₩2B outstanding. Derivative liabilities ₩2.2B.
Historical sanctions: fine of ₩108M for securities report violations (2022) and ₩12M for disclosure violation (2024).

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