Solid Q1 Performance with Strong Profit Growth; Mobius Impairment and Russia Risk Weigh

Consolidated Q1 2026 revenue KRW 484.8bn (estimated +28% YoY, 26% of FY2025), operating profit KRW 36.2bn (42% of FY2025), controlling net profit KRW 38.4bn (56% of FY2025), strong results.
Basic EPS KRW 1,419 (FY2025: 2,541), cash flow rating CF1 (highest) maintained.
Debt ratio 151.12% (slight increase); interest rate ±1% impacts pre-tax profit by ±KRW 0.63bn.
Additional acquisition of Mobius convertible redeemable preferred shares (KRW 11.9bn) fully impaired.
Derivative liability related to Mobius (put options, etc.) remains at KRW 16.4bn.
Russia subsidiary SJG Russia, LLC exposed to Ukraine conflict and sanctions risk.
Heavy reliance on Hyundai and Kia (79.5% of sales).
No share buyback or cancellation plans; dividends mainly year-end (past 3 years: KRW 150-200 per share).

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