Miwon Commercial Q1 2026: Consolidated Sales KRW 117.3B, Operating Profit KRW 9.8B, Total Shareholder Return Rate 68.8%

Consolidated: Sales KRW 117.3B, OP KRW 9.8B, Net income KRW 11.0B
Separate net income KRW 12.2B (higher than consolidated)
2025 total shareholder return rate 68.8% (cash dividend KRW 10.95B + share buyback KRW 18.99B)
Share buyback decision ongoing (disclosed March 4, 2026)
Electronic materials ASP KRW 71,062/kg (up 19% vs. prior year KRW 59,637/kg)
R&D expense KRW 4.96B (4.23% of sales, up from 3.93%)
Debt-to-equity ratio 21% (debt KRW 87.2B, equity KRW 417.7B); very sound
Capacity utilization: Surfactants 65%, Electronic materials 57% (somewhat low)
Equity-method income from associates KRW 0.78B (Asia Additives KRW 0.6B, Vidtech KRW 0.18B)
PPE KRW 198.5B, construction in progress KRW 29.4B (continued investment)

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