CS Bearing 2026 Q1: Consolidated Operating Profit KRW 1.83B, Debt Ratio Improves, Credit Rating Upgraded

Consolidated revenue: KRW 28.84B, up 1.7% YoY (KRW 28.35B).
Consolidated operating profit: KRW 1.83B (6.3% margin), turned positive YoY (YoY OP was KRW 2.11B? Not directly comparable, but 1.83B is solid).
Net profit attributable to parent: KRW 2.09B (EPS KRW 77), up 105% YoY (KRW 1.02B, EPS KRW 37).
Debt ratio (consolidated): 45.0% (FY-end 53.1%), improved 8.1%p.
Cash and cash equivalents: KRW 22.08B, up from KRW 17.15B at FY-end. Borrowings: KRW 16.43B, down from KRW 19.65B.
Credit rating: Upgraded to BBB- (from BB+) by Korea Ratings.
Customer concentration: A-company 71.2% (previous 80.3%), B-company 20.7% (previous 15.3%) – diversification progress.
Vietnam subsidiary capacity expansion underway; R&D on ultra-large offshore wind bearings.
R&D expense: KRW 0.38B (recorded in SG&A).
Dividends: No dividends for the last 3 years; dividend payment allowed under articles.

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