Samchully Issues Up to KRW 100 Billion in Bonds for Refinancing, Rated AA+

Issuance of up to KRW 100 billion in unsecured bonds (26-1: 2-year, 26-2: 3-year), final amount determined by demand forecast (range: KRW 60-100 billion)
Proceeds fully used for refinancing maturing 23-2 bonds (KRW 150 billion due 2026-05-31); planned KRW 60 billion, up to KRW 100 billion
Credit rating: AA+ (stable) from KIS Rating and NICE Rating
As of Q1 2026 (consolidated): debt-to-equity ratio 141.9%, total borrowings KRW 894.7 billion vs cash equivalents (incl. other financial assets) KRW 1.0658 trillion, net cash position KRW 171 billion
2025 consolidated EBITDA KRW 315.9 billion, strong operating cash flow, interest coverage ratio 12.07x (Q1 2026)
In March 2026, completed retirement of 428,248 treasury shares (total outstanding 3,626,777 shares, remaining treasury 202,752 shares)
Monopolistic city gas supplier in Seoul metropolitan area with 16.4% market share (industry leader), stable business foundation
Key risks: economic uncertainty, government regulation, LNG price volatility, business diversification risk, contingent liabilities (14 lawsuits), but limited given financial strength

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