KC Cottrell Swings to Profit in Workout but Sales Plunge and Delisting Risk Remain

Consolidated operating profit turned to KRW 1.59 billion in Q1 2026 (vs. -0.25 billion in Q1 2025), net profit KRW 8.51 billion (vs. -3.91 billion).
Consolidated sales dropped 52.5% YoY to KRW 24.83 billion.
Debt ratio improved to 250.4% from 289.6% year-end but remains high.
Credit rating on 3rd CB downgraded to C/CC (speculative).
Multiple lawsuits ongoing, including Samsung C&T claiming KRW 65.2 billion in delay damages.
Under workout; exchange decided substantive review for listing eligibility in April 2026 (possible delisting).
Capital bolstered via major shareholder debt forgiveness (KRW 40 billion) and debt-to-equity swap (KRW 56.7 billion), but going concern uncertainty persists.
No dividends or share buybacks.

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