Kyungnam Pharm: Q1 Consolidated Sales +23%, Operating Profit Turns Black, Business Expansion and Capital Structure Improvement

Q1 2026 consolidated sales KRW 16.1bn (+23.2% YoY), operating profit KRW 0.38bn (turned positive).
Consolidated net loss KRW 0.86bn (narrowed from KRW 1.57bn loss in prior year).
New consolidation of Kiwi Fund No. 1 (64% stake) and Ascendio (43.93%) expands into entertainment and textile.
Debt ratio 40.4% (down from 43.7% at year-end), cash KRW 21.9bn (up from KRW 6.3bn).
Stock consolidation (par value from KRW 100 to 500) executed in April 2026.
Accumulated deficit KRW 30.5bn; no dividends.
Allowance for doubtful accounts KRW 6.1bn (29.6% of trade receivables).
Convertible bonds outstanding KRW 2.35bn; derivative liabilities KRW 0.3bn.
Pending lawsuits including KRW 2.25bn claim for share delivery.

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