Blue Industrial Development: Q1 Operating Loss Narrows but Debt Rises, Net Debt Ratio Reaches 85.6%

Consolidated Q1 revenue 24.47 billion won (vs 21.32 billion won in prior year), operating loss 0.50 billion won (narrowed), net loss 1.75 billion won.
Net debt ratio deteriorated to 85.59% from 74.67% at year-end. Borrowings 68.04 billion won, cash only 1.39 billion won.
Issued 3rd series CB worth 3 billion won (conversion price 847 won, Jan 2026), potential dilution.
Six pending lawsuits (total claim approx. 1.06 billion won); provision for lawsuit 41 million won set for one case.
Post-report: completed 12:1 capital reduction, planned stock split (500 won to 100 won). Additional equity offerings and CB issuances planned.
Related party loans of 10.79 billion won with collection uncertainty. Provided guarantee of 2.4 billion won for Blue Package.
Separate: operating loss 0.22 billion won, net loss 1.06 billion won. No capital impairment but retained earnings declining.
No share buyback, cancellation, or dividends (no shareholder return policy).

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