SY Steeltech: Q1 Sales Down 34%, Swings to Loss, Credit Rating Upgraded to BBB-

Q1 2026 consolidated sales: KRW 17.4B (down 34.5% YoY), operating loss KRW 0.59B, net loss KRW 0.72B (vs net profit KRW 0.4B in Q1 2025)
Credit rating: Korea Rating Data BBB- (Mar 2026, up from BB-), NICE B+ (Jul 2022)
Debt ratio 32.0% (end-2025: 26.6%), cash & cash equivalents KRW 30.2B
Order backlog KRW 40.4B (51% of total orders KRW 79.5B)
5 ongoing lawsuits (total amount KRW 5.09B), classified as contingent liabilities
New business: acquired 20% stake in Sonic System (floor sound insulation), expect sales from 2028
Treasury shares: 8,494 shares (0.02%), no dividend due to loss

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