New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 9x cash flows per share). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₩37.9b market cap, or US$25.3m). Announcement • Feb 24
Cubic Korea Inc., Annual General Meeting, Mar 24, 2026 Cubic Korea Inc., Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 39, salmak-gil, danwon-gu, gyeonggi-do, ansan South Korea Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩117 (vs ₩56.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩117 (up from ₩56.00 in 3Q 2024). Revenue: ₩56.9b (down 3.6% from 3Q 2024). Net income: ₩1.90b (up 109% from 3Q 2024). Profit margin: 3.3% (up from 1.5% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.