New Risk • Apr 23
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 94% Dividend yield: 7.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (94% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩4,269 (down from ₩8,190 in FY 2024). Revenue: ₩483.3b (down 22% from FY 2024). Net income: ₩25.6b (down 49% from FY 2024). Profit margin: 5.3% (down from 8.0% in FY 2024). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Leisure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Mar 13
GOLFZON Co., Ltd., Annual General Meeting, Mar 27, 2026 GOLFZON Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 13, techno 11-ro, yuseong-gu, daejeon South Korea 
