New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 79% 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 79% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (₩6.3b net loss next year). Market cap is less than US$100m (₩57.2b market cap, or US$37.9m). Announcement • Mar 14
S-Fuelcell co., Ltd., Annual General Meeting, Mar 27, 2026 S-Fuelcell co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 114, beobwon-ro, songpa-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (0.6%).