New Risk • May 24
New major risk - Revenue and earnings growth Earnings have declined by 63% 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 63% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Feb 04
Ecoeye Co., Ltd., Annual General Meeting, Mar 25, 2026 Ecoeye Co., Ltd., Annual General Meeting, Mar 25, 2026, at 09:01 Tokyo Standard Time. Location: ir room, 76, yeouinaru-ro, yeongdeungpo-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩167 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (3.4%). Declared Dividend • Nov 13
Dividend of ₩167 announced Shareholders will receive a dividend of ₩167. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 2 years but payments have been stable during that time. Announcement • Nov 12
Ecoeye Co., Ltd. announces Annual dividend, payable on April 20, 2026 Ecoeye Co., Ltd. announced Annual dividend of KRW 166.6500 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩21.00 (vs ₩74.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩21.00 (down from ₩74.00 in 2Q 2024). Revenue: ₩5.93b (up 3.1% from 2Q 2024). Net income: ₩613.1m (down 72% from 2Q 2024). Profit margin: 10% (down from 38% in 2Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩228 (vs ₩1,955 in FY 2023) Full year 2024 results: EPS: ₩228 (down from ₩1,955 in FY 2023). Revenue: ₩25.8b (down 60% from FY 2023). Net income: ₩2.25b (down 86% from FY 2023). Profit margin: 8.7% (down from 24% in FY 2023). The decrease in margin was driven by lower revenue. Announcement • Feb 27
Ecoeye Co., Ltd., Annual General Meeting, Mar 28, 2025 Ecoeye Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: seminar room, 38, gukjegeumyung-ro 6-gil, yeongdeungpo-gu, seoul South Korea New Risk • Jan 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 248% Paying a dividend despite having no free cash flows. High level of non-cash earnings (35% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (9.1% net profit margin). New Risk • Dec 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 248% Paying a dividend despite having no free cash flows. High level of non-cash earnings (35% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (9.1% net profit margin). Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.9%). New Risk • Dec 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩141.9b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 248% Paying a dividend despite having no free cash flows. High level of non-cash earnings (35% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (9.1% net profit margin). Market cap is less than US$100m (₩141.9b market cap, or US$99.1m). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩16,820, the stock trades at a trailing P/E ratio of 55.9x. Average trailing P/E is 13x in the Commercial Services industry in South Korea. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Short dividend paying track record (less than a year of continuous dividend payments). New Risk • Aug 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 153% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 153% Paying a dividend despite having no free cash flows. High level of non-cash earnings (48% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩17,630, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 13x in the Commercial Services industry in South Korea. New Risk • Mar 28
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risk Less than 3 years of financial data is available. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩41,200, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 17x in the Commercial Services industry in South Korea. 
