S-Oil (010950.KS) Q1 2026: Margins Snap Back, Profit Hits ₩1.23T
A refining margin recovery in a single quarter erases the combined operating earnings of the prior two full fiscal years — yet ₩2 trillion in working capital expansion leaves operating cash flow firmly in deficit.
Source: Quarterly Report (Q1 2026, 52nd Fiscal Year, Jan 1–Mar 31, 2026) — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
