Seondo Electric has changed the end date of its eco-friendly switchgear supply contract with Korea Electric Power Corporation (KEPCO). This is not a new contract, but a correction disclosure revising the contract period of the existing 'single sale and supply contract.'

■ Contract End Date Changed... Reason Is 'Client's Construction Schedule Delay'

Seondo Electric announced on the 31st through a correction report for the 'single sale and supply contract' that it deleted the existing contract end date of August 31, 2026. As a result, the end date has been changed to an unfixed status. The company explained that the contract end date was adjusted as the delivery date changed due to the client's construction schedule delay. Regarding the reason for the correction, the company stated, "This is to change the contract end date due to a change in the delivery date caused by the client's construction schedule delay."

■ Scale of 1.9927 Billion Won... 8.31% of Recent Revenue

The contract subject to this correction is the supply of '25.8kV eco-friendly switchgear (MAIN) 2BAY and 5 other types - Moknae S/S.' The counterparty to the contract is Korea Electric Power Corporation, and the supply area is Danwon-gu, Ansan-si, Gyeonggi-do. The contract amount is 1,992,700,000 won excluding VAT, which is equivalent to 8.31% of Seondo Electric's recent revenue of 23,984,030,000 won based on its 2024 consolidated financial statements. The original contract period was set from November 3, 2025 to August 31, 2026.

■ Not a Contract Termination or Amount Reduction... Re-disclosure After Amended Contract

This correction does not imply a contract termination or a reduction in the contract amount. According to the disclosure, major terms such as the contract amount of 1,992,700,000 won and the counterparty, Korea Electric Power Corporation, remain unchanged, with only the end date among the contract performance schedule subject to adjustment. Seondo Electric explained that once an amended contract is signed in the future, it plans to issue a correction disclosure again regarding the contract end date and other matters.

■ Checkpoint Is 'Timing of Revenue Recognition'

The market view is that it is necessary to confirm the delivery schedule to be finalized after the signing of the amended contract and the actual timing of revenue recognition. In particular, since the contract scale accounts for 8.31% of recent revenue, whether the timing of revenue recognition changes due to the delivery schedule change could serve as a performance checkpoint.

[※ This article is an informational article written based on disclosure contents submitted by the company, and does not recommend the purchase or sale of specific stocks or guarantee investment returns. The contract schedule and revenue recognition timing may change depending on future amended contracts and business progress. The final judgment and responsibility for investment lies with the investor. This article was written with AI assistance.]