27 February 2026

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Align Partners Submits Governance Proposals at Dentium

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Align Partners Capital Management Inc. (“Align Partners”), a shareholder of Dentium Co., Ltd. (“Dentium” or the “Company”), has submitted formal shareholder proposals for inclusion in the agenda of Dentium’s upcoming 26th Annual General Meeting (“AGM”), urging the Company to strengthen governance practices and improve capital allocation discipline.

Align Partners noted that, given that shareholder proposals will be presented at this year’s AGM, Dentium should follow the Korea Exchange (KRX) Corporate Governance Key Indicators by publishing the AGM convocation notice at least four weeks prior to the meeting date and adopting an electronic voting system to enhance shareholder participation.

Dentium is widely recognized as a global leader in the dental implant industry, supported by superior technology and more than 23 years of long-term clinical data. Despite this strong positioning, Align Partners believes the Company continues to trade at a meaningful discount. As of February 11, 2026, Dentium traded at an LTM EV/EBITDA multiple of 6.6x and a PBR of 0.77x, compared to global peer averages of 14.0x and 3.13x, respectively. Align Partners views this valuation gap as structural rather than purely cyclical.

Align Partners believes market confidence has been weakened by governance concerns, including related-party transactions involving affiliates linked to the controlling shareholder and limited independent Board oversight. In addition, Align Partners raised concerns regarding insufficient disclosure around investments in a hydrogen fuel cell business, where synergies with the Company’s core implant operations remain unclear.

Since its initial investment, Align Partners has engaged with Dentium through private letters and meetings with management and the Board. While certain measures have been acknowledged, Align Partners concluded that progress on fundamental governance and capital allocation issues remains insufficient. Accordingly, Align Partners has decided to proceed with formal shareholder proposals for the AGM.

Align Partners submitted the following proposals for shareholder vote:

• Increase the ratio of independent directors
• Require the Audit Committee to be composed entirely of independent directors
• Mandate an independent Chair of the Board
• Expand separately elected Audit Committee members from one to two
• Establish Related Party Transactions and Compensation & Evaluation Committees composed entirely of independent directors
• Elect two independent director candidates: Moo-Young Yoon and Yoon-Hong Kim
• Approve director compensation limits and performance-based pay caps
• (Advisory proposal) Recommend enhanced disclosure of executive compensation frameworks

Align Partners stated that these proposals are intended to strengthen Board independence, improve transparency, and restore investor confidence in Dentium’s long-term strategic direction.

About Align Partners Capital Management Inc.

Align Partners Capital Management Inc. is an investment company focused on Korea. Led by CEO Changhwan Lee, Align Partners leverages its expertise in private equity and investment banking to engage with portfolio companies to address governance inefficiencies and the “Korea discount.”

Source: https://www.alignpartnerscap.com