Dongbang S&M 1Q Op Profit Surges 268%, Financial Structure Improves

2026 1Q revenue ₩9.19B (↑8.6% YoY), operating profit ₩1.55B (↑268.7%), net profit ₩1.48B (↑379.9%)
Adjusted debt ratio 3.77% (improved from 8.18% at year-end), cash & equivalents ₩14.89B exceeding total borrowings of ₩11.3B
Sales to related party Sejin Heavy Industries accounted for 25.2% (vs 8.8% in prior year), continuing effect of business transfer
R&D expenses ₩0.33B (0.37% of sales), new environmental equipment development ongoing
No dividends paid in last 5 years, no plan for share buyback or cancellation
Currency risk: 1% change in USD impacts ₩6.6M, variable-rate borrowings of ₩11.3B (100bp rate change impacts ₩113M in P&L)