Ilseung Q1 2026: Sales Up 20% to 120.8B Won, Operating Profit 23B Won

Consolidated Q1 2026 sales: 120.79B won (up 20.4% YoY from 100.29B), operating profit 23.04B won (margin 19.1%), net profit 36.75B won.
EPS (parent) 82 won vs 25 won in prior year (+228%).
Order backlog 28.38B won; PIPE SPOOL segment accounts for 57.4% of sales.
Cash and cash equivalents 29.48B won, total assets 133.14B won, adjusted debt ratio 9.67% (up from 7.86% at year-end).
Variable-rate borrowings of 29B won; a 100bp rate change impacts net profit by ~0.29B won.
Holds 25.77B won in BRL-denominated foreign bonds; a 1% FX change impacts P&L by ~71.7M won.
R&D expense 34M won (0.28% of sales); holds multiple patents and certifications.
No dividends paid in the last 5 years.