Hankuk Carbon 1Q26 OP 41.1B, Credit Rating Upgraded to AA-, Buyback & Dividend

Consolidated Q1 2026: sales KRW 211.8B, OP KRW 41.1B (OPM 19.4%), net profit KRW 16.5B.
Credit rating: NICE D&B upgraded to AA- (Apr 18, 2026); KED maintains A+.
Share buyback: On Mar 27, 2026 board resolved profit cancellation of 938,592 shares and capital reduction for remaining 602,114 shares.
Dividend: 2025 cash dividend of KRW 320/share approved.
Convertible bonds: Partial exercise of 4th CB (Apr 2-3, 2026).
Derivatives: Unrealized FX forward loss of KRW 9.65B recognized as finance cost.
Debt ratio 87.8%, borrowings KRW 113.8B, CB KRW 14.6B.
Subsidiaries: HCM VINA profitable; some (HC Networks) have negative equity.
R&D expense KRW 6.5B (3.07% of sales).