Hyosung Heavy Industries Q1 2026 Strong Results, Order Backlog Exceeds 20 Trillion Won

Consolidated Q1 results: Revenue KRW 1.3582 trillion, operating profit KRW 152.3 billion (11.2% margin), net profit attributable to parent KRW 87.3 billion
Heavy industry order backlog surged from KRW 15.3 trillion (end-2025) to KRW 20.2 trillion (new orders KRW 6.2 trillion, sales KRW 1.2 trillion)
Construction segment operating profit KRW 36.0 billion (favorable vs annual 2025 of KRW 46.9 billion)
Key risks: ① Litigation over 170kV GIS bid rigging (KCC fine of KRW 11.24 billion, appeal pending) ② Three defect lawsuits (total claim ~KRW 18 billion) ③ PF loan guarantees and completion undertakings (total guarantee limit ~KRW 6.4 trillion)
Financial position: Assets KRW 7.86 trillion, liabilities KRW 5.32 trillion, equity KRW 2.54 trillion (debt-to-equity ratio 210%)
Dividend: KRW 7,500 per share (150%) paid for FY2025, no share buyback/cancellation plan
Auditor changed from Hanyoung to Samil (2026-2028 contract)