Deokyang Energen: Q1 2026 Net Profit Turnaround and KOSDAQ Listing Success

Completed KOSDAQ listing on Jan 30, 2026 (issued 6,851,000 new shares, raised approx. 66.7 billion won)
Consolidated Q1 2026: revenue 37.0B won, operating profit 1.4B won, net profit 0.9B won (turnaround from net loss of 0.44B in prior year Q1)
Consolidated net debt-to-equity ratio improved to 11.62% from 72.26% at year-end 2025; cash & short-term financial instruments 73.8B won
Major contingent liability: financial guarantees for joint venture KND Energy of 64.3B won (about 58% of total equity)
Credit rating: BBB- (Korea Data, Nice Credit Evaluation)
Heavy customer concentration: top 5 customers account for ~80% of sales; long-term supply contracts (2026~2038) ensure stable revenue base
New EPC revenue of 5.9B won from subsidiary Min Company
Ulsan hydrogen dispatch center construction underway (total 22.1B won, target completion H1 2026)
Convertible bonds of 5B won (conversion price 8,654 won/share) and ordinary bonds of 15B won maturing; additional borrowings of 32B won decided post-IPO
Dividend: paid annual dividends for 5 consecutive years since establishment; interim dividend planned for 2026