DK-Lok 1Q26: Separate OP 1.1B, Div 300 won, Credit Downgrade

Separate revenue 26.1bn won (+36% YoY), separate operating profit 1.1bn won, separate net profit 2.7bn won (+622% YoY)
Consolidated revenue 32.8bn won (+56% YoY), consolidated operating profit 0.24bn won, consolidated net profit 1.93bn won (+46% YoY)
Dividend per share for FY2025: 300 won (vs 250 won previous), +20% (total 3.05bn won)
Credit rating downgraded by 이크레더블 from BBB- to BB+ on 2026.04.26 (negative)
Consolidated debt ratio 76% (66% at year-end), separate debt ratio 62% (53%)
Subsidiary Valvometal Italy: quarterly net loss 1.13bn won, negative equity continues
R&D expenses 0.57bn won (up from 0.31bn)
Derivative loss of 0.125bn won on currency forwards