DH Autolead Q1 2026: Revenue Growth, Credit Rating Upgraded to BB; Debt and Litigation Risks Linger

Consolidated Q1 2026 revenue KRW 97.96bn (vs. 83.26bn, +17.7%), operating profit KRW 5.20bn (+10.8%), net income attributable to parent KRW 3.77bn (+2.4%)
Credit rating upgraded to BB (Korea Ratings 2026.05.06; previously B)
2025 year-end dividend: KRW 100 per share (total KRW 1.58bn, payout ratio 11.3%)
Treasury shares: 1,178,907 shares sold to related party at KRW 3.04bn, generating KRW 0.41bn gain
Consolidated debt-to-equity ratio 162.0% (end of period), net debt-to-equity 58.5%
Pending lawsuits: 6 cases as plaintiff (KRW 27.8bn) and 1 as defendant (KRW 0.72bn)
New businesses (mobility SW, surface heating) still in R&D stage, no revenue yet
Thai subsidiary liquidation completed (June 2025)