Dongkuk R&S: Q1 2026 Revenue W27.8B, Operating Profit W565M, Dividend W1.47B Paid

Q1 2026 consolidated revenue W27,839M (+3.4% YoY), operating profit W565M (+37.5%), net profit W85M (EPS W5)
Prior year (2025) dividend of W1,472M paid (W80 per share, payout ratio 254%)
Segment: Steel operating profit W409M (72%), Refractory W179M, IT loss W23M
Key financials: Total assets W127,547M, liabilities W45,900M, equity W81,647M (equity ratio 64%)
Short-term borrowings unchanged at W27,000M, new long-term borrowing W800M (NH Bank facility loan)
Investment in associate (Dongkuk Steel) book value W12,367M vs market value W6,319M (impairment risk)
Derivative valuation loss W10,552K (consolidated, forward exchange)
R&D expense W274M (0.98% of revenue)