STX Engine Reports Q1 2026 Consolidated Revenue of KRW 189B, Operating Profit KRW 17.5B

Q1 2026 consolidated revenue KRW 189B (+35.8% YoY), operating profit KRW 17.5B, net income KRW 16.7B
Order backlog KRW 2.01 trillion; defense segment (special business) accounts for 44.6% of sales
Total borrowings KRW 352.7B, cash KRW 110.3B, net debt KRW 242.5B, gearing ratio 40.2%
Variable-rate debt 87.2%; 100bp rate hike would impact annual profit by ~KRW 3.1B
FX sensitivity: USD +10% → profit +KRW 2.3B, EUR +10% → loss –KRW 9.9B
Key customers: Hanwha Aerospace (24.2%), Hanwha Ocean (10.4%), DAPA (9.1%)
R&D expense KRW 2.9B (1.55% of sales); government-led projects on eco-friendly/ammonia engines ongoing
Litigation: legal case related to KTMI (contingent liability); bidding restriction (2024.06~2026.06)
Dividends: no dividends for past 5 years; shareholder return policy under review (no concrete plan)