Woory Industrial 1Q26: Net profit surges but debt ratio rises, no buyback

Consolidated revenue: 119.9B KRW (down 7.6% YoY)
Operating profit: 4.3B KRW (OPM 3.6%)
Net profit: 4.4B KRW (up 144% YoY)
Debt ratio: 49.09% (from 43.61% at year-end)
Net debt: 121.3B KRW (from 95.4B)
Cash & equivalents: 10.5B; short-term financial instruments: 56.7B
Allowance for doubtful accounts on trade receivables: 14.04% (similar to prior)
Related party trade receivables allowance: 23.6B KRW
Pending lawsuit (fraudulent conveyance claim, impact uncertain)
No share buyback or cancellation; dividends paid for 11 consecutive years
Key orders: long-term supply contracts for high-voltage PTC heaters (Hyundai/Kia, European OEMs) ongoing