Chinyang Polyurethane: Q1 2026 Operating Profit Down, EPS Diluted by Capital Increase

Revenue 12.4B won (vs 11.7B in prior year Q1, +5.8%), operating profit 0.29B won (profitability down), net income 0.28B won (vs 0.62B, -55%)
Capital increase of 6.7M shares (approx 13B won raised) increased shares from 10M to 16.7M, diluting EPS to 17 won (vs 62 won)
Net debt to equity ratio improved to 70.71% (from 111.18% at year-end) due to equity expansion
New factory in Eumseong under construction: construction in progress 23.5B won (up from 13.4B), total land and construction contracts 71.4B won
Dividend policy: annual cash dividend of 150-250 won per share maintained; 2025 paid interim 50 won and final 100 won
Key raw materials (PPG, TDI) sourced from affiliate KPX Chemical; related-party transactions significant
Borrowings 36.1B won, interest rates 3.0%~4.6%; 0.5% rate increase would raise annual interest expense by ~0.18B won