ILSUNG Construction Q1 2026 Sales & Profit Decline; PF Guarantee and Bad Debt Risks Highlighted

Consolidated Q1 2026 revenue KRW 84.6B (down 25.9% YoY), operating profit KRW 1.6B (down 46.7% YoY), net profit KRW 0.4B (down 42.9% YoY)
Standalone: revenue KRW 84.3B, operating profit KRW 1.7B, net profit KRW 0.5B
Total borrowings KRW 129.5B, net debt KRW 116.0B, debt-to-capital ratio 61.3% (FY-end 58.0%)
Allowance for doubtful accounts KRW 96.3B (39.1% of trade receivables)
PF-related contingent liabilities: guarantee limit KRW 64.3B, outstanding loan balance KRW 72.1B (including completion guarantee commitments)
Credit ratings: corporate BBB+ (Korea Data), bond BB0 (Korea Ratings)
Pending lawsuits: 8 cases as defendant (KRW 9.6B), 3 cases as plaintiff (KRW 15.6B)
No dividend or share buyback/cancellation plans
After swinging to net profit of KRW 3.7B in FY2025, Q1 2026 performance deteriorated YoY