Hyundai Livart: Weak Q1 2026 Earnings, Dividend Policy Maintained

Consolidated Q1 2026: Revenue KRW 355.9bn, Operating profit KRW 1.1bn, Net profit KRW 1.6bn (weak vs prior year)
Separate: Revenue KRW 340.4bn, Operating profit KRW 0.7bn, Net profit KRW 1.5bn
Dividend policy: Target ≥10% of separate operating profit, ±30% YoY; 27th FY payout ratio 179.5%, 26th FY 114.3% (strong shareholder return)
Debt ratio: Consolidated 42.0%, Separate 42.5% (stable)
Litigation: 7 cases (KRW 4.1bn) and regulatory fines from KFTC (total ~KRW 9.3bn)
Largest shareholder: Hyundai GF Holdings 41.2%, Treasury shares 2.1%
Key order: Iraq CSSP project (KRW 121.2bn, from Hyundai E&C, deadline 2027.06.30)