CAVAC Q1 2026 Net Profit Surges 57%, Boosts Shareholder Returns via Buyback and Dividend

Q1 2026 revenue KRW 12.59B (YoY -4.9%), operating profit KRW 3.00B, net profit KRW 3.33B (+57.6%) - sharp profit improvement
EPS KRW 352 (vs KRW 222 in Q1 2025), net margin 26.5%
Completed cancellation of 200,000 treasury shares in Dec 2025 (approx. KRW 2.03B); ongoing buyback/cancellation program since 2023
FY2025 dividend KRW 1.85B (approx. KRW 196/share, payout ratio ~30%), paid in Apr 2026; target annual dividend growth of 10%+
New product approvals: FMD NSP Ab ELISA kit (Mar 2026), export ASF vaccine 'SuiShot ASF-X' (Apr 2026)
African Swine Fever (ASF) vaccine development: preparing for field clinical trials; patents filed and PCT registered
Financial position: debt ratio 16.5%, cash & equivalents KRW 24.14B, total borrowings KRW 6.17B - very stable
Two ongoing lawsuits (claim amount KRW 0.8B); management expects no material impact
Export diversification: new entry into South America (Brazil, etc.), expanding beyond SE Asia and Middle East