Jungdawn Q1 2026: Operating Profit Improves Despite Revenue Decline, Debt Ratio Surges

Consolidated revenue 32,459M KRW (YoY -14.3%), operating profit 1,630M (+51.0%) showing margin improvement
Debt ratio jumped to 48.1% from 30.8% at year-end, due to new long-term borrowing of 12B from Shinhan Bank
Short-term loans to related parties total 66B (outstanding), including parent and affiliates
2025 dividend: 200 won per share (total 6.54B, payout ratio 20.8%); capital surplus of 19.8B transferred to retained earnings
Subsidiary JD Eco Core pursuing new animal feed (processed animal by-products) business
Consolidated net income 1.2B (vs 1.275B YoY) slightly down