DYC Q1 2026 Consolidated Sales Up 27%, Debt Ratio Rises to 153.4%

Consolidated revenue: 33.2B KRW (+27.2% YoY), operating profit: 2.56B KRW (+4.4% YoY), net profit: 2.65B KRW (+23.6% YoY)
EPS 128 won (vs 104 won in Q1 2025), no dilution
Debt ratio: 153.4% (from 143.6% at FYE 2025), borrowings increased to 53.1B from 44.8B
Operating cash flow negative due to surge in trade receivables (12.2B→24.6B)
Credit rating: BB (speculative)
Year-end dividend declared (accrued dividends 0.43B, implied ~21 won per share)
Subsidiary DYC Dynamics (defense) contributed 2.34B revenue and 0.15B net profit
Stock options: 510,000 shares granted at 1,830 won, unexercised