Hwaseung Corporation Q1 2026: Stable Operating Profit, Improved Net Debt Ratio

Consolidated revenue KRW 421.4B, operating profit KRW 25.6B, net profit attributable to controlling KRW 14.5B (EPS KRW 310)
Net debt ratio improved to 85.1% from 89.2% at year-end (net debt KRW 375.4B)
Credit rating maintained at BBB- (Korea Ratings)
No share buyback/retirement plan; no change in dividend policy (consecutive dividends since 2009)
Turkish subsidiary Hwaseung TR remains capital impaired (-KRW 43.3B) with quarterly net loss of KRW 0.67B
Equity method loss from associates (China) of KRW 0.12B; put option asset of KRW 5.95B held
Property, plant and equipment KRW 467.2B; borrowings KRW 465.3B (down from KRW 490.3B at year-end)
R&D expenses KRW 6.7B (3.6% of revenue); ongoing new projects in defense and materials