Hwaseung R&A Q1 net profit up 115% YoY to KRW 10.9bn, leverage improves

Consolidated sales KRW 184.7bn, operating profit KRW 9.1bn, net profit KRW 10.9bn (net profit +115% YoY)
Net debt-to-equity ratio 70.1% (improved from 76.2% at year-end 2025; net debt KRW 123.7bn)
Credit rating maintained at BBB- (Korea Ratings, Jun 2025)
Treasury shares: 2,837 shares (0.01%); no additional buyback or cancellation plan
2025 year-end dividend declared (dividend payable KRW 1.42bn); related party dividends of KRW 797mn resolved
Significant related party transactions (trade receivables KRW 148.6bn), with adequate allowance (KRW 46.4bn)
No material contingencies or litigation