HD KSOE Q1 2026: Operating profit KRW 1.36tn, order backlog KRW 89tn

Consolidated Q1 2026: Revenue KRW 8.14tn, operating profit KRW 1.36tn, net income KRW 1.14tn
Order backlog KRW 89.1tn (up from KRW 82.2tn at end-2025), new orders KRW 15tn in Q1
Debt ratio 143.7% (up from 133.9% at end-2025) but cash & equivalents KRW 9.7tn ensure financial stability
Interest coverage ratio improved to 35.1x from 21.6x in prior quarter
Shipbuilding segment operating profit KRW 1.11tn, green energy turned profitable (operating profit KRW 28.8bn)
Dividend policy: payout ratio over 30% of separate net income; 2025 dividend KRW 12,300 per share
Derivative liabilities KRW 3.56tn (for FX hedging), 42 legal cases pending (claim amount KRW 66.9bn)
Risks: geopolitical uncertainty in Middle East, steel price volatility, FX risk hedged