HD Construction Equipment Q1 Operating Profit Surges 358% on Infracore Merger, 609B Won Share Buyback
Parent company HD Construction Equipment merged with HD Hyundai Infracore on Jan 1, 2026; consolidated subsidiaries increased from 10 to 25
Q1 2026 consolidated revenue 2.30 trillion won, operating profit 190.7 billion won (up 358% from prior quarter 41.7 billion), net income 173.9 billion won
Debt ratio 92.49% (FY2025 end: 86.64%), net debt ratio 18.27% (FY2025 end: 19.49%)
Corporate bond rating A, CP rating A2 maintained
Shareholder return: target payout ratio 30%+, currently executing 60.9 billion won share buyback trust (Feb 6 to Aug 10, 2026) to be cancelled; 52,221 shares capital reduction (Apr 30, 2026)
Over past 3 years, 3 profit cancellations (541,510 shares, 592,000 shares, 304,176 shares) and 2 capital reduction cancellations (853,697, 51,797 shares)
Contingent liabilities: US lawyer lawsuit ($48.9M), UK dealer lawsuit (₤14.785M), plus 106 other cases (total 86.6 billion won)
Guarantees for overseas subsidiaries: USD 80,688K, EUR 97,000K, etc.