Firstec Q1 2026: Revenue +48%, OP +60%, Net Cash 64.4B·Order Backlog Near 1 Trillion

Q1 2026 revenue 79.3B KRW (vs 53.6B Q1 2025, +48%), OP 2.28B (+60%), net profit 1.68B (vs 2.19B, -23%)
Order backlog 997.9B KRW (~1T), 3.4x annual sales; defense demand stable
Zero debt, cash 64.4B, net cash 64.4B; very strong financial position
Net profit decline due to FX loss (1.1B) and inventory valuation loss (5.5B)
Top 2 customers account for 69% of sales; concentration risk
No dividend paid or planned; interim dividend allowed by articles
R&D expense 0.42B (0.53% of sales); key contracts: KAI UAV, LIG Nex1 SA-MSAM